DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
Jun. 07, 2018 |
Nov. 24, 2017 |
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| Document and Entity Information [Abstract] | |||
| Document Type | 10-K | ||
| Document Period End Date | May 27, 2018 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2018 | ||
| Document Fiscal Period Focus | FY | ||
| Current Fiscal Year End Date | --05-27 | ||
| Entity Central Index Key | 0000040704 | ||
| Trading Symbol | GIS | ||
| Entity Registrant Name | GENERAL MILLS INC | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Well Known Seasoned Issuer | Yes | ||
| Entity Common Stock, Shares Outstanding | 593,367,848 | ||
| Entity Public Float | $ 30,510.6 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Consolidated Statements of Comprehensive Income [Abstract] | |||
| Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,163.0 | $ 1,701.1 | $ 1,736.8 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation | (37.0) | 6.3 | (108.7) |
| Net actuarial income (loss) | 140.1 | 197.9 | (325.9) |
| Other fair value changes: | |||
| Securities | 1.2 | 0.8 | 0.1 |
| Hedge derivatives | (50.8) | 53.3 | 16.0 |
| Reclassification to earnings: | |||
| Securities | (5.1) | 0.0 | 0.0 |
| Hedge derivatives | 17.4 | (25.7) | (9.5) |
| Amortization of losses and prior service costs | 117.6 | 122.5 | 128.6 |
| Other comprehensive income (loss), net of tax | 183.4 | 355.1 | (299.4) |
| Total comprehensive income | 2,346.4 | 2,056.2 | 1,437.4 |
| Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 70.5 | 31.0 | 41.5 |
| Comprehensive income attributable to General Mills | $ 2,275.9 | $ 2,025.2 | $ 1,395.9 |
CONSOLIDATED BALANCE SHEETS (Paranthetical) - $ / shares shares in Millions |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|---|---|---|---|
| Stockholders' equity: | |||
| Common stock, shares issued | 754.6 | 754.6 | |
| Common stock, par value | $ 0.1 | $ 0.1 | $ 0.1 |
| Common stock in treasury, shares | 161.5 | 177.7 |
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Parenthetical) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Consolidated Statements of Total Equity and Redeemable Interest [Abstract] | |||
| Par Value Common Stock | $ 0.1 | $ 0.1 | $ 0.1 |
| Shares Authorized | 1,000.0 | 1,000.0 | 1,000.0 |
| Cash dividends declared per share | $ 1.96 | $ 1.92 | $ 1.78 |
| Stock compensation plans, income tax benefits | $ 25.2 | $ 64.1 | $ 94.1 |
BASIS OF PRESENTATION AND RECLASSIFICATIONS |
12 Months Ended |
|---|---|
May 27, 2018 | |
| BASIS OF PRESENTATION AND RECLASSIFICATIONS [Abstract] | |
| BASIS OF PRESENTATION AND RECLASSIFICATIONS | NOTE 1. BASIS OF PRESENTATION AND RECLASSIFICATIONS Basis of Presentation Our Consolidated Financial Statements include the accounts of General Mills, Inc. and all subsidiaries in which we have a controlling financial interest. Intercompany transactions and accounts, including any noncontrolling and redeemable interests’ share of those transactions, are eliminated in consolidation. Our fiscal year ends on the last Sunday in May. Certain reclassifications to our previously reported financial information have been made to conform to the current period presentation. Change in Reporting Period As part of a long-term plan to conform the fiscal year ends of all our operations, in fiscal 2017 we changed the reporting period of General Mills Brasil Alimentos Ltda (Yoki) within our Asia & Latin America segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. Accordingly, in fiscal 2017, our results included 13 months of results from the affected operations. The impact of these changes was not material to our consolidated results of operations. Our General Mills India business and Pet operating segment are on an April fiscal year end. In fiscal 2016 we changed the reporting period of Yoplait SAS and Yoplait Marques SNC within our Europe & Australia segment and Annie’s, Inc. (Annie’s) within our North America Retail segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. Accordingly, in fiscal 2016, our results included 13 months of results from the affected operations. The impact of these changes was not material to our consolidated results of operations. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
May 27, 2018 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. Inventories All inventories in the United States other than grain are valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories are valued at net realizable value, and all related cash contracts and derivatives are valued at fair value, with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or net realizable value. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance and repairs are charged to cost of sales. Buildings are usually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposal. When an item is sold or retired, the accounts are relieved of its cost and related accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 27, 2018, assets held for sale were insignificant. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In fiscal 2016, we changed the date of our annual goodwill and indefinite-lived intangible asset impairment assessment from the first day of the third quarter to the first day of the second quarter to more closely align with the timing of our annual long-range planning process. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, impairment has occurred. We recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value up to the total amount of goodwill allocated to the reporting unit. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Blue Buffalo, Pillsbury, Totino’s, Progresso, Yoplait, Old El Paso, Yoki, Häagen-Dazs, and Annie’s brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital investments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occurred including, but not limited to, as a result of ongoing operating losses, projected decreases in earnings, increases in the weighted average cost of capital, or significant business disruptions. The significant assumptions used to estimate fair value include revenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment, then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we concluded the impairment is other than temporary. Redeemable Interest We have a 51 percent controlling interest in Yoplait SAS, a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 percent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. During the second quarter of fiscal 2018, we adjusted the redeemable interest’s redemption value based on a discounted cash flow model. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a discount rate. Revenue Recognition We recognize sales revenue when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of consumer coupon redemption, trade promotion and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not recognized in revenue. Coupons are recorded when distributed, based on estimated redemption rates. Trade promotions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Terms and collection patterns vary around the world and by channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem the amount is uncollectible. Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. Advertising Production Costs We expense the production costs of advertising the first time that the advertising takes place. Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process innovation, and the annual expenditures are comprised primarily of internal salaries, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Income statement accounts are translated using the average exchange rates prevailing during the period. Translation adjustments are reflected within accumulated other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency transactions are included in net earnings for the period, except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investment hedges. These gains and losses are recorded in AOCI. Derivative Instruments All derivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either current or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts reported in AOCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. Stock-based Compensation We generally measure compensation expense for grants of restricted stock units using the value of a share of our stock on the date of grant. We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation is recognized straight line over the vesting period. Our stock-based compensation expense is recorded in selling, general and administrative (SG&A) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as an operating cash flow. Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits, primarily severance, to former or inactive employees in the United States, Canada, and Mexico. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI. In fiscal 2018, we approved an amendment to reorganize the U.S. qualified defined benefit pension plans and the supplemental pension plans that resulted in the spinoff of a portion of the General Mills Pension Plan (the Plan) and the 2005 Supplemental Retirement Plan and the Supplemental Retirement Plan (Grandfathered) (together, the Supplemental Plans) into new plans effective May 31, 2018. The benefits offered to the plans’ participants were unchanged. The result of the reorganization was the creation of the General Mills Pension Plan I (Plan I) and the 2005 Supplemental Retirement Plan I and the Supplemental Retirement Plan I (Grandfathered) (together, the Supplemental Plans I). The reorganization was made to facilitate a targeted investment strategy over time and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. Actuarial gains and losses associated with the Plan and the Supplemental Plans are amortized over the average remaining service period of the active participants. Actuarial gains and losses associated with the Plan I and the Supplemental Plans I are amortized over the average remaining life of the participants. Please refer to Note 13 for a description of our defined benefit pension, other postretirement benefit, and postemployment benefit plans. Use of Estimates Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. Actual results could differ from our estimates. Other New Accounting Standards In the third quarter of fiscal 2018, we adopted new accounting requirements that codify Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 118, as it relates to allowing for recognition of provisional amounts related to the U.S. Tax Cuts and Jobs Act (TCJA) in the event that the accounting is not complete and a reasonable estimate can be made. Where necessary information is not available, prepared, or analyzed to determine a reasonable estimate, no provisional amount should be recorded. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the TCJA. In the third quarter of fiscal 2018, we adopted new accounting requirements that provide the option to reclassify stranded income tax effects resulting from the TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $329.4 million from AOCI to retained earnings. This reclassification consists of deferred taxes originally recorded in AOCI that exceed the newly enacted federal corporate tax rate. The new accounting requirements allow for adjustments to reclassification amounts in subsequent periods as a result of changes to the provisional amounts recorded. In the first quarter of fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. The adoption of this guidance resulted in the prospective recognition of realized windfall and shortfall tax benefits related to the exercise or vesting of stock-based awards in our Consolidated Statements of Earnings instead of additional paid-in capital within our Consolidated Balance Sheets. We recognized a windfall tax benefit in income tax expense in our Consolidated Statements of Earnings of $25.2 million in fiscal 2018. We retrospectively adopted the guidance related to reclassification of realized windfall tax benefits in our Consolidated Statements of Cash Flows. This resulted in reclassifications of $25.2 million, $64.1 million, and $94.1 million of cash provided by financing activities to operating activities for fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Additionally, we retrospectively adopted the guidance related to reclassification of employee tax withholdings in our Consolidated Statements of Cash Flows. This resulted in reclassifications of $26.8 million, $37.8 million, and $40.3 million of cash used by operating activities to financing activities for fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Stock-based compensation expense continues to reflect estimated forfeitures. In the first quarter of fiscal 2018, we adopted new accounting requirements which permit reporting entities to measure a goodwill impairment loss by the amount by which a reporting unit’s carrying value exceeds the reporting unit’s fair value. Previously, goodwill impairment losses were required to be measured by determining the implied fair value of goodwill. Our annual goodwill impairment test was performed as of the first day of the second quarter of fiscal 2018, and the adoption of this guidance did not impact our results of operations or financial position. In the first quarter of fiscal 2017, we adopted new accounting requirements for the presentation of certain investments using the net asset value, providing a practical expedient to exclude such investments from categorization within the fair value hierarchy and separate disclosure. We adopted the guidance retrospectively and restated the fiscal 2016 fair value of plan asset tables in Note 13. The adoption of this guidance did not impact our results of operations or financial position. In the first quarter of fiscal 2017, we adopted new accounting requirements which permit reporting entities with a fiscal year-end that does not coincide with a month-end to apply a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply such practical expedient consistently to all plans. The adoption of this guidance did not have a material impact on our results of operations or financial position. In the fourth quarter of fiscal 2016, we adopted new accounting requirements for the presentation of deferred tax assets and liabilities, requiring noncurrent classification for all deferred tax assets and liabilities on the statement of financial position. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. In the first quarter of fiscal 2016, we adopted new accounting requirements for the classification of debt issuance costs presented in the balance sheet as a direct reduction from the carrying amount of the debt liability. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. |
ACQUISITION AND DIVESTITURES |
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| ACQUISTION AND DIVESTITURES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION AND DIVESTITURES | NOTE 3. ACQUISITION AND DIVESTITURES On April 24, 2018, we acquired Blue Buffalo Pet Products, Inc. (“Blue Buffalo”) for an aggregate purchase price of $8.0 billion, including $103.0 million of consideration for net debt repaid at the time of the acquisition. In accordance with the definitive agreement and plan of merger, a subsidiary of General Mills merged into Blue Buffalo, with Blue Buffalo surviving the merger as a wholly owned subsidiary of General Mills. In accordance with the merger agreement, equity holders of Blue Buffalo received $40.00 per share in cash. We financed the transaction with a combination of $6.0 billion in debt, $1.0 billion in equity, and cash on hand. The acquisition accelerates our portfolio reshaping strategy. In fiscal 2018, we recorded acquisition transaction and integration costs of $34.0 million recorded in selling, general, and administrative expenses and $49.9 million in interest, net related to the debt issued to finance the acquisition. We consolidated Blue Buffalo into our Consolidated Balance Sheets and recorded goodwill of $5.3 billion, an indefinite lived intangible asset for the Blue Buffalo brand of $2.7 billion, and a finite lived customer relationship asset of $269.0 million. The goodwill was primarily attributable to future growth opportunities and any intangible assets that did not qualify for separate recognition. The goodwill is included in the Pet reporting unit and is not deductible for tax purposes. We have conducted a preliminary assessment of certain assets and liabilities related to the acquisition of Blue Buffalo. We are continuing our review of these items during the measurement period, and if new information is obtained about facts and circumstances that existed at the acquisition date, the acquisition accounting will be revised to reflect the resulting adjustments to current estimates of these items. The consolidated results of Blue Buffalo will be reported as our Pet operating segment in future periods on a one-month lag. Accordingly, in fiscal 2018, our Consolidated Statements of Earnings do not include Pet operating segment results. The acquired assets and assumed liabilities include the following:
The fair value of other intangible assets is as follows:
The following unaudited supplemental pro forma information is presented as if the acquisition had occurred at the beginning of fiscal 2017:
The fiscal 2017 pro forma amounts include transaction and integration costs of $83.9 million and the purchase accounting adjustment to record inventory at fair value of $52.7 million. The fiscal 2017 and fiscal 2018 pro forma amounts include interest expense of $238.7 million on the debt issued to finance the transaction and amortization expense of $13.5 million based on the estimated fair value and useful life of the customer relationships intangible asset. Additionally, the pro forma amounts include an increase to cost of sales by $1.6 million in fiscal 2017 and $5.1 million in fiscal 2018 to reflect the impact of using the LIFO method of inventory valuation on Blue Buffalo’s historical operating results. Pro forma amounts include related tax effects of $125.1 million in fiscal 2017 and $14.5 million in fiscal 2018. Unaudited pro forma amounts are not necessarily indicative of results had the acquisition occurred at the beginning of fiscal 2017 or of future results. During the second quarter of fiscal 2017, we sold our Martel, Ohio manufacturing facility in our Convenience Stores & Foodservice segment and simultaneously entered into a co-packing agreement with the purchaser. We received $17.5 million in cash, and recorded a pre-tax loss of $13.5 million. During the fourth quarter of fiscal 2016, we sold our General Mills de Venezuela CA subsidiary to a third party and exited our business in Venezuela. As a result of this transaction, we recorded a pre-tax loss of $37.6 million. In addition, we sold our General Mills Argentina S.A. foodservice business in Argentina to a third party and recorded a pre-tax loss of $14.8 million. During the second quarter of fiscal 2016, we sold our North American Green Giant product lines for $822.7 million in cash, and we recorded a pre-tax gain of $199.1 million. We received net cash proceeds of $788.0 million after transaction related costs. After the divestiture, we retained a brand intangible asset on our Consolidated Balance Sheets of $30.1 million related to our continued use of the Green Giant brand in certain markets outside of North America. |
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RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS |
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| RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS | NOTE 4. RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS INTANGIBLE ASSET IMPAIRMENT In fiscal 2018, we recorded a $96.9 million charge related to the impairment of our, Yoki, Mountain High and Immaculate Baking brand intangible assets in restructuring, impairment, and other exit costs. Please see Note 6 for additional information. RESTRUCTURING INITIATIVES We view our restructuring activities as actions that help us meet our long-term growth targets. Activities we undertake must meet internal rate of return and net present value targets. Each restructuring action normally takes one to two years to complete. At completion (or as each major stage is completed in the case of multi-year programs), the project begins to deliver cash savings and/or reduced depreciation. These activities result in various restructuring costs, including asset write-offs, exit charges including severance, contract termination fees, and decommissioning and other costs. Accelerated depreciation associated with restructured assets, as used in the context of our disclosures regarding restructuring activity, refers to the increase in depreciation expense caused by shortening the useful life or updating the salvage value of depreciable fixed assets to coincide with the end of production under an approved restructuring plan. Any impairment of the asset is recognized immediately in the period the plan is approved. We are currently pursuing several multi-year restructuring initiatives designed to increase our efficiency and focus our business behind our key growth strategies. Charges recorded in fiscal 2018 related to these initiatives were as follows:
In the fourth quarter of 2018, we approved global cost savings initiatives designed to reduce administrative costs and align resources behind high growth initiatives. These actions will affect approximately 625 positions, and we expect to incur approximately $55 million of net expenses relating to this action, most of which will be cash. We recorded $49.3 million of restructuring charges relating to this action in fiscal 2018. We expect this action to be completed by the end of fiscal 2019. Charges recorded in fiscal 2017 were as follows:
In the third quarter of fiscal 2017, we approved restructuring actions designed to better align our organizational structure with our strategic initiatives. These actions affected 600 positions and we incurred $69.9 million of net expenses relating to these actions, most of which was cash. Restructuring charges relating to these actions were reduced by $2.2 million in fiscal 2018. We recorded $72.1 million of restructuring charges relating to these actions in fiscal 2017. These actions were completed in fiscal 2018. In the second quarter of fiscal 2017, we notified the employees and their representatives of our decision to close our pasta manufacturing facility in Melbourne, Australia in our Europe & Australia segment to improve our margin structure. This action will affect approximately 350 positions, and we expect to incur approximately $40 million of net expenses relating to this action, most of which will be non-cash. We recorded $15.7 million of restructuring charges relating to this action in fiscal 2018 and $21.9 million in fiscal 2017. We expect this action to be completed by the end of fiscal 2019. In the first quarter of fiscal 2017, we announced a plan to restructure certain product lines in our Asia & Latin America segment. To eliminate excess capacity, we closed our snacks manufacturing facility in Marília, Brazil and ceased production operations for meals and snacks at our facility in São Bernardo do Campo, Brazil. We also ceased production of certain underperforming snack products at our facility in Nanjing, China. These and other actions will affect approximately 420 positions in our Brazilian operations and approximately 440 positions in our Greater China operations. We expect to incur approximately $46 million of net expenses related to these actions, most of which will be non-cash. Restructuring charges relating to these actions were reduced by $0.1 million in fiscal 2018. We recorded $45.1 million of restructuring charges relating to these actions in fiscal 2017. We expect these actions to be completed by the end of fiscal 2019. In the first quarter of fiscal 2017, we approved a plan to close our Vineland, New Jersey facility to eliminate excess soup capacity in our North America Retail segment. This action will affect 380 positions, and we expect to incur approximately $54 million of net expenses related to this action, of which approximately $11 million will be cash. We recorded $12.8 million of restructuring charges relating to this action in fiscal 2018 and $41.4 million in fiscal 2017. We expect this action to be completed by the end of fiscal 2019. Charges recorded in fiscal 2016 were as follows:
In the first quarter of fiscal 2016, we approved Project Compass, a restructuring plan designed to enable our international operations to accelerate long-term growth through increased organizational effectiveness and reduced administrative expense. In connection with this project, we eliminated 749 positions. We incurred $54.7 million of net expenses, most of which was cash. We recorded $0.4 million of restructuring charges relating to this action in fiscal 2018, restructuring charges were reduced by $0.4 million in fiscal 2017, and we incurred $54.7 million of restructuring charges in fiscal 2016. This action was completed in fiscal 2018. In fiscal 2015, we announced Project Century (Century) which initially involved a review of our North American manufacturing and distribution network to streamline operations and identify potential capacity reductions. In fiscal 2016, we broadened the scope of Century to identify opportunities to streamline our supply chain outside of North America. As part of Century, in the second quarter of fiscal 2016, we approved a restructuring plan to close manufacturing facilities in our Europe & Australia segment supply chain located in Berwick, United Kingdom and East Tamaki, New Zealand. These actions affected 287 positions and we incurred $31.8 million of net expenses related to these actions, of which $12 million was cash. We recorded $1.8 million of restructuring charges relating to these actions in fiscal 2017 and $30.0 million in fiscal 2016. These actions were completed in fiscal 2017. As part of Century, in the first quarter of fiscal 2016, we approved a restructuring plan to close our West Chicago, Illinois cereal and dry dinner manufacturing plant in our North America Retail segment supply chain. This action affected 484 positions, and we incurred $109.3 million of net expenses relating to this action, of which $21 million was cash. We recorded $6.9 million of restructuring charges relating to this action in fiscal 2018, $23.2 million in fiscal 2017 and $79.2 million in fiscal 2016. This action was completed in fiscal 2018. As part of Century, in the first quarter of fiscal 2016, we approved a restructuring plan to close our Joplin, Missouri snacks plant in our North America Retail segment supply chain. This action affected 125 positions, and we incurred $8.0 million of net expenses relating to this action, of which less than $1 million was cash. We recorded $1.4 million of restructuring charges relating to this action in fiscal 2018, $0.3 million in fiscal 2017, and $6.3 million in fiscal 2016. This action was completed in fiscal 2018. We paid cash related to restructuring initiatives of $53.6 million in fiscal 2018, $107.8 million in fiscal 2017, and $122.6 million in fiscal 2016. In addition to restructuring charges, we expect to incur approximately $130 million of project-related costs, which will be recorded in cost of sales, all of which will be cash. We recorded project-related costs in cost of sales of $11.3 million in fiscal 2018, $43.9 million in fiscal 2017, and $57.5 million in fiscal 2016. We paid cash for project-related costs of $10.9 million in fiscal 2018, $46.9 million in fiscal 2017, and $54.5 million in fiscal 2016. We expect these activities to be completed in fiscal 2019.
