Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Consolidated Statements of Comprehensive Income [Abstract] | |||
| Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,735.0 | $ 2,346.0 | $ 2,210.8 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation | (175.9) | 175.1 | (169.1) |
| Net actuarial income (loss) | 101.6 | 353.4 | (224.6) |
| Other fair value changes: | |||
| Hedge derivatives | 7.0 | (20.7) | 3.2 |
| Reclassification to earnings: | |||
| Foreign currency translation | 342.2 | 0.0 | 0.0 |
| Hedge derivatives | 35.1 | 13.5 | 4.1 |
| Amortization of losses and prior service costs | 75.8 | 78.9 | 77.9 |
| Other comprehensive income (loss), net of tax | 385.8 | 600.2 | (308.5) |
| Total comprehensive income | 3,120.8 | 2,946.2 | 1,902.3 |
| Comprehensive income (loss) attributable to redeemable and noncontrolling interests | (45.2) | 121.2 | 10.1 |
| Comprehensive income attributable to General Mills | $ 3,166.0 | $ 2,825.0 | $ 1,892.2 |
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|---|---|---|---|
| Stockholders' equity: | |||
| Common stock, shares issued | 754.6 | 754.6 | 754.6 |
| Common stock, par value | $ 0.10 | $ 0.1 | $ 0.1 |
| Common stock in treasury, shares | 155.7 | 146.9 |
Consolidated Statements of Total Equity and Redeemable Interest (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Consolidated Statements of Total Equity and Redeemable Interest [Abstract] | |||
| Par Value Common Stock | $ 0.10 | $ 0.1 | $ 0.1 |
| Shares Authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
| Cash dividends declared per share | $ 2.04 | $ 2.02 | $ 1.96 |
Basis of Presentation and Reclassifications |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Basis of Presentation and Reclassifications [Abstract] | |
| Basis of Presentation and Reclassifications | NOTE 1. BASIS OF PRESENTATION Basis of Presentation Our Consolidated Financial financial transactions, are eliminated in consolidation. Our fiscal year ends on 52 53 Certain presentation. Change in Reporting Period As part of a long-term Pet segment include 13 12 to India business is on an April fiscal year end. |
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Summary of Significant Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING Cash and Cash Equivalents We consider all investments Inventories All market. Grain inventories are all net changes in value recorded in earnings currently. Inventories realizable value. Shipping when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. at charged 40 depreciated over 3 10 retired, recognized in earnings. Long-lived assets asset flows from identifiable cash excess independent appraisals, as appropriate. Goodwill and Other Intangible Assets Goodwill indicate that impairment may have of the the liabilities reporting impairment charge goodwill allocated rates for sales and profits are determined using inputs from our long-range perpetuity growth assumptions, market comparables, and other factors. We evaluate the determination competition, other economic in an uncertain or expenditures, amortized on a straight-line basis, over their useful lives, generally ranging 4 30 Our indefinite-lived Blue Buffalo , , Totino’s , Old El Paso , Progresso , , Häagen-Dazs , and circumstances discounted could be payable if we did not own the brands, and a discount rate. Our whenever loss would be the Measurement of an measured using a discounted cash flow model or other similar valuation model, Leases We we account for lease and non-lease components (e.g. common area maintenance) Any recognize lease costs for these us with reasonably certain agreements do not include an option to purchase the leased asset, residual value guarantees, We include rental payments based on included recognized in the period in which the obligation is incurred. As information available at the commencement date of the lease arrangement Investments in Unconsolidated Joint Ventures Our undistributed and make goods, and finished goods to the joint ventures, generally at market prices. In addition, but not capital, profitability, nature, these projections the carrying value of investment to its fair value if we concluded the impairment is other than Revenue Recognition Our revenues primarily result – the has been satisfied and control of the our customer. consideration transaction and participation and the However, product interest. Payment terms and any significant financing components. our channel, and other specific written off into factors. We do Environmental Costs Environmental costs expensed. Liabilities estimable, generally no later than the completion of feasibility studies or our Advertising Production Costs We expense the Research and Development All expenditures for research and development for wages, consulting, and supplies including assets at facilities that are engaged in pilot plant activities. Foreign Currency Translation For translated during the period. Translation Gains investments instruments designated as net investment hedges. These gains and losses are recorded Derivative Instruments All derivatives are recognized fair value, derivatives are as reclassified associated amounts reported in AOCI are reclassified to earnings at that time. Stock-based Compensation We generally of stock-based selling, general each reportable segment in our segment results. Certain equity-based compensation plans contain provisions eligible award immediately eligibility is achieved, if less than the stated vesting period. We report the Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 In the fourth quarter of benefit pension statement users. not impact our results of operations or financial position. In accounting The new results of operations or financial position. In results in certain leases being this guidance utilizing the cumulative elected contain leases and initial term of permitted elections. our Consolidated Statements of Cash Flows. |
Acquisition and Divestitures |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Acquisition and Divestitures [Abstract] | |
| Acquisition and Divestitures | NOTE 3. ACQUISITION AND DIVESTITURES In fiscal 2022, we sold our European dough businesses and recorded 30.4 During subsequent to the end of the fourth quarter of fiscal 2022. During the fourth quarter of dishes business to Eagle Family 610 fiscal 2023. We During Sodiaal International (Sodiaal) in Yoplait Liberté brands in the 163.7 these businesses including 14.9 fiscal 2022. During 1.2 transaction Consolidated 762.3 Nudges , Top Chews , and True 330.0 40.0 The goodwill is included in material. During 53.5 business in Brazil. |
Restructuring, impairment, and other exit costs |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Restructuring, impairment, and other exit costs [Abstract] | |
| Restructuring, impairment, and other exit costs | NOTE 4. RESTRUCTURING, IMPAIRMENT, We view return and net major stage These activities fees, and decommissioning disclosures updating Any impairment of the asset is recognized immediately in the period Restructuring charges recorded in fiscal 2022 were Expense, in Millions International manufacturing and logistics operations $ 15.0 Net recoveries associated with restructuring actions previously announced (38.2) Total net restructuring $ (23.2) In operations. We 21 which 12 8 $ 10 3 recognized 7.9 7.1 end of fiscal 2024 . As a result resource realignment actions, we recorded a $ 34.0 to 125 135 million, 100 110 100 and approximately $ 30 fiscal 2023 . Certain actions are subject to union negotiations and works counsel consultations, We paid net 93.9 21.8 Restructuring charges recorded in fiscal 2021 were Fiscal Year In Millions 2022 2021 2020 Restructuring, impairment, and other exit (recoveries) costs $ (26.5) $ 170.4 $ 24.4 Cost of sales 3.3 2.3 25.8 Total restructuring (23.2) 172.7 50.2 Project-related costs classified in cost of sales $ - $ - $ 1.5 Expense, in Millions Global organizational structure and resource alignment $ 157.3 International route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously 2.4 Total restructuring $ 172.7 In fiscal 50.2 announced restructuring actions. Restructuring and impairment charges and project-related The roll forward of our restructuring and other exit cost reserves, included In Millions Severance Contract Termination Other Exit Costs Total Reserve balance as of May 26, 2019 $ 36.5 $ - $ - $ 36.5 Fiscal 2020 charges, including foreign currency translation (5.0) 0.8 1.7 (2.5) Utilized in fiscal 2020 (13.7) (0.8) (1.7) (16.2) Reserve balance as of May 31, 2020 17.8 - - 17.8 Fiscal 2021 charges, including foreign currency translation 142.3 0.3 1.3 143.9 Utilized in fiscal 2021 (12.8) (0.1) - (12.9) Reserve balance as of May 30, 2021 147.3 0.2 1.3 148.8 Fiscal 2022 charges, including foreign currency translation 2.2 - 1.2 3.4 Reserve adjustment (34.0) - - (34.0) Utilized in fiscal 2022 (80.1) (0.2) (1.1) (81.4) Reserve balance as of May 29, 2022 $ 35.4 $ - $ 1.4 $ 36.8 The charges to expense (e.g., asset impairment charges, periodic Consolidated Balance Sheets. |
Investments in Unconsolidated Joint Ventures |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Investments in Unconsolidated Joint Ventures [Abstract] | |
| Investments in Unconsolidated Joint Ventures [Text Block] | NOTE 5. INVESTMENTS IN UNCONSOLIDATED We 50 more than 130 private label cereals the United Kingdom. We 50 Häagen-Dazs ice cream products and frozen novelties. Results from our CPW and HDJ joint ventures are reported for the 12 Joint venture related balance sheet activity is as follows: In Millions May 29, 2022 May 30, 2021 Cumulative investments $ 416.4 $ 486.2 Goodwill and other intangibles 444.9 505.7 Aggregate advances included in cumulative investments 254.4 294.2 Joint venture earnings and cash flow activity is as follows: Fiscal Year In Millions 2022 2021 2020 Sales to joint ventures $ 6.3 $ 6.7 $ 5.9 Net (repayments) advances (15.4) (15.5) 48.0 Dividends received 107.5 95.2 76.5 Summary combined financial information for the joint ventures on Fiscal Year In Millions 2022 2021 2020 Net sales: CPW $ 1,706.5 $ 1,766.8 $ 1,654.3 HDJ 427.8 422.4 391.3 Total net sales 2,134.3 2,189.2 2,045.6 Gross margin 803.1 882.9 785.3 Earnings before income taxes 249.9 247.8 214.0 Earnings after income taxes 201.0 201.7 176.5 In Millions May 29, 2022 May 30, 2021 Current assets $ 823.9 $ 877.4 Noncurrent assets 839.8 927.2 Current liabilities 1,298.8 1,424.4 Noncurrent liabilities 106.5 142.2 |
Goodwill and Other Intangible Assets |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Goodwill and Other Intangible Assets [Abstract] | |
| Goodwill and Other Intangible Assets | NOTE 6. GOODWILL AND OTHER INTANGIBLE The components of goodwill and other intangible assets are as follows: In Millions May 29, 2022 May 30, 2021 Goodwill $ 14,378.5 $ 14,062.4 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,725.8 6,628.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived 400.3 823.4 Less accumulated amortization (126.2) (300.9) Intangible assets subject to amortization 274.1 522.5 Other intangible assets 6,999.9 7,150.6 Total $ 21,378.4 $ 21,213.0 Based on years is estimated to be approximately $ 20 In changes, operating America Retail, International, Pet, and North America our operating segments. The changes in the carrying amount of goodwill for fiscal 2020, 2021, and 2022 In Millions North America Retail Pet North America Foodservice International Joint Ventures Total Balance as of May 26, 2019 $ 6,676.5 $ 5,300.5 $ 648.8 $ 960.6 $ 409.4 $ 13,995.8 Other activity, primarily (2.8) - - (66.1) (3.7) (72.6) Balance as of May 31, 2020 6,673.7 5,300.5 648.8 894.5 405.7 13,923.2 Divestiture - - - (1.2) - (1.2) Other activity, primarily 15.6 - - 84.9 39.9 140.4 Balance as of May 30, 2021 6,689.3 5,300.5 648.8 978.2 445.6 14,062.4 Acquisition - 762.3 - - - 762.3 Divestitures - - - (201.8) - (201.8) Reclassified to assets held for sale (130.0) - - - - (130.0) Other activity, primarily (6.4) - - (54.8) (53.2) (114.4) Balance as of May 29, 2022 $ 6,552.9 $ 6,062.8 $ 648.8 $ 721.6 $ 392.4 $ 14,378.5 The changes in the carrying amount of other intangible assets for fiscal 2020, 2021, and In Millions Total Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily (71.0) Balance as of May 31, 2020 7,095.8 Divestiture (5.3) Other activity, primarily 60.1 Balance as of May 30, 2021 7,150.6 Acquisition 370.0 Divestitures (621.8) Intellectual property intangible asset 210.4 Other activity, primarily (109.3) Balance as of May 29, 2022 $ 6,999.9 Our fiscal excess of the carrying values, Uncle Toby’s The excess fair value as of the fiscal 2022 test date of the Uncle Toby’s In Millions Carrying Value Intangible Asset Excess Fair Value Fiscal 2022 Test Uncle Toby's $ 55.0 7 % While Progresso , Green , EPIC assets had risk of decreasing coverage. We The organizational changes a impairment values. We did not |
Leases |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Lessee Disclosure [Abstract] | |
| Leases, Commitments, and Other Contingencies | NOTE 7. LEASES Our lease portfolio primarily shops, associated with finance are not material to our Consolidated Financial Statements. Components of our lease cost are as follows: Fiscal Year In Millions 2022 2021 Operating lease cost $ 129.7 $ 132.7 Variable 8.5 21.8 Short-term lease cost 29.1 23.4 Rent expense under all operating leases from continuing operations was $ 171.2 Maturities of our operating and finance lease obligations by fiscal year are In Millions Operating Leases Finance Leases Fiscal 2023 $ 117.8 $ 0.8 Fiscal 2024 93.6 0.4 Fiscal 2025 64.4 - Fiscal 2026 45.2 - Fiscal 2027 24.1 - After fiscal 2027 40.7 - Total noncancelable $ 385.8 $ 1.2 Less: Interest (30.8) - Present value of lease obligations $ 355.0 $ 1.2 The 135.1 committed to but have not yet commenced as of May 29, 2022. The weighted-average remaining lease term and weighted-average May 29, 2022 May 30, 2021 Weighted-average 4.5 years 4.5 years Weighted-average 3.8 % 3.7 % Supplemental operating cash flow information and non-cash activity related Fiscal Year In Millions 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 128.7 $ 132.0 Right of use assets obtained in exchange for new lease liabilities $ 84.6 $ 120.2 |
Financial Instruments, Risk Management Activities, and Fair Values |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Financial Instruments, Risk Management Activities, and Fair Values [Abstract] | |
