Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Consolidated Statements of Comprehensive Income [Abstract] | |||
| Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,609.6 | $ 2,735.0 | $ 2,346.0 |
| Other comprehensive (loss) income, net of tax: | |||
| Foreign currency translation | (110.8) | (175.9) | 175.1 |
| Net actuarial income (loss) | (228.0) | 101.6 | 353.4 |
| Other fair value changes: | |||
| Hedge derivatives | 1.3 | 7.0 | (20.7) |
| Reclassification to earnings: | |||
| Foreign currency translation | (7.4) | 342.2 | 0.0 |
| Hedge derivatives | (18.7) | 35.1 | 13.5 |
| Amortization of losses and prior service costs | 56.9 | 75.8 | 78.9 |
| Other comprehensive (loss) income, net of tax | (306.7) | 385.8 | 600.2 |
| Total comprehensive income | 2,302.9 | 3,120.8 | 2,946.2 |
| Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 15.4 | (45.2) | 121.2 |
| Comprehensive income attributable to General Mills | $ 2,287.5 | $ 3,166.0 | $ 2,825.0 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 14, 2023 |
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|---|---|---|---|---|
| Stockholders' equity: | ||||
| Common stock, shares issued | 754,600,000 | 754,600,000 | 754,600,000 | |
| Common stock, par value | $ 0.10 | $ 0.1 | $ 0.1 | |
| Shares held in the treasury | 169,430,583 | 168,000,000 | 155,700,000 |
Consolidated Statements of Total Equity and Redeemable Interest (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Consolidated Statements of Total Equity and Redeemable Interest [Abstract] | |||
| Par Value Common Stock | $ 0.10 | $ 0.1 | $ 0.1 |
| Shares Authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
| Cash dividends declared per share | $ 2.16 | $ 2.04 | $ 2.02 |
Basis Of Presentation And Reclassifications |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Basis of Presentation and Reclassifications [Abstract] | |
| Basis Of Presentation and Reclassifications | NOTE 1. BASIS OF PRESENTATION Basis of Presentation Our Consolidated Financial financial transactions, are eliminated in consolidation. Our fiscal year ends on the last Sunday in May. Certain presentation. |
Summary Of Significant Accounting Policies |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Summary Of Significant Accounting Policies [Abstract] | |
| Summary Of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING Cash and Cash Equivalents We consider all investments Inventories All market. Grain inventories are all net changes in value recorded in earnings currently. Inventories realizable value. Shipping when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. at charged 40 depreciated over 3 10 retired, recognized in earnings. Long-lived assets asset flows from identifiable cash excess independent appraisals, as appropriate. Goodwill and Other Intangible Assets Goodwill indicate that impairment may have of the the liabilities reporting impairment charge goodwill allocated rates for sales and profits are determined using inputs from our long-range perpetuity growth assumptions, market comparables, and other factors. We evaluate the determination competition, other economic in an uncertain or expenditures, amortized on a straight-line basis, over their useful lives, generally ranging 4 30 Our indefinite-lived Blue Buffalo , , Totino’s , Old El Paso , Progresso , , Nudges , and Häagen-Dazs in circumstances discounted could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible in circumstances indicate estimated undiscounted future cash Assets generally be model or other similar valuation model, as appropriate. Leases We we account for lease and non-lease components (e.g. common area maintenance) Any recognize lease costs for these us with reasonably certain agreements do not include an option to purchase the leased asset, residual value guarantees, We include rental payments based on included recognized in the period in which the obligation is incurred. As information available at the commencement date of the lease arrangement Investments in Unconsolidated Joint Ventures Our undistributed and make goods, and finished goods to the joint ventures, generally at market prices. In addition, but not capital, profitability, nature, these projections the carrying value of investment to its fair value if we concluded the impairment is other than temporary. Revenue Recognition Our revenues primarily result – the has been satisfied and control of the our customer. consideration transaction and participation and the However, product interest. Payment terms and any significant financing components. our channel, and other specific written off into factors. We do Environmental Costs Environmental costs expensed. Liabilities estimable, generally no later than the completion of feasibility studies or our commitment Advertising Production Costs We expense the Research and Development All expenditures for research and development for wages, consulting, and supplies including assets at facilities that are engaged in pilot plant activities. Foreign Currency Translation For translated during the period. Translation Gains investments instruments designated as net investment hedges. These gains and losses are recorded Derivative Instruments All derivatives are recognized fair value, derivatives are as reclassified associated amounts reported in AOCI are reclassified to earnings at that time. Stock-based Compensation We generally of stock-based selling, general each reportable segment in our segment results. Certain equity-based compensation plans contain provisions eligible award immediately eligibility is achieved, if less than the stated vesting period. We report the Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 |
Acquisition And Divestitures |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Acquisition And Divestitures [Abstract] | |
| Acquisition And Divestitures | NOTE 3. ACQUISITION AND DIVESTITURES During national pizza 253.0 with U.S. commercial paper. $ 156.8 forma assets information is obtained reflect the resulting adjustments to our North America Foodservice segment on a one-month lag. During the Eagle Family Foods Group for $ 606.8 442.2 In fiscal 2022, we sold our European dough businesses and recorded 30.4 During Sodiaal International (Sodiaal) in Yoplait Liberté brands in the 163.7 these businesses. During 1.2 transaction Consolidated 762.3 Nudges , Top Chews , and True 330.0 40.0 The goodwill is included in material. During 53.5 business in Brazil. |
Restructuring, Impairment, And Other Exit Costs |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Restructuring, Impairment, And Other Exit Costs [Abstract] | |
| Restructuring, Impairment, And Other Exit Costs | NOTE 4. RESTRUCTURING, IMPAIRMENT, We view return and net major stage These activities fees, and decommissioning disclosures updating Any impairment of the asset is recognized immediately in the period Restructuring charges recorded in fiscal 2023 were Expense, in Millions Global supply chain actions $ 36.2 Network optimization actions 6.4 Charges associated with restructuring actions previously 18.4 Total restructuring $ 61.0 In fiscal approximately 52 35 million will be 26 26 primarily 8 11 25.8 $ 10.4 In fiscal 2023, we approved restructuring actions in to incur 10 $ 9 6 4 We 5.6 0.8 the end of fiscal 2024 . Certain actions are subject to union negotiations and works counsel consultations, We paid net 36.6 93.9 Restructuring charges recorded in fiscal 2022 were Fiscal Year In Millions 2023 2022 2021 Restructuring, impairment, and other exit costs (recoveries) $ 56.2 $ (26.5) $ 170.4 Cost of sales 4.8 3.3 2.3 Total restructuring 61.0 (23.2) 172.7 Project-related costs classified in cost of sales $ 2.4 $ - $ - Expense, in Millions International manufacturing and logistics operations $ 15.0 Net recoveries associated with restructuring actions previously announced (38.2) Total net restructuring $ (23.2) The roll forward of our restructuring and other exit cost reserves, included In Millions Severance Other Exit Costs Total Reserve balance as of May 31, 2020 $ 17.8 $ - $ 17.8 Fiscal 2021 charges, including foreign currency translation 142.3 1.6 143.9 Utilized in fiscal 2021 (12.8) (0.1) (12.9) Reserve balance as of May 30, 2021 147.3 1.5 148.8 Fiscal 2022 charges, including foreign currency translation 2.2 1.2 3.4 Reserve adjustment (34.0) - (34.0) Utilized in fiscal 2022 (80.1) (1.3) (81.4) Reserve balance as of May 29, 2022 35.4 1.4 36.8 Fiscal 2023 charges, including foreign currency translation 41.6 0.1 41.7 Utilized in fiscal 2023 (29.4) (1.4) (30.8) Reserve balance as of May 28, 2023 $ 47.6 $ 0.1 $ 47.7 The charges to expense (e.g., asset impairment charges, periodic Consolidated Balance Sheets. Restructuring charges recorded in fiscal 2021 were Restructuring and impairment charges and project-related Expense, in Millions Global organizational structure and resource alignment $ 157.3 International route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously 2.4 Total restructuring $ 172.7 |