Restructuring charges and project-related costs are classified in our Consolidated Statements of Earnings as follows:
The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows:
The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly to expense (e.g., asset impairment charges, the gain or loss on the sale of restructured assets, and the write-off of spare parts) and other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring and other exit cost reserves on our Consolidated Balance Sheets. |
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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES |
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| INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | NOTE 5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES We have a 50 percent equity interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in more than 130 countries outside the United States and Canada. CPW also markets cereal bars in several European countries and manufactures private label cereals for customers in the United Kingdom. We have guaranteed a portion of CPW’s debt and its pension obligation in the United Kingdom. We also have a 50 percent equity interest in Häagen-Dazs Japan, Inc. (HDJ). This joint venture manufactures and markets Häagen-Dazs ice cream products and frozen novelties. Results from our CPW and HDJ joint ventures are reported for the 12 months ended March 31. Joint venture related balance sheet activity follows:
Joint venture earnings and cash flow activity follows:
Summary combined financial information for the joint ventures on a 100 percent basis follows:
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets are as follows:
Based on the carrying value of finite-lived intangible assets as of May 27, 2018, amortization expense for each of the next five fiscal years is estimated to be approximately $41 million. On April 24, 2018, we acquired Blue Buffalo, which became our Pet operating segment and we recorded $5.3 billion of goodwill, $2.7 billion related to an indefinite-lived brand intangible asset, and $269.0 million related to a customer relationships intangible asset. The changes in the carrying amount of goodwill for fiscal 2016, 2017, and 2018 are as follows:
The changes in the carrying amount of other intangible assets for fiscal 2016, 2017, and 2018 are as follows:
Our annual goodwill and indefinite-lived intangible assets test was performed on the first day of the second quarter of fiscal 2018. As of the assessment date, we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values, except for the Yoki and Progresso brand intangible assets and the Latin America reporting unit. The excess fair value as of the fiscal 2018 test date of the Yoki and Progresso brand intangible assets and the Latin America reporting unit is as follows:
While having significant coverage as of our fiscal 2018 assessment date, the Food Should Taste Good and Green Giant brand intangible assets and U.S. Yogurt reporting unit had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment. During the fourth quarter of fiscal 2018, we executed our fiscal 2019 planning process and preliminary long-range planning process, which resulted in lower future sales and profitability projections in our plans for the businesses supporting our Yoki, Mountain High, and Immaculate Baking brand intangible assets. As a result of this triggering event, we performed an interim impairment assessment of these assets as of May 27, 2018, and determined that the fair value of these brand assets no longer exceeded the carrying values of the respective assets. Significant assumptions used in that assessment included our updated long-range cash flow projections for the businesses, royalty rates, weighted average cost of capital rates, and tax rates. We recorded a $96.9 million impairment charge in the fourth quarter of fiscal 2018 related to these assets as follows:
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FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES |
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| FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES | NOTE 7. FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, receivables, accounts payable, other current liabilities, and notes payable approximate fair value. Marketable securities are carried at fair value. As of May 27, 2018 and May 28, 2017, a comparison of cost and market values of our marketable debt and equity securities is as follows:
We realized $6.8 million of gains from the sale of available-for-sale marketable securities. Gains and losses are determined by specific identification. Classification of marketable securities as current or noncurrent is dependent upon our intended holding period and the security’s maturity date. The aggregate unrealized gains and losses on available-for-sale securities, net of tax effects, are classified in AOCI within stockholders’ equity. Scheduled maturities of our marketable securities are as follows:
As of May 27, 2018, we did not any have cash and cash equivalents pledged as collateral for derivative contracts. As of May 27, 2018, $0.9 million of certain accounts receivable were pledged as collateral against a foreign uncommitted line of credit. The fair value and carrying amounts of long-term debt, including the current portion, were $14,169.7 million and $14,268.8 million, respectively, as of May 27, 2018. The fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the fair value hierarchy. RISK MANAGEMENT ACTIVITIES As a part of our ongoing operations, we are exposed to market risks such as changes in interest and foreign currency exchange rates and commodity and equity prices. To manage these risks, we may enter into various derivative transactions (e.g., futures, options, and swaps) pursuant to our established policies. COMMODITY PRICE RISK Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible. We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings. Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings. At that time we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for fiscal 2018, 2017 and 2016 included:
As of May 27, 2018, the net notional value of commodity derivatives was $238.8 million, of which $147.9 million related to agricultural inputs and $90.9 million related to energy inputs. These contracts relate to inputs that generally will be utilized within the next 12 months. INTEREST RATE RISK We are exposed to interest rate volatility with regard to future issuances of fixed-rate debt, and existing and future issuances of floating-rate debt. Primary exposures include U.S. Treasury rates, LIBOR, Euribor, and commercial paper rates in the United States and Europe. We use interest rate swaps, forward-starting interest rate swaps, and treasury locks to hedge our exposure to interest rate changes, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed rate versus floating-rate debt, based on current and projected market conditions. Generally under these swaps, we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount. Floating Interest Rate Exposures — Floating-to-fixed interest rate swaps are accounted for as cash flow hedges, as are all hedges of forecasted issuances of debt. Effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt. Effective gains and losses deferred to AOCI are reclassified into earnings over the life of the associated debt. Ineffective gains and losses are recorded as net interest. The amount of hedge ineffectiveness was a $2.6 million loss in fiscal 2018, and less than $1 million in fiscal 2017 and 2016. Fixed Interest Rate Exposures — Fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on changes in the fair value of the underlying debt and derivatives, using incremental borrowing rates currently available on loans with similar terms and maturities. Ineffective gains and losses on these derivatives and the underlying hedged items are recorded as net interest. The amount of hedge ineffectiveness was a $3.4 million loss in fiscal 2018, a $4.3 million gain in fiscal 2017, and less than $1 million in fiscal 2016. In advance of planned debt financing related to the acquisition of Blue Buffalo, we entered into $3,800.0 million of treasury locks due April 19, 2018, with an average fixed rate of 2.9 percent, of which $2,300.0 million were entered into in the third quarter of fiscal 2018 and $1,500.0 million were entered into in the fourth quarter of fiscal 2018. All of these treasury locks were cash settled for $43.9 million during the fourth quarter of fiscal 2018, concurrent with the issuance of our $850.0 million 5.5-year fixed-rate notes, $800.0 million 7-year fixed-rate notes, $1,400.0 million 10-year fixed-rate notes, $500.0 million 20-year fixed-rate notes, and $650.0 million 30-year fixed-rate notes. In advance of planned debt financing, in fiscal 2018, we entered into $500.0 million of treasury locks due October 15, 2017 with an average fixed rate of 1.8 percent. All of these treasury locks were cash settled for $3.7 million during the second quarter of fiscal 2018, concurrent with the issuance of our $500.0 million 5-year fixed-rate notes. In advance of planned debt financing, in the first quarter of fiscal 2017 and the third quarter of fiscal 2016, we entered into $100.0 million and $400.0 million, respectively, of treasury locks due February 15, 2017 with an average fixed rate of 2.0 percent. All of these treasury locks were cash settled for $17.2 million during the third quarter of fiscal 2017, concurrent with the issuance of our $750.0 million 10-year fixed-rate notes. As of May 27, 2018, the pre-tax amount of cash-settled interest rate hedge gain or loss remaining in AOCI, which will be reclassified to earnings over the remaining term of the related underlying debt, follows:
The following table summarizes the notional amounts and weighted-average interest rates of our interest rate derivatives. Average floating rates are based on rates as of the end of the reporting period.
The swap contracts outstanding as of May 27, 2018 mature in fiscal 2020. FOREIGN EXCHANGE RISK Foreign currency fluctuations affect our net investments in foreign subsidiaries and foreign currency cash flows related to third party purchases, intercompany loans, product shipments, and foreign-denominated debt. We are also exposed to the translation of foreign currency earnings to the U.S. dollar. Our principal exposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swiss franc. We primarily use foreign currency forward contracts to selectively hedge our foreign currency cash flow exposures. We also generally swap our foreign-denominated commercial paper borrowings and nonfunctional currency intercompany loans back to U.S. dollars or the functional currency of the entity with foreign exchange exposure. The gains or losses on these derivatives offset the foreign currency revaluation gains or losses recorded in earnings on the associated borrowings. We generally do not hedge more than 18 months in advance. As of May 27, 2018, the net notional value of foreign exchange derivatives was $899.5 million. The amount of hedge ineffectiveness was less than $1 million in each of fiscal 2018, 2017, and 2016. We also have many net investments in foreign subsidiaries that are denominated in euros. We previously hedged a portion of these net investments by issuing euro-denominated commercial paper and foreign exchange forward contracts. As of May 27, 2018, we hedged a portion of these net investments with €2,200.0 million of euro denominated bonds. As of May 27, 2018, we had deferred net foreign currency transaction losses of $142.3 million in AOCI associated with net investment hedging activity. EQUITY INSTRUMENTS Equity price movements affect our compensation expense as certain investments made by our employees in our deferred compensation plan are revalued. We use equity swaps to manage this risk. As of May 27, 2018, the net notional amount of our equity swaps was $165.3 million. These swap contracts mature in fiscal 2019. FAIR VALUE MEASUREMENTS AND FINANCIAL STATEMENT PRESENTATION The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of May 27, 2018 and May 28, 2017, were as follows:
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $9.0 million in non-cash impairment charges in fiscal 2018 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $19.0 million and were associated with the restructuring actions described in Note 4. (h) See Note 6.
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $47.4 million in non-cash impairment charges in fiscal 2017 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $91.1 million and were associated with the restructuring actions described in Note 4. We did not significantly change our valuation techniques from prior periods. Information related to our cash flow hedges, fair value hedges, and other derivatives not designated as hedging instruments for the fiscal years ended May 27, 2018 and May 28, 2017, follows:
(a) Effective portion. (b) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. (d) Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. The following tables reconcile the net fair values of assets and liabilities subject to offsetting arrangements that are recorded in our Consolidated Balance Sheets to the net fair values that could be reported in our Consolidated Balance Sheets:
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS As of May 27, 2018, the after-tax amounts of unrealized gains and losses in AOCI related to hedge derivatives follows:
The net amount of pre-tax gains and losses in AOCI as of May 27, 2018 that we expect to be reclassified into net earnings within the next 12 months is a $0.7 million net gain. CREDIT-RISK-RELATED CONTINGENT FEATURES Certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rating agencies. If our debt were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on May 27, 2018, was $7.2 million. We have posted no collateral under these contracts. If the credit-risk-related contingent features underlying these agreements had been triggered on May 27, 2018, we would have been required to post $7.2 million of collateral to counterparties. CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISK During fiscal 2018, customer concentration was as follows:
No customer other than Walmart accounted for 10 percent or more of our consolidated net sales. We enter into interest rate, foreign exchange, and certain commodity and equity derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties; however, we have not incurred a material loss. We also enter into commodity futures transactions through various regulated exchanges. The amount of loss due to the credit risk of the counterparties, should the counterparties fail to perform according to the terms of the contracts, is $15.2 million against which we do not hold collateral. Under the terms of our swap agreements, some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk. Collateral assets are either cash or U.S. Treasury instruments and are held in a trust account that we may access if the counterparty defaults. We offer certain suppliers access to third party services that allow them to view our scheduled payments online. The third party services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any financial institutions concerning this service. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of May 27, 2018, $936.6 million of our accounts payable is payable to suppliers who utilize these third party services. |
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| DEBT | NOTE 8. DEBT Notes Payable The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows:
To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding notes payable. Commercial paper is a continuing source of short-term financing. We have commercial paper programs available to us in the United States and Europe. We also have uncommitted and asset-backed credit lines that support our foreign operations. The following table details the fee-paid committed and uncommitted credit lines we had available as of May 27, 2018:
In February 2018, we entered into a fee-paid commitment letter with certain lenders, pursuant to which such lenders committed to provide a 364-day senior unsecured bridge term loan credit facility (the “Bridge Facility”) in an aggregate principal amount of up to $8.5 billion to provide the financing for the acquisition of Blue Buffalo. The Bridge Facility expired in the fourth quarter of fiscal 2018. The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were in compliance with all credit facility covenants as of May 27, 2018. Long-Term Debt In April 2018, we issued $4,800.0 million principal amount of fixed-rate notes. Interest on the notes is payable semi-annually in arrears. We may redeem the notes in whole, or in part, at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to finance a portion of the Blue Buffalo acquisition. The principal amounts of these fixed-rate notes were as follows:
In April 2018, we issued $1,250.0 million principal amount of floating-rate notes. Interest on the notes is payable quarterly in arrears. The notes are not generally redeemable prior to maturity. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to finance a portion of the Blue Buffalo acquisition. The principal amounts of these floating-rate notes were as follows:
In February 2018, we paid $113.8 million to repurchase $100.0 million of our previously issued 6.39% medium term notes due 2023. We recorded the $13.8 million premium paid in the repurchase as net interest expense. In October 2017, we issued $500.0 million principal amount of 2.6 percent fixed-rate notes due October 12, 2022. Interest on the notes is payable semi-annually in arrears. We may redeem the notes in whole, or in part, at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds, together with cash on hand, were used to repay $500.0 million of 1.4 percent fixed-rate notes. In March 2017, we issued €300.0 million principal amount of floating-rate notes due March 20, 2019. Interest on the notes is payable quarterly in arrears. The notes are not generally redeemable prior to maturity. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to repay a portion of our outstanding commercial paper. In February 2017, we repaid $1.0 billion of 5.7 percent fixed-rate notes. In January 2017, we issued $750.0 million principal amount of 3.2 percent fixed-rate notes due February 10, 2027. Interest on the notes is payable semi-annually in arrears. We may redeem the notes in whole or in part at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to repay a portion of our maturing long-term debt. A summary of our long-term debt is as follows:
Principal payments due on long-term debt and capital leases in the next five years based on stated contractual maturities, our intent to redeem, or put rights of certain note holders are $1,600.1 million in fiscal 2019, $1,082.9 million in fiscal 2020, $2,039.9 million in fiscal 2021, $1,232.9 million in fiscal 2022, and $1,082.6 million in fiscal 2023. Certain of our long-term debt agreements contain restrictive covenants. As of May 27, 2018, we were in compliance with all of these covenants. As of May 27, 2018, the $54.2 million pre-tax loss recorded in AOCI associated with our previously designated interest rate swaps will be reclassified to net interest over the remaining lives of the hedged transactions. The amount expected to be reclassified from AOCI to net interest in fiscal 2019 is a $9.1 million pre-tax loss. |
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REDEEMABLE AND NONCONTROLLING INTERESTS |
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| REDEEMABLE AND NONCONTROLLING INTERESTS | NOTE 9. REDEEMABLE AND NONCONTROLLING INTERESTS Our principal redeemable and noncontrolling interests relate to our Yoplait SAS, Yoplait Marques SNC, Liberté Marques Sàrl, and General Mills Cereals, LLC (GMC) subsidiaries. In addition, we have 4 foreign subsidiaries that have noncontrolling interests totaling $12.6 million as of May 27, 2018. We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl. Sodiaal holds the remaining interests in each of the entities. On the acquisition date, we recorded the $904.4 million fair value of Sodiaal’s 49 percent euro-denominated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholders agreement. As of May 27, 2018, the redemption value of the euro-denominated redeemable interest was $776.2 million. On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal’s 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques Sàrl as noncontrolling interests on our Consolidated Balance Sheets. Yoplait Marques SNC earns a royalty stream through a licensing agreement with Yoplait SAS for the rights to Yoplait and related trademarks. Liberté Marques Sàrl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Liberté and related trademarks. These entities pay dividends annually based on their available cash as of their fiscal year end. We paid dividends of $37.7 million in fiscal 2018 and $48.6 million in fiscal 2017 to Sodiaal under the terms of the Yoplait SAS, Yoplait Marques SNC, and Liberté Marques Sàrl shareholder agreements. A subsidiary of Yoplait SAS has entered into an exclusive milk supply agreement for its European operations with Sodiaal at market-determined prices through July 1, 2021. Net purchases totaled $230.8 million for fiscal 2018 and $186.4 million for fiscal 2017. The holder of the GMC Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $251.5 million). On June 1, 2015, the floating preferred return rate on GMC’s Class A interests was reset to the sum of three-month LIBOR plus 125 basis points. The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction. On June 1, 2018, subsequent to our year-end, the floating preferred return rate on GMC’s Class A Interests was reset to the sum of three-month LIBOR plus 142.5 basis points. For financial reporting purposes, the assets, liabilities, results of operations, and cash flows of our non-wholly owned consolidated subsidiaries are included in our Consolidated Financial Statements. The third-party investor’s share of the net earnings of these subsidiaries is reflected in net earnings attributable to redeemable and noncontrolling interests in our Consolidated Statements of Earnings. Our noncontrolling interests contain restrictive covenants. As of May 27, 2018, we were in compliance with all of these covenants. |
STOCKHOLDERS' EQUITY |
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| STOCKHOLDERS' EQUITY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKHOLDERS' EQUITY | NOTE 10. STOCKHOLDERS’ EQUITY Cumulative preference stock of 5.0 million shares, without par value, is authorized but unissued. On May 6, 2014, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock. Purchases under the authorization can be made in the open market or in privately negotiated transactions, including the use of call options and other derivative instruments, Rule 10b5-1 trading plans, and accelerated repurchase programs. The authorization has no specified termination date. On March 27, 2018, we issued 22.7 million shares of the Company’s common stock, par value $0.10 per share, at a public offering price of $44.00 per share for total proceeds of $1.0 billion. We paid $30.1 million in issuance costs, that were recorded in additional paid-in capital. The net proceeds of $969.9 million were used to finance a portion of the acquisition of Blue Buffalo. Share repurchases were as follows:
The following table provides details of total comprehensive income:
(a) Gain reclassified from AOCI into earnings is reported in interest, net for securities. (b) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in SG&A expenses.
(a) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses.