| Financial Instruments, Risk Management Activities, and Fair Values [Text Block] | NOTE 8. FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, FINANCIAL INSTRUMENTS The approximate fair and market values of our marketable debt and equity securities is as follows: Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 Available for $ 2.3 $ 76.9 $ 2.3 $ 76.9 $ - $ - $ - $ - Equity securities 250.1 360.3 255.3 365.6 5.2 5.3 15.1 - Total $ 252.4 $ 437.2 $ 257.6 $ 442.5 $ 5.2 $ 5.3 $ 15.1 $ - As of May 29, 2022, the fair value and carrying value benefits were $ 249.8 There were no realized gains or specific identification. Classification maturity date. The within stockholders’ equity. Scheduled maturities of our marketable securities are as follows: Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 2.3 $ 2.3 Equity securities 250.1 255.3 Total $ 252.4 $ 257.6 As of May 29, 2022, we had $ 2.3 RISK MANAGEMENT ACTIVITIES As a and commodity and swaps) pursuant to our established policies. COMMODITY PRICE RISK Many commodities we to manage price risk for our principal dairy products, natural with combination of purchase orders, long-term and swaps. close as possible to or below our planned cost. We hedge currently in cost of sales in our Consolidated Statements of Earnings. Although we do objective of providing certainty measuring operating results unallocated derivative without experiencing any resulting mark-to-market volatility, Unallocated corporate items for fiscal 2022, 2021, and 2020 included: Fiscal Year In Millions 2022 2021 2020 Net gain (loss) on mark-to-market valuation of commodity positions $ 303.3 $ 138.2 $ (63.0) Net (gain) loss on commodity positions reclassified from unallocated corporate (188.0) (8.8) 35.6 Net mark-to-market revaluation of certain grain inventories 17.8 9.4 2.7 Net mark-to-market valuation of certain commodity positions recognized $ 133.1 $ 138.8 $ (24.7) As 490.1 355.4 agricultural inputs and $ 134.7 next 12 INTEREST RATE RISK We floating-rate and Europe. changes, based difference between fixed-rate and floating-rate Floating Interest forecasted changes in the into earnings over the life of the associated debt. Fixed assessed available on loans with similar terms and maturities. As of May 29, to earnings over the remaining term of the related underlying debt, follows: In Millions Gain/(Loss) 2.25 % notes due October 14, 2031 $ (18.4) 2.6 % notes due October 12, 2022 (0.3) 1.0 % notes due April 27, 2023 0.2 3.65 % notes due February 15, 2024 (3.0) 4.0 % notes due April 17, 2025 1.7 3.2 % notes due February 10, 2027 (8.0) 1.5 % notes due April 27, 2027 1.6 4.2 % notes due April 17, 2028 6.0 4.55 % notes due April 17, 2038 8.7 5.4 % notes due June 15, 2040 10.0 4.15 % notes due February 15, 2043 (8.2) 4.7 % notes due April 17, 2048 12.3 Net pre-tax hedge gain in AOCI $ 2.6 The floating rates are based on rates as of the end of the reporting period. In Millions May 29, 2022 May 30, 2021 Pay-floating swaps - notional amount $ 644.1 $ 731.5 Average receive 0.4 % 0.4 % Average pay rate 0.1 % 0.1 % The floating-rate swap contracts outstanding as of May 29, 2022, mature 2026 . FOREIGN EXCHANGE RISK Foreign currency purchases, currency Canadian contracts to selectively hedge our paper foreign exchange exposure. earnings on the associated borrowings. We As of May 29, 2022, the net notional value of foreign exchange derivatives 1,973.9 We issuing these net 2,223.5 transaction gains of $ 57.5 During the fourth quarter of fiscal 2022, we hedged 750 As of May 29, 2022, we had deferred net foreign currency transaction gains 20.9 EQUITY INSTRUMENTS Equity compensation plan swaps was $ 204.7 fiscal 2023 . FAIR VALUE The hierarchy as of May 29, 2022, and May 30, 2021, were as follows: May 29, 2022 May 29, 2022 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (29.8) $ - $ (29.8) Foreign exchange contracts (a) (c) - 26.9 - 26.9 - (4.7) - (4.7) Total - 26.9 - 26.9 - (34.5) - (34.5) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 8.4 - 8.4 - (15.1) - (15.1) Commodity contracts (a) (d) 10.7 96.9 - 107.6 - (0.2) - (0.2) Grain contracts (a) (d) - 28.7 - 28.7 - (3.0) - (3.0) Total 10.7 134.0 - 144.7 - (18.3) - (18.3) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 255.3 2.3 67.2 324.8 - - - - Total 255.3 2.3 67.2 324.8 - - - - Total assets, liabilities, and $ 266.0 $ 163.2 $ 67.2 $ 496.4 $ - $ (52.8) $ - $ (52.8) (a) other liabilities, and cash equivalents. (b) fair value 615.7 2022, the cumulative amount of fair value hedging basis adjustments was $ 28.4 (c) (d) (e) (f) recorded 34.0 revised projections of future operating results and observable transaction data May 30, 2021 May 30, 2021 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 28.8 $ - $ 28.8 $ - $ - $ - $ - Foreign exchange contracts (a) (c) - 2.3 - 2.3 - (36.3) - (36.3) Total - 31.1 - 31.1 - (36.3) - (36.3) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 2.5 - 2.5 - (1.6) - (1.6) Commodity contracts (a) (d) 11.1 20.5 - 31.6 (0.8) (0.5) - (1.3) Grain contracts (a) (d) - 12.0 - 12.0 - (0.9) - (0.9) Total 11.1 35.0 - 46.1 (0.8) (3.0) - (3.8) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 365.6 76.9 - 442.5 - - - - Total 365.6 76.9 - 442.5 - - - - Total assets, liabilities, and $ 376.7 $ 143.0 $ - $ 519.7 $ (0.8) $ (39.3) $ - $ (40.1) (a) other liabilities, and cash equivalents. (b) value 736.9 2021, the cumulative amount of fair value hedging basis adjustments was $ 5.4 (c) (d) (e) We did not The prices are not available, fair value is estimated and including the 10,508.8 10,809.0 and fair value of our long-term debt, including the current portion, were 12,250.7 13,194.4 Information fiscal years ended May 29, 2022, and May 30, 2021, follows: Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other $ (5.4) $ 31.2 $ 13.2 $ (58.7) $ - $ - $ - $ - $ 7.8 $ (27.5) Amount of net loss reclassified from (4.7) (9.4) (19.5) (9.8) - - - - (24.2) (19.2) Derivatives in Fair Value Relationships: Amount of net loss recognized (2.1) (0.3) - - - - - - (2.1) (0.3) Derivatives Not Designated as Amount of net (loss) gain recognized - - (32.8) 4.2 (8.0) 47.7 257.2 134.6 216.4 186.5 (a) expenses for foreign cost of 11.1 8.4 ended 9.3 reclassified from AOCI into SG&A was $ 0.5 (b) SG&A expenses for equity contracts and foreign exchange contracts. (c) foreign from the assessment of hedge effectiveness. The following Consolidated Balance Sheets to the net fair values that could be reported May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) May 30, 2021 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 31.6 $ - $ 31.6 $ (1.3) $ (9.1) $ 21.2 $ (1.3) $ - $ (1.3) $ 1.3 $ - $ - Interest rate contracts 29.8 - 29.8 - - 29.8 - - - - - - Foreign exchange contracts 4.8 - 4.8 (4.1) - 0.7 (37.9) - (37.9) 4.1 - (33.8) Equity contracts 2.2 - 2.2 - - 2.2 - - - - - - Total $ 68.4 $ - $ 68.4 $ (5.4) $ (9.1) $ 53.9 $ (39.2) $ - $ (39.2) $ 5.4 $ - $ (33.8) (a) (b) (c) (d) (e) AMOUNTS RECORDED IN ACCUMULATED As of May 29, 2022, the after-tax amounts of unrealized gains in In Millions After-Tax Unrealized gains from foreign currency cash flow hedges 23.3 After-tax gains in AOCI related to hedge derivatives $ 23.3 The net amount next 12 months is a $ 33.4 CREDIT-RISK-RELATED Certain of our each instruments derivative instruments with credit-risk-related 35.0 We have posted 10.6 CONCENTRATIONS OF During fiscal 2022, customer concentration was as follows: Percent of total Consolidated North America Retail North America Foodservice International Pet Walmart (a): Net sales 20 % 28 % 8 % 2 % 16 % Accounts receivable 23 % 6 % 3 % 23 % Five largest customers: Net sales 50 % 49 % 12 % 64 % (a) No customer other than Walmart 10 We highly rated limit nonperformance transactions through various regulated exchanges. The amount contracts, is 103.2 62.8 transactions counterparty access if the counterparty defaults. We services also We financial supplier agreements. 1,429.6 party services. 1,411.3 services. |
Debt |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Debt [Abstract] | |
| Debt | NOTE 9. DEBT NOTES PAYABLE The components of notes payable and their respective weighted-average May 29, 2022 May 30, 2021 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 694.8 1.1 % $ - - % Financial institutions 116.6 4.4 % 361.3 3.4 % Total $ 811.4 5.5 % $ 361.3 3.4 % To ensure availability and Europe. We also The following table details the fee-paid committed and uncommitted credit In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2026 $ 2.7 $ - Total committed 2.7 - Uncommitted credit facilities 0.6 0.1 Total committed $ 3.3 $ 0.1 The 2.5 We were in compliance with all credit facility covenants as of May 29, 2022. LONG-TERM DEBT In the fourth quarter of fiscal 2022, we repaid $ 850.0 3.7 October 17, 2023 the issuance of commercial paper. In the 250.0 0.0 November 11, 2022 . We proceeds for general corporate purposes. In the second 500.0 0.125 November 15, 2025 . We net proceeds to repay a portion of our € 500.0 0.0 November 16, 2021 . In the second quarter of fiscal 2022, we issued € 250.0 May 16, 2023 . We used the net proceeds repay a portion of our outstanding commercial paper and for general In the second 500.0 2.25 October 14, 2031 . We together 1,000.0 3.15 December 15, 2021 . In the first quarter of fiscal 2022, we issued € 500.0 July 27, 2023 . We used the net proceeds to € 500.0 0.0 August 21, 2021 . In the 500.0 2.2 November 29, 2021 . We proceeds, together with 200.0 2.2 June 24, 2021 . In the fourth 600.0 3.2 850.0 with cash on hand. In the issued notes 603.9 4.15 5.4 for 605.2 3.0 February 1, 2051 201.4 participation incentive. In 500.0 0.0 November 16, 2021 . We used the net proceeds to 200.0 0.0 In the first 500.0 0.0 August 21, 2021 . We used the net proceeds, together with cash on hand, to repay € 500.0 2.1 A summary of our long-term debt is as follows: In Millions May 29, 2022 May 30, 2021 4.2 % notes due April 17, 2028 $ 1,400.0 $ 1,400.0 3.15 % notes due December 15, 2021 - 1,000.0 3.7 % notes due October 17, 2023 - 850.0 4.0 % notes due April 17, 2025 800.0 800.0 3.2 % notes due February 10, 2027 750.0 750.0 2.875 % notes due April 15, 2030 750.0 750.0 Euro-denominated 0.45 % notes due January 15, 2026 644.1 731.5 Euro-denominated 1.0 % notes due April 27, 2023 536.8 609.6 Euro-denominated 0.0 % notes due August 21, 2021 - 609.6 Euro-denominated 0.0 % notes due November 16, 2021 - 609.6 3.0 % notes due February 1, 2051 605.2 605.2 2.6 % notes due October 12, 2022 500.0 500.0 3.65 % notes due February 15, 2024 500.0 500.0 Euro-denominated 1.5 % notes due April 27, 2027 429.4 487.7 4.7 % notes due April 17, 2048 446.2 446.2 4.15 % notes due February 15, 2043 434.9 434.9 Floating-rate notes due October 17, 2023 400.0 400.0 5.4 % notes due June 15, 2040 382.5 382.5 4.55 % notes due April 17, 2038 282.4 282.4 Euro-denominated 2.2 % notes due June 24, 2021 - 243.9 Medium-term notes, 0.56 % to 6.41 %, due fiscal 2023 103.9 104.0 2.25 % notes due October 14, 2031 500.0 - Euro-denominated 0.1 25% notes due November 15, 2025 536.7 - Euro-denominated 0.0 % notes due November 11, 2022 268.3 - Euro-denominated floating rate notes due May 16, 2023 268.3 - Euro-denominated floating rate notes due July 27, 2023 537.9 - Other, including debt issuance costs, debt (267.6) (246.4) 10,809.0 12,250.7 Less amount due within one year (1,674.2) (2,463.8) Total long-term debt $ 9,134.8 $ 9,786.9 Principal payments intent to redeem, or put rights of certain note holders are as follows: In Millions Fiscal 2023 $ 1,674.2 Fiscal 2024 1,442.3 Fiscal 2025 800.0 Fiscal 2026 1,180.9 Fiscal 2027 1,179.4 Certain of our As of May 29, 2022, we were in compliance with all of these covenants. As of May 29, 2022, 2.6 be reclassified to net interest in fiscal 2023 is a $ 2.5 |
Redeemable and Noncontrolling Interests |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Redeemable and Noncontrolling Interests [Abstract] | |
| Redeemable and Noncontrolling Interests | NOTE 10. REDEEMABLE AND NONCONTROLLING INTERESTS Our principal noncontrolling interest relates to our General Mills Cereals, LLC (GMC) subsidiar The holder of the of (currently 251.5 three-month LIBOR 160 three years the Class A Interest holder or through a remarketing auction. During Marques Yoplait Liberté brands in the United States and Canada, and cash. Please see Note 3 to the Consolidated Up to fair 49 Sheets. Sodiaal had quarter of value put feature were and the resulting carrying value of the noncontrolling interests were included We 105.1 40.3 Yoplait A subsidiary of 2021. Net purchases totaled $ 99.5 212.1 For subsidiaries subsidiaries Earnings. Our noncontrolling interests contain restrictive covenants. As of May 29, 2022, we were in compliance with all of these covenants. |
Stockholders' Equity |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Stockholders' Equity [Abstract] | |
| Stockholders' Equity | NOTE 11. STOCKHOLDERS’ Cumulative preference stock of 5.0 On June 27, 2022, our Board of Directors authorized the 100 the authorization derivative termination date. Share repurchases were as follows: Fiscal Year In Millions 2022 2021 2020 Shares of common stock 13.5 5.0 0.1 Aggregate purchase price $ 876.8 $ 301.4 $ 3.4 The following tables provide details of total comprehensive income: Fiscal 2022 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,707.3 $ 10.2 $ 17.5 Other comprehensive income (loss): Foreign currency translation $ (188.5) $ 85.8 (102.7) (26.2) (47.0) Net actuarial gain 132.4 (30.8) 101.6 - - Other fair value changes: Hedge derivatives 30.1 (23.6) 6.5 - 0.5 Reclassification to earnings: Foreign currency translation (a) 342.2 - 342.2 - - Hedge derivatives (b) 23.7 11.6 35.3 - (0.2) Amortization of losses and prior service costs (c) 97.4 (21.6) 75.8 - - Other comprehensive income (loss) 437.3 21.4 458.7 (26.2) (46.7) Total comprehensive $ 3,166.0 $ (16.0) $ (29.2) Loss reclassified from AOCI into earnings is reported in divestitures gain related Yoplait (b) Loss (gain) reclassified expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,339.8 $ 6.5 $ (0.3) Other comprehensive income (loss): Foreign currency translation $ (6.1) $ 64.9 58.8 31.5 84.8 Net actuarial loss 464.9 (111.5) 353.4 - - Other fair value changes: Hedge derivatives (25.8) 6.5 (19.3) - (1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 (5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 (23.6) 78.9 - - Other comprehensive income 554.6 (69.4) 485.2 31.5 83.5 Total comprehensive $ 2,825.0 $ 38.0 $ 83.2 Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2020 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,181.2 $ 12.9 $ 16.7 Other comprehensive income (loss): Foreign currency translation $ (149.1) $ - (149.1) (2.6) (17.4) Net actuarial loss (290.2) 65.6 (224.6) - - Other fair value changes: Hedge derivatives 4.4 (1.2) 3.2 - - Reclassification to earnings: Hedge derivatives (a) 4.3 (0.7) 3.6 - 0.5 Amortization of losses and prior service costs (b) 101.3 (23.4) 77.9 - - Other comprehensive loss (329.3) 40.3 (289.0) (2.6) (16.9) Total comprehensive $ 1,892.2 $ 10.3 $ (0.2) Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service In primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, In Millions May 29, 2022 May 30, 2021 Foreign currency translation adjustments $ (590.7) $ (830.2) Unrealized loss from hedge derivatives 23.3 (18.5) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,513.4) (1,718.4) Prior service credits 110.3 137.9 Accumulated other comprehensive loss $ (1,970.5) $ (2,429.2) |