Investments In Unconsolidated Joint Ventures |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Investments In Unconsolidated Joint Ventures [Abstract] | |
| Investments In Unconsolidated Joint Ventures | NOTE 5. INVESTMENTS IN UNCONSOLIDATED We 50 approximately 130 manufactures private label cereals for obligation in the United Kingdom. We 50 Häagen-Dazs ice cream products and frozen novelties. Results from our CPW and HDJ joint ventures are reported for the 12 months Joint venture related balance sheet activity is as follows: In Millions May 28, 2023 May 29, 2022 Cumulative investments $ 401.5 $ 416.4 Goodwill and other intangibles 444.1 444.9 Aggregate advances included in cumulative investments 275.6 254.4 Joint venture earnings and cash flow activity is as follows: Fiscal Year In Millions 2023 2022 2021 Sales to joint ventures $ 5.8 $ 6.3 $ 6.7 Net advances (repayments) 32.2 (15.4) (15.5) Dividends received 69.9 107.5 95.2 Summary combined financial information for the joint ventures on Fiscal Year In Millions 2023 2022 2021 Net sales: CPW $ 1,618.9 $ 1,706.5 $ 1,766.8 HDJ 338.5 427.8 422.4 Total net sales 1,957.4 2,134.3 2,189.2 Gross margin 667.7 803.1 882.9 Earnings before income taxes 169.3 249.9 247.8 Earnings after income taxes 126.9 201.0 201.7 In Millions May 28, 2023 May 29, 2022 Current assets $ 817.7 $ 823.9 Noncurrent assets 772.7 839.8 Current liabilities 1,300.0 1,298.8 Noncurrent liabilities 100.3 106.5 |
Goodwill And Other Intangible Assets |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Goodwill And Other Intangible Assets [Abstract] | |
| Goodwill And Other Intangible Assets | NOTE 6. GOODWILL AND OTHER INTANGIBLE The components of goodwill and other intangible assets are as follows: In Millions May 28, 2023 May 29, 2022 Goodwill $ 14,511.2 $ 14,378.5 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,712.4 6,725.8 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 386.3 400.3 Less accumulated amortization (131.1) (126.2) Intangible assets subject to amortization 255.2 274.1 Other intangible assets 6,967.6 6,999.9 Total $ 21,478.8 $ 21,378.4 Based on years is estimated to be approximately $ 20 The changes in the carrying amount of goodwill for fiscal 2021, 2022, and 2023 In Millions North America Retail Pet North America Foodservice International Joint Ventures Total Balance as of May 31, 2020 $ 6,673.7 $ 5,300.5 $ 648.8 $ 894.5 $ 405.7 $ 13,923.2 Divestiture - - - (1.2) - (1.2) Other activity, primarily 15.6 - - 84.9 39.9 140.4 Balance as of May 30, 2021 6,689.3 5,300.5 648.8 978.2 445.6 14,062.4 Acquisition - 762.3 - - - 762.3 Divestitures - - - (201.8) - (201.8) Reclassified to assets held for sale (130.0) - - - - (130.0) Other activity, primarily (6.4) - - (54.8) (53.2) (114.4) Balance as of May 29, 2022 6,552.9 6,062.8 648.8 721.6 392.4 14,378.5 Acquisition - - 156.8 - - 156.8 Divestitures (2.0) - - (0.4) - (2.4) Other activity, primarily (8.5) - - (12.8) (0.4) (21.7) Balance as of May 28, 2023 $ 6,542.4 $ 6,062.8 $ 805.6 $ 708.4 $ 392.0 $ 14,511.2 The changes in the carrying amount of other intangible assets for fiscal 2021, 2022, and In Millions Total Balance as of May 31, 2020 $ 7,095.8 Divestiture (5.3) Other activity, primarily 60.1 Balance as of May 30, 2021 7,150.6 Acquisition 370.0 Divestitures (621.8) Intellectual property intangible asset 210.4 Other activity, primarily (109.3) Balance as of May 29, 2022 6,999.9 Acquisition 3.8 Divestiture (3.6) Other activity, primarily (32.5) Balance as of May 28, 2023 $ 6,967.6 Our fiscal excess of the Uncle Toby’s our fiscal 2023 Progresso EPIC monitor these businesses for potential impairment. We did not |
Leases |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Lessee [Abstract] | |
| Leases | NOTE 7. LEASES Our lease portfolio primarily shops, associated with finance are not material to our Consolidated Financial Statements. Components of our lease cost are as follows: Fiscal Year In Millions 2023 2022 2021 Operating lease cost $ 127.6 $ 129.7 $ 132.7 Variable 6.1 8.5 21.8 Short-term lease cost 30.0 29.1 23.4 Maturities of our operating and finance lease obligations by fiscal year are In Millions Operating Leases Finance Leases Fiscal 2024 $ 111.9 $ 1.0 Fiscal 2025 86.4 0.6 Fiscal 2026 64.3 0.6 Fiscal 2027 42.9 0.3 Fiscal 2028 28.6 - After fiscal 2028 68.6 - Total noncancelable $ 402.7 $ 2.5 Less: Interest (43.8) (0.2) Present value of lease obligations $ 358.9 $ 2.3 The 107.2 committed to but have not yet commenced as of May 28, 2023. The weighted-average remaining lease term and weighted-average May 28, 2023 May 29, 2022 Weighted-average 5.2 years 4.5 years Weighted-average 4.4 % 3.8 % Supplemental operating cash flow information and non-cash activity related Fiscal Year In Millions 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 129.9 $ 128.7 Right of use assets obtained in exchange for new lease liabilities $ 124.4 $ 84.6 |
Financial Instruments, Risk Management Activities, And Fair Values |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Financial Instruments, Risk Management Activities, And Fair Values [Abstract] | |
| Financial Instruments, Risk Management Activities, And Fair Values | NOTE 8. FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, FINANCIAL INSTRUMENTS The approximate fair and market values of our marketable debt and equity securities is as follows: Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 2023 2022 Available for $ 2.3 $ 2.3 $ 2.3 $ 2.3 $ - $ - $ - $ - Equity securities 117.5 250.1 122.7 255.3 5.2 5.2 10.0 15.1 Total $ 119.8 $ 252.4 $ 125.0 $ 257.6 $ 5.2 $ 5.2 $ 10.0 $ 15.1 As of May 28, 2023, the fair value and carrying value benefits were $ 117.2 There were no specific identification. Classification maturity date. The within stockholders’ equity. Scheduled maturities of our marketable securities are as follows: Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 2.3 $ 2.3 Equity securities 117.5 122.7 Total $ 119.8 $ 125.0 As of May 28, 2023, we had $ 2.2 RISK MANAGEMENT ACTIVITIES As a and commodity and swaps) pursuant to our established policies. COMMODITY PRICE RISK Many commodities we to manage price risk for our principal dairy products, natural with combination of purchase orders, long-term and swaps. close as possible to or below our planned cost. We use derivatives hedge currently in cost of sales in our Consolidated Statements of Earnings. Although we do objective of providing certainty measuring operating results unallocated derivative without experiencing any resulting mark-to-market volatility, Unallocated corporate items for fiscal 2023, 2022, and 2021 included: Fiscal Year In Millions 2023 2022 2021 Net (loss) gain on mark-to-market valuation of commodity positions $ (154.4) $ 303.3 $ 138.2 Net gain on commodity positions