(a) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. In fiscal 2018, 2017, and 2016, except for reclassifications to earnings, changes in other comprehensive income (loss) were primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, were as follows:
In the third quarter of fiscal 2018, we adopted new accounting requirements that provide the option to reclassify stranded income tax effects resulting from the TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $329.4 million from AOCI to retained earnings. Please see Note 14 for additional information. |
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STOCK PLANS |
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| STOCK PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK PLANS | NOTE 11. STOCK PLANS We use broad-based stock plans to help ensure that management’s interests are aligned with those of our shareholders. As of May 27, 2018, a total of 34.9 million shares were available for grant in the form of stock options, restricted stock, restricted stock units, and shares of unrestricted stock under the 2017 Stock Compensation Plan (2017 Plan). The 2017 Plan also provides for the issuance of cash-settled share-based units, stock appreciation rights, and performance-based stock awards. Stock-based awards now outstanding include some granted under the 2007, 2009, and 2011 stock plans and the 2006 and 2011 compensation plans for non-employee directors, under which no further awards may be granted. The stock plans provide for potential accelerated vesting of awards upon retirement, termination, or death of eligible employees and directors. Stock Options The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows:
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 expected term represents the period of time that options granted are expected to be outstanding based on historical data to estimate option exercises and employee terminations within the valuation model. Separate groups of employees have similar historical exercise behavior and therefore were aggregated into a single pool for valuation purposes. The weighted-average expected term for all employee groups is presented in the table above. The risk-free interest rate for periods during the expected term of the options is based on the U.S. Treasury zero-coupon yield curve in effect at the time of grant. Any corporate income tax benefit realized upon exercise or vesting of an award in excess of that previously recognized in earnings (referred to as a windfall tax benefit) is presented in our Consolidated Statements of Cash Flows as an operating cash flow. Realized windfall tax benefits and shortfall tax deficiencies related to the exercise or vesting of stock-based awards are recognized in the Consolidated Statement of Earnings. Options may be priced at 100 percent or more of the fair market value on the date of grant, and generally vest four years after the date of grant. Options generally expire within 10 years and one month after the date of grant. Information on stock option activity follows:
Stock-based compensation expense related to stock option awards was $15.5 million in fiscal 2018, $18.0 million in fiscal 2017, and $14.8 million in fiscal 2016. Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2018, 2017 and 2016. Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows:
Restricted Stock, Restricted Stock Units, and Performance Share Units Stock and units settled in stock subject to a restricted period and a purchase price, if any (as determined by the Compensation Committee of the Board of Directors), may be granted to key employees under the 2017 Plan. Restricted stock and restricted stock units generally vest and become unrestricted four years after the date of grant. Performance share units are earned primarily based on our future achievement of three-year goals for average organic net sales growth and cumulative free cash flow. Performance share units are settled in common stock and are generally subject to a three year performance and vesting period. The sale or transfer of these awards is restricted during the vesting period. Participants holding restricted stock, but not restricted stock units or performance share units, are entitled to vote on matters submitted to holders of common stock for a vote. These awards accumulate dividends from the date of grant, but participants only receive payment if the awards vest. Information on restricted stock unit and performance share unit activity follows:
The total grant-date fair value of restricted stock unit awards that vested was $93.0 million in fiscal 2018 and $78.1 million in fiscal 2017. As of May 27, 2018, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $95.7 million. This expense will be recognized over 20 months, on average. Stock-based compensation expense related to restricted stock units and performance share units was $62.4 million for fiscal 2018, $77.9 million for fiscal 2017, and $76.8 million for fiscal 2016. Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2018, 2017 and 2016. |
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EARNINGS PER SHARE |
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| EARNINGS PER SHARE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | NOTE 12. EARNINGS PER SHARE Basic and diluted EPS were calculated using the following:
(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows:
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RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS |
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| RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS | NOTE 13. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS Defined Benefit Pension Plans We have defined benefit pension plans covering many employees in the United States, Canada, Switzerland, France, and the United Kingdom. Benefits for salaried employees are based on length of service and final average compensation. Benefits for hourly employees include various monthly amounts for each year of credited service. Our funding policy is consistent with the requirements of applicable laws. We made no voluntary contributions to our principal U.S. plans in fiscal 2018, 2017, and 2016. We do not expect to be required to make any contributions in fiscal 2019. Our principal domestic retirement plan covering salaried employees has a provision that any excess pension assets would be allocated to active participants if the plan is terminated within five years of a change in control. All salaried employees hired on or after June 1, 2013, are eligible for a retirement program that does not include a defined benefit pension plan. In fiscal 2018, we approved an amendment to reorganize the U.S. qualified defined benefit pension plans and the supplemental pension plans that resulted in the spinoff of a portion of the General Mills Pension Plan (the Plan) and the 2005 Supplemental Retirement Plan and the Supplemental Retirement Plan (Grandfathered) (together, the Supplemental Plans) into new plans effective May 31, 2018. The benefits offered to the plans’ participants were unchanged. The result of the reorganization was the creation of the General Mills Pension Plan I (Plan I) and the 2005 Supplemental Retirement Plan I and the Supplemental Retirement Plan I (Grandfathered) (together, the Supplemental Plans I). The reorganization was made to facilitate a targeted investment strategy over time and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. Actuarial gains and losses associated with the Plan and the Supplemental Plans are amortized over the average remaining service life of the active participants. Actuarial gains and losses associated with the Plan I and the Supplemental Plans I are amortized over the average remaining life of the participants. In May 2017, we announced changes to the United States pension plans. The Company will freeze the pay and service amounts used to calculate pension benefits for active employees who participate in the United States pension plans as of December 31, 2027. Beginning January 1, 2028, active employees in the United States will not accrue additional benefits for future service and eligible compensation received under these plans. These changes resulted in a $130.9 million decline in the projected benefit obligation as of May 28, 2017, due to the decrease in expected future compensation. Other Postretirement Benefit Plans We also sponsor plans that provide health care benefits to many of our retirees in the United States, Canada, and Brazil. The United States salaried health care benefit plan is contributory, with retiree contributions based on years of service. We make decisions to fund related trusts for certain employees and retirees on an annual basis. We made no voluntary contributions to these plans in fiscal 2018 and $20.0 million in fiscal 2017. Health Care Cost Trend Rates Assumed health care cost trends are as follows:
We review our health care cost trend rates annually. Our review is based on data we collect about our health care claims experience and information provided by our actuaries. This information includes recent plan experience, plan design, overall industry experience and projections, and assumptions used by other similar organizations. Our initial health care cost trend rate is adjusted as necessary to remain consistent with this review, recent experiences, and short-term expectations. Our initial health care cost trend rate assumption is 7.0 percent for retirees age 65 and over and 6.7 percent for retirees under age 65 at the end of fiscal 2018. Rates are graded down annually until the ultimate trend rate of 4.5 percent is reached in 2029 for all retirees. The trend rates are applicable for calculations only if the retirees’ benefits increase as a result of health care inflation. The ultimate trend rate is adjusted annually, as necessary, to approximate the current economic view on the rate of long-term inflation plus an appropriate health care cost premium. Assumed trend rates for health care costs have an important effect on the amounts reported for the other postretirement benefit plans. A one percentage point change in the health care cost trend rate would have the following effects:
Postemployment Benefit Plans Under certain circumstances, we also provide accruable benefits, primarily severance, to former or inactive employees in the United States, Canada, and Mexico. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. In the first quarter of fiscal 2017, we adopted new accounting requirements which permit reporting entities with a fiscal year-end that does not coincide with a month-end to apply a practical expedient to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply such practical expedient consistently to all plans. We measured the plan assets and obligations for our defined benefit pension, other postretirement benefit, and postemployment benefit plans as of May 31, 2018, and May 31, 2017. Summarized financial information about defined benefit pension, other postretirement benefit, and postemployment benefit plans is presented below:
The accumulated benefit obligation for all defined benefit pension plans was $6,076.6 million as of May 27, 2018, and $6,104.5 million as of May 28, 2017. Amounts recognized in AOCI as of May 27, 2018 and May 28, 2017, are as follows:
Plans with accumulated benefit obligations in excess of plan assets are as follows:
Components of net periodic benefit expense are as follows:
We expect to recognize the following amounts in net periodic benefit expense in fiscal 2019:
Assumptions Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows:
Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows:
Discount Rates Beginning in fiscal 2017, we changed the method used to estimate the service and interest cost components of the net periodic benefit expense for our United States and most of our international defined benefit pension, other postretirement benefit, and postemployment benefit plans. We adopted a full yield curve approach to estimate service cost and interest cost by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected cash flows. This method provides a more precise measurement of service and interest costs by correlating the timing of the plans’ liability cash flows to the corresponding rate on the yield curve. Previously, we estimated service cost and interest cost using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. This change does not affect the measurement of our benefit obligations related to these plans. We have accounted for this change prospectively as a change in accounting estimate beginning in the first quarter of fiscal 2017. Beginning in fiscal 2017, our discount rate assumptions are determined annually as of May 31 for our defined benefit pension, other postretirement benefit, and postemployment benefit plan obligations. We also use discount rates as of May 31 to determine defined benefit pension, other postretirement benefit, and postemployment benefit plan income and expense for the following fiscal year. We work with our outside actuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, to develop a forward interest rate curve, including a margin to that index based on our credit risk. This forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions. Fair Value of Plan Assets The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy at May 27, 2018, and May 28, 2017, by asset category were as follows:
(a) Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and managing duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes of total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (d) Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insurance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the underlying investments and contract fair values from the providers. (e) Primarily private investments and common collective trusts that are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. There were no material changes in our level 3 investments in fiscal 2018 and fiscal 2017. Expected Rate of Return on Plan Assets Our expected rate of return on plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class (using input from our actuaries, investment services, and investment managers), and long-term inflation assumptions. We review this assumption annually for each plan; however, our annual investment performance for one particular year does not, by itself, significantly influence our evaluation. Weighted-average asset allocations for the past two fiscal years for our defined benefit pension and other postretirement benefit plans are as follows:
The investment objective for our defined benefit pension and other postretirement benefit plans is to secure the benefit obligations to participants at a reasonable cost to us. Our goal is to optimize the long-term return on plan assets at a moderate level of risk. The defined benefit pension plan and other postretirement benefit plan portfolios are broadly diversified across asset classes. Within asset classes, the portfolios are further diversified across investment styles and investment organizations. For the defined benefit pension plans, the long-term investment policy allocation is: 20 percent to equities in the United States; 15 percent to international equities; 10 percent to private equities; 40 percent to fixed income; and 15 percent to real assets (real estate, energy, and infrastructure). For other postretirement benefit plans, the long-term investment policy allocations are: 15 percent to equities in the United States; 10 percent to international equities; 5 percent to private equities; 65 percent to fixed income; and 5 percent to real assets (real estate, energy, and timber). The actual allocations to these asset classes may vary tactically around the long-term policy allocations based on relative market valuations. Contributions and Future Benefit Payments We do not expect to be required to make contributions to our defined benefit pension, other postretirement benefit, and postemployment benefit plans in fiscal 2019. Actual fiscal 2019 contributions could exceed our current projections, as influenced by our decision to undertake discretionary funding of our benefit trusts and future changes in regulatory requirements. Estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid from fiscal 2019 to 2028 as follows:
Defined Contribution Plans The General Mills Savings Plan is a defined contribution plan that covers domestic salaried, hourly, nonunion, and certain union employees. This plan is a 401(k) savings plan that includes a number of investment funds, including a Company stock fund and an Employee Stock Ownership Plan (ESOP). We sponsor another money purchase plan for certain domestic hourly employees with net assets of $23.9 million as of May 27, 2018, and $23.0 million as of May 28, 2017. We also sponsor defined contribution plans in many of our foreign locations. Our total recognized expense related to defined contribution plans was $49.2 million in fiscal 2018, $54.1 million in fiscal 2017, and $61.2 million in fiscal 2016. We match a percentage of employee contributions to the General Mills Savings Plan. The Company match is directed to investment options of the participant’s choosing. The number of shares of our common stock allocated to participants in the ESOP was 5.6 million as of May 27, 2018, and 6.3 million as of May 28, 2017. The ESOP’s only assets are our common stock and temporary cash balances. The Company stock fund and the ESOP collectively held $392.1 million and $598.7 million of Company common stock as of May 27, 2018 and May 28, 2017, respectively.
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INCOME TAXES |
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| INCOME TAXES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | NOTE 14. INCOME TAXES The components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon are as follows:
The following table reconciles the United States statutory income tax rate with our effective income tax rate:
(a) Fiscal 2016 includes 0.6 percent tax benefit related to the divestiture of our business in Venezuela. Please see Note 3 for additional information. The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:
We have established a valuation allowance against certain of the categories of deferred tax assets described above as current evidence does not suggest we will realize sufficient taxable income of the appropriate character (e.g., ordinary income versus capital gain income) within the carryforward period to allow us to realize these deferred tax benefits. Of the total valuation allowance of $176.0 million, the majority relates to a deferred tax asset for losses recorded as part of the Pillsbury acquisition in the amount of $108.0 million, $54.0 million relates to various state and foreign loss carryforwards, and $12.9 million relates to various foreign capital loss carryforwards. As of May 27, 2018, we believe it is more-likely-than-not that the remainder of our deferred tax assets are realizable.
We have $174.1 million of tax loss carryforwards. Of this amount, $159.8 million is foreign loss carryforwards, $13.6 million is state operating loss carryforwards, and $0.7 million is federal operating loss carryforwards. The carryforward periods are as follows: $115.2 million do not expire; $6.0 million expire in fiscal 2019 and 2020; and $52.9 million expire in fiscal 2021 and beyond. On December 22, 2017, the TCJA was signed into law. The TCJA results in significant revisions to the U.S. corporate income tax system, including a reduction in the U.S. corporate income tax rate, implementation of a territorial system, and a one-time deemed repatriation tax on untaxed foreign earnings. The TCJA also results in a U.S. federal blended statutory rate of 29.4 percent for us in fiscal 2018. Generally, the impacts of the new legislation would be required to be recorded in the period of enactment which for us was the third quarter of fiscal 2018. However, Accounting Standards Update 2018-05: Income Taxes (Topic 740) (ASU 2018-05) was issued with guidance allowing for the recognition of provisional amounts in the event that the accounting is not complete and a reasonable estimate can be made. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the TCJA. As of May 27, 2018, we have not completed our accounting for the tax effects of the TCJA. During fiscal 2018, we recorded a provisional net benefit using reasonable estimates for those tax effects based on analysis and information available to date. The provisional net benefit is subject to revisions as we complete our analysis of the TCJA, collect and prepare necessary data, and interpret any additional guidance issued by the U.S. Treasury Department, Internal Revenue Service, Financial Accounting Standards Board, and other standard setting and regulatory bodies. Adjustments may materially impact our provision for income taxes and effective tax rate in the period in which the adjustments are made. Our accounting for the tax effects of the TCJA will be completed during the measurement period of up to one year from the enactment date. During fiscal 2018, we recorded an estimated net discrete benefit of $523.5 million. This net benefit consists primarily of a $637.5 million provisional deferred tax benefit from revaluing our net U.S. deferred tax liabilities to reflect the new U.S. corporate tax rate, partially offset by an $83.9 million provisional charge for the estimated transition tax and an additional $30.1 million provisional deferred tax liability related to changes in our assertion that we will reinvest unremitted foreign earnings indefinitely. Our estimate of the deferred tax benefit due to the revaluation of our net U.S. deferred tax liabilities is a provisional amount. Due to the newly enacted U.S. tax rate change, timing differences that are estimated balances as of the date of enactment will result in changes to our estimate of the deferred rate change when those estimates are finalized with the filing of our fiscal 2018 income tax return. This is a result of the different federal income tax rates of 29.4 percent and 21.0 percent for fiscal 2018 and fiscal 2019, respectively. Since many of the deferred tax balances in the period of enactment include estimates of events that have not yet occurred, we are unable to determine the final impact of the tax rate change at this time. As of May 27, 2018, we have not recognized a deferred tax liability for unremitted earnings of approximately $2.4 billion from our foreign operations because we currently believe our subsidiaries have invested or will invest the undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction. Deferred taxes are recorded for earnings of our foreign operations when we determine that such earnings are no longer indefinitely reinvested. As a result of the TCJA, we are re-evaluating our assertion regarding the indefinite reinvestment of foreign earnings for most legal entities owned directly by our U.S. subsidiaries, and as such, we may need to accrue additional deferred taxes related to any future changes in our assertion. As of May 27, 2018, we have recorded a provisional estimate for local country withholding taxes related to certain entities from which we expect to repatriate undistributed earnings. However, we do not have the necessary information gathered, prepared and analyzed to make a reasonable estimate of any deferred taxes related to the rest of our foreign subsidiaries where we may change our indefinite reinvestment assertion. We will gather the information necessary for those subsidiaries and record any new deferred taxes in future periods after the analysis is complete. In general, the transition tax is a result of the deemed repatriation imposed by the new legislation that results in the taxation of our accumulated foreign earnings and profits (E&P) at a 15.5 percent rate on liquid assets (i.e. cash and other specified assets) and 8 percent on the remaining unremitted foreign E&P, both net of foreign tax credits. At this time, we have not yet gathered, prepared and analyzed the information necessary to complete the complex calculations required to finalize the amount of our transition tax. We believe that our provisional calculations result in a reasonable estimate of the transition tax and related foreign tax credit, and as such have included those amounts in our provisional estimate in fiscal 2018. As we complete the analysis of accumulated foreign E&P and related foreign taxes paid on an entity by entity basis and finalize the amounts held in cash or other specified assets, we will update our provisional estimate of the transition tax and related foreign tax credit in a future period. The legislation also includes provisions that will affect our fiscal 2019 results, including but not limited to, a reduction in the U.S. corporate tax rate on domestic operations; the creation of a new minimum tax called the base erosion anti-abuse tax; a new provision that taxes U.S. allocated expenses as well as currently taxes certain income from foreign operations (Global Intangible Low Tax Income or GILTI); a new limitation on deductible interest expense; the repeal of the domestic manufacturing deduction; and limitations on the deductibility of certain executive compensation. While the new legislation generally eliminates U.S. federal income tax on dividends from foreign subsidiaries going forward, certain income earned by certain subsidiaries must be included currently in our U.S. taxable income under the new GILTI inclusion rules. Because of the complexity of the new GILTI rules, we are evaluating this provision and the application of U.S. GAAP. Under U.S. GAAP, we are allowed to make an accounting policy election and record the taxes as a period cost as incurred or factor such amounts into the measurement of deferred taxes. We have made an accounting policy election to record these taxes as a period cost. In addition, in fiscal 2018, we adopted Accounting Standards Update 2018-02: Income Statement – Reporting Comprehensive Income (Topic 220) (ASU 2018-02), which provides the option to reclassify stranded income tax effects resulting from TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $329.4 million from AOCI to retained earnings. This reclassification consists of deferred taxes originally recorded in AOCI that exceed the newly enacted federal corporate tax rate. The new accounting requirements allow for adjustments to reclassification amounts in subsequent periods as a result of changes to the provisional amounts recorded.
We are subject to federal income taxes in the United States as well as various state, local, and foreign jurisdictions. A number of years may elapse before an uncertain tax position is audited and finally resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our liabilities for income taxes reflect the most likely outcome. We adjust these liabilities, as well as the related interest, in light of changing facts and circumstances. Settlement of any particular position would usually require the use of cash. The number of years with open tax audits varies depending on the tax jurisdiction. Our major taxing jurisdictions include the United States (federal and state) and Canada. Various tax examinations by United States state taxing authorities could be conducted for any open tax year, which vary by jurisdiction, but are generally from 3 to 5 years. Several state and foreign examinations are currently in progress. We do not expect these examinations to result in a material impact on our results of operations or financial position. During fiscal 2017, the Internal Revenue Service (IRS) concluded its field examination of our federal tax returns for fiscal 2013 and 2014. The audit closure and related adjustments did not have a material impact on our results of operations or financial position. In fiscal 2018, we recorded an adjustment related to a prior year which increased income tax expense by $40.9 million. We have notified and are working with the IRS to resolve the issue. We determined the adjustment to be immaterial to our Consolidated Statements of Earnings for the fiscal year ended May 27, 2018. We have effectively settled all issues with the IRS for fiscal years 2014 and prior. During fiscal 2017, the Brazilian tax authority, Secretaria da Receita Federal do Brasil (RFB), concluded audits of our 2012 and 2013 tax return years. These audits included a review of our determinations of amortization of certain goodwill arising from the acquisition of Yoki. The RFB has proposed adjustments that effectively eliminate the goodwill amortization benefits related to this transaction. We believe we have meritorious defenses and intend to contest the disallowance. We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly, we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in the period of such change. The following table sets forth changes in our total gross unrecognized tax benefit liabilities, excluding accrued interest, for fiscal 2018 and fiscal 2017. Approximately $135 million of this total in fiscal 2018 represents the amount that, if recognized, would affect our effective income tax rate in future periods. This amount differs from the gross unrecognized tax benefits presented in the table because certain of the liabilities below would impact deferred taxes if recognized. We also would record a decrease in U.S. federal income taxes upon recognition of the state tax benefits included therein.