Stock Plans |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Stock Plans [Abstract] | |
| Stock Plans | NOTE 12. STOCK PLANS We 2022, 20.7 shares cash-settled include some granted accelerated vesting of awards upon retirement, termination, or death of Stock Options The follows: Fiscal Year 2022 2021 2020 Estimated fair values of stock options granted $ 8.77 $ 8.03 $ 7.10 Assumptions: Risk-free interest rate 1.5 % 0.7 % 2.0 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 20.2 % 19.5 % 17.4 % Dividend yield 3.4 % 3.3 % 3.6 % We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our estimate option exercises and employee exercise behavior and therefore employee groups is presented in the table on the U.S. Treasury zero-coupon yield curve in Any corporate (referred to windfall Consolidated Consolidated Statements of Earnings of $ 18.4 12.4 27.3 Options may be priced 100 four years of grant. Options generally expire within 10 years and one month Information on stock option activity follows: Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 30, 2021 17,397.5 $ 53.29 5.26 $ 174.4 Granted 1,485.4 60.03 Exercised (3,564.6) 47.03 Forfeited or expired (312.8) 55.79 Outstanding as of May 29, 2022 15,005.5 $ 55.39 5.36 $ 217.5 Exercisable as of May 29, 2022 7,960.9 $ 57.10 3.58 $ 101.8 Stock-based compensation 12.1 11.2 $ 13.4 Net options exercised were as follows: Fiscal Year In Millions 2022 2021 2020 Net cash proceeds $ 161.7 $ 74.3 $ 263.4 Intrinsic value of options exercised $ 74.0 $ 44.8 $ 132.9 Restricted Stock, Restricted Stock Units, and Performance Share Units Stock Committee units generally four years our units three-year these awards is share units, are the date of grant, but participants only receive payment if the awards vest. Information on restricted stock unit and performance share unit activity Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 30, 2021 5,072.8 $ 53.84 97.6 $ 54.26 Granted 1,958.1 60.01 30.9 60.23 Vested (1,532.9) 52.48 (42.0) 53.95 Forfeited or expired (344.6) 57.10 (9.2) 57.49 Non-vested as of May 29, 2022 5,153.4 $ 56.37 77.3 $ 56.43 Fiscal Year 2022 2021 2020 Number of units granted (thousands) 1,989.0 1,529.0 1,947.6 Weighted-average $ 60.02 $ 61.24 $ 53.28 The total 82.7 74.4 2021. As of May share units was $ 101.9 18 months , on average. Stock-based 94.2 $ 78.7 81.5 our 2022. |
Earnings Per Share |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Earnings Per Share [Abstract] | |
| Earnings Per Share | NOTE 13. EARNINGS PER SHARE Basic and diluted EPS were calculated using the following: Fiscal Year In Millions, Except per Share Data 2022 2021 2020 Net earnings attributable to General Mills $ 2,707.3 $ 2,339.8 $ 2,181.2 Average number 607.5 614.1 608.1 Incremental share effect from: (a) Stock options 2.5 2.5 2.7 Restricted stock units and performance share units 2.6 2.5 2.5 Average number 612.6 619.1 613.3 Earnings per share — basic $ 4.46 $ 3.81 $ 3.59 Earnings per share — diluted $ 4.42 $ 3.78 $ 3.56 Incremental method. Stock options, restricted stock units, and performance they were not dilutive were as follows: Fiscal Year In Millions 2022 2021 2020 Anti-dilutive stock options, restricted stock units, 4.4 3.4 8.4 |
Retirement Benefits and Postemployment Benefits |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Retirement Benefits and Postemployment Benefits [Abstract] | |
| Retirement Benefits and Postemployment Benefits | NOTE 14. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS Defined Benefit Pension Plans We have Benefits for salaried various monthly We made no any provision that any excess pension assets would be allocated to active participants five years in control. benefit pension plan. Other Postretirement Benefit Plans We salaried related trusts no or fiscal 2021. We In fiscal 2021, we approved Health participants age 65 and over covered by The General Mills Retiree Health Plan the General policies on Mills participants of were assets facilitate targeted investment strategies that reflect each In purchase certain eligible retirees with greater flexibility in choosing health care coverage Health Care Cost Trend Assumed health care cost trends are as follows: Fiscal Year 2022 2021 Health care cost trend rate for next year 5.9 % and 6.0 % 6.0 % and 6.3 % Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year 2031 2029 We and information and projections, and remain consistent is 6.0 5.9 annually until 4.5 2031 only if approximate trend rates for health care costs have an important effect on the Postemployment Benefit Plans Under certain States, Postemployment benefits of service) are charged to expense when incurred. Our postemployment Summarized presented below: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 Change in Plan Assets: Fair value at beginning of year $ 7,460.2 $ 6,993.2 $ 519.4 $ 793.5 Actual return on assets (618.7) 716.3 (18.0) 108.1 Employer contributions 31.2 33.8 0.1 (359.9) Plan participant contributions 3.8 4.1 9.6 13.0 Benefits payments (346.2) (315.1) (31.9) (35.3) Foreign currency (20.0) 27.9 - - Fair value at end of year (a) $ 6,510.3 $ 7,460.2 $ 479.2 $ 519.4 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 7,714.4 $ 7,640.2 $ 600.0 $ 773.7 $ 151.7 $ 150.3 Service cost 93.5 104.4 7.6 8.5 10.0 9.3 Interest cost 184.3 192.1 12.6 18.0 1.5 1.7 Plan amendment 3.7 1.1 (16.1) (138.7) - - Curtailment/other (29.4) (5.8) (3.2) - 12.0 5.1 Plan participant contributions 3.8 4.1 9.6 13.0 - - Medicare Part D reimbursements - - 1.7 2.5 - - Actuarial (gain) loss (1,089.7) 67.4 (86.0) (15.8) (18.7) 7.2 Benefits payments (334.7) (315.7) (56.9) (61.9) (17.7) (22.5) Foreign currency (17.6) 26.6 0.3 0.7 (0.3) 0.6 Projected benefit obligation at end of year (a) $ 6,528.3 $ 7,714.4 $ 469.6 $ 600.0 $ 138.5 $ 151.7 Plan assets (less) more than benefit obligation as of $ (18.0) $ (254.2) $ 9.6 $ (80.6) $ (138.5) $ (151.7) (a) May 31, 2022 May 31, 2021 . During driven by actuarial gains due to an increase in the discount rate. During decrease U.S. retiree health and welfare benefit plans. As 332.4 $ 279.6 412.4 assets 310.1 138.5 $ 151.7 The 6,330.0 $ 7,402.1 Amounts recognized in AOCI as of May 29, 2022 and May 30, 2021, are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 Net actuarial (loss) gain $ (1,720.3) $ (1,897.2) $ 208.5 $ 200.8 $ (1.6) $ (22.0) $ (1,513.4) $ (1,718.4) Prior service (costs) credits (7.6) 5.8 118.9 133.7 (1.0) (1.6) 110.3 137.9 Amounts recorded in accumulated $ (1,727.9) $ (1,891.4) $ 327.4 $ 334.5 $ (2.6) $ (23.6) $ (1,403.1) $ (1,580.5) Plans with accumulated benefit obligations in excess of plan assets as of May Defined Benefit Pension Plans Fiscal Year In Millions 2022 2021 Projected benefit obligation $ 508.2 $ 615.3 Accumulated benefit obligation 479.6 556.2 Plan assets at fair value 20.5 26.7 Components of net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ 93.5 $ 104.4 $ 92.7 $ 7.6 $ 8.5 $ 9.4 $ 10.0 $ 9.3 $ 8.3 Interest cost 184.3 192.1 230.5 12.6 18.0 27.1 1.5 1.7 2.6 Expected return on (411.1) (420.9) (449.9) (26.7) (34.7) (42.1) - - - Amortization of losses 140.5 108.3 106.0 (10.9) (5.1) (2.1) 3.0 2.6 0.4 Amortization of prior 1.0 1.3 1.6 (20.9) (5.5) (5.5) 0.4 0.9 0.9 Other adjustments 0.1 - - (0.1) - - 12.9 8.4 17.7 Settlement or (18.4) 14.9 - (5.5) - - - - - Net (income) expense $ (10.1) $ 0.1 $ (19.1) $ (43.9) $ (18.8) $ (13.2) $ 27.8 $ 22.9 $ 29.9 Assumptions Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2022 2021 2022 2021 Discount rate 4.39 % 3.17 % 4.36 % 3.03 % 3.62 % 2.04 % Rate of salary increases 4.34 4.39 - - 4.46 4.46 Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate 3.17 % 3.20 % 3.91 % 3.03 % 3.02 % 3.79 % 2.04 % 1.86 % 3.10 % Service cost 3.56 3.58 4.19 3.34 3.40 4.04 2.46 3.51 3.51 Interest cost 2.42 2.55 3.47 2.08 2.29 3.28 1.48 2.83 2.84 Rate of 4.39 4.44 4.17 - - - 4.46 4.47 4.47 Expected long-term 5.85 5.72 6.95 6.09 4.57 5.67 - - - Discount Rates We international approach cash flows. Our benefit, and other outside actuaries Median corporate forward interest rate curve is applied to our expected future cash outflows Fair Value The fair category were as follows: May 31, 2022 May 31, 2021 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 623.4 $ 442.3 $ 66.3 $ 1,132.0 $ 838.3 $ 697.2 $ - $ 1,535.5 Fixed income (b) 1,958.7 1,723.4 - 3,682.1 1,993.5 1,936.3 - 3,929.8 Real asset investments (c) 159.8 - - 159.8 277.9 0.2 - 278.1 Other investments (d) - - 0.1 0.1 - - 0.1 0.1 Cash and accruals 133.6 0.3 - 133.9 180.0 - - 180.0 Fair value measurement of pension $ 2,875.5 $ 2,166.0 $ 66.4 $ 5,107.9 $ 3,289.7 $ 2,633.7 $ 0.1 $ 5,923.5 Assets measured at net asset value (e) 1,402.4 1,536.7 Total pension plan $ 6,510.3 $ 7,460.2 Fair value measurement of postretirement benefit plan assets: Equity (a) $ - $ - $ - $ - $ 0.2 $ - $ - $ 0.2 Fixed income (b) 120.8 - - 120.8 117.3 - - 117.3 Cash and accruals 6.6 - - 6.6 14.8 - - 14.8 Fair value measurement of $ 127.4 $ - $ - $ 127.4 $ 132.3 $ - $ - $ 132.3 Assets measured at net asset value (e) 351.8 387.1 Total postretirement $ 479.2 $ 519.4 (a) allocations. Investments at closing prices from national exchanges, commingled funds valued managers, information available. (b) policy allocations, and prices from funds valued at unit values provided by the investment managers, which (c) energy, funds valued at unit values provided by the investment managers, which (d) of the underlying investments and contract fair values established by the providers (e) measured at fair value using fair value hierarchy. During fiscal $ 66.3 no Expected Rate of Return on Plan Assets Our expected estimate of future long-term returns long-term inflation one particular year does not, by itself, significantly influence our evaluation. Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2022 2021 2022 2021 Asset category: United States equities 12.1 % 15.4 % 27.9 % 28.0 % International equities 7.8 9.9 13.5 13.9 Private equities 10.4 9.3 15.2 15.1 Fixed income 58.3 54.6 43.4 43.0 Real assets 11.4 10.8 - - Total 100.0 % 100.0 % 100.0 % 100.0 % The investment participants defined benefit classes, pension 13 8 equities; 7 62 10 For other U.S. postretirement benefit plans, the long-term investment 27 13 15 45 asset classes may vary tactically around the long-term policy allocations based Contributions and Future Benefit Payments We postemployment benefit our decision payments, which reflect expected future service, as appropriate, In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Postemployment Benefit Plans Fiscal 2023 $ 349.9 $ 36.9 $ 25.4 Fiscal 2024 347.9 36.3 20.3 Fiscal 2025 354.3 35.6 18.2 Fiscal 2026 361.7 35.4 16.8 Fiscal 2027 369.1 34.9 16.0 Fiscal 2028-2032 1,945.3 162.4 68.3 Defined Contribution Plans The employees. Employee Stock assets of $ 20.6 22.5 of 90.1 $ 76.1 90.1 We options 4.0 million as 4.3 balances. The Company stock fund and the ESOP collectively held 443.8 433.0 2022, and May 30, 2021, respectively. |
Income Taxes |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Income Taxes [Abstract] | |
| Income Taxes | NOTE 15. INCOME TAXES The thereon are as follows: Fiscal Year In Millions 2022 2021 2020 Earnings before income taxes and after-tax earnings United States $ 2,652.3 $ 2,567.1 $ 2,402.1 Foreign 557.3 290.3 198.1 Total earnings $ 3,209.6 $ 2,857.4 $ 2,600.2 Income taxes: Currently payable: Federal $ 384.2 $ 369.8 $ 381.0 State and local 60.8 47.5 55.3 Foreign 79.1 93.0 73.8 Total current 524.1 510.3 510.1 Deferred: Federal 75.0 117.9 67.8 State and local 18.3 13.6 (56.6) Foreign (31.1) (12.7) (40.8) Total deferred 62.2 118.8 (29.6) Total income $ 586.3 $ 629.1 $ 480.5 The following table reconciles the United States statutory income tax rate Fiscal Year 2022 2021 2020 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 2.1 1.7 2.0 Foreign rate differences (1.1) 0.3 (0.8) Stock based compensation (0.6) (0.4) (1.1) Subsidiary reorganization (a) - - (2.0) Capital loss (b) (1.7) - - Divestitures, net (c) (1.2) - - Other, net (0.2) (0.6) (0.6) Effective income tax rate 18.3 % 22.0 % 18.5 % During 53.1 reorganization of certain wholly owned subsidiaries. (b) During fiscal 2022, we released a 50.7 be used against divestiture gains. (c) During fiscal 2022, we included certain Marques SNC and Liberté Marques Sàrl. The tax effects of temporary differences that In Millions May 29, 2022 May 30, 2021 Accrued liabilities $ 46.2 $ 58.5 Compensation and employee benefits 146.7 198.7 Unrealized hedges - 16.3 Pension 1.5 61.4 Tax credit carryforwards 34.9 22.7 Stock, partnership, and miscellaneous investments 17.9 46.3 Capital losses 61.9 67.3 Net operating losses 178.0 160.5 Other 96.3 93.4 Gross deferred tax assets 583.4 725.1 Valuation 185.1 229.2 Net deferred tax assets 398.3 495.9 Brands 1,415.2 1,413.8 Fixed assets 392.6 412.7 Intangible assets 201.0 256.2 Tax lease transactions 14.9 18.8 Inventories 27.1 36.2 Stock, partnership, and miscellaneous investments 357.7 364.0 Unrealized hedges 98.7 - Other 109.4 112.6 Gross deferred tax liabilities 2,616.6 2,614.3 Net deferred tax liability $ 2,218.3 $ 2,118.4 We does income) within the carryforward period to allow us to realize these deferred tax Information about our valuation allowance follows: In Millions May 29, 2022 Pillsbury acquisition losses $ 107.6 State and foreign loss carryforwards 25.3 Capital loss carryforwards 11.0 Other 41.2 Total $ 185.1 As of May 29, 2022, we believe it is more-likely-than-not that the remainder Information about our tax loss carryforwards follows In Millions May 29, 2022 Foreign loss carryforwards $ 179.2 State operating loss carryforwards 8.7 Total tax loss carryforwards $ 187.9 Our foreign loss carryforwards expire as follows: In Millions May 29, 2022 Expire in fiscal 2023 and 2024 $ 3.1 Expire in fiscal 2025 and beyond 12.6 Do not expire 163.5 Total foreign loss carryforwards $ 179.2 On limitations on the ARPA to have On March 27, 2020, the Coronavirus Aid, Relief, and related 2023. As of no t recognized 2.3 foreign operations will be remitted reinvested earnings. longer indefinitely reinvested. All not permanently reinvested and local country withholding taxes are We are may elapse before an uncertain tax position is audited and finally resolved. timing outcome. particular position would usually require the use of cash. The number (federal and state). Various vary by jurisdiction, but are generally from 3 5 The 2016, 2018, and 2019 . foreign operations or financial position. We The Brazilian years. These Alimentos transaction. We We the amount of judgment related to the expected ultimate resolution of uncertain tax positions The following table sets forth and 81 effective income tax rate in future periods. certain taxes upon recognition of the state tax benefits included therein. Fiscal Year In Millions 2022 2021 Balance, beginning of year $ 145.3 $ 147.9 Tax positions related Additions 21.6 20.1 Tax positions related Additions 10.4 6.3 Reductions (5.5) (7.2) Settlements (2.4) (2.1) Lapses in statutes of limitations (8.5) (19.7) Balance, end of year $ 160.9 $ 145.3 As of no t expect are not outcomes. Our unrecognized tax benefit liability was classified in other We recognized $ 2.0 26.6 2022. For 2.9 24.9 and penalties as of May 30, 2021. |