reclassified from unallocated corporate (89.5) (188.0) (8.8) Net mark-to-market revaluation of certain grain inventories (48.0) 17.8 9.4 Net mark-to-market valuation of certain commodity positions recognized $ (291.9) $ 133.1 $ 138.8 As 406.8 257.9 agricultural inputs and $ 148.9 next 12 INTEREST RATE RISK We floating-rate debt. Primary exposures include U.S. Treasury Europe. changes, based difference between fixed-rate and floating-rate Floating Interest forecasted changes in the into earnings over the life of the associated debt. Fixed assessed available on loans with similar terms and maturities. During the fourth quarter of fiscal 2023, in advance of planned debt financing, 750.0 swaps. The forward-starting swap agreements were terminated during Company’s issuance of 750.0 6 -year fixed-rate note. Upon termination, a loss of $ 5.0 will be amortized through interest expense over the respective term of During the fourth quarter of fiscal 2023, in advance of planned debt 500.0 treasury locks were terminated during the fourth quarter of fiscal 2023, in 1,000.0 million 10 -year fixed-rate note. Upon termination, a loss of $ 1.4 interest expense over the respective term of the debt. During the second quarter of fiscal 2023, we entered 500.0 500.0 fixed rate notes due November 18, 2025 , to a floating rate. As of May 28, to earnings over the remaining term of the related underlying debt, follows: In Millions Gain/(Loss) 3.65 % notes due February 15, 2024 $ 1.3 4.0 % notes due April 17, 2025 (1.1) 3.2 % notes due February 10, 2027 6.3 1.5 % notes due April 27, 2027 (1.3) 4.2 % notes due April 17, 2028 (5.0) 3.907 % notes due April 13, 2029 (4.9) 2.25 % notes due October 14, 2031 16.5 4.95 % notes due March 29, 2033 (1.4) 4.55 % notes due April 17, 2038 (8.1) 5.4 % notes due June 15, 2040 (9.5) 4.15 % notes due February 15, 2043 7.8 4.7 % notes due April 17, 2048 (11.8) Net pre-tax hedge loss in AOCI $ (11.2) The floating rates are based on rates as of the end of the reporting period. In Millions May 28, 2023 May 29, 2022 Pay-floating swaps - notional amount $ 1,143.4 $ 644.1 Average receive 2.6 % 0.4 % Average pay rate 2.5 % 0.1 % The floating-rate swap contracts outstanding as of May 28, 2023, mature 2026 . FOREIGN EXCHANGE RISK Foreign currency purchases, currency Canadian contracts to selectively hedge our paper foreign exchange exposure. earnings on the associated borrowings. We As of May 28, 2023, the net notional value of foreign exchange derivatives 933.0 We issuing these net 2,949.9 transaction gains of $ 71.9 EQUITY INSTRUMENTS Equity compensation plan swaps was $ 177.5 165.4 12.1 fiscal 2025. FAIR VALUE The hierarchy as of May 28, 2023, and May 29, 2022, were as follows: May 28, 2023 May 28, 2023 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (62.2) $ - $ (62.2) Foreign exchange contracts (a) (c) - 10.3 - 10.3 - (2.5) - (2.5) Total - 10.3 - 10.3 - (64.7) - (64.7) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 0.2 - 0.2 - (5.6) - (5.6) Commodity contracts (a) (d) - 0.5 - 0.5 - (29.3) - (29.3) Grain contracts (a) (d) - 2.3 - 2.3 - (11.8) - (11.8) Total - 3.0 - 3.0 - (46.7) - (46.7) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 122.7 2.3 34.8 159.8 - - - - Long-lived assets (g) - 1.0 - 1.0 - - - - Total 122.7 3.3 34.8 160.8 - - - - Total assets, liabilities, and $ 122.7 $ 16.6 $ 34.8 $ 174.1 $ - $ (111.4) $ - $ (111.4) May 29, 2022 May 29, 2022 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (29.8) $ - $ (29.8) Foreign exchange contracts (a) (c) - 26.9 - 26.9 - (4.7) - (4.7) Total - 26.9 - 26.9 - (34.5) - (34.5) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 8.4 - 8.4 - (15.1) - (15.1) Commodity contracts (a) (d) 10.7 96.9 - 107.6 - (0.2) - (0.2) Grain contracts (a) (d) - 28.7 - 28.7 - (3.0) - (3.0) Total 10.7 134.0 - 144.7 - (18.3) - (18.3) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 255.3 2.3 67.2 324.8 - - - - Total 255.3 2.3 67.2 324.8 - - - - Total assets, liabilities, and $ 266.0 $ 163.2 $ 67.2 $ 496.4 $ - $ (52.8) $ - $ (52.8) a) other liabilities, and cash equivalents. (b) fair value 615.7 2022, the cumulative amount of fair value hedging basis adjustments was 28.4 (c) (d) (e) (f) recorded 34.0 revised projections of future operating results and observable transaction data We did not The prices are not available, fair value is estimated using and including the 10,929.6 11,674.2 and fair value of our long-term debt, including the current portion, were 10,508.8 10,809.0 Information fiscal years ended May 28, 2023, and May 29, 2022, follows: Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Derivatives in Cash Flow Hedging Relationships: Amount of (loss) gain recognized in other comprehensive income (OCI) $ (6.4) $ (5.4) $ 9.4 $ 13.2 $ - $ - $ - $ - $ 3.0 $ 7.8 Amount of net gain (loss) reclassified from AOCI into earnings (a) 2.2 (4.7) 22.0 (19.5) - - - - 24.2 (24.2) Derivatives in Fair Value Relationships: Amount of net loss recognized (4.9) (2.1) - - - - - - (4.9) (2.1) Derivatives Not Designated as Amount of net (loss) gain recognized - - (46.2) (32.8) (3.4) (8.0) (152.6) 257.2 (202.2) 216.4 (a) expenses for foreign cost of 21.1 0.9 ended 11.1 reclassified from AOCI into SG&A was $ 8.4 (b) SG&A expenses for equity contracts and foreign exchange contracts. (c) foreign No from the assessment of hedge effectiveness. The following Consolidated Balance Sheets to the net fair values that could be reported May 28, 2023 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 0.5 $ - $ 0.5 $ (0.5) $ - $ - $ (29.3) $ - $ (29.3) $ 0.5 $ 16.2 $ (12.6) Interest rate contracts - - - - - - (69.2) - (69.2) - 44.3 (24.9) Foreign exchange contracts 10.4 - 10.4 (4.2) - 6.2 (8.2) - (8.2) 4.2 - (4.0) Equity contracts 2.8 - 2.8 (1.0) - 1.8 (1.5) - (1.5) 1.0 - (0.5) Total $ 13.7 $ - $ 13.7 $ (5.7) $ - $ 8.0 $ (108.2) $ - $ (108.2) $ 5.7 $ 60.5 $ (42.0) May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) (a) (b) (c) (d) (e) AMOUNTS RECORDED IN ACCUMULATED As of May 28, 2023, the after-tax amounts of unrealized In Millions After-Tax Unrealized losses from interest rate cash flow hedges $ (7.8) Unrealized gains from foreign currency cash flow hedges 13.7 After-tax gains in AOCI related to hedge derivatives $ 5.9 The net amount next 12 months is a $ 19.8 CREDIT-RISK-RELATED Certain of our each instruments derivative 100.1 million. We have 60.5 CONCENTRATIONS OF During fiscal 2023, customer concentration was as follows: Percent of total Consolidated North America Retail North America Foodservice International Pet Walmart (a): Net sales 21 % 28 % 8 % 2 % 16 % Accounts receivable 22 % 8 % 3 % 15 % Five largest customers: Net sales 51 % 48 % 12 % 67 % (a) No customer other than Walmart 10 We highly rated limit nonperformance transactions through various regulated exchanges. The amount contracts, 4.5 no transactions counterparty access if the counterparty defaults. We services also We financial supplier agreements. 1,430.1 party services. 1,429.6 services. (a) (b) (c) (d) (e) (a) other liabilities, and cash equivalents. (b) fair value 589.7 2023, the cumulative amount of fair value hedging basis adjustments was $ 53.7 (c) (d) (e) (f) recorded 32.4 revised projections of future operating results and observable transaction data (g) 8.6 Fair value $ 9.6 |
Debt |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Debt [Abstract] | |