As of May 27, 2018, we expect to pay approximately $40.8 million of unrecognized tax benefit liabilities and accrued interest within the next 12 months. We are not able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes. The remaining amount of our unrecognized tax liability was classified in other liabilities. We report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense. For fiscal 2018, we recognized $3.1 million of tax-related net interest and penalties, and had $27.3 million of accrued interest and penalties as of May 27, 2018. For fiscal 2017, we recognized a net benefit of $5.6 million of tax-related net interest and penalties, and had $23.1 million of accrued interest and penalties as of May 28, 2017. |
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LEASES, OTHER COMMITMENTS, AND CONTINGENCIES |
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| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES | NOTE 15. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES Our leases are generally for warehouse space and equipment. Rent expense under all operating leases from continuing operations was $189.4 million in fiscal 2018, $188.1 million in fiscal 2017, and $189.1 million in fiscal 2016. Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments. Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant. Noncancelable future lease commitments are:
Depreciation on capital leases is recorded as depreciation expense in our results of operations. As of May 27, 2018, we have issued guarantees and comfort letters of $540.8 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $167.3 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. In addition, off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases, which totaled $559.3 million as of May 27, 2018. |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION |
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| BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | NOTE 16. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operate in the packaged foods industry. In the third quarter of fiscal 2017, we announced a new global organization structure to streamline our leadership, enhance global scale, and drive improved operational agility to maximize our growth capabilities. This global reorganization required us to reevaluate our operating segments. On April 24, 2018, we acquired Blue Buffalo, which became our Pet operating segment. Under our new organization structure, our chief operating decision maker assesses performance and makes decisions about resources to be allocated to our operating segments as follows: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. We have restated our net sales by segment and segment operating profit to reflect our new operating segments. These segment changes had no effect on previously reported consolidated net sales, operating profit, net earnings attributable to General Mills, or earnings per share. Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. Our product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks. Our major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries in the United States. Our Europe & Australia operating segment reflects retail and foodservice businesses in the greater Europe and Australia regions. Our product categories include refrigerated yogurt, meal kits, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, grain snacks, and dessert and baking mixes. We also sell super-premium ice cream directly to consumers through owned retail shops. Revenues from franchise fees are reported in the region or country where the franchisee is located. Our Asia & Latin America operating segment consists of retail and foodservice businesses in the greater Asia and South America regions. Our product categories include super-premium ice cream and frozen desserts, refrigerated and frozen dough products, dessert and baking mixes, meal kits, salty and grain snacks, wellness beverages, and refrigerated yogurt. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our Asia & Latin America segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities and franchise fees are reported in the region or country where the end customer or franchisee is located. Fiscal 2017 includes an additional month of results from Yoki (please refer to note 1 to the Consolidated Financial Statements in Item 8 of this report). Our Pet operating segment includes pet food products sold primarily in the United States in specialty channels, including national pet superstore chains, regional pet store chains, neighborhood pet stores, and farm and feed stores; e-commerce retailers; military outlets; hardware stores; veterinary clinics and hospitals; and grocery and mass merchandisers. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits and vegetables, and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and spans different product types, diet types, breed sizes for dogs, lifestages, flavors, product functions and textures, and cuts for wet foods. We are reporting the Pet operating segment results on a one-month lag and accordingly, in fiscal 2018, our results do not include Pet segment operating results. Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, impairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, contributions to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies, restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment. Our operating segment results were as follows:
Net sales by class of similar products were as follows:
The following table provides financial information by geographic area:
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SUPPLEMENTAL INFORMATION |
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| SUPPLEMENTAL INFORMATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL INFORMATION | NOTE 17. SUPPLEMENTAL INFORMATION The components of certain Consolidated Balance Sheet accounts are as follows:
(a) Inventories of $832.2 million as of May 27, 2018, and $893.8 million as of May 28, 2017, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.
Certain Consolidated Statements of Earnings amounts are as follows:
The components of interest, net are as follows:
Certain Consolidated Statements of Cash Flows amounts are as follows:
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QUARTERLY DATA (UNAUDITED) |
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| QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| QUARTERLY DATA (UNAUDITED) | NOTE 18. QUARTERLY DATA (UNAUDITED) Summarized quarterly data for fiscal 2018 and fiscal 2017 follows:
We recorded brand intangible asset impairment charges of $96.9 million in the fourth quarter of fiscal 2018. Please see Note 6 for more information. We also recorded $64.5 million of transaction and integration costs related to the acquisition of Blue Buffalo in the fourth quarter of fiscal 2018. |
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SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS |
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| SCHEDULE II - Valuation of Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS |
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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May 27, 2018 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| Cash and Cash Equivalents | Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. |
| Inventories | Inventories All inventories in the United States other than grain are valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories are valued at net realizable value, and all related cash contracts and derivatives are valued at fair value, with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or net realizable value. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized 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. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance and repairs are charged to cost of sales. Buildings are usually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposal. When an item is sold or retired, the accounts are relieved of its cost and related accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 27, 2018, assets held for sale were insignificant. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. |
| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In fiscal 2016, we changed the date of our annual goodwill and indefinite-lived intangible asset impairment assessment from the first day of the third quarter to the first day of the second quarter to more closely align with the timing of our annual long-range planning process. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, impairment has occurred. We recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value up to the total amount of goodwill allocated to the reporting unit. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Blue Buffalo, Pillsbury, Totino’s, Progresso, Yoplait, Old El Paso, Yoki, Häagen-Dazs, and Annie’s brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. |
| Investments in Unconsolidated Joint Ventures and Redeemable Interest | Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital investments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occurred including, but not limited to, as a result of ongoing operating losses, projected decreases in earnings, increases in the weighted average cost of capital, or significant business disruptions. The significant assumptions used to estimate fair value include revenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment, then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we concluded the impairment is other than temporary. Redeemable Interest We have a 51 percent controlling interest in Yoplait SAS, a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 percent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. During the second quarter of fiscal 2018, we adjusted the redeemable interest’s redemption value based on a discounted cash flow model. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a discount rate. |
| Revenue Recognition | Revenue Recognition We recognize sales revenue when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of consumer coupon redemption, trade promotion and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not recognized in revenue. Coupons are recorded when distributed, based on estimated redemption rates. Trade promotions are recorded based on estimated participation and performance levels for offered programs at the time of sale. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Terms and collection patterns vary around the world and by channel. The allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem the amount is uncollectible. |
| Environmental | Environmental Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. |
| Advertising Production Costs | Advertising Production Costs We expense the production costs of advertising the first time that the advertising takes place. |
| Research and Development | Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process innovation, and the annual expenditures are comprised primarily of internal salaries, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. |
| Foreign Currency Translation | Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Income statement accounts are translated using the average exchange rates prevailing during the period. Translation adjustments are reflected within accumulated other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency transactions are included in net earnings for the period, except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investment hedges. These gains and losses are recorded in AOCI. |
| Derivative Instruments | Derivative Instruments All derivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either current or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts reported in AOCI are reclassified to earnings at that time. Any ineffectiveness is recognized in earnings in the current period. |
| Stock-based Compensation | Stock-based Compensation We generally measure compensation expense for grants of restricted stock units using the value of a share of our stock on the date of grant. We estimate the value of stock option grants using a Black-Scholes valuation model. Stock-based compensation is recognized straight line over the vesting period. Our stock-based compensation expense is recorded in selling, general and administrative (SG&A) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as an operating cash flow. |
| Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans | Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits, primarily severance, to former or inactive employees in the United States, Canada, and Mexico. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI. In fiscal 2018, we approved an amendment to reorganize the U.S. qualified defined benefit pension plans and the supplemental pension plans that resulted in the spinoff of a portion of the General Mills Pension Plan (the Plan) and the 2005 Supplemental Retirement Plan and the Supplemental Retirement Plan (Grandfathered) (together, the Supplemental Plans) into new plans effective May 31, 2018. The benefits offered to the plans’ participants were unchanged. The result of the reorganization was the creation of the General Mills Pension Plan I (Plan I) and the 2005 Supplemental Retirement Plan I and the Supplemental Retirement Plan I (Grandfathered) (together, the Supplemental Plans I). The reorganization was made to facilitate a targeted investment strategy over time and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. Actuarial gains and losses associated with the Plan and the Supplemental Plans are amortized over the average remaining service period of the active participants. Actuarial gains and losses associated with the Plan I and the Supplemental Plans I are amortized over the average remaining life of the participants. Please refer to Note 13 for a description of our defined benefit pension, other postretirement benefit, and postemployment benefit plans. |
| Use of Estimates | Use of Estimates Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. Actual results could differ from our estimates. |
| Other New Accounting Standards | Other New Accounting Standards In the third quarter of fiscal 2018, we adopted new accounting requirements that codify Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 118, as it relates to allowing for recognition of provisional amounts related to the U.S. Tax Cuts and Jobs Act (TCJA) in the event that the accounting is not complete and a reasonable estimate can be made. Where necessary information is not available, prepared, or analyzed to determine a reasonable estimate, no provisional amount should be recorded. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the TCJA. In the third quarter of fiscal 2018, we adopted new accounting requirements that provide the option to reclassify stranded income tax effects resulting from the TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $329.4 million from AOCI to retained earnings. This reclassification consists of deferred taxes originally recorded in AOCI that exceed the newly enacted federal corporate tax rate. The new accounting requirements allow for adjustments to reclassification amounts in subsequent periods as a result of changes to the provisional amounts recorded. In the first quarter of fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. The adoption of this guidance resulted in the prospective recognition of realized windfall and shortfall tax benefits related to the exercise or vesting of stock-based awards in our Consolidated Statements of Earnings instead of additional paid-in capital within our Consolidated Balance Sheets. We recognized a windfall tax benefit in income tax expense in our Consolidated Statements of Earnings of $25.2 million in fiscal 2018. We retrospectively adopted the guidance related to reclassification of realized windfall tax benefits in our Consolidated Statements of Cash Flows. This resulted in reclassifications of $25.2 million, $64.1 million, and $94.1 million of cash provided by financing activities to operating activities for fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Additionally, we retrospectively adopted the guidance related to reclassification of employee tax withholdings in our Consolidated Statements of Cash Flows. This resulted in reclassifications of $26.8 million, $37.8 million, and $40.3 million of cash used by operating activities to financing activities for fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Stock-based compensation expense continues to reflect estimated forfeitures. In the first quarter of fiscal 2018, we adopted new accounting requirements which permit reporting entities to measure a goodwill impairment loss by the amount by which a reporting unit’s carrying value exceeds the reporting unit’s fair value. Previously, goodwill impairment losses were required to be measured by determining the implied fair value of goodwill. Our annual goodwill impairment test was performed as of the first day of the second quarter of fiscal 2018, and the adoption of this guidance did not impact our results of operations or financial position. In the first quarter of fiscal 2017, we adopted new accounting requirements for the presentation of certain investments using the net asset value, providing a practical expedient to exclude such investments from categorization within the fair value hierarchy and separate disclosure. We adopted the guidance retrospectively and restated the fiscal 2016 fair value of plan asset tables in Note 13. The adoption of this guidance did not impact our results of operations or financial position. In the first quarter of fiscal 2017, we adopted new accounting requirements which permit reporting entities with a fiscal year-end that does not coincide with a month-end to apply a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply such practical expedient consistently to all plans. The adoption of this guidance did not have a material impact on our results of operations or financial position. In the fourth quarter of fiscal 2016, we adopted new accounting requirements for the presentation of deferred tax assets and liabilities, requiring noncurrent classification for all deferred tax assets and liabilities on the statement of financial position. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. In the first quarter of fiscal 2016, we adopted new accounting requirements for the classification of debt issuance costs presented in the balance sheet as a direct reduction from the carrying amount of the debt liability. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our financial position. |
Acquisition and Divestitures (Tables) |
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| ACQUISTION AND DIVESTITURES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of acquired assets and liabilities [Table Text Block] |
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| Schedule of fair value of identifiable intangible assets [Table Text Block] |
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| Schedule of unaudited pro forma summary information [Table Text Blcok] |
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Restructuring, Impairment, and Other Exit Costs (Tables) |
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| RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring Initiatives [Table Text Block] |
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| Schedule of Restructuring Charges and Project-Related Costs Classification [Table Text Block] |
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| Rollforward of Restructuring and Other Exit Cost Reserves [Table Text Block] |
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Investments in Unconsolidated Joint Ventures (Tables) |
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| INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Joint Venture Related Financial Statement Activity [Table Text Block] |
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| Summarized Joint Venture Financial Statement Activity on 100% Basis [Table Text Block] |
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Goodwill and Other Intangible Assets (Tables) |
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| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of goodwill and other intangible assets [Table Text Block] |
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| Changes in the carrying amount of goodwill [Table Text Block] |
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| Changes in the carrying amount of other intangible assets [Table Text Block] |
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| Schedule of at-risk brand intangibles [Table Text Block] | The excess fair value as of the fiscal 2018 test date of the Yoki and Progresso brand intangible assets and the Latin America reporting unit is as follows:
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| Schedule of Impaired Intangible Assets [Table Text Block] |
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Financial Instruments, Risk Management Activities, and Fair Values (Tables) |
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| FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Marketable Debt and Equity Securities and Maturities [Table Text Block] |
Scheduled maturities of our marketable securities are as follows:
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| Schedule of Unallocated Corporate items [Table Text Block] |
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| Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block] |
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| Schedule of Interest Rate Swaps [Table Text Block] |
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| Schedule of Fair Value Measurement Inputs [Table Text Block] |
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $9.0 million in non-cash impairment charges in fiscal 2018 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $19.0 million and were associated with the restructuring actions described in Note 4. (h) See Note 6.
(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. (c) These contracts are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. (d) Based on observable market transactions of spot currency rates and forward currency prices. (e) Based on prices of futures exchanges and recently reported transactions in the marketplace. (f) Based on prices of common stock and bond matrix pricing. (g) We recorded $47.4 million in non-cash impairment charges in fiscal 2017 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $91.1 million and were associated with the restructuring actions described in Note 4. |
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| Schedule of Gains and Losses on Hedges [Table Text Block] |
(a) Effective portion. (b) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Gain (loss) recognized in earnings is related to the ineffective portion of the hedging relationship, including SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. (d) Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. |
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| Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block] |
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
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| Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block] |
(a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
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| Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block] |
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| Customer Concentractions [Table Text Block] | During fiscal 2018, customer concentration was as follows:
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Debt (Tables) |
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| DEBT [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Notes Payable [Table Text Block] |
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| Schedule of Fee-Paid Committed and Uncommitted Credit Lines [Table Text Block] |
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| Schedule of Fixed Rate Note Issuance [Table Text Block] | In April 2018, we issued $4,800.0 million principal amount of fixed-rate notes. Interest on the notes is payable semi-annually in arrears. We may redeem the notes in whole, or in part, at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to finance a portion of the Blue Buffalo acquisition. The principal amounts of these fixed-rate notes were as follows:
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| Schedule of Floating Rate Note Issuance [Table Text Block] | In April 2018, we issued $1,250.0 million principal amount of floating-rate notes. Interest on the notes is payable quarterly in arrears. The notes are not generally redeemable prior to maturity. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to finance a portion of the Blue Buffalo acquisition. The principal amounts of these floating-rate notes were as follows:
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| Schedule of Long-term Debt Instruments [Table Text Block] |
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Stockholders' Equity (Tables) |
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| STOCKHOLDERS' EQUITY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Repurchases [Table Text Block] |
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| Schedule of Total Comprehensive Income (Loss) [Table Text Block] |
(a) Gain reclassified from AOCI into earnings is reported in interest, net for securities. (b) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in SG&A expenses.
(a) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses.