Commitments and Contingencies |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Commitments and Contingencies [Abstract] | |
| Commitments and Contingencies | NOTE 16. COMMITMENTS AND CONTINGENCIES As 147.2 consolidated affiliates, mainly CPW. During state sales tax requirements. have meritorious May 29, 2022 , we any possible loss and have not recorded a loss contingency for this matter. |
Business Segment and Geographic Information |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Business Segment and Geographic Information [Abstract] | |
| Business Segment and Geographic Information | NOTE 17. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operations. chief operating decision maker assesses performance follows: North America Retail; International; Pet; and North America We changes earnings per share. Our Foodservice operating operating unit The operating International operating segment is unchanged. Our North America Retail stores, categories products, organic products yogurt. Our product categories include super-premium and shops. Our American markets, as well as reported in the region or country where the end customer is located. Our Pet operating segment includes e-commerce retailers, categories include dog and cat food (dry natural product types, diet types, breed sizes for dogs, lifestages, flavors, product Our categories unbaked and and nearly vending, and supermarket bakeries. Operating profit and employee corporate investments, and commodity positions corporate chain organization, our manufacturing, to maximize nor available by operating segment. Our operating segment results were as follows: Fiscal Year In Millions 2022 2021 2020 Net sales: North America Retail $ 11,572.0 $ 11,250.0 $ 10,978.1 International 3,315.7 3,656.8 3,365.1 Pet 2,259.4 1,732.4 1,694.6 North America Foodservice 1,845.7 1,487.8 1,588.8 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 Operating profit: North America Retail $ 2,699.7 $ 2,725.9 $ 2,708.9 International 232.0 236.6 132.5 Pet 470.6 415.0 390.7 North America Foodservice 255.5 203.3 255.3 Total segment operating $ 3,657.8 $ 3,580.8 $ 3,487.4 Unallocated corporate items 402.6 212.1 509.1 Divestitures (gain) loss (194.1) 53.5 - Restructuring, impairment, and other exit (recoveries) costs (26.5) 170.4 24.4 Operating profit $ 3,475.8 $ 3,144.8 $ 2,953.9 Net sales for our North America Retail operating units were as follows: Fiscal Year In Millions 2022 2021 2020 U.S. Meals & Baking Solutions $ 4,023.8 $ 4,042.2 $ 3,869.3 U.S. Morning Foods 3,370.9 3,314.0 3,292.0 U.S. Snacks 3,191.4 2,940.5 2,919.7 Canada 985.9 953.3 897.1 Total $ 11,572.0 $ 11,250.0 $ 10,978.1 Net sales by class of similar products were as follows: Fiscal Year In Millions 2022 2021 2020 Snacks $ 3,960.9 $ 3,574.2 $ 3,529.7 Cereal 2,998.1 2,868.9 2,874.1 Convenient meals 2,988.5 3,030.2 2,814.3 Pet 2,260.1 1,732.4 1,694.6 Dough 1,986.3 1,866.1 1,801.1 Baking mixes and ingredients 1,843.6 1,695.5 1,674.2 Yogurt 1,714.9 2,074.8 2,056.6 Super-premium ice cream 782.2 819.7 718.1 Other 458.2 465.2 463.9 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 The following tables provide financial information by geographic area: Fiscal Year In Millions 2022 2021 2020 Net sales: United States $ 14,691.2 $ 13,496.9 $ 13,364.5 Non-United States 4,301.6 4,630.1 4,262.1 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 In Millions May 29, 2022 May 30, 2021 Cash and cash equivalents: United States $ 46.0 $ 817.9 Non-United States 523.4 687.3 Total $ 569.4 $ 1,505.2 In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: United States $ 2,675.2 $ 2,714.7 Non-United States 718.6 892.1 Total $ 3,393.8 $ 3,606.8 |
Supplemental Information |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Supplemental Information [Abstract] | |
| Supplemental Information | NOTE 18. SUPPLEMENTAL The components of certain Consolidated Balance Sheet accounts are as follows: In Millions May 29, 2022 May 30, 2021 Receivables: Customers $ 1,720.4 $ 1,674.5 Less allowance for doubtful accounts (28.3) (36.0) Total $ 1,692.1 $ 1,638.5 In Millions May 29, 2022 May 30, 2021 Inventories: Finished goods $ 1,634.7 $ 1,506.9 Raw materials and packaging 532.0 411.9 Grain 164.0 111.2 Excess of FIFO over LIFO cost (a) (463.4) (209.5) Total $ 1,867.3 $ 1,820.5 (a) 1,127.1 1,139.7 difference between replacement valuation method. In Millions May 29, 2022 May 30, 2021 Prepaid expenses and other current assets: Marketable investments $ 249.8 $ 360.0 Prepaid expenses 213.5 221.7 Other receivables 182.8 139.1 Derivative receivables 86.1 37.5 Grain contracts 28.7 12.0 Miscellaneous 41.2 20.0 Total $ 802.1 $ 790.3 In Millions May 29, 2022 May 30, 2021 Assets held for sale: Goodwill $ 130.0 $ - Inventories 22.9 - Equipment 6.0 - Total $ 158.9 $ - In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: Equipment $ 6,491.7 $ 6,732.7 Buildings 2,444.8 2,542.7 Capitalized software 717.8 718.5 Construction in progress 492.8 395.7 Land 55.1 67.4 Equipment under finance lease 7.8 7.8 Buildings under finance lease 0.3 0.3 Total land, buildings, 10,210.3 10,465.1 Less accumulated depreciation (6,816.5) (6,858.3) Total $ 3,393.8 $ 3,606.8 In Millions May 29, 2022 May 30, 2021 Other assets: Investments in and advances to joint ventures $ 513.8 $ 566.4 Right of use operating lease assets 336.8 378.6 Pension assets 52.6 30.0 Life insurance 17.5 18.6 Miscellaneous 307.4 274.0 Total $ 1,228.1 $ 1,267.6 In Millions May 29, 2022 May 30, 2021 Other current liabilities: Accrued trade and consumer promotions $ 474.4 $ 580.9 Accrued payroll 435.6 434.4 Current portion of operating lease liabilities 106.7 111.2 Accrued interest, including interest rate swaps 70.1 80.0 Restructuring and other exit costs reserve 36.8 148.8 Accrued taxes 31.4 37.4 Dividends payable 25.3 24.1 Derivative payable, primarily commodity-related 19.9 39.2 Grain contracts 3.0 0.9 Miscellaneous 348.8 330.3 Total $ 1,552.0 $ 1,787.2 In Millions May 29, 2022 May 30, 2021 Other non-current liabilities: Accrued compensation and benefits, including obligations for underfunded $ 360.8 $ 707.7 Non-current portion of operating lease liabilities 248.3 283.2 Accrued taxes 233.0 215.6 Miscellaneous 87.0 86.2 Total $ 929.1 $ 1,292.7 Certain Consolidated Statements of Earnings amounts are as follows: Fiscal Year In Millions 2022 2021 2020 Depreciation and amortization $ 570.3 $ 601.3 $ 594.7 Research and development expense 243.1 239.3 224.4 Advertising and media expense (including production and 690.1 736.3 691.8 The components of interest, net are as follows: Fiscal Year Expense (Income), in Millions 2022 2021 2020 Interest expense $ 387.2 $ 430.9 $ 475.1 Capitalized interest (3.8) (3.2) (2.6) Interest income (3.8) (7.4) (6.0) Interest, net $ 379.6 $ 420.3 $ 466.5 Certain Consolidated Statements of Cash Flows amounts are as follows: Fiscal Year In Millions 2022 2021 2020 Cash interest payments $ 357.8 $ 412.5 $ 418.5 Cash paid for income taxes 545.3 636.1 403.3 |
Quarterly Data (Unaudited) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Quarterly Data (Unaudited) [Abstract] | |
| Quarterly Data (Unaudited) [Text Block] | NOTE 19. QUARTERLY Summarized quarterly data for fiscal 2022 and fiscal 2021 follows: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per 2022 2021 2022 2021 2022 2021 2022 2021 Net sales $ 4,539.9 $ 4,364.0 $ 5,024.0 $ 4,719.4 $ 4,537.7 $ 4,520.0 $ 4,891.2 $ 4,523.6 Gross margin 1,597.4 1,590.4 1,631.2 1,721.1 1,403.7 1,553.9 1,769.9 1,582.9 Net earnings attributable to 627.0 638.9 597.2 688.4 660.3 595.7 822.8 416.8 EPS: Basic $ 1.03 $ 1.04 $ 0.98 $ 1.12 $ 1.09 $ 0.97 $ 1.36 $ 0.68 Diluted $ 1.02 $ 1.03 $ 0.97 $ 1.11 $ 1.08 $ 0.96 $ 1.35 $ 0.68 In the fourth and Liberté 14.9 9.2 also recorded 16.0 and Suddenly 34.0 associated with the 34.0 reserve. In resources with 157.3 business in Brazil of $ 53.5 9.5 transaction SNC, and 8.8 gain 11.2 retiree health and welfare benefit plans. |
Schedule II - Valuation of Qualifying Accounts |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Schedule II - Valuation of Qualifying Accounts [Abstract] | |
| Schedule II - Valuation of Qualifying Accounts | General Mills, Inc. and Subsidiaries Schedule II - Valuation Fiscal Year In Millions 2022 2021 2020 Allowance for doubtful accounts: Balance at beginning of year $ 36.0 $ 33.2 $ 28.8 Additions charged to expense 23.0 25.7 25.9 Bad debt write-offs (26.4) (29.9) (22.9) Other adjustments and reclassifications (4.3) 7.0 1.4 Balance at end of year $ 28.3 $ 36.0 $ 33.2 Valuation Balance at beginning of year $ 229.2 $ 214.2 $ 213.7 (Benefits) additions charged to expense (41.6) 9.1 4.2 Adjustments due to acquisitions, translation of amounts, and other (2.5) 5.9 (3.7) Balance at end of year $ 185.1 $ 229.2 $ 214.2 Reserve for restructuring and other exit charges: Balance at beginning of year $ 148.8 $ 17.8 $ 36.5 Additions charged to expense, including translation amounts 3.4 143.9 (2.5) Reserve adjustment (34.0) - - Net amounts utilized for restructuring activities (81.4) (12.9) (16.2) Balance at end of year $ 36.8 $ 148.8 $ 17.8 Reserve for LIFO valuation: Balance at beginning of year $ 209.5 $ 202.1 $ 213.5 Increase (decrease) 253.9 7.4 (11.4) Balance at end of year $ 463.4 $ 209.5 $ 202.1 |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Summary of Significant Accounting Policies [Abstract] | |
| Cash and Cash Equivalents | Cash and Cash Equivalents We consider all investments |
| Inventories | Inventories All market. Grain inventories are all net changes in value recorded in earnings currently. Inventories realizable value. Shipping when the related finished product is shipped to and accepted by the customer. |
| Land, Buildings, Equipment, and Depreciation | Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. at charged 40 depreciated over 3 10 retired, recognized in earnings. Long-lived assets asset flows from identifiable cash excess independent appraisals, as appropriate. |
| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill indicate that impairment may have of the the liabilities reporting impairment charge goodwill allocated rates for sales and profits are determined using inputs from our long-range perpetuity growth assumptions, market comparables, and other factors. We evaluate the determination competition, other economic in an uncertain or expenditures, amortized on a straight-line basis, over their useful lives, generally ranging 4 30 Our indefinite-lived Blue Buffalo , , Totino’s , Old El Paso , Progresso , , Häagen-Dazs , and circumstances discounted could be payable if we did not own the brands, and a discount rate. Our whenever loss would be the Measurement of an measured using a discounted cash flow model or other similar valuation model, |
| Leases | Leases We we account for lease and non-lease components (e.g. common area maintenance) Any recognize lease costs for these us with reasonably certain agreements do not include an option to purchase the leased asset, residual value guarantees, We include rental payments based on included recognized in the period in which the obligation is incurred. As information available at the commencement date of the lease arrangement |
| Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures Our undistributed and make goods, and finished goods to the joint ventures, generally at market prices. In addition, but not capital, profitability, nature, these projections the carrying value of investment to its fair value if we concluded the impairment is other than |
| Revenue Recognition | Revenue Recognition Our revenues primarily result – the has been satisfied and control of the our customer. consideration transaction and participation and the However, product interest. Payment terms and any significant financing components. our channel, and other specific written off into factors. We do |
| Environmental costs | Environmental Costs Environmental costs expensed. Liabilities estimable, generally no later than the completion of feasibility studies or our |
| Advertising Production Costs | Advertising Production Costs We expense the |
| Research and Development | Research and Development All expenditures for research and development for wages, consulting, and supplies including assets at facilities that are engaged in pilot plant activities. |
| Foreign Currency Translation | Foreign Currency Translation For translated during the period. Translation Gains investments instruments designated as net investment hedges. These gains and losses are recorded |
| Derivative Instruments | Derivative Instruments All derivatives are recognized fair value, derivatives are as reclassified associated amounts reported in AOCI are reclassified to earnings at that time. |
| Stock-based Compensation | Stock-based Compensation We generally of stock-based selling, general each reportable segment in our segment results. Certain equity-based compensation plans contain provisions eligible award immediately eligibility is achieved, if less than the stated vesting period. We report the Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 In the fourth quarter of benefit pension statement users. not impact our results of operations or financial position. In accounting The new results of operations or financial position. In results in certain leases being this guidance utilizing the cumulative elected contain leases and initial term of permitted elections. our Consolidated Statements of Cash Flows. |
| Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans | Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. |
| Use of Estimates | Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. |
| New Accounting Standards | New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 In the fourth quarter of benefit pension statement users. not impact our results of operations or financial position. In accounting The new results of operations or financial position. In results in certain leases being this guidance utilizing the cumulative elected contain leases and initial term of permitted elections. our Consolidated Statements of Cash Flows. |
Restructuring, Impairment, and Other Exit Costs (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Restructuring, impairment, and other exit costs [Abstract] | |
| Restructuring and Impairment Charges and Project-Related Costs | Expense, in Millions International manufacturing and logistics operations $ 15.0 Net recoveries associated with restructuring actions previously announced (38.2) Total net restructuring $ (23.2) Expense, in Millions Global organizational structure and resource alignment $ 157.3 International route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously 2.4 Total restructuring $ 172.7 |