| Debt | NOTE 9. DEBT NOTES PAYABLE The components of notes payable and their respective weighted-average May 28, 2023 May 29, 2022 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ - - % $ 694.8 1.1 % Financial institutions 31.7 10.5 % 116.6 4.4 % Total $ 31.7 10.5 % $ 811.4 5.5 % To ensure availability and Europe. The following table details the fee-paid committed and uncommitted credit In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.6 - Total committed $ 3.3 $ - The 2.5 We were in compliance with all credit facility covenants as of May 28, 2023. LONG-TERM DEBT In the fourth quarter 250.0 November 10, 2023 . We to repay € 250.0 May 16, 2023 . In the 750.0 3.907 April 13, 2029 . We proceeds to repay 500.0 1.0 April 27, 2023 250.0 May 16, 2023 . In the fourth 1,000.0 4.95 March 29, 2033 . We proceeds to repay our outstanding commercial paper and for general In the second 500.0 5.241 November 18, 2025 . We net proceeds to repay a portion of our outstanding commercial paper and for general In the 250.0 May 16, 2023 . We repay € 250.0 0.0 November 11, 2022 . In the 500.0 2.6 October 12, 2022 , using from the issuance of commercial paper. In the fourth quarter of fiscal 2022, we repaid $ 850.0 3.7 October 17, 2023 the issuance of commercial paper. In the 250.0 0.0 November 11, 2022 . We proceeds for general corporate purposes. In the second 500.0 0.125 November 15, 2025 . We net proceeds to repay a portion of our € 500.0 0.0 November 16, 2021 , and for general corporate purposes. In the second quarter of fiscal 2022, we issued € 250.0 May 16, 2023 . We used the net proceeds repay a portion of our € 500.0 0.0 November 16, 2021 . In the second 500.0 2.25 October 14, 2031 . We proceeds, 1,000.0 3.15 due December 15, 2021 . In the first quarter of fiscal 2022, we issued € 500.0 July 27, 2023 . We used the net proceeds to € 500.0 0.0 August 21, 2021 . In the first quarter 200.0 2.2 June 24, 2021 , using proceeds from issuance of € 50.0 2.2 November 29, 2021 , and borrowings under a committed credit facility. A summary of our long-term debt is as follows: In Millions May 28, 2023 May 29, 2022 4.2 % notes due April 17, 2028 $ 1,400.0 $ 1,400.0 4.95 % notes due March 29, 2033 1,000.0 - Euro-denominated 3.907 % notes due April 13, 2029 804.2 - 4.0 % notes due April 17, 2025 800.0 800.0 3.2 % notes due February 10, 2027 750.0 750.0 2.875 % notes due April 15, 2030 750.0 750.0 Euro-denominated 0.45 % notes due January 15, 2026 643.4 644.1 3.0 % notes due February 1, 2051 605.2 605.2 Euro-denominated 0.125 % notes due November 15, 2025 536.2 536.7 Euro-denominated floating rate notes due July 27, 2023 536.2 537.9 3.65 % notes due February 15, 2024 500.0 500.0 2.25 % notes due October 14, 2031 500.0 500.0 5.241 % notes due November 18, 2025 500.0 - 4.7 % notes due April 17, 2048 446.2 446.2 4.15 % notes due February 15, 2043 434.9 434.9 Euro-denominated 1.5 % notes due April 27, 2027 428.9 429.4 Floating rate notes due October 17, 2023 400.0 400.0 5.4 % notes due June 15, 2040 382.5 382.5 4.55 % notes due April 17, 2038 282.4 282.4 Euro-denominated floating rate notes due November 10, 2023 268.1 - Medium-term notes, 0.56 % to 6.41 %, due fiscal 2024 4.0 103.9 Euro-denominated 1.0 % notes due April 27, 2023 - 536.8 2.6 % notes due October 12, 2022 - 500.0 Euro-denominated 0.0 % notes due November 11, 2022 - 268.3 Euro-denominated 0.0 % notes due May 16, 2023 - 268.3 Other (298.0) (267.6) 11,674.2 10,809.0 Less amount due within one year (1,709.1) (1,674.2) Total long-term debt $ 9,965.1 $ 9,134.8 Principal payments intent to redeem, or put rights of certain note holders are as follows: In Millions Fiscal 2024 $ 1,709.1 Fiscal 2025 800.5 Fiscal 2026 1,680.1 Fiscal 2027 1,179.3 Fiscal 2028 1,400.0 Certain of our As of May 28, 2023, we were in compliance with all of these covenants. As of 11.2 will be AOCI to net interest in fiscal 2024 is a $ 0.7 |
Redeemable and Noncontrolling Interests |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Redeemable and Noncontrolling Interests [Abstract] | |
| Redeemable and Noncontrolling Interests | NOTE 10. REDEEMABLE AND NONCONTROLLING INTERESTS Our principal noncontrolling interest relates to our General Mills Cereals, LLC (GMC) subsidiar The holder of the of (currently $ 251.5 three-month Term SOFR plus 186 three years A Interest holder or through a remarketing auction. During Marques Yoplait Liberté brands in the United States and Canada, and cash. Please see Note 3 to the Consolidated Up to fair 49 Sheets. Sodiaal had quarter of value put feature were and the resulting carrying value of the noncontrolling interests were included We 105.1 40.3 Yoplait A subsidiary of 2021. Net purchases totaled $ 99.5 For subsidiaries subsidiaries Earnings. Our noncontrolling interests contain restrictive covenants. As of May 28, 2023, we were in compliance with all of these covenants. |
Stockholders' Equity |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Stockholders' Equity [Abstract] | |
| Stockholders' Equity | NOTE 11. STOCKHOLDERS’ Cumulative preference stock of 5.0 On June 27, 2022, our Board of Directors authorized the 100 the authorization derivative termination date. Share repurchases were as follows: Fiscal Year In Millions 2023 2022 2021 Shares of common stock 18.0 13.5 5.0 Aggregate purchase price $ 1,403.6 $ 876.8 $ 301.4 The following tables provide details of total comprehensive income: Fiscal 2023 General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Net earnings, including earnings attributable to noncontrolling interests $ 2,593.9 $ 15.7 Other comprehensive (loss) income: Foreign currency translation $ (110.2) (0.3) (110.5) (0.3) Net actuarial loss (295.5) 67.5 (228.0) - Other fair value changes: Hedge derivatives 3.8 (2.5) 1.3 - Reclassification to earnings: Foreign currency translation (a) (7.4) - (7.4) - Hedge derivatives (b) (24.7) 6.0 (18.7) - Amortization of losses and prior service costs (c) 72.9 (16.0) 56.9 - Other comprehensive loss (361.1) 54.7 (306.4) (0.3) Total comprehensive $ 2,287.5 $ 15.4 (a) (b) expenses for foreign exchange contracts. (c) Fiscal 2022 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,707.3 $ 10.2 $ 17.5 Other comprehensive income (loss): Foreign currency translation $ (188.5) $ 85.8 (102.7) (26.2) (47.0) Net actuarial gain 132.4 (30.8) 101.6 - - Other fair value changes: Hedge derivatives 30.1 (23.6) 6.5 - 0.5 Reclassification to earnings: Foreign currency translation (a) 342.2 - 342.2 - - Hedge derivatives (b) 23.7 11.6 35.3 - (0.2) Amortization of losses and prior service costs (c) 97.4 (21.6) 75.8 - - Other comprehensive income (loss) 437.3 21.4 458.7 (26.2) (46.7) Total comprehensive $ 3,166.0 $ (16.0) $ (29.2) (a) SAS, Yoplait (b) SG&A expenses for foreign exchange contracts. (c) Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,339.8 $ 6.5 $ (0.3) Other comprehensive income (loss): Foreign currency translation $ (6.1) $ 64.9 58.8 31.5 84.8 Net actuarial gain 464.9 (111.5) 353.4 - - Other fair value changes: Hedge derivatives (25.8) 6.5 (19.3) - (1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 (5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 (23.6) 78.9 - - Other comprehensive income 554.6 (69.4) 485.2 31.5 83.5 Total comprehensive $ 2,825.0 $ 38.0 $ 83.2 (a) expenses for foreign exchange contracts. (b) In primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, In Millions May 28, 2023 May 29, 2022 Foreign currency translation adjustments $ (708.6) $ (590.7) Unrealized loss from hedge derivatives 5.9 23.3 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,670.6) (1,513.4) Prior service credits 96.4 110.3 Accumulated other comprehensive loss $ (2,276.9) $ (1,970.5) |
Stock Plans |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Stock Plans [Abstract] | |