(a) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. |
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| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Stock Plans (Tables) |
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| STOCK PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] |
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| Information on stock option activity [Table Text Block] |
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| Net cash proceeds and intrinsic value of options exercised [Table Text Block] |
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| Information on restricted stock unit and performance share units activity [Table Text Block] |
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Earnings Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| EARNINGS PER SHARE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
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Retirement Benefits and Postemployment Benefits (Tables) |
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| RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Health Care Cost Trend Rates [Table Text Block] |
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| Effect of One Percentage Point Change in Health Care Cost Trend Rate [Table Text Block] |
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| Summarized Financial Information [Table Text Block] |
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| Amounts Recognized in AOCI [Table Text Block] |
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| Accumulated Benefit Obligations in Excess of Plan Assets [Table Text Block] |
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| Components of Net Periodic Benefit Expense [Table Text Block] |
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| Amounts Expected to be Recognized Over Next Fiscal Year [Table Text Block] |
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| Weighted-Average Assumptions [Table Text Block] | Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows:
Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows:
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| Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] | The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy at May 27, 2018, and May 28, 2017, by asset category were as follows:
(a) Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and managing duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common stock and limited partnerships in the energy and real estate sectors for purposes of total return. Investments include: energy and real estate securities generally valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (d) Global balanced fund of equity, fixed income, and real estate securities for purposes of meeting Canadian pension plan asset allocation policies, and insurance and annuity contracts to provide a stable stream of income for retirees and to fund postretirement medical benefits. Fair values are derived from unit values provided by the investment managers, which are generally based on the fair value of the underlying investments and contract fair values from the providers. (e) Primarily private investments and common collective trusts that are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Weighted-average asset allocations for the past two fiscal years for our defined benefit pension and other postretirement benefit plans are as follows:
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| Estimated Benefit Payments [Table Text Block] |
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Income Taxes (Tables) |
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| 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] |
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| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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| Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block] |
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| Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block] |
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Leases, Other Commitments, and Contingencies (Tables) |
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May 27, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncancelable Future Lease Commitments [Table Text Block] |
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Business Segment and Geographic Information (Tables) |
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May 27, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Segment Results [Table Text Block] |
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| Net sales by class of similar products [Table Text Block] |
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| Financial information by geographic area [Table Text Block] |
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Supplemental Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 27, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of receivables [Table Text Block] |
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| Components of inventories [Table Text Block] |
(a) Inventories of $832.2 million as of May 27, 2018, and $893.8 million as of May 28, 2017, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method. |
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| Components of prepaid expenses and other current assets [Table Text Block] |
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| Components of land, buildings and equipment [Table Text Block] |
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| Components of other assets [Table Text Block] |
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| Components of other current liabilities [Table Text Block] |
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| Components of other noncurrent liabilities [Table Text Block] |
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| Consolidated statements of earnings amounts [Table Text Block] |
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| Components of interest, net [Table Text Block] |
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| Consolidated statements of cash flows supplemental disclosures [Table Text Block] |
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Quarterly Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 27, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summarized quarterly data [Table Text Block] |
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Basis of Presentation and Reclassifications (Details) |
12 Months Ended | |
|---|---|---|
May 28, 2017 |
May 29, 2016 |
|
| General Mills Brasil Alimentos Ltda (Yoki) [Member] | Asia and Latin America [Member] | ||
| Annual Reporting Period | 13 months | |
| Yoplait SAS [Member] | Europe and Australia [Member] | ||
| Annual Reporting Period | 13 months | |
| Yoplait Marques SNC [Member] | Europe and Australia [Member] | ||
| Annual Reporting Period | 13 months | |
| Annie's, Inc [Member] | North America Retail [Member] | ||
| Annual Reporting Period | 13 months | |
Acquisition and Divestitures (Acquisition Purchase Accounting Table) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
May 31, 2015 |
|---|---|---|---|---|
| Acquired Assets and Assumed Liabilities [Abstract] | ||||
| Goodwill | $ 14,065.0 | $ 8,747.2 | $ 8,741.2 | $ 8,874.9 |
| Business Acquisition, Blue Buffalo [Member] | ||||
| Acquired Assets and Assumed Liabilities [Abstract] | ||||
| Receivables | 128.9 | |||
| Inventories | 176.5 | |||
| Prepaid expenses and other current assets | 4.8 | |||
| Land, buildings, and equipment | 359.2 | |||
| Goodwill | 5,294.9 | |||
| Other intangible assets | 3,015.0 | |||
| Other assets | 1.7 | |||
| Accounts payable | (55.1) | |||
| Other current liabilities | (62.2) | |||
| Deferred income taxes | (750.2) | |||
| Other liabilities | (77.7) | |||
| Total assets acquired and liabilities assumed | $ 8,035.8 |
Acquisition and Divestitures (Acquisition Fair Value Intangible Assets) (Details) - Business Acquisition, Blue Buffalo [Member] $ in Millions |
12 Months Ended |
|---|---|
|
May 27, 2018
USD ($)
| |
| Business Acquisition [Line Items] | |
| Total other intangible assets | $ 3,015.0 |
| Customer Relationships [Member] | |
| Business Acquisition [Line Items] | |
| Finite-lived identifiable intangible assets | $ 269.0 |
| Life in years, finite-lived intangible assets | 20 years |
| Brands [Member] | |
| Business Acquisition [Line Items] | |
| Indefinite-lived identifiable intangible assets | $ 2,746.0 |
Acquisition and Divestitures (Acquisition Pro forma Information) (Details) - Business Acquisition, Blue Buffalo [Member] - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 27, 2018 |
May 28, 2017 |
|
| Business Acquisition, Pro Forma Information [Abstract] | ||
| Net sales (pro forma) | $ 17,057.4 | $ 16,772.9 |
| Net earnings attributable to General Mills (pro forma) | $ 2,252.4 | $ 1,540.2 |
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges | $ 82.7 | $ 224.1 | $ 229.8 |
| Project-related costs classified in cost of sales | 11.3 | 43.9 | 57.5 |
| Cost of Sales [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges | 14.0 | 41.5 | 78.4 |
| Restructuring, Impairment, and Other Exit Costs [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges | $ 68.7 | $ 182.6 | $ 151.4 |
Investments in Unconsolidated Joint Ventures (Narrative) (Details) |
12 Months Ended |
|---|---|
|
May 27, 2018
country
| |
| 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% |
| Annual reporting period ended March 31 | 12 months |
Investments in Unconsolidated Joint Ventures (Schedule of joint venture related balance sheet activity) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Goodwill and other intangibles | $ 21,510.1 | $ 13,277.6 |
| Corporate Joint Venture [Member] | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Cumulative investments | 499.6 | 505.3 |
| Goodwill and other intangibles | 488.7 | 472.0 |
| Aggregate advances included in cumulative investments | $ 295.3 | $ 284.7 |
Investments in Unconsolidated Joint Ventures (Schedule of joint venture earnings and cash flow activity) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Net advances (repayments) | $ 17.3 | $ (3.3) | $ (63.9) |
| Dividends received | 113.2 | 75.6 | 75.1 |
| Corporate Joint Venture [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Sales to joint ventures | 7.4 | 7.0 | 10.5 |
| Net advances (repayments) | 17.3 | (3.3) | (63.9) |
| Dividends received | $ 113.2 | $ 75.6 | $ 75.1 |
Investments in Unconsolidated Joint Ventures (Schedule of combined financial information for the joint ventures on a 100% basis) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Net sales | $ 2,164.4 | $ 2,083.5 | $ 2,044.2 |
| Gross margin | 853.6 | 865.9 | 867.6 |
| Earnings before income taxes | 216.2 | 243.3 | 234.8 |
| Earnings after income taxes | 176.7 | 190.3 | 186.7 |
| Current assets | 938.5 | 849.7 | |
| Noncurrent assets | 902.5 | 858.9 | |
| Current liabilities | 1,579.3 | 1,469.6 | |
| Noncurrent liabilities | 72.6 | 55.2 | |
| Cereal Partners Worldwide [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net sales | 1,734.0 | 1,648.4 | 1,674.8 |
| Haagen Dazs Japan [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net sales | $ 430.4 | $ 435.1 | $ 369.4 |
Goodwill and Other Intangible Assets (Schedule of goodwill and other intangible assets) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
May 31, 2015 |
|---|---|---|---|---|
| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||
| Goodwill | $ 14,065.0 | $ 8,747.2 | $ 8,741.2 | $ 8,874.9 |
| Intangible assets not subject to amortization: | ||||
| Brands and other indefinite-lived intangibles | 6,818.7 | 4,161.1 | ||
| Intangible assets subject to amortization: | ||||
| Franchise agreements, customer relationships and other finite-lived intangibles | 811.7 | 524.8 | ||
| Less accumulated amortization | (185.3) | (155.5) | ||
| Intangible assets subject to amortization | 626.4 | 369.3 | ||
| Other intangible assets | 7,445.1 | 4,530.4 | $ 4,538.6 | $ 4,677.0 |
| Total goodwill and intangible assets | $ 21,510.1 | $ 13,277.6 |
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 27, 2018 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||
| Beginning balance - carrying value | $ 4,530.4 | $ 4,538.6 | $ 4,677.0 | |
| Acquisitions | 3,015.0 | 0.0 | 30.1 | |
| Divestiture | (119.6) | |||
| Impairment charge | $ (96.9) | (96.9) | 0.0 | |
| Other activity, primarily amortization and foreign currency translation | (3.4) | (8.2) | (48.9) | |
| Ending balance - carrying value | $ 7,445.1 | $ 7,445.1 | $ 4,530.4 | $ 4,538.6 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of available for sale securities) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | $ 25.7 | $ 267.2 |
| Fair Value | 28.9 | 275.4 |
| Gross Gains | 3.2 | 8.2 |
| Gross Losses | 0.0 | 0.0 |
| Debt Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 25.4 | 265.4 |
| Fair Value | 25.4 | 265.5 |
| Gross Gains | 0.0 | 0.1 |
| Gross Losses | 0.0 | 0.0 |
| Equity Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 0.3 | 1.8 |
| Fair Value | 3.5 | 9.9 |
| Gross Gains | 3.2 | 8.1 |
| Gross Losses | $ 0.0 | $ 0.0 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of maturities of available for sale securities) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | $ 25.7 | $ 267.2 |
| Fair Value | 28.9 | 275.4 |
| Debt Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 25.4 | 265.4 |
| Fair Value | 25.4 | 265.5 |
| Debt Securities [Member] | Available-for-Sale Securities Debt Maturities Within One Year [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 25.4 | |
| Fair Value | 25.4 | |
| Equity Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Cost | 0.3 | 1.8 |
| Fair Value | $ 3.5 | $ 9.9 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Commodity Price Risk [Abstract] | |||
| Net gain (loss) on mark-to-market valuation of commodity positions | $ 14.3 | $ (22.0) | $ (69.1) |
| Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | 11.3 | 32.0 | 127.9 |
| Net mark-to-market revaluation of certain grain inventories | 6.5 | 3.9 | 4.0 |
| Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 32.1 | $ 13.9 | $ 62.8 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate derivatives) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Derivative [Line Items] | ||
| Derivative, Notional Amount | $ 500.0 | $ 1,000.0 |
| Average Receive Rate | 2.20% | 1.80% |
| Average Pay Rate | 2.90% | 1.60% |
| Swap Contract Maturities, Year Two | $ 500.0 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of gains and losses on hedges) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
||||||||||
| Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | $ (65.1) | $ 70.3 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 15.1 | 28.8 | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | (2.9) | 0.7 | ||||||||
| Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | (3.4) | 4.3 | ||||||||
| Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 38.4 | 9.2 | ||||||||
| Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (50.5) | 24.0 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 19.3 | (5.0) | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | (2.6) | 0.1 | ||||||||
| Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | (3.4) | 4.3 | ||||||||
| Interest Rate Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | (14.6) | 46.3 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | (4.2) | 33.8 | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | (0.3) | 0.6 | ||||||||
| Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | (2.8) | 7.6 | ||||||||
| Equity Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | 0.0 | 0.0 | ||||||||
| Equity Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Equity Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 14.3 | 17.8 | ||||||||
| Commodity Contracts [Member] | Cash Flow Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of gain (loss) recognized in other comprehensive income (OCI) | [1] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) reclassified from AOCI into earnings | [1],[2] | 0.0 | 0.0 | ||||||||
| Amount of net gain (loss) recognized in earnings | [3] | 0.0 | 0.0 | ||||||||
| Commodity Contracts [Member] | Fair Value Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | 0.0 | 0.0 | ||||||||
| Commodity Contracts [Member] | Not Designated as Hedging [Member] | |||||||||||
| Derivative Instruments Gain (Loss) [Line Items] | |||||||||||
| Amount of net gain (loss) recognized in earnings | [4] | $ 26.9 | $ (16.2) | ||||||||
| |||||||||||
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of offsetting assets and liabilities) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | $ 43.4 | $ 30.8 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 43.4 | 30.8 | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | (7.2) | (14.9) | ||||||||||
| Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 36.2 | 15.9 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (15.6) | (18.9) | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (15.6) | (18.9) | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | 7.2 | 14.9 | ||||||||||
| Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [5] | (8.4) | (4.0) | ||||||||||
| Commodity Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 27.7 | 11.5 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 27.7 | 11.5 | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | (1.1) | (7.2) | ||||||||||
| Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 26.6 | 4.3 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (1.1) | (8.2) | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (1.1) | (8.2) | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | 1.1 | 7.2 | ||||||||||
| Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [5] | 0.0 | (1.0) | ||||||||||
| Interest Rate Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 0.0 | 0.9 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 0.0 | 0.9 | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | (0.5) | ||||||||||
| Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 0.0 | 0.4 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (6.9) | (0.5) | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (6.9) | (0.5) | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.5 | ||||||||||
| Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [5] | (6.9) | 0.0 | ||||||||||
| Foreign Exchange Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 11.8 | 16.5 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 11.8 | 16.5 | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | (5.7) | (7.2) | ||||||||||
| Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 6.1 | 9.3 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (7.2) | (10.2) | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (7.2) | (10.2) | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | 5.7 | 7.2 | ||||||||||
| Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [5] | (1.5) | (3.0) | ||||||||||
| Equity Contracts [Member] | |||||||||||||
| Offsetting Assets [Line Items] | |||||||||||||
| Gross Amounts of Recognized Assets | 3.9 | 1.9 | |||||||||||
| Gross Liabilities Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Assets | [2] | 3.9 | 1.9 | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | (0.4) | 0.0 | ||||||||||
| Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [4] | 3.5 | 1.9 | ||||||||||
| Offsetting Liabilities [Line Items] | |||||||||||||
| Gross Amounts of Recognized Liabilities | (0.4) | 0.0 | |||||||||||
| Gross Assets Offset in the Balance Sheet | [1] | 0.0 | 0.0 | ||||||||||
| Net Amounts of Liabilities | [2] | (0.4) | 0.0 | ||||||||||
| Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.4 | 0.0 | ||||||||||
| Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | [3] | 0.0 | 0.0 | ||||||||||
| Net Amount | [5] | $ 0.0 | $ 0.0 | ||||||||||
| |||||||||||||
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of cashflow hedge in AOCI) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ (32.1) | $ 1.5 |
| Interest Rate Contracts [Member] | ||
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | (39.6) | |
| Foreign Exchange Contracts [Member] | ||
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ 7.5 |
Financial Instruments, Risk Management Activities, and Fair Values (Concentrations table) (Details) |
12 Months Ended | |||
|---|---|---|---|---|
May 27, 2018 | ||||
| Net Sales [Member] | Walmart [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 21.00% | [1] | ||
| Net Sales [Member] | Walmart [Member] | North America Retail [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 30.00% | [1] | ||
| Net Sales [Member] | Walmart [Member] | Convenience Stores and Foodservice Segment [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 7.00% | [1] | ||
| Net Sales [Member] | Walmart [Member] | Europe and Australia [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 1.00% | [1] | ||
| Net Sales [Member] | Walmart [Member] | Asia and Latin America [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 4.00% | [1] | ||
| Net Sales [Member] | Five Largest Customers [Member] | North America Retail [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 54.00% | |||
| Net Sales [Member] | Five Largest Customers [Member] | Convenience Stores and Foodservice Segment [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 44.00% | |||
| Net Sales [Member] | Five Largest Customers [Member] | Europe and Australia [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 27.00% | |||
| Net Sales [Member] | Five Largest Customers [Member] | Asia and Latin America [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 12.00% | |||
| Accounts Receivable [Member] | Walmart [Member] | North America Retail [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 23.00% | [1] | ||
| Accounts Receivable [Member] | Walmart [Member] | Convenience Stores and Foodservice Segment [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 7.00% | [1] | ||
| Accounts Receivable [Member] | Walmart [Member] | Europe and Australia [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 1.00% | [1] | ||
| Accounts Receivable [Member] | Walmart [Member] | Asia and Latin America [Member] | ||||
| Product Information [Line Items] | ||||
| Concentration Risk Percentage | 5.00% | [1] | ||
| ||||
Debt (Narrative) (Details) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Apr. 30, 2018
USD ($)
|
Feb. 28, 2018
USD ($)
|
Oct. 31, 2017
USD ($)
|
Mar. 31, 2017
EUR (€)
|
Feb. 28, 2017
USD ($)
|
Jan. 31, 2017
USD ($)
|
May 27, 2018
USD ($)
|
Nov. 26, 2017
USD ($)
|
Feb. 26, 2017
USD ($)
|
May 27, 2018
USD ($)
|
May 28, 2017
USD ($)
|
May 29, 2016
USD ($)
|
|
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | $ 6,550.0 | $ 1,072.1 | $ 542.5 | |||||||||
| Repayment of long-term debt | 600.1 | $ 1,000.0 | $ 1,000.4 | |||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (54.2) | (54.2) | ||||||||||
| Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (9.1) | (9.1) | ||||||||||
| Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | 1,600.1 | 1,600.1 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 1,082.9 | 1,082.9 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 2,039.9 | 2,039.9 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 1,232.9 | 1,232.9 | ||||||||||
| Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 1,082.6 | $ 1,082.6 | ||||||||||
| Total fixed-rate notes issued April 2018 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | $ 4,800.0 | |||||||||||
| 4.2% notes due April 17, 2028 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 1,400.0 | $ 1,400.0 | ||||||||||
| Fixed interest rate percentage | 4.20% | 4.20% | ||||||||||
| Maturity date | Apr. 17, 2028 | |||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (10.1) | $ (10.1) | ||||||||||
| 3.7% notes due October 17, 2023 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 850.0 | $ 850.0 | ||||||||||
| Fixed interest rate percentage | 3.70% | 3.70% | ||||||||||
| Maturity date | Oct. 17, 2023 | |||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (1.8) | $ (1.8) | ||||||||||
| 4.0% notes due April 17, 2025 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 800.0 | $ 800.0 | ||||||||||
| Fixed interest rate percentage | 4.00% | 4.00% | ||||||||||
| Maturity date | Apr. 17, 2025 | |||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (4.0) | $ (4.0) | ||||||||||
| 4.7% notes due April 17, 2048 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 650.0 | $ 650.0 | ||||||||||
| Fixed interest rate percentage | 4.70% | 4.70% | ||||||||||
| Maturity date | Apr. 17, 2048 | |||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (14.2) | $ (14.2) | ||||||||||
| 3.2% notes due April 2021 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 600.0 | |||||||||||
| Fixed interest rate percentage | 3.20% | 3.20% | ||||||||||
| Maturity date | Apr. 16, 2021 | |||||||||||
| 4.55% notes due April 17, 2038 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 500.0 | $ 500.0 | ||||||||||
| Fixed interest rate percentage | 4.55% | 4.55% | ||||||||||
| Maturity date | Apr. 17, 2038 | |||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ (10.9) | $ (10.9) | ||||||||||
| Total floating-rate notes issued April 2018 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 1,250.0 | |||||||||||
| Floating-rate notes due April 16, 2021 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | 850.0 | |||||||||||
| Maturity date | Apr. 16, 2021 | |||||||||||
| Floating-rate notes due October 17, 2023 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | $ 400.0 | |||||||||||
| Maturity date | Oct. 17, 2023 | |||||||||||
| Medium-term Notes [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Repayment of long-term debt | $ 113.8 | |||||||||||
| Fixed interest rate percentage | 6.39% | |||||||||||
| Maturity date | May 28, 2023 | |||||||||||
| Face amount of debt repurchased | $ 100.0 | |||||||||||
| Premium payment recorded as interest expense | $ 13.8 | |||||||||||
| 2.6% notes due October 12, 2022 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | $ 500.0 | $ 500.0 | ||||||||||
| Fixed interest rate percentage | 2.60% | 2.60% | ||||||||||
| Maturity date | Oct. 12, 2022 | |||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ 3.2 | $ 3.2 | ||||||||||
| 1.4% notes due October 20, 2017 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Repayment of long-term debt | $ 500.0 | |||||||||||
| Fixed interest rate percentage | 1.40% | 1.40% | ||||||||||
| Maturity date | Oct. 20, 2017 | |||||||||||
| Floating-Rate Notes Due March 2019 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | € | € 300.0 | |||||||||||
| Maturity date | Mar. 20, 2019 | |||||||||||
| 5.7% notes due February 15, 2017 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Repayment of long-term debt | $ 1,000.0 | |||||||||||
| Fixed interest rate percentage | 5.70% | |||||||||||
| 3.2% notes due February 10, 2027 [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Issuance of long-term debt | $ 750.0 | $ 750.0 | ||||||||||
| Fixed interest rate percentage | 3.20% | 3.20% | ||||||||||
| Maturity date | Feb. 10, 2027 | |||||||||||
| Pre-tax hedge gain (loss) in AOCI | $ 14.9 | $ 14.9 | ||||||||||
| Long-term Debt Agreements Containing Restrictive Covenants [Member] | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Covenant compliance | As of fiscal year end, we were in compliance with all of these covenants. | |||||||||||
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Notes payable | $ 1,549.8 | $ 1,234.1 |
| Weighted Average Interest Rate | 3.10% | 2.40% |
| Commercial Paper [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 1,213.5 | $ 954.7 |
| Weighted Average Interest Rate | 2.20% | 1.10% |
| Financial Institutions [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 336.3 | $ 279.4 |
| Weighted Average Interest Rate | 6.20% | 7.00% |
Debt (Schedule of credit facilities) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
May 27, 2018
USD ($)
| |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 3,500.0 |
| Borrowed Amount | 300.0 |
| Committed Credit Facilities [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | 3,000.0 |
| Borrowed Amount | $ 100.0 |
| Minimum fixed charge coverage ratio | 2.5 |
| Compliance with credit facility covenants | As of fiscal year end, we were in compliance with all credit facility covenants. |
| Line of Credit Expiring May 2022 [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 2,700.0 |
| Borrowed Amount | $ 0.0 |
| Expiration date of credit facility | May 31, 2022 |
| Line of Credit Expiring June 2019 [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 200.0 |
| Borrowed Amount | $ 100.0 |
| Expiration date of credit facility | Jun. 30, 2019 |
| Line of Credit Expiring September 2018 [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 100.0 |
| Borrowed Amount | $ 0.0 |
| Expiration date of credit facility | Sep. 12, 2018 |
| Line of Credit Expiring Fourth Quarter 2018 [Member] | Bridge Loan [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 8,500.0 |
| Debt Instrument Term | 364 days |
| Uncommitted Credit Facility [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 500.0 |
| Borrowed Amount | $ 200.0 |
Debt (Schedule of long-term debt) (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2018 |
May 27, 2018 |
May 28, 2017 |
Oct. 31, 2017 |
|
| Debt Instrument [Line Items] | ||||
| Long-term debt, including current portion | $ 14,268.8 | $ 8,247.6 | ||
| Other, including debt issuance costs and capital leases | (81.7) | (39.8) | ||
| Current portion of long-term debt | (1,600.1) | (604.7) | ||
| Total long-term debt | $ 12,668.7 | 7,642.9 | ||
| 4.2% notes due April 17, 2028 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||
| Maturity date | Apr. 17, 2028 | |||
| Long-term debt, including current portion | $ 1,400.0 | |||
| 5.65% notes due February 15, 2019 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 5.65% | |||
| Maturity date | Feb. 15, 2019 | |||
| Long-term debt, including current portion | $ 1,150.0 | 1,150.0 | ||
| 3.15% notes due December 15, 2021 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |||
| Maturity date | Dec. 15, 2021 | |||
| Long-term debt, including current portion | $ 1,000.0 | 1,000.0 | ||
| 3.7% notes due October 17, 2023 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||
| Maturity date | Oct. 17, 2023 | |||
| Long-term debt, including current portion | $ 850.0 | |||
| Floating-rate notes due April 16, 2021 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Apr. 16, 2021 | |||
| Long-term debt, including current portion | $ 850.0 | |||
| 4.0% notes due April 17, 2025 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
| Maturity date | Apr. 17, 2025 | |||
| Long-term debt, including current portion | $ 800.0 | |||
| 3.2% notes due February 10, 2027 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||
| Maturity date | Feb. 10, 2027 | |||
| Long-term debt, including current portion | $ 750.0 | 750.0 | ||
| 4.7% notes due April 17, 2048 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||
| Maturity date | Apr. 17, 2048 | |||
| Long-term debt, including current portion | $ 650.0 | |||
| 3.2% notes due April 2021 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||
| Maturity date | Apr. 16, 2021 | |||
| Long-term debt, including current portion | $ 600.0 | |||
| Euro-denominated 2.1% notes due November 16, 2020 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.10% | |||
| Maturity date | Nov. 16, 2020 | |||
| Long-term debt, including current portion | $ 582.6 | 559.2 | ||
| Euro-denominated 1.0% notes due April 27, 2023 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||
| Maturity date | Apr. 27, 2023 | |||
| Long-term debt, including current portion | $ 582.6 | 559.2 | ||
| Euro-denominated floating-rate notes due January 15, 2020 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Jan. 15, 2020 | |||
| Long-term debt, including current portion | $ 582.6 | $ 559.2 | ||
| 1.4% notes due October 20, 2017 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.40% | 1.40% | ||
| Maturity date | Oct. 20, 2017 | |||
| Long-term debt, including current portion | $ 0.0 | $ 500.0 | ||
| 4.55% notes due April 17, 2038 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |||
| Maturity date | Apr. 17, 2038 | |||
| Long-term debt, including current portion | $ 500.0 | |||
| 2.6% notes due October 12, 2022 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.60% | |||
| Maturity date | Oct. 12, 2022 | |||
| Long-term debt, including current portion | $ 500.0 | |||
| 5.4% notes due June 15, 2040 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |||
| Maturity date | Jun. 15, 2040 | |||
| Long-term debt, including current portion | $ 500.0 | 500.0 | ||
| 4.15% notes due February 15, 2043 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |||
| Maturity date | Feb. 15, 2043 | |||
| Long-term debt, including current portion | $ 500.0 | 500.0 | ||
| 3.65% notes due February 15, 2024 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |||
| Maturity date | Feb. 15, 2024 | |||
| Long-term debt, including current portion | $ 500.0 | 500.0 | ||
| 2.2% notes due October 21, 2019 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||
| Maturity date | Oct. 21, 2019 | |||
| Long-term debt, including current portion | $ 500.0 | 500.0 | ||
| Euro-denominated 1.5% notes due April 27, 2027 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||
| Maturity date | Apr. 27, 2027 | |||
| Long-term debt, including current portion | $ 466.1 | 447.3 | ||
| Floating-rate notes due October 17, 2023 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Oct. 17, 2023 | |||
| Long-term debt, including current portion | $ 400.0 | |||
| Euro-denominated 2.2% notes due June 24, 2021 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||
| Maturity date | Jun. 24, 2021 | |||
| Long-term debt, including current portion | $ 232.8 | 222.8 | ||
| Euro-denominated floating-rate notes due March 20, 2019 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Mar. 20, 2019 | |||
| Long-term debt, including current portion | $ 349.6 | 335.5 | ||
| Medium-term Notes [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 6.39% | |||
| Maturity date | May 28, 2023 | |||
| Long-term debt, including current portion | $ 104.2 | $ 204.2 | ||
| Medium-term Notes [Member] | Minimum [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 2.36% | |||
| Medium-term Notes [Member] | Maximum [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 6.59% | |||
Redeemable and Noncontrolling Interests (Details) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
May 26, 2019 |
May 27, 2018
USD ($)
subsidiaries
|
May 28, 2017
USD ($)
|
May 29, 2016
USD ($)
|
May 31, 2015
USD ($)
|
Jul. 01, 2011
USD ($)
|
|
| REDEEMABLE AND NONCONTROLLING INTERESTS [Abstract] | ||||||
| Number of other noncontrolling interests | subsidiaries | 4 | |||||
| Other noncontrolling interests | $ 12.6 | |||||
| Noncontrolling Interest [Line Items] | ||||||
| Redeemable interest value | 776.2 | $ 910.9 | ||||
| Noncontrolling interests | 351.3 | 357.6 | ||||
| Dividends paid under the terms of shareholder agreements | $ 51.8 | 61.0 | $ 84.3 | |||
| Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of fiscal year end, we were in compliance with all of these covenants. | |||||
| Yoplait SAS Subsidiary [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Net purchases from related party | $ 230.8 | 186.4 | ||||
| Yoplait SAS, Yoplait Marques SNC, and Liberte Marques Sarl [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Dividends paid under the terms of shareholder agreements | 37.7 | 48.6 | ||||
| General Mills Cereals LLC [Member] | Preferred Class A [Member] | Third Party Interest Holder [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Noncontrolling interest holders capital account, General Mills Cereals, LLC | $ 251.5 | |||||
| Preferred distributions, variable rate | three-month LIBOR | |||||
| Preferred distributions, basis spread on variable rate | 1.25% | |||||
| Preferred return rate adjustment period | 3 years | |||||
| General Mills Cereals LLC [Member] | Preferred Class A [Member] | Third Party Interest Holder [Member] | Subsequent Event [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Preferred distributions, variable rate | three-month LIBOR | |||||
| Preferred distributions, basis spread on variable rate | 1.425% | |||||
| General Mills [Member] | Yoplait SAS [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Ownership interest percentage in consolidated subsidiary | 51.00% | |||||
| General Mills [Member] | Yoplait Marques SNC [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Ownership interest percentage in consolidated subsidiary | 50.00% | |||||
| General Mills [Member] | Liberte Marques Sarl [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Ownership interest percentage in consolidated subsidiary | 50.00% | |||||
| Sodiaal International Redeemable Interest [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Redeemable interest value | $ 776.2 | $ 910.9 | $ 845.6 | $ 778.9 | ||
| Sodiaal International Redeemable Interest [Member] | Yoplait SAS [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Redeemable interest value | $ 776.2 | $ 904.4 | ||||
| Redeemable interest percentage | 49.00% | |||||
| Redeemable interest terms | Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. | |||||
| Sodiaal International Noncontrolling Interest [Member] | Yoplait Marques SNC and Liberte Marques Sarl [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Noncontrolling interests | $ 281.4 | |||||
| Sodiaal International Noncontrolling Interest [Member] | Yoplait Marques SNC [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Ownership interest percentage held by noncontrolling owners | 50.00% | |||||
| Sodiaal International Noncontrolling Interest [Member] | Liberte Marques Sarl [Member] | ||||||
| Noncontrolling Interest [Line Items] | ||||||
| Ownership interest percentage held by noncontrolling owners | 50.00% | |||||
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Cummulative preference stock, shared authorized | 5.0 | ||
| Number of shares of common stock authorized for repurchase | 100.0 | ||
| Shares issued, shares | 22.7 | ||
| Common stock, par value | $ 0.1 | $ 0.1 | $ 0.1 |
| Shares issued, price per share | $ 44 | ||
| Total proceeds from issuance of stock | $ 1,000.0 | ||
| Proceeds from common stock issued | 969.9 | $ 0.0 | $ 0.0 |
| Payment of stock issuance costs | $ 30.1 | ||
| Shares purchased | 10.9 | 25.4 | 10.7 |
| Aggregate purchase price | $ 601.6 | $ 1,651.5 | $ 606.7 |
| Reclassification from AOCI to retained earnings, stranded income tax effects resulting from the Tax Cuts and Jobs Act of 2017 | 329.4 | ||
| Retained Earnings [Member] | |||
| Reclassification from AOCI to retained earnings, stranded income tax effects resulting from the Tax Cuts and Jobs Act of 2017 | 329.4 | ||
| AOCI [Member] | |||
| Reclassification from AOCI to retained earnings, stranded income tax effects resulting from the Tax Cuts and Jobs Act of 2017 | $ (329.4) | ||
Stockholders' Equity (Schedule of total comprehensive income) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 27, 2018 |
Feb. 25, 2018 |
Nov. 26, 2017 |
Aug. 27, 2017 |
May 28, 2017 |
Feb. 26, 2017 |
Nov. 27, 2016 |
Aug. 28, 2016 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|||||||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||
| Foreign currency translation | $ (37.0) | $ 6.3 | $ (108.7) | ||||||||||||||||||||||||||
| Net actuarial income (loss) | 140.1 | 197.9 | (325.9) | ||||||||||||||||||||||||||
| Other fair value changes: | |||||||||||||||||||||||||||||
| Securities | 1.2 | 0.8 | 0.1 | ||||||||||||||||||||||||||
| Hedge derivatives | (50.8) | 53.3 | 16.0 | ||||||||||||||||||||||||||
| Reclassification to earnings: | |||||||||||||||||||||||||||||
| Securities | (5.1) | 0.0 | 0.0 | ||||||||||||||||||||||||||
| Hedge derivatives | 17.4 | (25.7) | (9.5) | ||||||||||||||||||||||||||
| Amortization of losses and prior service costs | 117.6 | 122.5 | 128.6 | ||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 183.4 | 355.1 | (299.4) | ||||||||||||||||||||||||||
| Comprehensive Income: | |||||||||||||||||||||||||||||
| Net earnings attributable to General Mills | $ 354.4 | $ 941.4 | $ 430.5 | $ 404.7 | $ 408.9 | $ 357.8 | $ 481.8 | $ 409.0 | 2,131.0 | 1,657.5 | 1,697.4 | ||||||||||||||||||
| Net earnings attributable to redeemable and noncontrolling interests | 32.0 | 43.6 | 39.4 | ||||||||||||||||||||||||||
| Total comprehensive income (loss) attributable to General Mills | 2,275.9 | 2,025.2 | 1,395.9 | ||||||||||||||||||||||||||
| General Mills [Member] | |||||||||||||||||||||||||||||
| Other comprehensive income (loss), before tax: | |||||||||||||||||||||||||||||
| Foreign currency translation | (76.9) | 19.5 | (107.6) | ||||||||||||||||||||||||||
| Net actuarial income (loss) | 185.5 | 307.3 | (514.2) | ||||||||||||||||||||||||||
| Other fair value chages: | |||||||||||||||||||||||||||||
| Securities | 1.8 | 1.3 | 0.2 | ||||||||||||||||||||||||||
| Hedge derivaties | (64.7) | 65.9 | 16.5 | ||||||||||||||||||||||||||
| Reclassification to earnings: | |||||||||||||||||||||||||||||
| Securities | [1] | (6.6) | |||||||||||||||||||||||||||
| Hedge derivatives | 24.9 | [2] | (25.2) | [3] | (13.5) | [4] | |||||||||||||||||||||||
| Amortization of losses and prior service costs | 176.8 | [5] | 197.2 | [6] | 206.8 | [7] | |||||||||||||||||||||||
| Other comprehensive income (loss), before tax | 240.8 | 566.0 | (411.8) | ||||||||||||||||||||||||||
| Other comprehensive income (loss), tax: | |||||||||||||||||||||||||||||
| Foreign currency translation | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
| Net actuarial income (loss) | (45.4) | (109.4) | 188.3 | ||||||||||||||||||||||||||
| Other fair value changes: | |||||||||||||||||||||||||||||
| Securities | (0.6) | (0.5) | (0.1) | ||||||||||||||||||||||||||
| Hedge derivatives | 14.2 | (16.1) | (2.2) | ||||||||||||||||||||||||||
| Reclassification to earnings: | |||||||||||||||||||||||||||||
| Securities | [1] | 1.5 | |||||||||||||||||||||||||||
| Hedge derivatives | (6.4) | [2] | 2.4 | [3] | 2.5 | [4] | |||||||||||||||||||||||
| Amortization of losses and prior service costs | (59.2) | [5] | (74.7) | [6] | (78.2) | [7] | |||||||||||||||||||||||
| Other comprehensive income (loss), tax | (95.9) | (198.3) | 110.3 | ||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||
| Foreign currency translation | (76.9) | 19.5 | (107.6) | ||||||||||||||||||||||||||
| Net actuarial income (loss) | 140.1 | 197.9 | (325.9) | ||||||||||||||||||||||||||
| Other fair value changes: | |||||||||||||||||||||||||||||
| Securities | 1.2 | 0.8 | 0.1 | ||||||||||||||||||||||||||
| Hedge derivatives | (50.5) | 49.8 | 14.3 | ||||||||||||||||||||||||||
| Reclassification to earnings: | |||||||||||||||||||||||||||||
| Securities | [1] | (5.1) | |||||||||||||||||||||||||||
| Hedge derivatives | 18.5 | [2] | (22.8) | [3] | (11.0) | [4] | |||||||||||||||||||||||
| Amortization of losses and prior service costs | 117.6 | [5] | 122.5 | [6] | 128.6 | [7] | |||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 144.9 | 367.7 | (301.5) | ||||||||||||||||||||||||||
| Comprehensive Income: | |||||||||||||||||||||||||||||
| Net earnings attributable to General Mills | 2,131.0 | 1,657.5 | 1,697.4 | ||||||||||||||||||||||||||
| Total comprehensive income (loss) attributable to General Mills | 2,275.9 | 2,025.2 | 1,395.9 | ||||||||||||||||||||||||||
| Noncontrolling Interests [Member] | |||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||
| Foreign currency translation | 13.5 | 2.5 | 2.8 | ||||||||||||||||||||||||||
| Net actuarial income (loss) | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
| Other fair value changes: | |||||||||||||||||||||||||||||
| Securities | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
| Hedge derivatives | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
| Reclassification to earnings: | |||||||||||||||||||||||||||||
| Securities | [1] | 0.0 | |||||||||||||||||||||||||||
| Hedge derivatives | 0.0 | [2] | 0.0 | [3] | 0.0 | [4] | |||||||||||||||||||||||
| Amortization of losses and prior service costs | 0.0 | [5] | 0.0 | [6] | 0.0 | [7] | |||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 13.5 | 2.5 | 2.8 | ||||||||||||||||||||||||||
| Comprehensive Income: | |||||||||||||||||||||||||||||
| Net earnings attributable to redeemable and noncontrolling interests | 13.4 | 11.3 | 8.4 | ||||||||||||||||||||||||||
| Total comprehensive income (loss) attributable to noncontrolling interests | 26.9 | 13.8 | 11.2 | ||||||||||||||||||||||||||
| Redeemable Interest [Member] | |||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||
| Foreign currency translation | 26.4 | (15.7) | (3.9) | ||||||||||||||||||||||||||
| Net actuarial income (loss) | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
| Other fair value changes: | |||||||||||||||||||||||||||||
| Securities | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
| Hedge derivatives | (0.3) | 3.5 | 1.7 | ||||||||||||||||||||||||||
| Reclassification to earnings: | |||||||||||||||||||||||||||||
| Securities | [1] | 0.0 | |||||||||||||||||||||||||||
| Hedge derivatives | (1.1) | [2] | (2.9) | [3] | 1.5 | [4] | |||||||||||||||||||||||
| Amortization of losses and prior service costs | 0.0 | [5] | 0.0 | [6] | 0.0 | [7] | |||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 25.0 | (15.1) | (0.7) | ||||||||||||||||||||||||||
| Comprehensive Income: | |||||||||||||||||||||||||||||
| Net earnings attributable to redeemable and noncontrolling interests | 18.6 | 32.3 | 31.0 | ||||||||||||||||||||||||||
| Total comprehensive income (loss) attributable to redeemable interests | $ 43.6 | $ 17.2 | $ 30.3 | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of taxes) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
| Foreign currency translation adjustments | $ (701.6) | $ (624.7) |
| Unrealized gain (loss) from: | ||
| Securities | 2.0 | 4.6 |
| Hedge derivatives | (32.1) | 1.5 |