| Schedule of restructuring charges and project-related costs presentation [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Restructuring, impairment, and other exit (recoveries) costs $ (26.5) $ 170.4 $ 24.4 Cost of sales 3.3 2.3 25.8 Total restructuring (23.2) 172.7 50.2 Project-related costs classified in cost of sales $ - $ - $ 1.5 |
| Rollforward of Restructuring and Other Exit Cost Reserves | In Millions Severance Contract Termination Other Exit Costs Total Reserve balance as of May 26, 2019 $ 36.5 $ - $ - $ 36.5 Fiscal 2020 charges, including foreign currency translation (5.0) 0.8 1.7 (2.5) Utilized in fiscal 2020 (13.7) (0.8) (1.7) (16.2) Reserve balance as of May 31, 2020 17.8 - - 17.8 Fiscal 2021 charges, including foreign currency translation 142.3 0.3 1.3 143.9 Utilized in fiscal 2021 (12.8) (0.1) - (12.9) Reserve balance as of May 30, 2021 147.3 0.2 1.3 148.8 Fiscal 2022 charges, including foreign currency translation 2.2 - 1.2 3.4 Reserve adjustment (34.0) - - (34.0) Utilized in fiscal 2022 (80.1) (0.2) (1.1) (81.4) Reserve balance as of May 29, 2022 $ 35.4 $ - $ 1.4 $ 36.8 |
Investments in Unconsolidated Joint Ventures (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Investments in Unconsolidated Joint Ventures [Abstract] | |
| Joint Venture Related Financial Statement Activity [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Cumulative investments $ 416.4 $ 486.2 Goodwill and other intangibles 444.9 505.7 Aggregate advances included in cumulative investments 254.4 294.2 Fiscal Year In Millions 2022 2021 2020 Sales to joint ventures $ 6.3 $ 6.7 $ 5.9 Net (repayments) advances (15.4) (15.5) 48.0 Dividends received 107.5 95.2 76.5 |
| Summarized Joint Venture Financial Statement Activity on 100% Basis [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net sales: CPW $ 1,706.5 $ 1,766.8 $ 1,654.3 HDJ 427.8 422.4 391.3 Total net sales 2,134.3 2,189.2 2,045.6 Gross margin 803.1 882.9 785.3 Earnings before income taxes 249.9 247.8 214.0 Earnings after income taxes 201.0 201.7 176.5 In Millions May 29, 2022 May 30, 2021 Current assets $ 823.9 $ 877.4 Noncurrent assets 839.8 927.2 Current liabilities 1,298.8 1,424.4 Noncurrent liabilities 106.5 142.2 |
Goodwill and Other Intangible Assets (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Goodwill and Other Intangible Assets [Abstract] | |
| Components of goodwill and other intangible assets [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Goodwill $ 14,378.5 $ 14,062.4 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,725.8 6,628.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived 400.3 823.4 Less accumulated amortization (126.2) (300.9) Intangible assets subject to amortization 274.1 522.5 Other intangible assets 6,999.9 7,150.6 Total $ 21,378.4 $ 21,213.0 |
| Changes in the carrying amount of goodwill [Table Text Block] | In Millions North America Retail Pet North America Foodservice International Joint Ventures Total Balance as of May 26, 2019 $ 6,676.5 $ 5,300.5 $ 648.8 $ 960.6 $ 409.4 $ 13,995.8 Other activity, primarily (2.8) - - (66.1) (3.7) (72.6) Balance as of May 31, 2020 6,673.7 5,300.5 648.8 894.5 405.7 13,923.2 Divestiture - - - (1.2) - (1.2) Other activity, primarily 15.6 - - 84.9 39.9 140.4 Balance as of May 30, 2021 6,689.3 5,300.5 648.8 978.2 445.6 14,062.4 Acquisition - 762.3 - - - 762.3 Divestitures - - - (201.8) - (201.8) Reclassified to assets held for sale (130.0) - - - - (130.0) Other activity, primarily (6.4) - - (54.8) (53.2) (114.4) Balance as of May 29, 2022 $ 6,552.9 $ 6,062.8 $ 648.8 $ 721.6 $ 392.4 $ 14,378.5 |
| Changes in the carrying amount of other intangible assets [Table Text Block] | In Millions Total Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily (71.0) Balance as of May 31, 2020 7,095.8 Divestiture (5.3) Other activity, primarily 60.1 Balance as of May 30, 2021 7,150.6 Acquisition 370.0 Divestitures (621.8) Intellectual property intangible asset 210.4 Other activity, primarily (109.3) Balance as of May 29, 2022 $ 6,999.9 In Millions Carrying Value Intangible Asset Excess Fair Value Fiscal 2022 Test Uncle Toby's $ 55.0 7 % |
Leases (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Lessee Disclosure [Abstract] | |
| Lease Cost [TableText Block] | Fiscal Year In Millions 2022 2021 Operating lease cost $ 129.7 $ 132.7 Variable 8.5 21.8 Short-term lease cost 29.1 23.4 |
| Lessee Operating Lease Liability Maturity [Table Text Block] | In Millions Operating Leases Finance Leases Fiscal 2023 $ 117.8 $ 0.8 Fiscal 2024 93.6 0.4 Fiscal 2025 64.4 - Fiscal 2026 45.2 - Fiscal 2027 24.1 - After fiscal 2027 40.7 - Total noncancelable $ 385.8 $ 1.2 Less: Interest (30.8) - Present value of lease obligations $ 355.0 $ 1.2 |
| Lessee Operating Lease Weighted Averages [TableText Block] | May 29, 2022 May 30, 2021 Weighted-average 4.5 years 4.5 years Weighted-average 3.8 % 3.7 % |
| Supplemental Cash Flow Information Related To Leases [Table Text Block] | Fiscal Year In Millions 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 128.7 $ 132.0 Right of use assets obtained in exchange for new lease liabilities $ 84.6 $ 120.2 |
Financial Instruments, Risk Management Activities, and Fair Values (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Financial Instruments, Risk Management Activities, and Fair Values [Abstract] | |
| Schedule of Marketable Debt and Equity Securities and Maturities [Table Text Block] | Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 Available for $ 2.3 $ 76.9 $ 2.3 $ 76.9 $ - $ - $ - $ - Equity securities 250.1 360.3 255.3 365.6 5.2 5.3 15.1 - Total $ 252.4 $ 437.2 $ 257.6 $ 442.5 $ 5.2 $ 5.3 $ 15.1 $ - Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 2.3 $ 2.3 Equity securities 250.1 255.3 Total $ 252.4 $ 257.6 |
| Schedule of Unallocated Corporate items [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net gain (loss) on mark-to-market valuation of commodity positions $ 303.3 $ 138.2 $ (63.0) Net (gain) loss on commodity positions reclassified from unallocated corporate (188.0) (8.8) 35.6 Net mark-to-market revaluation of certain grain inventories 17.8 9.4 2.7 Net mark-to-market valuation of certain commodity positions recognized $ 133.1 $ 138.8 $ (24.7) |
| Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block] | In Millions Gain/(Loss) 2.25 % notes due October 14, 2031 $ (18.4) 2.6 % notes due October 12, 2022 (0.3) 1.0 % notes due April 27, 2023 0.2 3.65 % notes due February 15, 2024 (3.0) 4.0 % notes due April 17, 2025 1.7 3.2 % notes due February 10, 2027 (8.0) 1.5 % notes due April 27, 2027 1.6 4.2 % notes due April 17, 2028 6.0 4.55 % notes due April 17, 2038 8.7 5.4 % notes due June 15, 2040 10.0 4.15 % notes due February 15, 2043 (8.2) 4.7 % notes due April 17, 2048 12.3 Net pre-tax hedge gain in AOCI $ 2.6 |
| Schedule of Interest Rate Swaps [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Pay-floating swaps - notional amount $ 644.1 $ 731.5 Average receive 0.4 % 0.4 % Average pay rate 0.1 % 0.1 % |
| Schedule of Fair Value Measurement Inputs [Table Text Block] | May 29, 2022 May 29, 2022 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (29.8) $ - $ (29.8) Foreign exchange contracts (a) (c) - 26.9 - 26.9 - (4.7) - (4.7) Total - 26.9 - 26.9 - (34.5) - (34.5) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 8.4 - 8.4 - (15.1) - (15.1) Commodity contracts (a) (d) 10.7 96.9 - 107.6 - (0.2) - (0.2) Grain contracts (a) (d) - 28.7 - 28.7 - (3.0) - (3.0) Total 10.7 134.0 - 144.7 - (18.3) - (18.3) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 255.3 2.3 67.2 324.8 - - - - Total 255.3 2.3 67.2 324.8 - - - - Total assets, liabilities, and $ 266.0 $ 163.2 $ 67.2 $ 496.4 $ - $ (52.8) $ - $ (52.8) (a) other liabilities, and cash equivalents. (b) fair value 615.7 2022, the cumulative amount of fair value hedging basis adjustments was $ 28.4 (c) (d) (e) (f) recorded 34.0 revised projections of future operating results and observable transaction data May 30, 2021 May 30, 2021 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 28.8 $ - $ 28.8 $ - $ - $ - $ - Foreign exchange contracts (a) (c) - 2.3 - 2.3 - (36.3) - (36.3) Total - 31.1 - 31.1 - (36.3) - (36.3) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 2.5 - 2.5 - (1.6) - (1.6) Commodity contracts (a) (d) 11.1 20.5 - 31.6 (0.8) (0.5) - (1.3) Grain contracts (a) (d) - 12.0 - 12.0 - (0.9) - (0.9) Total 11.1 35.0 - 46.1 (0.8) (3.0) - (3.8) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 365.6 76.9 - 442.5 - - - - Total 365.6 76.9 - 442.5 - - - - Total assets, liabilities, and $ 376.7 $ 143.0 $ - $ 519.7 $ (0.8) $ (39.3) $ - $ (40.1) (a) other liabilities, and cash equivalents. (b) value 736.9 2021, the cumulative amount of fair value hedging basis adjustments was $ 5.4 (c) (d) (e) |
| Schedule of Gains and Losses on Hedges [Table Text Block] | Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other $ (5.4) $ 31.2 $ 13.2 $ (58.7) $ - $ - $ - $ - $ 7.8 $ (27.5) Amount of net loss reclassified from (4.7) (9.4) (19.5) (9.8) - - - - (24.2) (19.2) Derivatives in Fair Value Relationships: Amount of net loss recognized (2.1) (0.3) - - - - - - (2.1) (0.3) Derivatives Not Designated as Amount of net (loss) gain recognized - - (32.8) 4.2 (8.0) 47.7 257.2 134.6 216.4 186.5 (a) expenses for foreign cost of 11.1 8.4 ended 9.3 reclassified from AOCI into SG&A was $ 0.5 (b) SG&A expenses for equity contracts and foreign exchange contracts. (c) foreign from the assessment of hedge effectiveness. |
| Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block] | May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) May 30, 2021 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 31.6 $ - $ 31.6 $ (1.3) $ (9.1) $ 21.2 $ (1.3) $ - $ (1.3) $ 1.3 $ - $ - Interest rate contracts 29.8 - 29.8 - - 29.8 - - - - - - Foreign exchange contracts 4.8 - 4.8 (4.1) - 0.7 (37.9) - (37.9) 4.1 - (33.8) Equity contracts 2.2 - 2.2 - - 2.2 - - - - - - Total $ 68.4 $ - $ 68.4 $ (5.4) $ (9.1) $ 53.9 $ (39.2) $ - $ (39.2) $ 5.4 $ - $ (33.8) (a) (b) (c) (d) (e) |
| Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block] | May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) May 30, 2021 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 31.6 $ - $ 31.6 $ (1.3) $ (9.1) $ 21.2 $ (1.3) $ - $ (1.3) $ 1.3 $ - $ - Interest rate contracts 29.8 - 29.8 - - 29.8 - - - - - - Foreign exchange contracts 4.8 - 4.8 (4.1) - 0.7 (37.9) - (37.9) 4.1 - (33.8) Equity contracts 2.2 - 2.2 - - 2.2 - - - - - - Total $ 68.4 $ - $ 68.4 $ (5.4) $ (9.1) $ 53.9 $ (39.2) $ - $ (39.2) $ 5.4 $ - $ (33.8) (a) (b) (c) (d) (e) |
| Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block] | In Millions After-Tax Unrealized gains from foreign currency cash flow hedges 23.3 After-tax gains in AOCI related to hedge derivatives $ 23.3 |
| Customer Concentractions [Table Text Block] | Percent of total Consolidated North America Retail North America Foodservice International Pet Walmart (a): Net sales 20 % 28 % 8 % 2 % 16 % Accounts receivable 23 % 6 % 3 % 23 % Five largest customers: Net sales 50 % 49 % 12 % 64 % (a) |
Debt (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Debt [Abstract] | |
| Schedule of Components of Notes Payable [Table Text Block] | May 29, 2022 May 30, 2021 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 694.8 1.1 % $ - - % Financial institutions 116.6 4.4 % 361.3 3.4 % Total $ 811.4 5.5 % $ 361.3 3.4 % |
| Schedule of Fee-Paid Committed and Uncommitted Credit Lines [Table Text Block] | In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2026 $ 2.7 $ - Total committed 2.7 - Uncommitted credit facilities 0.6 0.1 Total committed $ 3.3 $ 0.1 |
| Schedule of Long-term Debt Instruments [Table Text Block] | In Millions May 29, 2022 May 30, 2021 4.2 % notes due April 17, 2028 $ 1,400.0 $ 1,400.0 3.15 % notes due December 15, 2021 - 1,000.0 3.7 % notes due October 17, 2023 - 850.0 4.0 % notes due April 17, 2025 800.0 800.0 3.2 % notes due February 10, 2027 750.0 750.0 2.875 % notes due April 15, 2030 750.0 750.0 Euro-denominated 0.45 % notes due January 15, 2026 644.1 731.5 Euro-denominated 1.0 % notes due April 27, 2023 536.8 609.6 Euro-denominated 0.0 % notes due August 21, 2021 - 609.6 Euro-denominated 0.0 % notes due November 16, 2021 - 609.6 3.0 % notes due February 1, 2051 605.2 605.2 2.6 % notes due October 12, 2022 500.0 500.0 3.65 % notes due February 15, 2024 500.0 500.0 Euro-denominated 1.5 % notes due April 27, 2027 429.4 487.7 4.7 % notes due April 17, 2048 446.2 446.2 4.15 % notes due February 15, 2043 434.9 434.9 Floating-rate notes due October 17, 2023 400.0 400.0 5.4 % notes due June 15, 2040 382.5 382.5 4.55 % notes due April 17, 2038 282.4 282.4 Euro-denominated 2.2 % notes due June 24, 2021 - 243.9 Medium-term notes, 0.56 % to 6.41 %, due fiscal 2023 103.9 104.0 2.25 % notes due October 14, 2031 500.0 - Euro-denominated 0.1 25% notes due November 15, 2025 536.7 - Euro-denominated 0.0 % notes due November 11, 2022 268.3 - Euro-denominated floating rate notes due May 16, 2023 268.3 - Euro-denominated floating rate notes due July 27, 2023 537.9 - Other, including debt issuance costs, debt (267.6) (246.4) 10,809.0 12,250.7 Less amount due within one year (1,674.2) (2,463.8) Total long-term debt $ 9,134.8 $ 9,786.9 |
| Schedule Of Long-term Debt And Capital Leases [Table Text Block] | In Millions Fiscal 2023 $ 1,674.2 Fiscal 2024 1,442.3 Fiscal 2025 800.0 Fiscal 2026 1,180.9 Fiscal 2027 1,179.4 |
Stockholders' Equity (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Stockholders' Equity [Abstract] | |
| Share Repurchases [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Shares of common stock 13.5 5.0 0.1 Aggregate purchase price $ 876.8 $ 301.4 $ 3.4 |
| Schedule of Total Comprehensive Income (Loss) [Table Text Block] | Fiscal 2022 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,707.3 $ 10.2 $ 17.5 Other comprehensive income (loss): Foreign currency translation $ (188.5) $ 85.8 (102.7) (26.2) (47.0) Net actuarial gain 132.4 (30.8) 101.6 - - Other fair value changes: Hedge derivatives 30.1 (23.6) 6.5 - 0.5 Reclassification to earnings: Foreign currency translation (a) 342.2 - 342.2 - - Hedge derivatives (b) 23.7 11.6 35.3 - (0.2) Amortization of losses and prior service costs (c) 97.4 (21.6) 75.8 - - Other comprehensive income (loss) 437.3 21.4 458.7 (26.2) (46.7) Total comprehensive $ 3,166.0 $ (16.0) $ (29.2) Loss reclassified from AOCI into earnings is reported in divestitures gain related Yoplait (b) Loss (gain) reclassified expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,339.8 $ 6.5 $ (0.3) Other comprehensive income (loss): Foreign currency translation $ (6.1) $ 64.9 58.8 31.5 84.8 Net actuarial loss 464.9 (111.5) 353.4 - - Other fair value changes: Hedge derivatives (25.8) 6.5 (19.3) - (1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 (5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 (23.6) 78.9 - - Other comprehensive income 554.6 (69.4) 485.2 31.5 83.5 Total comprehensive $ 2,825.0 $ 38.0 $ 83.2 Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2020 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,181.2 $ 12.9 $ 16.7 Other comprehensive income (loss): Foreign currency translation $ (149.1) $ - (149.1) (2.6) (17.4) Net actuarial loss (290.2) 65.6 (224.6) - - Other fair value changes: Hedge derivatives 4.4 (1.2) 3.2 - - Reclassification to earnings: Hedge derivatives (a) 4.3 (0.7) 3.6 - 0.5 Amortization of losses and prior service costs (b) 101.3 (23.4) 77.9 - - Other comprehensive loss (329.3) 40.3 (289.0) (2.6) (16.9) Total comprehensive $ 1,892.2 $ 10.3 $ (0.2) Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service |
| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Foreign currency translation adjustments $ (590.7) $ (830.2) Unrealized loss from hedge derivatives 23.3 (18.5) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,513.4) (1,718.4) Prior service credits 110.3 137.9 Accumulated other comprehensive loss $ (1,970.5) $ (2,429.2) |
Stock Plans (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Stock Plans [Abstract] | |
| Estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] | Fiscal Year 2022 2021 2020 Estimated fair values of stock options granted $ 8.77 $ 8.03 $ 7.10 Assumptions: Risk-free interest rate 1.5 % 0.7 % 2.0 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 20.2 % 19.5 % 17.4 % Dividend yield 3.4 % 3.3 % 3.6 % |
| Information on stock option activity [Table Text Block] | Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 30, 2021 17,397.5 $ 53.29 5.26 $ 174.4 Granted 1,485.4 60.03 Exercised (3,564.6) 47.03 Forfeited or expired (312.8) 55.79 Outstanding as of May 29, 2022 15,005.5 $ 55.39 5.36 $ 217.5 Exercisable as of May 29, 2022 7,960.9 $ 57.10 3.58 $ 101.8 |
| Net cash proceeds and intrinsic value of options exercised [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net cash proceeds $ 161.7 $ 74.3 $ 263.4 Intrinsic value of options exercised $ 74.0 $ 44.8 $ 132.9 |
| Information on restricted stock unit and performance share units activity [Table Text Block] | Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 30, 2021 5,072.8 $ 53.84 97.6 $ 54.26 Granted 1,958.1 60.01 30.9 60.23 Vested (1,532.9) 52.48 (42.0) 53.95 Forfeited or expired (344.6) 57.10 (9.2) 57.49 Non-vested as of May 29, 2022 5,153.4 $ 56.37 77.3 $ 56.43 Fiscal Year 2022 2021 2020 Number of units granted (thousands) 1,989.0 1,529.0 1,947.6 Weighted-average $ 60.02 $ 61.24 $ 53.28 |
Earnings Per Share (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year In Millions, Except per Share Data 2022 2021 2020 Net earnings attributable to General Mills $ 2,707.3 $ 2,339.8 $ 2,181.2 Average number 607.5 614.1 608.1 Incremental share effect from: (a) Stock options 2.5 2.5 2.7 Restricted stock units and performance share units 2.6 2.5 2.5 Average number 612.6 619.1 613.3 Earnings per share — basic $ 4.46 $ 3.81 $ 3.59 Earnings per share — diluted $ 4.42 $ 3.78 $ 3.56 Incremental method. Stock options, restricted stock units, and performance they were not dilutive were as follows: |
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Anti-dilutive stock options, restricted stock units, 4.4 3.4 8.4 |
Retirement Benefits and Postemployment Benefits (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Retirement Benefits and Postemployment Benefits [Abstract] | |
| Health Care Cost Trend Rates [Table Text Block] | Fiscal Year 2022 2021 Health care cost trend rate for next year 5.9 % and 6.0 % 6.0 % and 6.3 % Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year 2031 2029 |
| Summarized Financial Information [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 Change in Plan Assets: Fair value at beginning of year $ 7,460.2 $ 6,993.2 $ 519.4 $ 793.5 Actual return on assets (618.7) 716.3 (18.0) 108.1 Employer contributions 31.2 33.8 0.1 (359.9) Plan participant contributions 3.8 4.1 9.6 13.0 Benefits payments (346.2) (315.1) (31.9) (35.3) Foreign currency (20.0) 27.9 - - Fair value at end of year (a) $ 6,510.3 $ 7,460.2 $ 479.2 $ 519.4 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 7,714.4 $ 7,640.2 $ 600.0 $ 773.7 $ 151.7 $ 150.3 Service cost 93.5 104.4 7.6 8.5 10.0 9.3 Interest cost 184.3 192.1 12.6 18.0 1.5 1.7 Plan amendment 3.7 1.1 (16.1) (138.7) - - Curtailment/other (29.4) (5.8) (3.2) - 12.0 5.1 Plan participant contributions 3.8 4.1 9.6 13.0 - - Medicare Part D reimbursements - - 1.7 2.5 - - Actuarial (gain) loss (1,089.7) 67.4 (86.0) (15.8) (18.7) 7.2 Benefits payments (334.7) (315.7) (56.9) (61.9) (17.7) (22.5) Foreign currency (17.6) 26.6 0.3 0.7 (0.3) 0.6 Projected benefit obligation at end of year (a) $ 6,528.3 $ 7,714.4 $ 469.6 $ 600.0 $ 138.5 $ 151.7 Plan assets (less) more than benefit obligation as of $ (18.0) $ (254.2) $ 9.6 $ (80.6) $ (138.5) $ (151.7) (a) May 31, 2022 May 31, 2021 . |
| Amounts Recognized in AOCI [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 Net actuarial (loss) gain $ (1,720.3) $ (1,897.2) $ 208.5 $ 200.8 $ (1.6) $ (22.0) $ (1,513.4) $ (1,718.4) Prior service (costs) credits (7.6) 5.8 118.9 133.7 (1.0) (1.6) 110.3 137.9 Amounts recorded in accumulated $ (1,727.9) $ (1,891.4) $ 327.4 $ 334.5 $ (2.6) $ (23.6) $ (1,403.1) $ (1,580.5) |
| Accumulated Benefit Obligations in Excess of Plan Assets [Table Text Block] | Defined Benefit Pension Plans Fiscal Year In Millions 2022 2021 Projected benefit obligation $ 508.2 $ 615.3 Accumulated benefit obligation 479.6 556.2 Plan assets at fair value 20.5 26.7 |
| Components of Net Periodic Benefit Expense [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ 93.5 $ 104.4 $ 92.7 $ 7.6 $ 8.5 $ 9.4 $ 10.0 $ 9.3 $ 8.3 Interest cost 184.3 192.1 230.5 12.6 18.0 27.1 1.5 1.7 2.6 Expected return on (411.1) (420.9) (449.9) (26.7) (34.7) (42.1) - - - Amortization of losses 140.5 108.3 106.0 (10.9) (5.1) (2.1) 3.0 2.6 0.4 Amortization of prior 1.0 1.3 1.6 (20.9) (5.5) (5.5) 0.4 0.9 0.9 Other adjustments 0.1 - - (0.1) - - 12.9 8.4 17.7 Settlement or (18.4) 14.9 - (5.5) - - - - - Net (income) expense $ (10.1) $ 0.1 $ (19.1) $ (43.9) $ (18.8) $ (13.2) $ 27.8 $ 22.9 $ 29.9 |
| Weighted-Average Assumptions [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2022 2021 2022 2021 Discount rate 4.39 % 3.17 % 4.36 % 3.03 % 3.62 % 2.04 % Rate of salary increases 4.34 4.39 - - 4.46 4.46 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate 3.17 % 3.20 % 3.91 % 3.03 % 3.02 % 3.79 % 2.04 % 1.86 % 3.10 % Service cost 3.56 3.58 4.19 3.34 3.40 4.04 2.46 3.51 3.51 Interest cost 2.42 2.55 3.47 2.08 2.29 3.28 1.48 2.83 2.84 Rate of 4.39 4.44 4.17 - - - 4.46 4.47 4.47 Expected long-term 5.85 5.72 6.95 6.09 4.57 5.67 - - - |
| Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] | May 31, 2022 May 31, 2021 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 623.4 $ 442.3 $ 66.3 $ 1,132.0 $ 838.3 $ 697.2 $ - $ 1,535.5 Fixed income (b) 1,958.7 1,723.4 - 3,682.1 1,993.5 1,936.3 - 3,929.8 Real asset investments (c) 159.8 - - 159.8 277.9 0.2 - 278.1 Other investments (d) - - 0.1 0.1 - - 0.1 0.1 Cash and accruals 133.6 0.3 - 133.9 180.0 - - 180.0 Fair value measurement of pension $ 2,875.5 $ 2,166.0 $ 66.4 $ 5,107.9 $ 3,289.7 $ 2,633.7 $ 0.1 $ 5,923.5 Assets measured at net asset value (e) 1,402.4 1,536.7 Total pension plan $ 6,510.3 $ 7,460.2 Fair value measurement of postretirement benefit plan assets: Equity (a) $ - $ - $ - $ - $ 0.2 $ - $ - $ 0.2 Fixed income (b) 120.8 - - 120.8 117.3 - - 117.3 Cash and accruals 6.6 - - 6.6 14.8 - - 14.8 Fair value measurement of $ 127.4 $ - $ - $ 127.4 $ 132.3 $ - $ - $ 132.3 Assets measured at net asset value (e) 351.8 387.1 Total postretirement $ 479.2 $ 519.4 (a) allocations. Investments at closing prices from national exchanges, commingled funds valued managers, information available. (b) policy allocations, and prices from funds valued at unit values provided by the investment managers, which (c) energy, funds valued at unit values provided by the investment managers, which (d) of the underlying investments and contract fair values established by the providers (e) measured at fair value using fair value hierarchy. Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2022 2021 2022 2021 Asset category: United States equities 12.1 % 15.4 % 27.9 % 28.0 % International equities 7.8 9.9 13.5 13.9 Private equities 10.4 9.3 15.2 15.1 Fixed income 58.3 54.6 43.4 43.0 Real assets 11.4 10.8 - - Total 100.0 % 100.0 % 100.0 % 100.0 % |
| Estimated Benefit Payments [Table Text Block] | In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Postemployment Benefit Plans Fiscal 2023 $ 349.9 $ 36.9 $ 25.4 Fiscal 2024 347.9 36.3 20.3 Fiscal 2025 354.3 35.6 18.2 Fiscal 2026 361.7 35.4 16.8 Fiscal 2027 369.1 34.9 16.0 Fiscal 2028-2032 1,945.3 162.4 68.3 |
Income Taxes (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Income Taxes [Abstract] | |
| Components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Earnings before income taxes and after-tax earnings United States $ 2,652.3 $ 2,567.1 $ 2,402.1 Foreign 557.3 290.3 198.1 Total earnings $ 3,209.6 $ 2,857.4 $ 2,600.2 Income taxes: Currently payable: Federal $ 384.2 $ 369.8 $ 381.0 State and local 60.8 47.5 55.3 Foreign 79.1 93.0 73.8 Total current 524.1 510.3 510.1 Deferred: Federal 75.0 117.9 67.8 State and local 18.3 13.6 (56.6) Foreign (31.1) (12.7) (40.8) Total deferred 62.2 118.8 (29.6) Total income $ 586.3 $ 629.1 $ 480.5 |
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2022 2021 2020 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 2.1 1.7 2.0 Foreign rate differences (1.1) 0.3 (0.8) Stock based compensation (0.6) (0.4) (1.1) Subsidiary reorganization (a) - - (2.0) Capital loss (b) (1.7) - - Divestitures, net (c) (1.2) - - Other, net (0.2) (0.6) (0.6) Effective income tax rate 18.3 % 22.0 % 18.5 % During 53.1 reorganization of certain wholly owned subsidiaries. (b) During fiscal 2022, we released a 50.7 be used against divestiture gains. (c) During fiscal 2022, we included certain Marques SNC and Liberté Marques Sàrl. |
| Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Accrued liabilities $ 46.2 $ 58.5 Compensation and employee benefits 146.7 198.7 Unrealized hedges - 16.3 Pension 1.5 61.4 Tax credit carryforwards 34.9 22.7 Stock, partnership, and miscellaneous investments 17.9 46.3 Capital losses 61.9 67.3 Net operating losses 178.0 160.5 Other 96.3 93.4 Gross deferred tax assets 583.4 725.1 Valuation 185.1 229.2 Net deferred tax assets 398.3 495.9 Brands 1,415.2 1,413.8 Fixed assets 392.6 412.7 Intangible assets 201.0 256.2 Tax lease transactions 14.9 18.8 Inventories 27.1 36.2 Stock, partnership, and miscellaneous investments 357.7 364.0 Unrealized hedges 98.7 - Other 109.4 112.6 Gross deferred tax liabilities 2,616.6 2,614.3 Net deferred tax liability $ 2,218.3 $ 2,118.4 In Millions May 29, 2022 Pillsbury acquisition losses $ 107.6 State and foreign loss carryforwards 25.3 Capital loss carryforwards 11.0 Other 41.2 Total $ 185.1 In Millions May 29, 2022 Foreign loss carryforwards $ 179.2 State operating loss carryforwards 8.7 Total tax loss carryforwards $ 187.9 In Millions May 29, 2022 Expire in fiscal 2023 and 2024 $ 3.1 Expire in fiscal 2025 and beyond 12.6 Do not expire 163.5 Total foreign loss carryforwards $ 179.2 |
| Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block] | Fiscal Year In Millions 2022 2021 Balance, beginning of year $ 145.3 $ 147.9 Tax positions related Additions 21.6 20.1 Tax positions related Additions 10.4 6.3 Reductions (5.5) (7.2) Settlements (2.4) (2.1) Lapses in statutes of limitations (8.5) (19.7) Balance, end of year $ 160.9 $ 145.3 |
Business Segment and Geographic Information (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Business Segment and Geographic Information [Abstract] | |
| Operating Segment Results [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net sales: North America Retail $ 11,572.0 $ 11,250.0 $ 10,978.1 International 3,315.7 3,656.8 3,365.1 Pet 2,259.4 1,732.4 1,694.6 North America Foodservice 1,845.7 1,487.8 1,588.8 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 Operating profit: North America Retail $ 2,699.7 $ 2,725.9 $ 2,708.9 International 232.0 236.6 132.5 Pet 470.6 415.0 390.7 North America Foodservice 255.5 203.3 255.3 Total segment operating $ 3,657.8 $ 3,580.8 $ 3,487.4 Unallocated corporate items 402.6 212.1 509.1 Divestitures (gain) loss (194.1) 53.5 - Restructuring, impairment, and other exit (recoveries) costs (26.5) 170.4 24.4 Operating profit $ 3,475.8 $ 3,144.8 $ 2,953.9 Fiscal Year In Millions 2022 2021 2020 U.S. Meals & Baking Solutions $ 4,023.8 $ 4,042.2 $ 3,869.3 U.S. Morning Foods 3,370.9 3,314.0 3,292.0 U.S. Snacks 3,191.4 2,940.5 2,919.7 Canada 985.9 953.3 897.1 Total $ 11,572.0 $ 11,250.0 $ 10,978.1 |
| Net sales by class of similar products [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Snacks $ 3,960.9 $ 3,574.2 $ 3,529.7 Cereal 2,998.1 2,868.9 2,874.1 Convenient meals 2,988.5 3,030.2 2,814.3 Pet 2,260.1 1,732.4 1,694.6 Dough 1,986.3 1,866.1 1,801.1 Baking mixes and ingredients 1,843.6 1,695.5 1,674.2 Yogurt 1,714.9 2,074.8 2,056.6 Super-premium ice cream 782.2 819.7 718.1 Other 458.2 465.2 463.9 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 |
| Financial information by geographic area [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net sales: United States $ 14,691.2 $ 13,496.9 $ 13,364.5 Non-United States 4,301.6 4,630.1 4,262.1 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 In Millions May 29, 2022 May 30, 2021 Cash and cash equivalents: United States $ 46.0 $ 817.9 Non-United States 523.4 687.3 Total $ 569.4 $ 1,505.2 In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: United States $ 2,675.2 $ 2,714.7 Non-United States 718.6 892.1 Total $ 3,393.8 $ 3,606.8 |
Supplemental Information (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Supplemental Information [Abstract] | |
| Components of receivables [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Receivables: Customers $ 1,720.4 $ 1,674.5 Less allowance for doubtful accounts (28.3) (36.0) Total $ 1,692.1 $ 1,638.5 |
| Components of inventories [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Inventories: Finished goods $ 1,634.7 $ 1,506.9 Raw materials and packaging 532.0 411.9 Grain 164.0 111.2 Excess of FIFO over LIFO cost (a) (463.4) (209.5) Total $ 1,867.3 $ 1,820.5 (a) 1,127.1 1,139.7 difference between replacement valuation method. |
| Components of prepaid expenses and other current assets [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Prepaid expenses and other current assets: Marketable investments $ 249.8 $ 360.0 Prepaid expenses 213.5 221.7 Other receivables 182.8 139.1 Derivative receivables 86.1 37.5 Grain contracts 28.7 12.0 Miscellaneous 41.2 20.0 Total $ 802.1 $ 790.3 |
| Components of assets held for sale [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Assets held for sale: Goodwill $ 130.0 $ - Inventories 22.9 - Equipment 6.0 - Total $ 158.9 $ - |