| Stock Plans | NOTE 12. STOCK PLANS We 2023, 35.1 shares cash-settled include provide for potential accelerated vesting of awards upon retirement, Stock Options The follows: Fiscal Year 2023 2022 2021 Estimated fair values of stock options granted $ 14.16 $ 8.77 $ 8.03 Assumptions: Risk-free interest rate 3.3 % 1.5 % 0.7 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 20.9 % 20.2 % 19.5 % Dividend yield 3.1 % 3.4 % 3.3 % Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 29, 2022 15,005.5 $ 55.39 5.36 $ 217.5 Granted 1,176.5 70.26 Exercised (4,468.6) 53.84 Forfeited or expired (138.2) 61.90 Outstanding as of May 28, 2023 11,575.2 $ 57.43 5.59 $ 309.5 Exercisable as of May 28, 2023 6,165.3 $ 54.73 3.90 $ 181.6 Fiscal Year In Millions 2023 2022 2021 Net cash proceeds $ 232.3 $ 161.7 $ 74.3 Intrinsic value of options exercised $ 118.7 $ 74.0 $ 44.8 Restricted Stock, Restricted Stock Units, and Performance Share Units Stock Committee no stock-based awards generally vest four years future shareholder three-year performance restricted common awards vest. Information on restricted stock unit and performance share unit activity Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 29, 2022 5,153.4 $ 56.37 77.3 $ 56.43 Granted 2,042.8 69.76 23.6 70.53 Vested (1,976.1) 53.71 (24.7) 52.09 Forfeited or expired (183.9) 63.08 (6.8) 61.14 Non-vested as of May 28, 2023 5,036.2 $ 62.60 69.4 $ 62.32 Fiscal Year 2023 2022 2021 Number of units granted (thousands) 2,066.4 1,989.0 1,529.0 Weighted-average $ 69.77 $ 60.02 $ 61.24 We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our estimate option exercises and employee exercise behavior and therefore employee groups is presented in the table on the U.S. Treasury zero-coupon yield curve in Any corporate (referred to windfall Consolidated Statements Windfall tax benefits from stock-based payments As of no priced 100 four years Options generally expire within 10 years and one month Information on stock option activity follows: Stock-based compensation expense related to stock option awards was as follows: Net options exercised were as follows: The total grant-date 107.4 82.7 2022, and $ 74.4 As of May share units was $ 112.1 18 months , on average. Stock-based compensation expense related to restricted stock units Compensation recognized in restructuring, impairment, and other exit costs for fiscal year 2022. Fiscal Year In Millions 2023 2022 2021 Windfall tax benefits from stock-based payments $ 32.3 $ 18.4 $ 12.4 Fiscal Year In Millions 2023 2022 2021 Compensation expense related to stock option awards $ 12.3 $ 12.1 $ 11.2 Fiscal Year In Millions 2023 2022 2021 Compensation expense related to restricted stock units and performance $ 99.4 $ 94.2 $ 78.7 |
Earnings Per Share |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Earnings Per Share [Abstract] | |
| Earnings Per Share | NOTE 13. EARNINGS PER SHARE Basic and diluted EPS were calculated using the following: Fiscal Year In Millions, Except per Share Data 2023 2022 2021 Net earnings attributable to General Mills $ 2,593.9 $ 2,707.3 $ 2,339.8 Average number 594.8 607.5 614.1 Incremental share effect from: (a) Stock options 3.6 2.5 2.5 Restricted stock units and performance share units 2.8 2.6 2.5 Average number 601.2 612.6 619.1 Earnings per share — basic $ 4.36 $ 4.46 $ 3.81 Earnings per share — diluted $ 4.31 $ 4.42 $ 3.78 a) method. because they were not dilutive were as follows: Fiscal Year In Millions 2023 2022 2021 Anti-dilutive stock options, restricted stock units, 0.8 4.4 3.4 |
Retirement Benefits And Postemployment Benefits |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Retirement Benefits And Postemployment Benefits [Abstract] | |
| Retirement Benefits And Postemployment Benefits | NOTE 14. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS Defined Benefit Pension Plans We have Benefits for salaried various monthly We made no any provision that any excess pension assets would be allocated to active participants five years in control. benefit pension plan. Other Postretirement Benefit Plans We salaried related trusts no or fiscal 2022. We In fiscal 2021, we approved Health participants age 65 and over covered by The General Mills Retiree Health Plan the General policies on Mills participants of were assets facilitate targeted investment strategies that reflect each In purchase certain eligible retirees with greater flexibility in choosing health care coverage Health Care Cost Trend Assumed health care cost trends are as follows: Fiscal Year 2023 2022 Health care cost trend rate for next year 6.6 % and 6.6 % 5.9 % and 6.0 % Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year 2032 2031 We and information and projections, and remain consistent is 6.6 the 4.5 2032 retirees’ benefits increase the current health care costs have an important effect on the amounts reported Postemployment Benefit Plans Under certain States, Postemployment benefits of service) are charged to expense when incurred. Our postemployment Summarized presented below: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 Change in Plan Assets: Fair value at beginning of year $ 6,510.3 $ 7,460.2 $ 479.2 $ 519.4 Actual return on assets (413.5) (618.7) (6.6) (18.0) Employer contributions 30.0 31.2 0.1 0.1 Plan participant contributions 1.3 3.8 5.7 9.6 Benefits payments (344.6) (346.2) (22.4) (31.9) Foreign currency (4.9) (20.0) - - Fair value at end of year (a) $ 5,778.6 $ 6,510.3 $ 456.0 $ 479.2 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 6,528.3 $ 7,714.4 $ 469.6 $ 600.0 $ 138.5 $ 151.7 Service cost 70.3 93.5 5.1 7.6 8.4 10.0 Interest cost 258.5 184.3 17.9 12.6 3.1 1.5 Plan amendment - 3.7 - (16.1) - - Curtailment/other (8.5) (29.4) - (3.2) 10.4 12.0 Plan participant contributions 1.3 3.8 5.7 9.6 - - Medicare Part D reimbursements - - 0.7 1.7 - - Actuarial gain (538.1) (1,089.7) (22.5) (86.0) (10.7) (18.7) Benefits payments (336.1) (334.7) (45.5) (56.9) (18.5) (17.7) Foreign currency (5.0) (17.6) (0.4) 0.3 (0.2) (0.3) Projected benefit obligation at end of year (a) $ 5,970.7 $ 6,528.3 $ 430.6 $ 469.6 $ 131.0 $ 138.5 Plan assets (less) more than benefit obligation as of $ (192.1) $ (18.0) $ 25.4 $ 9.6 $ (131.0) $ (138.5) (a) May 31, 2023 May 31, 2022 . During primarily driven by actuarial gains due to an increase in the discount rate As 308.0 $ 274.2 332.4 assets 279.6 131.0 $ 138.5 The 5,807.9 $ 6,330.0 Amounts recognized in AOCI as of May 28, 2023 and May 29, 2022, are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 2023 2022 Net actuarial (loss) gain $ (1,859.7) $ (1,720.3) $ 186.9 $ 208.5 $ 2.2 $ (1.6) $ (1,670.6) $ (1,513.4) Prior service (costs) credits (4.8) (7.6) 102.3 118.9 (1.1) (1.0) 96.4 110.3 Amounts recorded in accumulated $ (1,864.5) $ (1,727.9) $ 289.2 $ 327.4 $ 1.1 $ (2.6) $ (1,574.2) $ (1,403.1) Plans with accumulated benefit obligations in excess of plan assets as of Defined Benefit Pension Plans Fiscal Year In Millions 2023 2022 Projected benefit obligation $ 466.2 $ 508.2 Accumulated benefit obligation 453.4 479.6 Plan assets at fair value 18.7 20.5 Components of net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ 70.3 $ 93.5 $ 104.4 $ 5.1 $ 7.6 $ 8.5 $ 8.4 $ 10.0 $ 9.3 Interest cost 258.5 184.3 192.1 17.9 12.6 18.0 3.1 1.5 1.7 Expected return on (420.5) (411.1) (420.9) (31.1) (26.7) (34.7) - - - Amortization of losses 113.2 140.5 108.3 (19.3) (10.9) (5.1) 0.4 3.0 2.6 Amortization of prior 1.5 1.0 1.3 (23.2) (20.9) (5.5) 0.3 0.4 0.9 Other adjustments - 0.1 - - (0.1) - 10.4 12.9 8.4 Settlement or (0.7) (18.4) 14.9 - (5.5) - - - - Net expense (income) $ 22.3 $ (10.1) $ 0.1 $ (50.6) $ (43.9) $ (18.8) $ 22.6 $ 27.8 $ 22.9 Assumptions Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2023 2022 2023 2022 2023 2022 Discount rate 5.18 % 4.39 % 5.19 % 4.36 % 4.55 % 3.62 % Rate of salary increases 4.20 4.34 - - 4.46 4.46 Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate 4.39 % 3.17 % 3.20 % 4.36 % 3.03 % 3.02 % 3.62 % 2.04 % 1.86 % Service cost 4.57 3.56 3.58 4.41 3.34 3.40 3.69 2.46 3.51 Interest cost 4.03 2.42 2.55 3.80 2.08 2.29 3.35 1.48 2.83 Rate of 4.18 4.39 4.44 - - - 4.46 4.46 4.47 Expected long-term 6.70 5.85 5.72 6.76 6.09 4.57 - - - Discount Rates We estimate international approach cash flows. Our benefit, and other outside actuaries Median corporate forward interest rate curve is applied to our expected future cash outflows Fair Value The fair category were as follows: May 31, 2023 May 31, 2022 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 278.3 $ 484.1 $ 34.3 $ 796.7 $ 623.4 $ 442.3 $ 66.3 $ 1,132.0 Fixed income (b) 1,603.4 1,866.3 - 3,469.7 1,958.7 1,723.4 - 3,682.1 Real asset investments (c) 92.8 - - 92.8 159.8 - - 159.8 Other investments (d) - - 0.1 0.1 - - 0.1 0.1 Cash and accruals 295.1 0.2 - 295.3 133.6 0.3 - 133.9 Fair value measurement of pension $ 2,269.6 $ 2,350.6 $ 34.4 $ 4,654.6 $ 2,875.5 $ 2,166.0 $ 66.4 $ 5,107.9 Assets measured at net asset value (e) 1,124.0 1,402.4 Total pension plan $ 5,778.6 $ 6,510.3 Fair value measurement of postretirement benefit plan assets: Fixed income (b) $ 113.3 $ - $ - $ 113.3 $ 120.8 $ - $ - $ 120.8 Cash and accruals 2.5 - - 2.5 6.6 - - 6.6 Fair value measurement of $ 115.8 $ - $ - $ 115.8 $ 127.4 $ - $ - $ 127.4 Assets measured at net asset value (e) 340.2 351.8 Total postretirement $ 456.0 $ 479.2 (a) allocations. Investments at closing prices from national exchanges, commingled funds valued managers, information available. (b) policy allocations, and prices from funds valued at unit values provided by the investment managers, which (c) energy, funds valued at unit values provided by the investment managers, which (d) of the underlying investments and contract fair values established by the providers (e) measured at fair value using fair value hierarchy. There were no into the pricing of certain private equity securities resulted in the transfer of $ 66.3 Expected Rate of Return on Plan Assets Our expected estimate of future long-term returns long-term inflation one particular year does not, by itself, significantly influence our evaluation. Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2023 2022 2023 2022 Asset category: United States equities 8.3 % 12.1 % 28.6 % 27.9 % International equities 4.8 7.8 13.4 13.5 Private equities 10.6 10.4 14.5 15.2 Fixed income 65.1 58.3 43.5 43.4 Real assets 11.2 11.4 - - Total 100.0 % 100.0 % 100.0 % 100.0 % The investment participants defined benefit classes, pension 9 6 equities; 7 68 10 For other U.S. postretirement benefit plans, the long-term investment 28 14 14 44 asset classes may vary tactically around the long-term policy allocations based Contributions and Future Benefit Payments We no t postemployment benefit our decision payments, which reflect expected future service, as appropriate, are In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Postemployment Benefit Plans Fiscal 2024 $ 351.4 $ 38.6 $ 27.1 Fiscal 2025 357.6 37.5 20.0 Fiscal 2026 364.6 36.6 18.6 Fiscal 2027 371.6 36.1 16.7 Fiscal 2028 378.9 34.9 15.4 Fiscal 2029-2033 1,977.5 158.8 64.4 Defined Contribution Plans The employees. Employee Stock assets of $ 19.2 20.6 of 97.2 $ 90.1 76.1 We options 3.7 million as 4.0 balances. The Company stock fund and the ESOP collectively held $ 498.7 443.8 2023, and May 29, 2022, respectively. |
Income Taxes |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Income Taxes [Abstract] | |
| Income Taxes | NOTE 15. INCOME TAXES The thereon are as follows: Fiscal Year In Millions 2023 2022 2021 Earnings before income taxes and after-tax earnings United States $ 2,740.5 $ 2,652.3 $ 2,567.1 Foreign 400.0 557.3 290.3 Total earnings $ 3,140.5 $ 3,209.6 $ 2,857.4 Income taxes: Currently payable: Federal $ 487.1 $ 384.2 $ 369.8 State and local 82.2 60.8 47.5 Foreign 65.1 79.1 93.0 Total current 634.4 524.1 510.3 Deferred: Federal 9.6 75.0 117.9 State and local (8.1) 18.3 13.6 Foreign (23.7) (31.1) (12.7) Total deferred (22.2) 62.2 118.8 Total income $ 612.2 $ 586.3 $ 629.1 The following table reconciles the United States statutory income tax rate Fiscal Year 2023 2022 2021 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 1.5 2.1 1.7 Foreign rate differences (1.0) (1.1) 0.3 Stock based compensation (1.0) (0.6) (0.4) Capital loss (a) - (1.7) - Divestitures, net (0.8) (1.2) - Other, net (0.2) (0.2) (0.6) Effective income tax rate 19.5 % 18.3 % 22.0 % (a) 50.7 used against divestiture gains. The tax effects of temporary differences that In Millions May 28, 2023 May 29, 2022 Accrued liabilities $ 51.2 $ 46.2 Compensation and employee benefits 143.7 146.7 Pension 43.7 1.5 Tax credit carryforwards 38.7 34.9 Stock, partnership, and miscellaneous investments 2.4 17.9 Capitalized research and development 83.7 - Capital losses 76.2 61.9 Net operating losses 221.3 178.0 Other 99.4 96.3 Gross deferred tax assets 760.3 583.4 Valuation 259.2 185.1 Net deferred tax assets 501.1 398.3 Brands 1,417.2 1,415.2 Fixed assets 402.7 392.6 Intangible assets 213.1 201.0 Tax lease transactions 8.5 14.9 Inventories 47.1 27.1 Stock, partnership, and miscellaneous investments 369.0 357.7 Unrealized hedges 34.3 98.7 Other 120.1 109.4 Gross deferred tax liabilities 2,612.0 2,616.6 Net deferred tax liability $ 2,110.9 $ 2,218.3 We does income) within the carryforward period to allow us to realize these deferred tax Information about our valuation allowance follows: In Millions May 28, 2023 Pillsbury acquisition losses $ 106.2 State and foreign loss carryforwards 27.1 Capital loss carryforwards 75.7 Other 50.2 Total $ 259.2 As of May 28, 2023, we believe it is more-likely-than-not that the remainder Information about our tax loss carryforwards follows In Millions May 28, 2023 Foreign loss carryforwards $ 202.0 Federal operating loss carryforwards 10.2 State operating loss carryforwards 9.0 Total tax loss carryforwards $ 221.2 Our foreign loss carryforwards expire as follows: In Millions May 28, 2023 Expire in fiscal 2024 and 2025 $ 0.5 Expire in fiscal 2026 and beyond 15.0 Do not expire (a) 186.5 Total foreign loss carryforwards $ 202.0 (a) 172 allowance. On August Tax currently expect the IRA liquidity. and assess the impact the IRA may have on our business and financial results. On limitations on the ARPA to have As of no t recognized 2.3 foreign operations will be remitted reinvested earnings. longer indefinitely reinvested. All not permanently reinvested and local country withholding taxes are We are may elapse before an uncertain tax position is audited and finally resolved. timing outcome. particular position would usually require the use of cash. The number (federal and state). Various vary by jurisdiction, but are generally from 3 5 The Internal 2018 and 2019 . Several examinations are currently in or financial position. We The Brazilian years. These Alimentos transaction. We We the amount of judgment related to the expected ultimate resolution of uncertain tax positions The following table sets forth and 90 effective income tax rate in future periods. certain income taxes upon recognition of the state tax benefits included therein. Fiscal Year In Millions 2023 2022 Balance, beginning of year $ 160.9 $ 145.3 Tax positions related Additions 29.9 21.6 Tax positions related Additions 2.9 10.4 Reductions (0.9) (5.5) Settlements (4.7) (2.4) Lapses in statutes of limitations (6.9) (8.5) Balance, end of year $ 181.2 $ 160.9 As of no t expect are not outcomes. Our unrecognized tax benefit liability was classified in other We recognized $ 4.7 32.4 2023. For 2.0 26.6 and penalties as of May 29, 2022. |
Commitments And Contingencies |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Commitments And Contingencies [Abstract] | |
| Commitments And Contingencies | NOTE 16. COMMITMENTS AND CONTINGENCIES As 149.9 consolidated affiliates, mainly CPW. During state sales tax requirements. have meritorious May 28, 2023 , we any possible loss and have not recorded a loss contingency for this matter. |
Business Segment And Geographic Information |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Business Segment and Geographic Information [Abstract] | |