| Pension, other postretirement, and postemployment benefits: | ||
| Net actuarial gain (loss) | (1,723.6) | (1,645.4) |
| Prior service (costs) credits | 26.3 | 19.5 |
| Accumulated other comprehensive loss | $ (2,429.0) | $ (2,244.5) |
Stock Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of shares available for grant under stock compensation plan | 34.9 | ||
| Fair Value Assumptions Method Used | 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. | ||
| Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
| Unrecognized compensation expense related to non-vested stock options and restricted stock units | $ 95.7 | ||
| Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 1 year 8 months | ||
| Stock Options [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Minimum option pricing percentage of market price | 100.00% | ||
| Award vesting period | 4 years | ||
| Expiration period | 10 years 1 month | ||
| Compensation expense related to stock-based payments | $ 15.5 | $ 18.0 | $ 14.8 |
| 2017 Stock Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 4 years | ||
| Compensation expense related to stock-based payments | $ 62.4 | 77.9 | $ 76.8 |
| Total grant-date fair value of restricted stock units that vested in period | $ 93.0 | $ 78.1 | |
| 2017 Stock Compensation Plan [Member] | Performance Share Units [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Performance period | 3 years | ||
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 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| STOCK PLANS [Abstract] | |||
| Estimated fair values of stock options granted | $ 6.18 | $ 8.8 | $ 7.24 |
| Assumptions: | |||
| Risk-free interest rate | 2.20% | 1.70% | 2.40% |
| Expected term | 8 years 2 months 12 days | 8 years 6 months | 8 years 6 months |
| Expected volatility | 15.80% | 17.80% | 17.60% |
| Dividend yield | 3.60% | 2.90% | 3.20% |
Stock Plans (Schedule of information on stock option activity) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Options (Thousands) [Abstract] | |||
| Balance Outstanding Beginning Balance | 29,834,400 | 32,401,600 | 39,077,200 |
| Granted | 2,816,700 | 2,446,000 | 1,930,200 |
| Exercised | (3,489,600) | (4,904,900) | (8,471,000) |
| Forfeited or expired | (197,700) | (108,300) | (134,800) |
| Balance Outstanding Ending Balance | 28,963,800 | 29,834,400 | 32,401,600 |
| Balance Exercisable Beginning Balance | 20,899,200 | 22,385,100 | 26,991,500 |
| Balance Exercisable Ending Balance | 20,021,100 | 20,899,200 | 22,385,100 |
| Weighted Average Exercise Price [Abstract] | |||
| Balance Outstanding Beginning Balance | $ 40.47 | $ 37.09 | $ 34.35 |
| Granted | 55.52 | 66.52 | 55.72 |
| Exercised | 31.46 | 30.76 | 28.49 |
| Forfeited or expired | 58.67 | 57.52 | 48.16 |
| Balance Outstanding Ending Balance | 42.9 | 40.47 | 37.09 |
| Balance Exercisable Beginning Balance | 33.83 | 32.38 | 30.44 |
| Balance Exercisable Ending Balance | $ 36.15 | $ 33.83 | $ 32.38 |
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 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| STOCK PLANS [Abstract] | |||
| Net cash proceeds | $ 99.3 | $ 112.6 | $ 171.9 |
| Intrinsic value of options exercised | $ 83.6 | $ 176.5 | $ 268.4 |
Stock Plans (Schedule of information on restricted stock unit and cash-settled share-based units activity) (Details) - 2017 Stock Compensation Plan [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Share Settled Units (Thousands) [Abstract] | |||
| Granted | 1,551,300 | 1,462,300 | 1,351,500 |
| Weighted Average Grant-Date Fair Value [Abstract] | |||
| Granted | $ 55.12 | $ 67.01 | $ 56 |
| Equity Classified [Member] | |||
| Share Settled Units (Thousands) [Abstract] | |||
| Non-vested Beginning Balance | 4,491,200 | ||
| Granted | 1,505,700 | ||
| Vested | (1,798,800) | ||
| Forfeited, expired, or reclassified | (466,300) | ||
| Non-vested Ending Balance | 3,731,800 | 4,491,200 | |
| Weighted Average Grant-Date Fair Value [Abstract] | |||
| Non-vested Beginning Balance | $ 56.08 | ||
| Granted | 55.11 | ||
| Vested | 50.73 | ||
| Forfeited, expired, or reclassified | 62.19 | ||
| Non-vested Ending Balance | $ 57.5 | $ 56.08 | |
| Liability Classified Share Settled [Member] | |||
| Share Settled Units (Thousands) [Abstract] | |||
| Non-vested Beginning Balance | 123,300 | ||
| Granted | 45,600 | ||
| Vested | (34,800) | ||
| Forfeited, expired, or reclassified | (12,800) | ||
| Non-vested Ending Balance | 121,300 | 123,300 | |
| Weighted Average Grant-Date Fair Value [Abstract] | |||
| Non-vested Beginning Balance | $ 56.93 | ||
| Granted | 55.48 | ||
| Vested | 50.14 | ||
| Forfeited, expired, or reclassified | 58.71 | ||
| Non-vested Ending Balance | $ 58.26 | $ 56.93 | |
Earnings Per Share (Schedule of earnings per share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 27, 2018 |
Feb. 25, 2018 |
Nov. 26, 2017 |
Aug. 27, 2017 |
May 28, 2017 |
Feb. 26, 2017 |
Nov. 27, 2016 |
Aug. 28, 2016 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
||||
| EARNINGS PER SHARE [Abstract] | ||||||||||||||
| Net earnings attributable to General Mills | $ 354.4 | $ 941.4 | $ 430.5 | $ 404.7 | $ 408.9 | $ 357.8 | $ 481.8 | $ 409.0 | $ 2,131.0 | $ 1,657.5 | $ 1,697.4 | |||
| Average number of common shares - basic EPS | 576.8 | 587.1 | 598.9 | |||||||||||
| Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||||
| Average number of common shares - diluted EPS | 585.7 | 598.0 | 611.9 | |||||||||||
| Earnings per share - basic | $ 0.6 | $ 1.64 | $ 0.75 | $ 0.7 | $ 0.7 | $ 0.62 | $ 0.82 | $ 0.68 | $ 3.69 | $ 2.82 | $ 2.83 | |||
| Earnings per share - diluted | $ 0.59 | $ 1.62 | $ 0.74 | $ 0.69 | $ 0.69 | $ 0.61 | $ 0.8 | $ 0.67 | $ 3.64 | $ 2.77 | $ 2.77 | |||
| Other Disclosures [Abstract] | ||||||||||||||
| Anti-dilutive stock options, restricted stock units, and performance share units | 8.9 | 2.3 | 1.1 | |||||||||||
| Stock options [Member] | ||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
| Incremental share effect | [1] | 6.9 | 8.1 | 9.8 | ||||||||||
| Restricted stock units, performance shares units, and other [Member] | ||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
| Incremental share effect | [1] | 2.0 | 2.8 | 3.2 | ||||||||||
| ||||||||||||||
Retirement Benefits and Postemployment Benefits (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Defined Benefit Plan, Information About Plan Assets | |||
| Accumulated benefit obligation | $ 6,076.6 | $ 6,104.5 | |
| Defined Contribution Plan Disclosure [Line Items] | |||
| Net assets of money purchase plan | 23.9 | 23.0 | |
| Recognized expense | 49.2 | 54.1 | $ 61.2 |
| Defined Benefit Pension Plans [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 41.8 | 25.4 | |
| Defined Benefit Pension Plans [Member] | United States Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 20.00% | ||
| Defined Benefit Pension Plans [Member] | International Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
| Defined Benefit Pension Plans [Member] | Private Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
| Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 40.00% | ||
| Defined Benefit Pension Plans [Member] | Real assets [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
| Defined Benefit Pension Plans [Member] | United States [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 0.0 | 0.0 | $ 0.0 |
| Defined Benefit Plan, Information About Plan Assets | |||
| Retirement Plan Provision Termination Period | 5 years | ||
| Decline in projected benefit obligation as of fiscal year end | $ (130.9) | ||
| Other Postretirement Benefit Plans [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 0.1 | 20.1 | |
| Other Postretirement Benefit Plans [Member] | United States Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
| Other Postretirement Benefit Plans [Member] | International Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
| Other Postretirement Benefit Plans [Member] | Private Equities [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 5.00% | ||
| Other Postretirement Benefit Plans [Member] | Fixed income [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 65.00% | ||
| Other Postretirement Benefit Plans [Member] | Real assets [Member] | |||
| Defined Benefit Plan, Information About Plan Assets | |||
| Target Allocation, Percentage of Assets Equity Securities | 5.00% | ||
| Other Postretirement Benefit Plans [Member] | United States [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contributions | $ 0.0 | $ 20.0 | |
| General Mills Savings Plan [Member] | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| ESOP number of allocated shares | 5.6 | 6.3 | |
| Common stock held by ESOP and company stock fund | $ 392.1 | $ 598.7 | |
Retirement Benefits and Postemployment Benefits (Schedule of assumed health care trend costs) (Details) |
12 Months Ended | |
|---|---|---|
May 27, 2018 |
May 28, 2017 |
|
| 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% | 5.00% |
| Year that Rate Reaches Ultimate Trend Rate | 2029 | 2024 |
| Under Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 6.70% | 7.00% |
| Over Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 7.00% | 7.30% |
Retirement Benefits and Postemployment Benefits (Schedule of one percentage point change in the health care trend rate) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
May 27, 2018
USD ($)
| |
| Defined Benefit Plan Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates [Abstract] | |
| Effect of one percentage point increase on the aggregate of the service and interest cost components next year | $ 1.9 |
| Effect of one percentage point increase on the other postretirement accumulated benefit obligation as of current year end | 47.8 |
| Effect of one percentage point decrease on the aggregate of the service and interest cost components next year | (1.8) |
| Effect of one percentage point decrease on the other postretirement accumulated benefit obligation as of current year end | $ (44.5) |
Retirement Benefits and Postemployment Benefits (Schedule of summarized financial information about benefit plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Defined Benefit Pension Plans [Member] | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
| Fair value at beginning of year | $ 5,925.2 | $ 5,539.9 | |
| Actual return on assets | 496.5 | 645.6 | |
| Employer contributions | 41.8 | 25.4 | |
| Plan participant contributions | 6.1 | 8.8 | |
| Benefits payments | (298.0) | (282.2) | |
| Foreign currency | 5.8 | (12.3) | |
| Fair value at end of year | 6,177.4 | 5,925.2 | $ 5,539.9 |
| Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
| Benefit obligation at beginning of year | 6,458.6 | 6,448.5 | |
| Service cost | 102.9 | 119.7 | 134.6 |
| Interest cost | 217.9 | 216.5 | 267.8 |
| Plan amendment | 25.4 | (130.9) | |
| Curtailment/other | 0.0 | 1.9 | |
| Plan participant contributions | 6.1 | 8.8 | |
| Medicare Part D reimbursements | 0.0 | 0.0 | |
| Actuarial loss (gain) | (102.0) | 88.5 | |
| Benefits payments | (298.6) | (282.6) | |
| Foreign currency | 5.7 | (11.8) | |
| Projected benefit obligation at end of year | 6,416.0 | 6,458.6 | 6,448.5 |
| Plan assets less than benefit obligation as of fiscal year end | (238.6) | (533.4) | |
| Other Postretirement Benefit Plans [Member] | |||
| Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
| Fair value at beginning of year | 694.8 | 602.4 | |
| Actual return on assets | 50.5 | 75.2 | |
| Employer contributions | 0.1 | 20.1 | |
| Plan participant contributions | 15.7 | 15.2 | |
| Benefits payments | (35.0) | (18.1) | |
| Foreign currency | 0.0 | 0.0 | |
| Fair value at end of year | 726.1 | 694.8 | 602.4 |
| Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
| Benefit obligation at beginning of year | 951.4 | 1,028.9 | |
| Service cost | 11.6 | 12.5 | 19.0 |
| Interest cost | 30.1 | 32.2 | 44.1 |
| Plan amendment | (0.7) | 0.0 | |
| Curtailment/other | 0.0 | (0.3) | |
| Plan participant contributions | 15.7 | 15.2 | |
| Medicare Part D reimbursements | 3.0 | 3.4 | |
| Actuarial loss (gain) | (73.9) | (77.6) | |
| Benefits payments | (64.9) | (63.3) | |
| Foreign currency | (0.5) | 0.4 | |
| Projected benefit obligation at end of year | 871.8 | 951.4 | 1,028.9 |
| Plan assets less than benefit obligation as of fiscal year end | (145.7) | (256.6) | |
| Postemployment Benefit Plans [Member] | |||
| Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
| Benefit obligation at beginning of year | 134.5 | 164.1 | |
| Service cost | 8.6 | 8.8 | 7.6 |
| Interest cost | 2.3 | 2.6 | 3.9 |
| Plan amendment | 1.2 | 0.0 | |
| Curtailment/other | 0.0 | 1.3 | |
| Plan participant contributions | 0.0 | 0.0 | |
| Medicare Part D reimbursements | 0.0 | 0.0 | |
| Actuarial loss (gain) | (7.0) | (7.4) | |
| Benefits payments | (13.1) | (34.7) | |
| Foreign currency | 0.2 | (0.2) | |
| Projected benefit obligation at end of year | 126.7 | 134.5 | $ 164.1 |
| Plan assets less than benefit obligation as of fiscal year end | $ (126.7) | $ (134.5) | |
Retirement Benefits and Postemployment Benefits (Schedule of amounts recognized in AOCI) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | $ (1,723.6) | $ (1,645.4) |
| Prior service (costs) credits | 26.3 | 19.5 |
| Amounts recorded in accumulated other comprehensive loss | (1,697.3) | (1,625.9) |
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | (1,764.1) | (1,621.4) |
| Prior service (costs) credits | (7.1) | (3.9) |
| Amounts recorded in accumulated other comprehensive loss | (1,771.2) | (1,625.3) |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | 44.4 | (14.5) |
| Prior service (costs) credits | 33.1 | 22.8 |
| Amounts recorded in accumulated other comprehensive loss | 77.5 | 8.3 |
| Postemployment Benefit Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net actuarial gain (loss) | (3.9) | (9.5) |
| Prior service (costs) credits | 0.3 | 0.6 |
| Amounts recorded in accumulated other comprehensive loss | $ (3.6) | $ (8.9) |
Retirement Benefits and Postemployment Benefits (Schedule of plans with accumulated benefit obiligations in excess of plan assets) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | $ 551.6 | $ 610.1 |
| Accumulated benefit obligation | 498.8 | 542.3 |
| Plan assets at fair value | 10.2 | 51.9 |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | 5.4 | 5.5 |
| Accumulated benefit obligation | 868.3 | 947.9 |
| Plan assets at fair value | 726.1 | 694.8 |
| Postemployment Benefit Plans [Member] | ||
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | 0.0 | 4.4 |
| Accumulated benefit obligation | 122.0 | 130.1 |
| Plan assets at fair value | $ 0.0 | $ 0.0 |
Retirement Benefits and Postemployment Benefits (Schedule of components of net periodic benefit expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Defined Benefit Pension Plans [Member] | |||
| Components of Net Periodic Benefit Cost [Abstract] | |||
| Service cost | $ 102.9 | $ 119.7 | $ 134.6 |
| Interest cost | 217.9 | 216.5 | 267.8 |
| Expected return on plan assets | (480.2) | (486.7) | (496.9) |
| Amortization of losses | 177.0 | 190.2 | 189.8 |
| Amortization of prior service costs (credits) | 1.9 | 2.5 | 4.7 |
| Other adjustments | 0.0 | 3.1 | 5.0 |
| Settlement or curtailment losses | 0.0 | 3.8 | 13.1 |
| Net (income) expense | 19.5 | 49.1 | 118.1 |
| Other Postretirement Benefit Plans [Member] | |||
| Components of Net Periodic Benefit Cost [Abstract] | |||
| Service cost | 11.6 | 12.5 | 19.0 |
| Interest cost | 30.1 | 32.2 | 44.1 |
| Expected return on plan assets | (52.2) | (48.5) | (46.2) |
| Amortization of losses | 0.8 | 2.5 | 6.6 |
| Amortization of prior service costs (credits) | (5.4) | (5.4) | (5.4) |
| Other adjustments | 0.0 | 1.3 | 2.3 |
| Settlement or curtailment losses | 0.0 | (0.9) | (1.0) |
| Net (income) expense | (15.1) | (6.3) | 19.4 |
| Postemployment Benefit Plans [Member] | |||
| Components of Net Periodic Benefit Cost [Abstract] | |||
| Service cost | 8.6 | 8.8 | 7.6 |
| Interest cost | 2.3 | 2.6 | 3.9 |
| Expected return on plan assets | 0.0 | 0.0 | 0.0 |
| Amortization of losses | 0.8 | 1.7 | 0.7 |
| Amortization of prior service costs (credits) | 0.6 | 0.6 | 2.5 |
| Other adjustments | 6.7 | 1.3 | 10.7 |
| Settlement or curtailment losses | 0.0 | (1.4) | 0.0 |
| Net (income) expense | $ 19.0 | $ 13.6 | $ 25.4 |
Retirement Benefits and Postemployment Benefits (Schedule of amounts expected to be recognized in net periodic expense next year) (Details) $ in Millions |
May 27, 2018
USD ($)
|
|---|---|
| Defined Benefit Pension Plans [Member] | |
| Defined Benefit Plan Amounts that will be Amortized from Accumulated Other Comprehensive Income Loss in Next Fiscal Year [Abstract] | |
| Amortization of losses | $ 109.8 |
| Amortization of prior service costs (credits) | 1.5 |
| Other Postretirement Benefit Plans [Member] | |
| Defined Benefit Plan Amounts that will be Amortized from Accumulated Other Comprehensive Income Loss in Next Fiscal Year [Abstract] | |
| Amortization of losses | 0.6 |
| Amortization of prior service costs (credits) | (5.5) |
| Postemployment Benefit Plans [Member] | |
| Defined Benefit Plan Amounts that will be Amortized from Accumulated Other Comprehensive Income Loss in Next Fiscal Year [Abstract] | |
| Amortization of losses | 0.1 |
| Amortization of prior service costs (credits) | $ 1.0 |
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine benefit obligations) (Details) |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 4.20% | 4.08% |
| Rate of salary increases | 4.27% | 4.25% |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 4.17% | 3.92% |
| 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 | 3.60% | 2.87% |
| Rate of salary increases | 4.44% | 4.46% |
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine net periodic expense) (Details) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
||||
| Defined Benefit Pension Plans [Member] | ||||||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | ||||||
| Discount rate | [1] | 4.08% | 4.19% | 4.38% | ||
| Service cost effective rate | 4.37% | 4.57% | 0.00% | |||
| Interest cost effective rate | 3.45% | 3.44% | 0.00% | |||
| Rate of salary increases | 4.25% | 4.28% | 4.31% | |||
| Expected long-term rate of return on plan assets | 7.88% | 8.17% | 8.53% | |||
| Other Postretirement Benefit Plans [Member] | ||||||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | ||||||
| Discount rate | [1] | 3.92% | 3.97% | 4.20% | ||
| Service cost effective rate | 4.27% | 4.42% | 0.00% | |||
| Interest cost effective rate | 3.24% | 3.17% | 0.00% | |||
| Rate of salary increases | 0.00% | 0.00% | 0.00% | |||
| Expected long-term rate of return on plan assets | 7.59% | 7.85% | 8.14% | |||
| Postemployment Benefit Plans [Member] | ||||||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | ||||||
| Discount rate | [1] | 2.87% | 2.94% | 3.55% | ||
| Service cost effective rate | 3.54% | 3.55% | 0.00% | |||
| Interest cost effective rate | 2.67% | 2.67% | 0.00% | |||
| Rate of salary increases | 4.46% | 4.35% | 4.36% | |||
| Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% | |||
| ||||||
Retirement Benefits and Postemployment Benefits (Schedule of fair values of benefit plan assets and their respective levels in fair value heirarchy) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Defined Benefit Pension Plans [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | $ 6,177.4 | $ 5,925.2 | $ 5,539.9 | |||||||||||
| Defined Benefit Pension Plans [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 2,504.6 | 2,554.2 | |||||||||||
| Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 1,979.0 | 1,694.1 | |||||||||||
| Defined Benefit Pension Plans [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 344.3 | 348.9 | |||||||||||
| Defined Benefit Pension Plans [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.3 | 0.3 | |||||||||||
| Defined Benefit Pension Plans [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 124.4 | 174.2 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 4,952.6 | 4,771.7 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Investments measured at net asset value [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [5] | 1,224.8 | 1,153.5 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 1,722.5 | 1,773.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 1,264.5 | 951.9 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 229.1 | 253.1 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 124.4 | 174.2 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 1 [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 3,340.5 | 3,152.2 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 782.1 | 781.2 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 714.5 | 742.2 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 115.2 | 95.8 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 0.0 | 0.0 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 2 [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 1,611.8 | 1,619.2 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 0.0 | 0.0 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.3 | 0.3 | |||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 0.0 | 0.0 | ||||||||||||
| Defined Benefit Pension Plans [Member] | Level 3 [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 0.3 | 0.3 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 726.1 | 694.8 | $ 602.4 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 35.8 | 189.8 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 364.6 | 194.1 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 8.0 | 32.5 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 19.1 | 11.3 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 427.5 | 427.7 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Investments measured at net asset value [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [5] | 298.6 | 267.1 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 0.0 | 122.3 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 241.0 | 34.1 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 8.0 | 18.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 19.1 | 11.3 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 268.1 | 185.7 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 35.8 | 67.5 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 123.6 | 160.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 0.0 | 14.5 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 0.0 | 0.0 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 159.4 | 242.0 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Equity [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [1] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Fixed income [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [2] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Real assets [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [3] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Other investments [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | [4] | 0.0 | 0.0 | |||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | 0.0 | 0.0 | ||||||||||||
| Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Total fair value measurement of plan assets in the fair value hierarchy [Member] | ||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
| Fair value measurement of pension plan assets | $ 0.0 | $ 0.0 | ||||||||||||
| ||||||||||||||
Retirement Benefits and Postemployment Benefits (Schedule of asset allocations for benefit plans) (Details) |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
| Defined Benefit Pension Plans [Member] | United States Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 25.80% | 28.50% |
| Defined Benefit Pension Plans [Member] | International Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 16.10% | 17.90% |
| Defined Benefit Pension Plans [Member] | Private Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 7.70% | 7.80% |
| Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 36.10% | 31.70% |
| Defined Benefit Pension Plans [Member] | Real assets [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 14.30% | 14.10% |
| Other Postretirement Benefit Plans [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
| Other Postretirement Benefit Plans [Member] | United States Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 20.60% | 31.90% |
| Other Postretirement Benefit Plans [Member] | International Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 10.70% | 17.80% |
| Other Postretirement Benefit Plans [Member] | Private Equities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 4.20% | 3.60% |
| Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 59.60% | 40.00% |
| Other Postretirement Benefit Plans [Member] | Real assets [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined Benefit Plan, Weighted-Average Asset Allocations | 4.90% | 6.70% |
Retirement Benefits and Postemployment Benefits (Schedule of estimated benefit payments) (Details) $ in Millions |
May 27, 2018
USD ($)
|
|---|---|
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Medicare Subsidy Receipts, Next Twelve Months | $ 3.4 |
| Medicare Subsidy Receipts, Year Two | 3.7 |
| Medicare Subsidy Receipts, Year Three | 3.5 |
| Medicare Subsidy Receipts, Year Four | 3.1 |
| Medicare Subsidy Receipts, Year Five | 3.1 |
| Medicare Subsidy Receipts, Five Fiscal Years Thereafter | 17.5 |
| Defined Benefit Pension Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 305.5 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 313.0 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 320.3 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 327.8 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 336.1 |
| Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1,806.6 |
| Other Postretirement Benefit Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 56.5 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 58.3 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 59.8 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 60.9 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 61.3 |
| Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 313.3 |
| Postemployment Benefit Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 20.2 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 17.9 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 16.4 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 15.1 |
| Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 14.0 |
| Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 58.4 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
May 26, 2019 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Tax Credit Carryforward [Line Items] | ||||
| Valuation allowance | $ 176.0 | $ 231.8 | ||
| Valuation allowance related to deferred tax asset for losses recorded as part of Pillsbury acquisition | 108.0 | |||
| Valuation allowance related to various state and foreign loss carryforwards | 54.0 | |||
| Tax loss carryforwards | 174.1 | |||
| Tax Cuts and Jobs Act of 2017, net discrete expense (benefit) | (523.5) | |||
| Tax Cuts and Jobs Act of 2017, provisional deferred tax expense (benefit) from revaluation of the net U.S. deferred tax liabilities | (637.5) | |||
| Tax Cuts and Jobs Act of 2017, provisional charge for the estimated transition tax | 83.9 | |||
| Tax Cuts and Jobs Act of 2017, provisional deferred tax liability related to changes in indefinite reinvestment assertion | 30.1 | |||
| Unremitted foreign earnings | $ 2,400.0 | |||
| Tax Cuts and Jobs Act of 2017, Transition Tax, Percentage on Accumulated Foreign Earnings and Profits Applicable to Liquid Assets | 15.50% | |||
| Tax Cuts and Jobs Act of 2017, Transition Tax, Percentage on Accumulated Foreign Earnings and Profits Applicable to Unremitted Foreign Earnings and Profits | 8.00% | |||
| Reclassification of certain income tax effects | $ 329.4 | |||
| Federal income tax rate | 29.40% | 35.00% | 35.00% | |
| Unrecognized tax benefits that would affect effective tax rate | $ 135.0 | |||
| Unrecognized tax benefits and accrued interest expected to be paid within the next 12 months | 40.8 | |||
| Tax-related net interest and penalties benefits recognized | 3.1 | $ 5.6 | ||
| Tax-related net interest and penalties accrued | 27.3 | $ 23.1 | ||
| Tax adjustments for settlements and unusual provisions | $ 40.9 | |||
| Tax Cuts and Jobs Act of 2017, U.S. federal statutory blended tax rate | 29.40% | |||
| Forecast [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Federal income tax rate | 21.00% | |||
| Minimum [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Number of open tax years for certain U.S. tax jurisdictions | 3 years | |||
| Maximum [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Number of open tax years for certain U.S. tax jurisdictions | 5 years | |||
| Foreign [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Tax loss carryforwards | $ 159.8 | |||
| Foreign [Member] | No Expiration Date [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Tax loss carryforwards | 115.2 | |||
| Foreign [Member] | Expiration Dates in Year One and Two [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Tax loss carryforwards | 6.0 | |||
| Foreign [Member] | Expiration Dates in Year Three and Beyond [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Tax loss carryforwards | 52.9 | |||
| State [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Tax loss carryforwards | 13.6 | |||
| Federal [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Tax loss carryforwards | 0.7 | |||
| Capital Loss Carryforward [Member] | Foreign [Member] | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Valuation allowance | $ 12.9 | |||
Income Taxes (Schedule of earnings before income taxes and after-tax earnings from joint ventures and corresponding income taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Earnings before income taxes and after-tax earnings from joint ventures: | |||
| United States | $ 1,884.0 | $ 1,941.6 | $ 1,941.4 |
| Foreign | 251.6 | 329.7 | 462.2 |
| Earnings before income taxes and after-tax earnings from joint ventures | 2,135.6 | 2,271.3 | 2,403.6 |
| Income taxes currently payable: | |||
| Federal | 441.2 | 368.5 | 489.8 |
| State and local | 35.2 | 21.1 | 30.8 |
| Foreign | 85.2 | 81.7 | 114.0 |
| Total current | 561.6 | 471.3 | 634.6 |
| Income taxes deferred: | |||
| Federal | (478.5) | 201.3 | 123.0 |
| State and local | 15.7 | 10.2 | (6.9) |
| Foreign | (41.5) | (27.6) | 4.5 |
| Total deferred | (504.3) | 183.9 | 120.6 |
| Total income taxes | $ 57.3 | $ 655.2 | $ 755.2 |
Income Taxes (Schedule of the reconcilation of the effective income tax rate) (Details) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
||||
| Effective Income Tax Rate Reconciliation [Abstract] | ||||||
| United States statutory rate | 29.40% | 35.00% | 35.00% | |||
| State and local income taxes, net of federal tax benefits | 1.70% | 0.80% | 0.70% | |||
| Foreign rate differences | (2.00%) | (3.50%) | (2.20%) | |||
| Provisional net tax benefit | (24.50%) | 0.00% | 0.00% | |||
| Non-deductible goodwill | 0.00% | 0.00% | 2.60% | |||
| Stock based compensation | (1.20%) | 0.00% | 0.00% | |||
| Prior period tax adjustment | 1.90% | 0.00% | 0.00% | |||
| Domestic manufacturing deduction | (1.90%) | (2.80%) | (2.00%) | |||
| Other, net | (0.70%) | (0.70%) | (2.70%) | [1] | ||
| Effective income tax rate | 2.70% | 28.80% | 31.40% | |||
| General Mills de Venezuela CA Subsidiary [Member] | ||||||
| Divestitures [Line Items] | ||||||
| Effective income tax rate reconciliation, tax benefit related to divestiture | (0.60%) | |||||
| ||||||
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
|---|---|---|
| Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Abstract] | ||
| Accrued liabilities | $ 47.2 | $ 70.0 |
| Compensation and employee benefits | 210.2 | 419.2 |
| Pension | 57.1 | 196.3 |
| Tax credit carryforwards | 7.4 | 18.4 |
| Stock, partnership, and miscellaneous investments | 147.9 | 276.4 |
| Capital losses | 12.9 | 29.8 |
| Net operating losses | 161.2 | 109.5 |
| Other | 52.9 | 85.6 |
| Gross deferred tax assets | 696.8 | 1,205.2 |
| Valuation allowance | 176.0 | 231.8 |
| Net deferred tax assets | 520.8 | 973.4 |
| Brands | 1,498.7 | 1,310.1 |
| Fixed assets | 329.5 | 484.5 |
| Intangible assets | 255.1 | 238.6 |
| Tax lease transactions | 26.0 | 45.8 |
| Inventories | 38.8 | 60.0 |
| Stock, partnership, and miscellaneous investments | 317.1 | 479.4 |
| Unrealized hedges | 28.5 | 45.4 |
| Other | 30.9 | 29.0 |
| Gross deferred tax liabilities | 2,524.6 | 2,692.8 |
| Net deferred tax liability | $ 2,003.8 | $ 1,719.4 |
Income Taxes (Schedule of changes in total gross unrecognized tax benefit liabilities, excluding accrued interest) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 27, 2018 |
May 28, 2017 |
|
| Changes in total gross unrecognized tax benefit liabilities [Roll Forward] | ||
| Balance, beginning of year | $ 135.5 | $ 176.5 |
| Current year additions | 24.1 | 27.2 |
| Prior years additions | 54.8 | 0.9 |
| Prior years reductions | (7.9) | (47.9) |
| Prior years settlements | (3.9) | (9.6) |
| Lapses in statutes of limitations | (6.3) | (11.6) |
| Balance, end of year | $ 196.3 | $ 135.5 |
Leases, Other Commitments, and Contingencies (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract] | |||
| Operating leases, rent expense, net | $ 189.4 | $ 188.1 | $ 189.1 |
| Future payments due under noncancelable operating leases | 559.3 | ||
| Financial Guarantee [Member] | Consolidated Subsidiaries [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee obligations and comfort letters | 540.8 | ||
| Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |||
| Guarantor Obligations [Line Items] | |||
| Guarantee obligations and comfort letters | $ 167.3 | ||
Leases, Other Commitments, and Contingencies (Schedule of noncancelable future lease commitments) (Details) $ in Millions |
May 27, 2018
USD ($)
|
|---|---|
| Operating lease future commitments | |
| Due within one year | $ 137.4 |
| Due within second year | 115.7 |
| Due within third year | 92.3 |
| Due within fourth year | 70.9 |
| Due within fifth year | 51.8 |
| Due after fifth year | 91.2 |
| Total noncancelable future lease commitments | 559.3 |
| Capital lease future commitments | |
| Due within one year | 0.3 |
| Due within second year | 0.2 |
| Due within third year | 0.0 |
| Due within fourth year | 0.0 |
| Due within fifth year | 0.0 |
| Due after fifth year | 0.0 |
| Total noncancelable future lease commitments | 0.5 |
| Less: interest | (0.2) |
| Present value of obligations under capital leases | $ 0.3 |
Business Segment and Geographic Information (Narrative) (Details) |
12 Months Ended |
|---|---|
|
May 27, 2018
segment
| |
| Segment Reporting Information [Line Items] | |
| Number of operating segments | 5 |
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 27, 2018 |
Feb. 25, 2018 |
Nov. 26, 2017 |
Aug. 27, 2017 |
May 28, 2017 |
Feb. 26, 2017 |
Nov. 27, 2016 |
Aug. 28, 2016 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | $ 3,890.2 | $ 3,882.3 | $ 4,198.7 | $ 3,769.2 | $ 3,806.6 | $ 3,793.2 | $ 4,112.1 | $ 3,907.9 | $ 15,740.4 | $ 15,619.8 | $ 16,563.1 |
| Operating profit | 2,509.3 | 2,566.4 | 2,707.4 | ||||||||
| Divestitures loss (gain) | 0.0 | 13.5 | (148.2) | ||||||||
| Restructuring, impairment, and other exit costs | 165.6 | 182.6 | 151.4 | ||||||||
| Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 15,740.4 | 15,619.8 | 16,563.1 | ||||||||
| Operating profit | 2,791.7 | 2,952.6 | 2,999.5 | ||||||||
| Unallocated Corporate Items [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Operating profit | 116.8 | 190.1 | 288.9 | ||||||||
| Significant Reconciling Items [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Divestitures loss (gain) | 0.0 | 13.5 | (148.2) | ||||||||
| Restructuring, impairment, and other exit costs | 165.6 | 182.6 | 151.4 | ||||||||
| North America Retail [Member] | Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 10,115.4 | 10,196.9 | 10,936.6 | ||||||||
| Operating profit | 2,217.4 | 2,303.6 | 2,351.2 | ||||||||
| Convenience Stores and Foodservice [Member] | Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 1,930.2 | 1,870.0 | 1,923.8 | ||||||||
| Operating profit | 392.6 | 401.2 | 378.9 | ||||||||
| Europe and Australia [Member] | Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 1,984.6 | 1,824.5 | 1,998.0 | ||||||||
| Operating profit | 142.1 | 164.2 | 200.3 | ||||||||
| Asia and Latin America [Member] | Operating Segments [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 1,710.2 | 1,728.4 | 1,704.7 | ||||||||
| Operating profit | $ 39.6 | $ 83.6 | $ 69.1 | ||||||||
Business Segment Information (Schedule of net sales by class of similar products) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 27, 2018 |
Feb. 25, 2018 |
Nov. 26, 2017 |
Aug. 27, 2017 |
May 28, 2017 |
Feb. 26, 2017 |
Nov. 27, 2016 |
Aug. 28, 2016 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Product Information [Line Items] | |||||||||||
| Net sales | $ 3,890.2 | $ 3,882.3 | $ 4,198.7 | $ 3,769.2 | $ 3,806.6 | $ 3,793.2 | $ 4,112.1 | $ 3,907.9 | $ 15,740.4 | $ 15,619.8 | $ 16,563.1 |
| Snacks [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 3,419.0 | 3,302.2 | 3,297.2 | ||||||||
| Cereal [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,679.2 | 2,673.2 | 2,731.5 | ||||||||
| Convenient meals [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,677.4 | 2,653.6 | 2,779.0 | ||||||||
| Yogurt [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,320.1 | 2,403.5 | 2,760.9 | ||||||||
| Dough [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,684.1 | 1,690.6 | 1,820.0 | ||||||||
| Baking mixes and ingredients [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,653.4 | 1,654.1 | 1,704.3 | ||||||||
| Super-premium ice cream [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 803.7 | 738.4 | 731.2 | ||||||||
| Vegetables [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 309.1 | 310.5 | 532.3 | ||||||||
| Other [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | $ 194.4 | $ 193.7 | $ 206.7 | ||||||||
Business Segment Information (Schedule of financial information by geographic area) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 27, 2018 |
Feb. 25, 2018 |
Nov. 26, 2017 |
Aug. 27, 2017 |
May 28, 2017 |
Feb. 26, 2017 |
Nov. 27, 2016 |
Aug. 28, 2016 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
May 31, 2015 |
|
| Segment Reporting Information [Line Items] | ||||||||||||
| Net sales | $ 3,890.2 | $ 3,882.3 | $ 4,198.7 | $ 3,769.2 | $ 3,806.6 | $ 3,793.2 | $ 4,112.1 | $ 3,907.9 | $ 15,740.4 | $ 15,619.8 | $ 16,563.1 | |
| Cash and cash equivalents | 399.0 | 766.1 | 399.0 | 766.1 | 763.7 | $ 334.2 | ||||||
| Land, buildings, and equipment | 4,047.2 | 3,687.7 | 4,047.2 | 3,687.7 | ||||||||
| United States [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Net sales | 11,115.6 | 11,160.9 | 11,930.9 | |||||||||
| Cash and cash equivalents | 15.7 | 62.9 | 15.7 | 62.9 | ||||||||
| Land, buildings, and equipment | 3,031.7 | 2,704.0 | 3,031.7 | 2,704.0 | ||||||||
| Non-United States [Member] | ||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||
| Net sales | 4,624.8 | 4,458.9 | $ 4,632.2 | |||||||||
| Cash and cash equivalents | 383.3 | 703.2 | 383.3 | 703.2 | ||||||||
| Land, buildings, and equipment | $ 1,015.5 | $ 983.7 | $ 1,015.5 | $ 983.7 | ||||||||
Supplemental Information (Schedule of certain Consolidated Balance Sheet accounts) (Details) - USD ($) $ in Millions |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
May 31, 2015 |
||
|---|---|---|---|---|---|---|
| Receivables [Abstract] | ||||||
| Customers | $ 1,712.6 | $ 1,454.4 | ||||
| Less allowance for doubtful accounts | (28.4) | (24.3) | ||||
| Total | 1,684.2 | 1,430.1 | ||||
| Inventories [Abstract] | ||||||
| Raw materials and packaging | 400.0 | 395.4 | ||||
| Finished goods | 1,364.2 | 1,224.3 | ||||
| Grain | 91.2 | 73.0 | ||||
| Excess of FIFO over LIFO cost | [1] | (213.2) | (209.1) | |||
| Total | 1,642.2 | 1,483.6 | ||||
| LIFO Inventory Amount | 832.2 | 893.8 | ||||
| Prepaid Expenses and Other Current Assets [Abstract] | ||||||
| Other receivables | 174.4 | 163.7 | ||||
| Prepaid expenses | 165.6 | 168.9 | ||||
| Derivative receivables, primarily commodity-related | 40.5 | 35.0 | ||||
| Grain contracts | 7.1 | 2.7 | ||||
| Miscellaneous | 10.7 | 11.3 | ||||
| Total | 398.3 | 381.6 | ||||
| Land, Buildings and Equipment [Abstract] | ||||||
| Land | 77.7 | 79.8 | ||||
| Buildings | 2,396.3 | 2,249.2 | ||||
| Equipment | 6,236.6 | 6,095.9 | ||||
| Capitalized software | 593.6 | 545.4 | ||||
| Construction in progress | 692.9 | 553.0 | ||||
| Total land, buildings, and equipment | 10,003.2 | 9,526.6 | ||||
| Less accumulated depreciation | (5,956.0) | (5,838.9) | ||||
| Total | 4,047.2 | 3,687.7 | ||||
| Other Assets [Abstract] | ||||||
| Investments in and advances to joint ventures | 499.6 | 505.3 | ||||
| Pension assets | 309.9 | 144.9 | ||||
| Life insurance | 26.9 | 25.6 | ||||
| Miscellaneous | 106.6 | 110.1 | ||||
| Total | 943.0 | 785.9 | ||||
| Other Current Liabilities [Abstract] | ||||||
| Accrued trade and consumer promotions | 499.6 | 482.6 | ||||
| Accrued payroll | 347.0 | 326.6 | ||||
| Dividends payable | 17.5 | 21.5 | ||||
| Accrued taxes | 94.8 | 58.0 | ||||
| Accrued interest, including interest rate swaps | 107.7 | 83.8 | ||||
| Grains contracts | 1.2 | 5.6 | ||||
| Restructuring and other exit costs reserve | 66.8 | 85.0 | $ 76.6 | $ 120.8 | ||
| Derivative payable | 8.3 | 18.1 | ||||
| Miscellaneous | 302.9 | 291.0 | ||||
| Total | 1,445.8 | 1,372.2 | ||||
| Other Noncurrent Liabilities [Abstract] | ||||||
| Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans | 999.4 | 1,249.7 | ||||
| Accrued taxes | 265.3 | 162.3 | ||||
| Miscellaneous | 76.3 | 111.1 | ||||
| Total | 1,341.0 | 1,523.1 | ||||
| Buildings [Member] | ||||||
| Land, Buildings and Equipment [Abstract] | ||||||
| Capital leased assets | 0.3 | 0.3 | ||||
| Equipment [Member] | ||||||
| Land, Buildings and Equipment [Abstract] | ||||||
| Capital leased assets | $ 5.8 | $ 3.0 | ||||
| ||||||
Supplemental Information (Schedule of certain Consolidated Statement of Earnings amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| SUPPLEMENTAL INFORMATION [Abstract] | |||
| Depreciation and amortization | $ 618.8 | $ 603.6 | $ 608.1 |
| Research and development expense | 219.1 | 218.2 | 222.1 |
| Advertising and media expense (including production and communication costs) | $ 575.9 | $ 623.8 | $ 754.4 |
Supplemental Information (Schedule of the components of interest, net) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| SUPPLEMENTAL INFORMATION [Abstract] | |||
| Interest expense | $ 389.5 | $ 306.7 | $ 319.6 |
| Capitalized interest | (4.1) | (4.6) | (7.7) |
| Interest income | (11.7) | (7.0) | (8.1) |
| Interest, net | $ 373.7 | $ 295.1 | $ 303.8 |
Supplemental Information (Schedule of certain Consolidated Statement of Cash Flows amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| SUPPLEMENTAL INFORMATION [Abstract] | |||
| Cash interest payments | $ 269.5 | $ 285.8 | $ 292.0 |
| Cash paid for income taxes | $ 489.4 | $ 551.1 | $ 533.8 |
Quarterly Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
May 27, 2018 |
May 27, 2018 |
May 28, 2017 |
|
| QUARTERLY DATA (UNAUDITED) [Abstract] | |||
| Impairment charge | $ 96.9 | $ 96.9 | $ 0.0 |
| Business Acquisition, Blue Buffalo [Member] | |||
| Business Acquisition [Line Items] | |||
| Acquisition integration costs | $ 64.5 | $ 83.9 | |
Quarterly Data (Unaudited) (Schedule of summarized quarterly data) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 27, 2018 |
Feb. 25, 2018 |
Nov. 26, 2017 |
Aug. 27, 2017 |
May 28, 2017 |
Feb. 26, 2017 |
Nov. 27, 2016 |
Aug. 28, 2016 |
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||
| Net sales | $ 3,890.2 | $ 3,882.3 | $ 4,198.7 | $ 3,769.2 | $ 3,806.6 | $ 3,793.2 | $ 4,112.1 | $ 3,907.9 | $ 15,740.4 | $ 15,619.8 | $ 16,563.1 |
| Gross Margin | 1,419.1 | 1,255.3 | 1,443.0 | 1,310.1 | 1,319.7 | 1,307.7 | 1,519.5 | 1,416.9 | |||
| Net earnings attributable to General Mills | $ 354.4 | $ 941.4 | $ 430.5 | $ 404.7 | $ 408.9 | $ 357.8 | $ 481.8 | $ 409.0 | $ 2,131.0 | $ 1,657.5 | $ 1,697.4 |
| Earnings per share - basic | $ 0.6 | $ 1.64 | $ 0.75 | $ 0.7 | $ 0.7 | $ 0.62 | $ 0.82 | $ 0.68 | $ 3.69 | $ 2.82 | $ 2.83 |
| Earnings per share - diluted | 0.59 | 1.62 | 0.74 | 0.69 | 0.69 | 0.61 | 0.8 | 0.67 | 3.64 | 2.77 | 2.77 |
| Dividends per share | 0.49 | 0.49 | 0.49 | 0.49 | 0.48 | 0.48 | 0.48 | 0.48 | 1.96 | 1.92 | $ 1.78 |
| Market Price of Common Stock, High | 51.99 | 60.2 | 56.43 | 58.83 | 61.16 | 63.87 | 71.42 | 72.64 | 51.99 | 61.16 | |
| Market Price of Common Stock, Low | $ 41.21 | $ 52.98 | $ 50.1 | $ 53.28 | $ 55.91 | $ 59.23 | $ 60.65 | $ 62.78 | $ 41.21 | $ 55.91 | |
Schedule II - Valuation of Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 27, 2018 |
May 28, 2017 |
May 29, 2016 |
|
| Allowance for Doubtful Accounts [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | $ 24.3 | $ 29.6 | $ 25.3 |
| Additions charged to expense, including translation amounts | 26.7 | 16.6 | 21.4 |
| Deductions for bad debt write-offs and amounts utilized for restructuring activities | (26.9) | (23.2) | (17.5) |
| Adjustments | 4.3 | 1.3 | 0.4 |
| Balance at end of year | 28.4 | 24.3 | 29.6 |
| Valuation Allowance for Deferred Tax Assets [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | 231.8 | 227.0 | 215.4 |
| Additions charged to expense, including translation amounts | 2.4 | 5.2 | (1.5) |
| Adjustments | (58.2) | (0.4) | 13.1 |
| Balance at end of year | 176.0 | 231.8 | 227.0 |
| Reserve for Restructuring and Other Exit Costs [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | 85.0 | 76.6 | 120.8 |
| Additions charged to expense, including translation amounts | 40.3 | 104.0 | 70.2 |
| Deductions for bad debt write-offs and amounts utilized for restructuring activities | (58.5) | (95.6) | (114.4) |
| Balance at end of year | 66.8 | 85.0 | 76.6 |
| Reserve for LIFO Valuation [Member] | |||
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at beginning of year | 209.1 | 219.3 | 214.2 |
| Increase (decrease) | 4.1 | (10.2) | 5.1 |
| Balance at end of year | $ 213.2 | $ 209.1 | $ 219.3 |