| Components of land, buildings and equipment [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: Equipment $ 6,491.7 $ 6,732.7 Buildings 2,444.8 2,542.7 Capitalized software 717.8 718.5 Construction in progress 492.8 395.7 Land 55.1 67.4 Equipment under finance lease 7.8 7.8 Buildings under finance lease 0.3 0.3 Total land, buildings, 10,210.3 10,465.1 Less accumulated depreciation (6,816.5) (6,858.3) Total $ 3,393.8 $ 3,606.8 |
| Components of other assets [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Other assets: Investments in and advances to joint ventures $ 513.8 $ 566.4 Right of use operating lease assets 336.8 378.6 Pension assets 52.6 30.0 Life insurance 17.5 18.6 Miscellaneous 307.4 274.0 Total $ 1,228.1 $ 1,267.6 |
| Components of other current liabilities [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Other current liabilities: Accrued trade and consumer promotions $ 474.4 $ 580.9 Accrued payroll 435.6 434.4 Current portion of operating lease liabilities 106.7 111.2 Accrued interest, including interest rate swaps 70.1 80.0 Restructuring and other exit costs reserve 36.8 148.8 Accrued taxes 31.4 37.4 Dividends payable 25.3 24.1 Derivative payable, primarily commodity-related 19.9 39.2 Grain contracts 3.0 0.9 Miscellaneous 348.8 330.3 Total $ 1,552.0 $ 1,787.2 |
| Components of other noncurrent liabilities [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Other non-current liabilities: Accrued compensation and benefits, including obligations for underfunded $ 360.8 $ 707.7 Non-current portion of operating lease liabilities 248.3 283.2 Accrued taxes 233.0 215.6 Miscellaneous 87.0 86.2 Total $ 929.1 $ 1,292.7 |
| Consolidated statements of earnings amounts [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Depreciation and amortization $ 570.3 $ 601.3 $ 594.7 Research and development expense 243.1 239.3 224.4 Advertising and media expense (including production and 690.1 736.3 691.8 |
| Components of interest, net [Table Text Block] | Fiscal Year Expense (Income), in Millions 2022 2021 2020 Interest expense $ 387.2 $ 430.9 $ 475.1 Capitalized interest (3.8) (3.2) (2.6) Interest income (3.8) (7.4) (6.0) Interest, net $ 379.6 $ 420.3 $ 466.5 |
| Consolidated statements of cash flows supplemental disclosures [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Cash interest payments $ 357.8 $ 412.5 $ 418.5 Cash paid for income taxes 545.3 636.1 403.3 |
Quarterly Data (Unaudited) (Tables) |
12 Months Ended |
|---|---|
May 29, 2022 | |
| Quarterly Data (Unaudited) [Abstract] | |
| Summarized quarterly data [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per 2022 2021 2022 2021 2022 2021 2022 2021 Net sales $ 4,539.9 $ 4,364.0 $ 5,024.0 $ 4,719.4 $ 4,537.7 $ 4,520.0 $ 4,891.2 $ 4,523.6 Gross margin 1,597.4 1,590.4 1,631.2 1,721.1 1,403.7 1,553.9 1,769.9 1,582.9 Net earnings attributable to 627.0 638.9 597.2 688.4 660.3 595.7 822.8 416.8 EPS: Basic $ 1.03 $ 1.04 $ 0.98 $ 1.12 $ 1.09 $ 0.97 $ 1.36 $ 0.68 Diluted $ 1.02 $ 1.03 $ 0.97 $ 1.11 $ 1.08 $ 0.96 $ 1.35 $ 0.68 |
Basis of Presentation and Reclassifications (Details) |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Annual Reporting Period | 364 days | 364 days | 371 days |
| Pet Segment [Member] | |||
| Annual Reporting Period | 12 months | 12 months | 13 months |
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 30, 2021 |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Restructuring and Related Cost [Line Items] | ||||
| Restructuring charges (recoveries) | $ (23.2) | $ 172.7 | $ 50.2 | |
| International manufacturing and logistics operations [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Restructuring charges (recoveries) | 15.0 | |||
| Global organizational structure and resource alignment [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Restructuring charges (recoveries) | $ 157.3 | 157.3 | ||
| International route-to-market and supply chain optimization [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Restructuring charges (recoveries) | 13.0 | |||
| Net (recoveries) charges associated with restructuring actions previously announced [Member] | ||||
| Restructuring and Related Cost [Line Items] | ||||
| Restructuring charges (recoveries) | $ (38.2) | $ 2.4 | ||
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring and impairment charges and project-related costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges (recoveries), impairment, and other exit costs | $ (23.2) | $ 172.7 | $ 50.2 |
| Project-related costs classified in cost of sales | 0.0 | 0.0 | 1.5 |
| Restructuring, impairment, and other exit costs (recoveries) [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges (recoveries), impairment, and other exit costs | (26.5) | 170.4 | 24.4 |
| Cost of Sales [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges (recoveries), impairment, and other exit costs | $ 3.3 | $ 2.3 | $ 25.8 |
Investments in Unconsolidated Joint Ventures (Narrative) (Details) - country |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Annual reporting period ended March 31 | 364 days | 364 days | 371 days |
| Cereal Partners Worldwide [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Ownership percentage | 50.00% | ||
| Annual reporting period ended March 31 | 12 months | ||
| Cereal Partners Worldwide [Member] | Minimum [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Number of countries in which entity operates | 130 | ||
| Haagen Dazs Japan [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Ownership percentage | 50.00% | ||
Investments in Unconsolidated Joint Ventures (Schedule of joint venture related balance sheet activity) (Details) - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Goodwill and other intangibles | $ 21,378.4 | $ 21,213.0 |
| Corporate Joint Venture [Member] | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Cumulative investments | 416.4 | 486.2 |
| Goodwill and other intangibles | 444.9 | 505.7 |
| Aggregate advances included in cumulative investments | $ 254.4 | $ 294.2 |
Investments in Unconsolidated Joint Ventures (Schedule of joint venture earnings and cash flow activity) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Net (repayments) advances | $ (15.4) | $ (15.5) | $ 48.0 |
| Dividends received | 107.5 | 95.2 | 76.5 |
| Corporate Joint Venture [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Sales to joint ventures | 6.3 | 6.7 | 5.9 |
| Net (repayments) advances | (15.4) | (15.5) | 48.0 |
| Dividends received | $ 107.5 | $ 95.2 | $ 76.5 |
Investments in Unconsolidated Joint Ventures (Schedule of combined financial information for the joint ventures on a 100% basis) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 30, 2021 |
Feb. 28, 2021 |
Nov. 29, 2020 |
Aug. 30, 2020 |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Net sales | $ 2,134.3 | $ 2,189.2 | $ 2,045.6 | ||||||||
| Gross Margin | $ 1,769.9 | $ 1,403.7 | $ 1,631.2 | $ 1,597.4 | $ 1,582.9 | $ 1,553.9 | $ 1,721.1 | $ 1,590.4 | |||
| Earnings before income taxes | 249.9 | 247.8 | 214.0 | ||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,735.0 | 2,346.0 | 2,210.8 | ||||||||
| Total current assets | 5,089.8 | 5,754.5 | 5,089.8 | 5,754.5 | |||||||
| Total current liabilities | 8,019.9 | 8,265.8 | 8,019.9 | 8,265.8 | |||||||
| Equity Method Investments [Member] | |||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Gross Margin | 803.1 | 882.9 | 785.3 | ||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 201.0 | 201.7 | 176.5 | ||||||||
| Total current assets | 823.9 | 877.4 | 823.9 | 877.4 | |||||||
| Noncurrent assets | 839.8 | 927.2 | 839.8 | 927.2 | |||||||
| Total current liabilities | 1,298.8 | 1,424.4 | 1,298.8 | 1,424.4 | |||||||
| Noncurrent liabilities | $ 106.5 | $ 142.2 | 106.5 | 142.2 | |||||||
| Cereal Partners Worldwide [Member] | |||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Net sales | 1,706.5 | 1,766.8 | 1,654.3 | ||||||||
| Haagen Dazs Japan [Member] | |||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Net sales | $ 427.8 | $ 422.4 | $ 391.3 | ||||||||
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions |
May 29, 2022
USD ($)
|
|---|---|
| Goodwill and Other Intangible Assets [Abstract] | |
| Future amortization expense, year one | $ 20 |
| Future amortization expense, year two | 20 |
| Future amortization expense, year three | 20 |
| Future amortization expense, year four | 20 |
| Future amortization expense, year five | $ 20 |
Goodwill and Other Intangible Assets (Schedule of goodwill and other intangible assets) (Details) - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
May 26, 2019 |
|---|---|---|---|---|
| Goodwill and Other Intangible Assets [Abstract] | ||||
| Goodwill | $ 14,378.5 | $ 14,062.4 | $ 13,923.2 | $ 13,995.8 |
| Intangible assets not subject to amortization: | ||||
| Brands and other indefinite-lived intangibles | 6,725.8 | 6,628.1 | ||
| Intangible assets subject to amortization: | ||||
| Franchise agreements, customer relationships and other finite-lived intangibles | 400.3 | 823.4 | ||
| Less accumulated amortization | (126.2) | (300.9) | ||
| Intangible assets subject to amortization | 274.1 | 522.5 | ||
| Other intangible assets | 6,999.9 | 7,150.6 | $ 7,095.8 | $ 7,166.8 |
| Total goodwill and intangible assets | $ 21,378.4 | $ 21,213.0 |
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
| Beginning balance - carrying value | $ 7,150.6 | $ 7,095.8 | $ 7,166.8 |
| Acquisitions | 370.0 | ||
| Divestiture | (621.8) | (5.3) | |
| Other activity, primarily amortization and foreign currency translation | (109.3) | 60.1 | (71.0) |
| Ending balance - carrying value | 6,999.9 | $ 7,150.6 | $ 7,095.8 |
| Intellectual property [Member] | |||
| Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
| Acquisitions | $ 210.4 | ||
Goodwill and Other Intangible Assets (Uncle Toby's brand intangible asset) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
May 26, 2019 |
|
| Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
| Carrying Value of Intangible Asset | $ 6,999.9 | $ 7,150.6 | $ 7,095.8 | $ 7,166.8 |
| Uncle Toby's [Member] | ||||
| Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
| Carrying Value of Intangible Asset | $ 55.0 | |||
| Excess Fair Value as of Fiscal 2022 Test Date | 7.00% |
Leases (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 31, 2020 |
May 29, 2022 |
|
| Lessee Disclosure [Abstract] | ||
| Operating leases, rent expense, net | $ 171.2 | |
| Lessee Operating Lease Signed Not Yet Commenced Amount | $ 135.1 |
Leases (Schedule of components of lease cost ) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 29, 2022 |
May 30, 2021 |
|
| Lessee Disclosure [Abstract] | ||
| Operating Lease Cost | $ 129.7 | $ 132.7 |
| Variable Lease Cost | 8.5 | 21.8 |
| Short Term Lease Cost | $ 29.1 | $ 23.4 |
Leases (Schedule of maturities of operating lease liabilities ) (Details) $ in Millions |
May 29, 2022
USD ($)
|
|---|---|
| Operating Lease Liabilities Payments Due [Abstract] | |
| Fiscal 2023 | $ 117.8 |
| Fiscal 2024 | 93.6 |
| Fiscal 2025 | 64.4 |
| Fiscal 2026 | 45.2 |
| Fiscal 2027 | 24.1 |
| After fiscal 2027 | 40.7 |
| Total lease payments | 385.8 |
| Finance Lease Liabilities Payments Due [Abstract] | |
| Fiscal 2023 | 0.8 |
| Fiscal 2024 | 0.4 |
| Fiscal 2025 | 0.0 |
| Fiscal 2026 | 0.0 |
| Fiscal 2027 | 0.0 |
| After fiscal 2027 | 0.0 |
| Finance Lease Liability Payments Due | $ 1.2 |
Leases (Schedule of maturities of operating lease liabilities - Present value of lease liabilities) (Details) $ in Millions |
May 29, 2022
USD ($)
|
|---|---|
| Operating Lease Liabilities Payments Due [Abstract] | |
| Less: Interest | $ (30.8) |
| Present value of lease liabilities | 355.0 |
| Total lease payments | 385.8 |
| Finance Lease Liabilities Payments Due [Abstract] | |
| Less: Interest | 0.0 |
| Finance Lease Liability | 1.2 |
| Total finance lease payments | $ 1.2 |
Leases (Schedule of weighted-average remaining lease term and weighted-average discount rate for operating leases) (Details) |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Lessee Disclosure [Abstract] | ||
| Weighted-average remaining lease term | 4 years 6 months | 4 years 6 months |
| Weighted-average discount rate | 3.80% | 3.70% |
Leases (Schedule of supplemental operating cash flow information and non-cash activity related to our operating leases) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
May 30, 2021 |
May 30, 2021 |
|
| Lessee Disclosure [Abstract] | ||
| Cash paid for amounts included in the measurement of lease liabilities | $ 128.7 | $ 132.0 |
| Right of use assets obtained in exchange for new lease liabilities | $ 84.6 | $ 120.2 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of available for sale securities) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 29, 2022 |
May 30, 2021 |
|
| Financial Instruments, Risk Management Activities, and Fair Values [Abstract] | ||
| Cost | $ 2.3 | $ 76.9 |
| Cost | 250.1 | 360.3 |
| Cost, Total | 252.4 | 437.2 |
| Fair Value | 2.3 | 76.9 |
| Fair Value | 255.3 | 365.6 |
| Fair Value, Total | 257.6 | 442.5 |
| Gross Gains | 0.0 | 0.0 |
| Gross Gains | 5.2 | 5.3 |
| Gross Gains, Total | 5.2 | 5.3 |
| Gross Losses | 0.0 | 0.0 |
| Gross Losses | 15.1 | 0.0 |
| Gross Losses, Total | $ 15.1 | $ 0.0 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of maturities of available for sale securities) (Details) - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Marketable Securities, Cost Total | $ 252.4 | $ 437.2 |
| Marketable Securities Fair Value, Total | 257.6 | $ 442.5 |
| Debt Securities [Member] | Under 1 year (current) [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Marketable Securities, Cost Total | 2.3 | |
| Marketable Securities Fair Value, Total | 2.3 | |
| Equity Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Marketable Securities, Cost Total | 250.1 | |
| Marketable Securities Fair Value, Total | $ 255.3 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Commodity Price Risk [Abstract] | |||
| Net gain (loss) on mark-to-market valuation of commodity positions | $ 303.3 | $ 138.2 | $ (63.0) |
| Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit | (188.0) | (8.8) | 35.6 |
| Net mark-to-market revaluation of certain grain inventories | 17.8 | 9.4 | 2.7 |
| Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 133.1 | $ 138.8 | $ (24.7) |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate derivatives) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Derivative [Line Items] | ||
| Pay-floating/fixed swaps - notional amount | $ 644.1 | $ 731.5 |
| Average Receive Rate | 0.40% | 0.40% |
| Average Pay Rate | 0.10% | 0.10% |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of cashflow hedge in AOCI) (Details) - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ 23.3 | $ (18.5) |
| Foreign Exchange Contracts [Member] | ||
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ 23.3 |
Debt (Schedule of credit facilities) (Details) $ in Billions |
12 Months Ended |
|---|---|
|
May 29, 2022
USD ($)
| |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 3.3 |