| Business Segment And Geographic Information | NOTE 17. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operations. chief operating decision maker assesses performance follows: North America Retail, International, Pet, and North America Foodservice. Our North America Retail stores, categories products, organic products including ready-to-eat cereal, frozen Our product categories include super-premium and shops. Our American markets, as well as reported in the region or country where the end customer is located. Our Pet operating segment includes e-commerce retailers, categories include dog and cat food (dry natural product types, diet types, breed sizes for dogs, lifestages, flavors, product Our categories unbaked and and nearly vending, and supermarket bakeries. Operating profit and employee corporate investments, and commodity positions corporate chain organization, our manufacturing, to maximize nor available by operating segment. Our operating segment results were as follows: Fiscal Year In Millions 2023 2022 2021 Net sales: North America Retail $ 12,659.9 $ 11,572.0 $ 11,250.0 International 2,769.5 3,315.7 3,656.8 Pet 2,473.3 2,259.4 1,732.4 North America Foodservice 2,191.5 1,845.7 1,487.8 Total $ 20,094.2 $ 18,992.8 $ 18,127.0 Operating profit: North America Retail $ 3,181.3 $ 2,699.7 $ 2,725.9 International 161.8 232.0 236.6 Pet 445.5 470.6 415.0 North America Foodservice 290.0 255.5 203.3 Total segment operating $ 4,078.6 $ 3,657.8 $ 3,580.8 Unallocated corporate items 1,033.2 402.6 212.1 Divestitures (gain) loss, net (444.6) (194.1) 53.5 Restructuring, impairment, and other exit costs (recoveries) 56.2 (26.5) 170.4 Operating profit $ 3,433.8 $ 3,475.8 $ 3,144.8 Net sales for our North America Retail operating units were as follows: Fiscal Year In Millions 2023 2022 2021 U.S. Meals & Baking Solutions $ 4,426.3 $ 4,023.8 $ 4,042.2 U.S. Morning Foods 3,620.1 3,370.9 3,314.0 U.S. Snacks 3,611.0 3,191.4 2,940.5 Canada 1,002.5 985.9 953.3 Total $ 12,659.9 $ 11,572.0 $ 11,250.0 Net sales by class of similar products were as follows: Fiscal Year In Millions 2023 2022 2021 Snacks $ 4,431.5 $ 3,960.9 $ 3,574.2 Cereal 3,209.5 2,998.1 2,868.9 Convenient meals 2,961.6 2,988.5 3,030.2 Pet 2,476.0 2,260.1 1,732.4 Dough 2,390.5 1,986.3 1,866.1 Baking mixes and ingredients 2,037.3 1,843.6 1,695.5 Yogurt 1,472.9 1,714.9 2,074.8 Super-premium ice cream 703.7 782.2 819.7 Other 411.2 458.2 465.2 Total $ 20,094.2 $ 18,992.8 $ 18,127.0 The following tables provide financial information by geographic area: Fiscal Year In Millions 2023 2022 2021 Net sales: United States $ 16,322.2 $ 14,691.2 $ 13,496.9 Non-United States 3,772.0 4,301.6 4,630.1 Total $ 20,094.2 $ 18,992.8 $ 18,127.0 In Millions May 28, 2023 May 29, 2022 Cash and cash equivalents: United States $ 204.2 $ 46.0 Non-United States 381.3 523.4 Total $ 585.5 $ 569.4 In Millions May 28, 2023 May 29, 2022 Land, buildings, and equipment: United States $ 2,920.5 $ 2,675.2 Non-United States 715.7 718.6 Total $ 3,636.2 $ 3,393.8 |
Supplemental Information |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Supplemental Information [Abstract] | |
| Supplemental Information | NOTE 18. SUPPLEMENTAL The components of certain Consolidated Balance Sheets accounts are In Millions May 28, 2023 May 29, 2022 Receivables: Customers $ 1,710.1 $ 1,720.4 Less allowance for doubtful accounts (26.9) (28.3) Total $ 1,683.2 $ 1,692.1 In Millions May 28, 2023 May 29, 2022 Inventories: Finished goods $ 2,066.9 $ 1,634.7 Raw materials and packaging 572.2 532.0 Grain 133.8 164.0 Excess of FIFO over LIFO cost (a) (600.9) (463.4) Total $ 2,172.0 $ 1,867.3 (a) 1,477.5 1,127.1 difference between replacement valuation method. In Millions May 28, 2023 May 29, 2022 Prepaid expenses and other current assets: Marketable investments $ 117.2 $ 249.8 Other receivables 285.7 182.8 Prepaid expenses 244.4 213.5 Derivative receivables 45.1 86.1 Grain contracts 2.3 28.7 Miscellaneous 41.0 41.2 Total $ 735.7 $ 802.1 In Millions May 28, 2023 May 29, 2022 Assets held for sale: Goodwill $ - $ 130.0 Inventories - 22.9 Equipment - 6.0 Total $ - $ 158.9 In Millions May 28, 2023 May 29, 2022 Land, buildings, and equipment: Equipment $ 6,672.2 $ 6,491.7 Buildings 2,569.3 2,444.8 Construction in progress 746.7 492.8 Capitalized software 514.8 717.8 Land 56.5 55.1 Equipment under finance lease 9.8 7.8 Buildings under finance lease 0.3 0.3 Total land, buildings, 10,569.6 10,210.3 Less accumulated depreciation (6,933.4) (6,816.5) Total $ 3,636.2 $ 3,393.8 In Millions May 28, 2023 May 29, 2022 Other assets: Investments in and advances to joint ventures $ 462.0 $ 513.8 Right of use operating lease assets 340.0 336.8 Pension assets 51.8 52.6 Life insurance 15.8 17.5 Miscellaneous 290.7 307.4 Total $ 1,160.3 $ 1,228.1 In Millions May 28, 2023 May 29, 2022 Other current liabilities: Accrued trade and consumer promotions $ 454.3 $ 474.4 Accrued payroll 426.6 435.6 Current portion of operating lease liabilities 101.9 106.7 Accrued interest, including interest rate swaps 83.1 70.1 Accrued taxes 80.9 31.4 Restructuring and other exit costs reserve 47.7 36.8 Derivative payable, primarily commodity-related 34.0 19.9 Dividends payable 23.1 25.3 Grain contracts 11.8 3.0 Miscellaneous 337.3 348.8 Total $ 1,600.7 $ 1,552.0 In Millions May 28, 2023 May 29, 2022 Other non-current liabilities: Accrued compensation and benefits, including obligations for underfunded $ 509.6 $ 360.8 Non-current portion of operating lease liabilities 257.0 248.3 Accrued taxes 245.1 233.0 Miscellaneous 128.3 87.0 Total $ 1,140.0 $ 929.1 Certain Consolidated Statements of Earnings amounts are as follows: Fiscal Year In Millions 2023 2022 2021 Depreciation and amortization $ 546.6 $ 570.3 $ 601.3 Research and development expense 257.6 243.1 239.3 Advertising and media expense (including production and 810.0 690.1 736.3 The components of interest, net are as follows: Fiscal Year Expense (Income), in Millions 2023 2022 2021 Interest expense $ 400.5 $ 387.2 $ 430.9 Capitalized interest (4.4) (3.8) (3.2) Interest income (14.0) (3.8) (7.4) Interest, net $ 382.1 $ 379.6 $ 420.3 Certain Consolidated Statements of Cash Flows amounts are as follows: Fiscal Year In Millions 2023 2022 2021 Cash interest payments $ 337.1 $ 357.8 $ 412.5 Cash paid for income taxes 682.6 545.3 636.1 |
Quarterly Data (Unaudited) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Quarterly Data (Unaudited) [Abstract] | |
| Quarterly Data (Unaudited) | NOTE 19. QUARTERLY Summarized quarterly data for fiscal 2023 and fiscal 2022 follows: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per 2023 2022 2023 2022 2023 2022 2023 2022 Net sales $ 4,717.6 $ 4,539.9 $ 5,220.7 $ 5,024.0 $ 5,125.9 $ 4,537.7 $ 5,030.0 $ 4,891.2 Gross margin 1,447.7 1,597.4 1,705.1 1,631.2 1,664.8 1,403.7 1,728.2 1,769.9 Net earnings attributable to 820.0 627.0 605.9 597.2 553.1 660.3 614.9 822.8 EPS: Basic $ 1.37 $ 1.03 $ 1.01 $ 0.98 $ 0.94 $ 1.09 $ 1.04 $ 1.36 Diluted $ 1.35 $ 1.02 $ 1.01 $ 0.97 $ 0.92 $ 1.08 $ 1.03 $ 1.36 In the fourth recorded $ 36.2 shops network 6.4 11.8 recall of certain international H ä agen-Dazs ice cream products as a result of an insurance recovery. In the fourth and Liberté 14.9 9.2 also recorded 16.0 and Suddenly 34.0 associated 34.0 reserve. |
Schedule II - Valuation of Qualifying Accounts |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Schedule II - Valuation Of Qualifying Accounts [Abstract] | |
| Schedule II - Valuation Of Qualifying Accounts | General Mills, Inc. and Subsidiaries Schedule II - Valuation Fiscal Year In Millions 2023 2022 2021 Allowance for doubtful accounts: Balance at beginning of year $ 28.3 $ 36.0 $ 33.2 Additions charged to expense 29.6 23.0 25.7 Bad debt write-offs (28.6) (26.4) (29.9) Other adjustments and reclassifications (2.4) (4.3) 7.0 Balance at end of year $ 26.9 $ 28.3 $ 36.0 Valuation Balance at beginning of year $ 185.1 $ 229.2 $ 214.2 Additions charged (benefits) to expense 77.1 (41.6) 9.1 Adjustments due to acquisitions, translation of amounts, and other (3.0) (2.5) 5.9 Balance at end of year $ 259.2 $ 185.1 $ 229.2 Reserve for restructuring and other exit charges: Balance at beginning of year $ 36.8 $ 148.8 $ 17.8 Additions charged to expense, including translation amounts 41.7 3.4 143.9 Reserve adjustment - (34.0) - Net amounts utilized for restructuring activities (30.8) (81.4) (12.9) Balance at end of year $ 47.7 $ 36.8 $ 148.8 Reserve for LIFO valuation: Balance at beginning of year $ 463.4 $ 209.5 $ 202.1 Increase 137.5 253.9 7.4 Balance at end of year $ 600.9 $ 463.4 $ 209.5 |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Summary Of Significant Accounting Policies [Abstract] | |