| Borrowed Amount | 0.1 |
| Committed Credit Facilities [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | 2.7 |
| Borrowed Amount | $ 0.0 |
| Compliance with credit facility covenants | We were in compliance with all credit facility covenants as of May 29, 2022. |
| Line Of Credit Expiring April 2026 [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 2.7 |
| Borrowed Amount | $ 0.0 |
| Expiration date of credit facility | Apr. 30, 2026 |
| Uncommitted Credit Facility [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 0.6 |
| Borrowed Amount | $ 0.1 |
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Notes payable | $ 811.4 | $ 361.3 |
| Weighted Average Interest Rate | 5.50% | 3.40% |
| U.S. commercial paper [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 694.8 | $ 0.0 |
| Weighted Average Interest Rate | 1.10% | 0.00% |
| Financial Institutions [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 116.6 | $ 361.3 |
| Weighted Average Interest Rate | 4.40% | 3.40% |
Debt (Schedule of Maturities of Long-term Debt and Capital Lease Obligations) (Details) $ in Millions |
May 29, 2022
USD ($)
|
|---|---|
| Debt [Abstract] | |
| Fiscal 2023 | $ 1,674.2 |
| Fiscal 2024 | 1,442.3 |
| Fiscal 2025 | 800.0 |
| Fiscal 2026 | 1,180.9 |
| Fiscal 2027 | $ 1,179.4 |
Stockholders' Equity (Narrative) (Details) |
May 29, 2022
shares
|
|---|---|
| Cummulative preference stock, shared authorized | 5,000,000.0 |
| Number of shares of common stock authorized for repurchase | 100,000,000 |
Stockholders' Equity (Share Repurchase) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Share repurchases | |||
| Shares of common stock | 13.5 | 5.0 | 0.1 |
| Aggregate purchase price | $ 876.8 | $ 301.4 | $ 3.4 |
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of taxes) (Details) - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
| Foreign currency translation adjustments | $ (590.7) | $ (830.2) |
| Unrealized gain (loss) from: | ||
| Hedge derivatives | 23.3 | (18.5) |
| Pension, other postretirement, and postemployment benefits: | ||
| Net actuarial (loss) gain | (1,513.4) | (1,718.4) |
| Prior service (costs) credits | 110.3 | 137.9 |
| Accumulated other comprehensive loss | $ (1,970.5) | $ (2,429.2) |
Stock Plans (Schedule of estimated fair value of stock options granted and assumptions used for Black-Scholes option-pricing model) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Stock Plans [Abstract] | |||
| Estimated fair values of stock options granted | $ 8.77 | $ 8.03 | $ 7.10 |
| Assumptions: | |||
| Risk-free interest rate | 1.50% | 0.70% | 2.00% |
| Expected term | 8 years 6 months | 8 years 6 months | 8 years 6 months |
| Expected volatility | 20.20% | 19.50% | 17.40% |
| Dividend yield | 3.40% | 3.30% | 3.60% |
Stock Plans (Schedule of information on stock option activity) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |
|---|---|---|
May 29, 2022 |
May 30, 2021 |
|
| Options Outstanding [Abstract] | ||
| Balance Outstanding Beginning Balance | 17,397,500 | |
| Granted | 1,485,400 | |
| Exercised | (3,564,600) | |
| Forfeited or expired | (312,800) | |
| Ending Balance, Outstanding | 15,005,500 | 17,397,500 |
| Ending Balance, Exercisable | 7,960,900 | |
| Weighted Average Exercise Price [Abstract] | ||
| Balance Exercisable Beginning Balance | $ 53.29 | |
| Granted | 60.03 | |
| Exercised | 47.03 | |
| Forfeited or expired | 55.79 | |
| Balance Outstanding Ending Balance | 55.39 | |
| Ending Balance, Exercisable | $ 57.10 | $ 53.29 |
| Weighted Average Remaining Contractual Term [Abstract] | ||
| Ending Balance, Outstanding | 5 years 4 months 9 days | 5 years 3 months 3 days |
| Ending Balance, Exercisable | 3 years 6 months 29 days | |
| Aggregate Intrinsic Value [Abstract] | ||
| Ending Balance, Outstanding | $ 217.5 | $ 174.4 |
| Ending Balance, Exercisable | $ 101.8 | |
Stock Plans (Schedule of net cash proceeds from exercise of stock options less shares used for withholding taxes and & intrinsic value of options exercised) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Stock Plans [Abstract] | |||
| Net cash proceeds | $ 161.7 | $ 74.3 | $ 263.4 |
| Intrinsic value of options exercised | $ 74.0 | $ 44.8 | $ 132.9 |
Retirement Benefits and Postemployment Benefits (Schedule of assumed health care trend costs) (Details) |
12 Months Ended | |
|---|---|---|
May 29, 2022 |
May 30, 2021 |
|
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Rate to which the cost trend rate is assumed to decline (ultimate rate) | 4.50% | 4.50% |
| Year that Rate Reaches Ultimate Trend Rate | 2031 | 2029 |
| Under Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 5.90% | 6.00% |
| Over Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 6.00% | 6.30% |
Retirement Benefits and Postemployment Benefits (Schedule of summarized financial information about benefit plans) (Parenthetical) (Details) |
12 Months Ended | |
|---|---|---|
May 29, 2022 |
May 30, 2021 |
|
| Retirement Benefits and Postemployment Benefits [Abstract] | ||
| Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date | May 31, 2022 | May 31, 2021 |
Retirement Benefits and Postemployment Benefits (Schedule of plans with accumulated benefit obligations in excess of plan assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | $ 508.2 | $ 615.3 |
| Accumulated benefit obligation | 479.6 | 556.2 |
| Plan assets at fair value | $ 20.5 | $ 26.7 |
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine benefit obligations) (Details) |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 4.39% | 3.17% |
| Rate of salary increases | 4.34% | 4.39% |
| Other Postretirement Benefit Plans Gross Payments [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 4.36% | 3.03% |
| Rate of salary increases | 0.00% | 0.00% |
| Postemployment Benefit Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 3.62% | 2.04% |
| Rate of salary increases | 4.46% | 4.46% |
Retirement Benefits and Postemployment Benefits (Schedule of estimated benefit payments) (Details) $ in Millions |
May 29, 2022
USD ($)
|
|---|---|
| Defined Benefit Pension Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Fiscal 2023 | $ 349.9 |
| Fiscal 2024 | 347.9 |
| Fiscal 2025 | 354.3 |
| Fiscal 2026 | 361.7 |
| Fiscal 2027 | 369.1 |
| Fiscal 2028-2032 | 1,945.3 |
| Other Postretirement Benefit Plans Gross Payments [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Fiscal 2023 | 36.9 |
| Fiscal 2024 | 36.3 |
| Fiscal 2025 | 35.6 |
| Fiscal 2026 | 35.4 |
| Fiscal 2027 | 34.9 |
| Fiscal 2028-2032 | 162.4 |
| Postemployment Benefit Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Fiscal 2023 | 25.4 |
| Fiscal 2024 | 20.3 |
| Fiscal 2025 | 18.2 |
| Fiscal 2026 | 16.8 |
| Fiscal 2027 | 16.0 |
| Fiscal 2028-2032 | $ 68.3 |
Income Taxes (Schedule of earnings before income taxes and after-tax earnings from joint ventures and corresponding income taxes) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 30, 2021 |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Earnings before income taxes and after-tax earnings from joint ventures: | ||||
| United States | $ 2,652.3 | $ 2,567.1 | $ 2,402.1 | |
| Foreign | 557.3 | 290.3 | 198.1 | |
| Earnings before income taxes and after-tax earnings from joint ventures | 3,209.6 | 2,857.4 | 2,600.2 | |
| Income taxes currently payable: | ||||
| Federal | 384.2 | 369.8 | 381.0 | |
| State and local | 60.8 | 47.5 | 55.3 | |
| Foreign | 79.1 | 93.0 | 73.8 | |
| Total current | 524.1 | 510.3 | 510.1 | |
| Income taxes deferred: | ||||
| Federal | 75.0 | 117.9 | 67.8 | |
| State and local | 18.3 | 13.6 | (56.6) | |
| Foreign | (31.1) | (12.7) | (40.8) | |
| Total deferred | $ 11.2 | 62.2 | 118.8 | (29.6) |
| Total income taxes | $ 586.3 | $ 629.1 | $ 480.5 | |
Income Taxes (Schedule of the reconciliation of the effective income tax rate) (Details) |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Effective Income Tax Rate Reconciliation [Abstract] | |||
| United States statutory rate | 21.00% | 21.00% | 21.00% |
| State and local income taxes, net of federal tax benefits | 2.10% | 1.70% | 2.00% |
| Foreign rate differences | (1.10%) | 0.30% | (0.80%) |
| Stock based compensation | (0.60%) | (0.40%) | (1.10%) |
| GMC subsidiary restructure | 0.00% | 0.00% | (2.00%) |
| Capital Loss | (1.70%) | 0.00% | 0.00% |
| Divestitures, net | (1.20%) | 0.00% | 0.00% |
| Other, net | (0.20%) | (0.60%) | (0.60%) |
| Effective income tax rate | 18.30% | 22.00% | 18.50% |
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions |
May 29, 2022 |
May 30, 2021 |
|---|---|---|
| Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Abstract] | ||
| Accrued liabilities | $ 46.2 | $ 58.5 |
| Compensation and employee benefits | 146.7 | 198.7 |
| Unrealized hedges | 0.0 | 16.3 |
| Pension | 1.5 | 61.4 |
| Tax credit carryforwards | 34.9 | 22.7 |
| Stock, partnership, and miscellaneous investments | 17.9 | 46.3 |
| Capital losses | 61.9 | 67.3 |
| Net operating losses | 178.0 | 160.5 |
| Other | 96.3 | 93.4 |
| Gross deferred tax assets | 583.4 | 725.1 |
| Valuation allowance | 185.1 | 229.2 |
| Net deferred tax assets | 398.3 | 495.9 |
| Brands | 1,415.2 | 1,413.8 |
| Fixed assets | 392.6 | 412.7 |
| Intangible assets | 201.0 | 256.2 |
| Tax lease transactions | 14.9 | 18.8 |
| Inventories | 27.1 | 36.2 |
| Stock, partnership, and miscellaneous investments | 357.7 | 364.0 |
| Unrealized hedges | 98.7 | 0.0 |
| Other | 109.4 | 112.6 |
| Gross deferred tax liabilities | 2,616.6 | 2,614.3 |
| Net deferred tax liability | $ 2,218.3 | $ 2,118.4 |
Income Taxes (Schedule of changes in total gross unrecognized tax benefit liabilities, excluding accrued interest) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 29, 2022 |
May 30, 2021 |
|
| Changes in total gross unrecognized tax benefit liabilities [Roll Forward] | ||
| Balance, beginning of year | $ 145.3 | $ 147.9 |
| Tax positions related to current year: Additions | 21.6 | 20.1 |
| Tax positions related to prior years: Additions | 10.4 | 6.3 |
| Tax positions related to prior years: Reductions | (5.5) | (7.2) |
| Tax positions related to prior years: Settlements | (2.4) | (2.1) |
| Lapses in statutes of limitations | (8.5) | (19.7) |
| Balance, end of year | $ 160.9 | $ 145.3 |
Commitments and Contingencies (Narrative) (Details) $ in Millions |
May 29, 2022
USD ($)
|
|---|---|
| Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |
| Guarantor Obligations [Line Items] | |
| Guarantee obligations and comfort letters | $ 147.2 |
Business Segment Information (Schedule of net sales by class of similar products) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 30, 2021 |
Feb. 28, 2021 |
Nov. 29, 2020 |
Aug. 30, 2020 |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Product Information [Line Items] | |||||||||||
| Net sales | $ 4,891.2 | $ 4,537.7 | $ 5,024.0 | $ 4,539.9 | $ 4,523.6 | $ 4,520.0 | $ 4,719.4 | $ 4,364.0 | $ 18,992.8 | $ 18,127.0 | $ 17,626.6 |
| Snacks [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 3,960.9 | 3,574.2 | 3,529.7 | ||||||||
| Convenient meals [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,988.5 | 3,030.2 | 2,814.3 | ||||||||
| Cereal [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,998.1 | 2,868.9 | 2,874.1 | ||||||||
| Yogurt [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,714.9 | 2,074.8 | 2,056.6 | ||||||||
| Dough [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,986.3 | 1,866.1 | 1,801.1 | ||||||||
| Pet [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,260.1 | 1,732.4 | 1,694.6 | ||||||||
| Baking mixes and ingredients [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,843.6 | 1,695.5 | 1,674.2 | ||||||||
| Super-premium ice cream [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 782.2 | 819.7 | 718.1 | ||||||||
| Other [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | $ 458.2 | $ 465.2 | $ 463.9 | ||||||||
Business Segment Information (Schedule of financial information by geographic area) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 30, 2021 |
Feb. 28, 2021 |
Nov. 29, 2020 |
Aug. 30, 2020 |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | $ 4,891.2 | $ 4,537.7 | $ 5,024.0 | $ 4,539.9 | $ 4,523.6 | $ 4,520.0 | $ 4,719.4 | $ 4,364.0 | $ 18,992.8 | $ 18,127.0 | $ 17,626.6 |
| Cash and cash equivalents | 569.4 | 1,505.2 | 569.4 | 1,505.2 | |||||||
| Land, buildings, and equipment | 3,393.8 | 3,606.8 | 3,393.8 | 3,606.8 | |||||||
| United States [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 14,691.2 | 13,496.9 | 13,364.5 | ||||||||
| Cash and cash equivalents | 46.0 | 817.9 | 46.0 | 817.9 | |||||||
| Land, buildings, and equipment | 2,675.2 | 2,714.7 | 2,675.2 | 2,714.7 | |||||||
| Non-United States [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 4,301.6 | 4,630.1 | $ 4,262.1 | ||||||||
| Cash and cash equivalents | 523.4 | 687.3 | 523.4 | 687.3 | |||||||
| Land, buildings, and equipment | $ 718.6 | $ 892.1 | $ 718.6 | $ 892.1 | |||||||
Supplemental Information (Schedule of certain Consolidated Statement of Earnings amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Supplemental Information [Abstract] | |||
| Depreciation and amortization | $ 570.3 | $ 601.3 | $ 594.7 |
| Research and development expense | 243.1 | 239.3 | 224.4 |
| Advertising and media expense (including production and communication costs) | $ 690.1 | $ 736.3 | $ 691.8 |
Supplemental Information (Schedule of the components of interest, net) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Supplemental Information [Abstract] | |||
| Interest expense | $ 387.2 | $ 430.9 | $ 475.1 |
| Capitalized interest | (3.8) | (3.2) | (2.6) |
| Interest income | (3.8) | (7.4) | (6.0) |
| Interest, net | $ 379.6 | $ 420.3 | $ 466.5 |
Supplemental Information (Schedule of certain Consolidated Statement of Cash Flows amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Supplemental Information [Abstract] | |||
| Cash interest payments | $ 357.8 | $ 412.5 | $ 418.5 |
| Cash paid for income taxes | $ 545.3 | $ 636.1 | $ 403.3 |
Quarterly Data (Schedule of summarized quarterly data) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 30, 2021 |
Feb. 28, 2021 |
Nov. 29, 2020 |
Aug. 30, 2020 |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|
| Quarterly Data (Unaudited) [Abstract] | |||||||||||
| Net sales | $ 4,891.2 | $ 4,537.7 | $ 5,024.0 | $ 4,539.9 | $ 4,523.6 | $ 4,520.0 | $ 4,719.4 | $ 4,364.0 | $ 18,992.8 | $ 18,127.0 | $ 17,626.6 |
| Gross Margin | 1,769.9 | 1,403.7 | 1,631.2 | 1,597.4 | 1,582.9 | 1,553.9 | 1,721.1 | 1,590.4 | |||
| Net earnings attributable to General Mills | $ 822.8 | $ 660.3 | $ 597.2 | $ 627.0 | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | $ 2,707.3 | $ 2,339.8 | $ 2,181.2 |
| Earnings per share - basic | $ 1.36 | $ 1.09 | $ 0.98 | $ 1.03 | $ 0.68 | $ 0.97 | $ 1.12 | $ 1.04 | $ 4.46 | $ 3.81 | $ 3.59 |
| Earnings per share - diluted | $ 1.35 | $ 1.08 | $ 0.97 | $ 1.02 | $ 0.68 | $ 0.96 | $ 1.11 | $ 1.03 | $ 4.42 | $ 3.78 | $ 3.56 |