| Cash and Cash Equivalents | Cash and Cash Equivalents We consider all investments |
| Inventories | Inventories All market. Grain inventories are all net changes in value recorded in earnings currently. Inventories realizable value. Shipping when the related finished product is shipped to and accepted by the customer. |
| Land, Buildings, Equipment, and Depreciation | Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. at charged 40 depreciated over 3 10 retired, recognized in earnings. Long-lived assets asset flows from identifiable cash excess independent appraisals, as appropriate. |
| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill indicate that impairment may have of the the liabilities reporting impairment charge goodwill allocated rates for sales and profits are determined using inputs from our long-range perpetuity growth assumptions, market comparables, and other factors. We evaluate the determination competition, other economic in an uncertain or expenditures, amortized on a straight-line basis, over their useful lives, generally ranging 4 30 Our indefinite-lived Blue Buffalo , , Totino’s , Old El Paso , Progresso , , Nudges , and Häagen-Dazs in circumstances discounted could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible in circumstances indicate estimated undiscounted future cash Assets generally be model or other similar valuation model, as appropriate. |
| Leases | Leases We we account for lease and non-lease components (e.g. common area maintenance) Any recognize lease costs for these us with reasonably certain agreements do not include an option to purchase the leased asset, residual value guarantees, We include rental payments based on included recognized in the period in which the obligation is incurred. As information available at the commencement date of the lease arrangement |
| Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures Our undistributed and make goods, and finished goods to the joint ventures, generally at market prices. In addition, but not capital, profitability, nature, these projections the carrying value of investment to its fair value if we concluded the impairment is other than temporary. |
| Revenue Recognition | Revenue Recognition Our revenues primarily result – the has been satisfied and control of the our customer. consideration transaction and participation and the However, product interest. Payment terms and any significant financing components. our channel, and other specific written off into factors. We do |
| Environmental costs | Environmental Costs Environmental costs expensed. Liabilities estimable, generally no later than the completion of feasibility studies or our commitment |
| Advertising Production Costs | Advertising Production Costs We expense the |
| Research and Development | Research and Development All expenditures for research and development for wages, consulting, and supplies including assets at facilities that are engaged in pilot plant activities. |
| Foreign Currency Translation | Foreign Currency Translation For translated during the period. Translation Gains investments instruments designated as net investment hedges. These gains and losses are recorded |
| Derivative Instruments | Derivative Instruments All derivatives are recognized fair value, derivatives are as reclassified associated amounts reported in AOCI are reclassified to earnings at that time. |
| Stock-based Compensation | Stock-based Compensation We generally of stock-based selling, general each reportable segment in our segment results. Certain equity-based compensation plans contain provisions eligible award immediately eligibility is achieved, if less than the stated vesting period. We report the |
| Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans | Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. |
| Use of Estimates | Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. |
| New Accounting Standards | New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 |
Restructuring, Impairment, And Other Exit Costs (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Restructuring, Impairment, And Other Exit Costs [Abstract] | |
| Restructuring And Impairment Charges And Project-Related Costs | Expense, in Millions Global supply chain actions $ 36.2 Network optimization actions 6.4 Charges associated with restructuring actions previously 18.4 Total restructuring $ 61.0 Expense, in Millions International manufacturing and logistics operations $ 15.0 Net recoveries associated with restructuring actions previously announced (38.2) Total net restructuring $ (23.2) Expense, in Millions Global organizational structure and resource alignment $ 157.3 International route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously 2.4 Total restructuring $ 172.7 |
| Schedule Of Restructuring Charges And Project-related Costs Presentation | Fiscal Year In Millions 2023 2022 2021 Restructuring, impairment, and other exit costs (recoveries) $ 56.2 $ (26.5) $ 170.4 Cost of sales 4.8 3.3 2.3 Total restructuring 61.0 (23.2) 172.7 Project-related costs classified in cost of sales $ 2.4 $ - $ - |
| Rollforward Of Restructuring And Other Exit Cost Reserves | In Millions Severance Other Exit Costs Total Reserve balance as of May 31, 2020 $ 17.8 $ - $ 17.8 Fiscal 2021 charges, including foreign currency translation 142.3 1.6 143.9 Utilized in fiscal 2021 (12.8) (0.1) (12.9) Reserve balance as of May 30, 2021 147.3 1.5 148.8 Fiscal 2022 charges, including foreign currency translation 2.2 1.2 3.4 Reserve adjustment (34.0) - (34.0) Utilized in fiscal 2022 (80.1) (1.3) (81.4) Reserve balance as of May 29, 2022 35.4 1.4 36.8 Fiscal 2023 charges, including foreign currency translation 41.6 0.1 41.7 Utilized in fiscal 2023 (29.4) (1.4) (30.8) Reserve balance as of May 28, 2023 $ 47.6 $ 0.1 $ 47.7 |
Investments in Unconsolidated Joint Ventures (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Investments In Unconsolidated Joint Ventures [Abstract] | |
| Joint Venture Related Financial Statement Activity | In Millions May 28, 2023 May 29, 2022 Cumulative investments $ 401.5 $ 416.4 Goodwill and other intangibles 444.1 444.9 Aggregate advances included in cumulative investments 275.6 254.4 Fiscal Year In Millions 2023 2022 2021 Sales to joint ventures $ 5.8 $ 6.3 $ 6.7 Net advances (repayments) 32.2 (15.4) (15.5) Dividends received 69.9 107.5 95.2 |
| Summarized Joint Venture Financial Statement Activity On 100% Basis | Fiscal Year In Millions 2023 2022 2021 Net sales: CPW $ 1,618.9 $ 1,706.5 $ 1,766.8 HDJ 338.5 427.8 422.4 Total net sales 1,957.4 2,134.3 2,189.2 Gross margin 667.7 803.1 882.9 Earnings before income taxes 169.3 249.9 247.8 Earnings after income taxes 126.9 201.0 201.7 In Millions May 28, 2023 May 29, 2022 Current assets $ 817.7 $ 823.9 Noncurrent assets 772.7 839.8 Current liabilities 1,300.0 1,298.8 Noncurrent liabilities 100.3 106.5 |
Goodwill And Other Intangible Assets (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Goodwill And Other Intangible Assets [Abstract] | |
| Components Of Goodwill And Other Intangible Assets | In Millions May 28, 2023 May 29, 2022 Goodwill $ 14,511.2 $ 14,378.5 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,712.4 6,725.8 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 386.3 400.3 Less accumulated amortization (131.1) (126.2) Intangible assets subject to amortization 255.2 274.1 Other intangible assets 6,967.6 6,999.9 Total $ 21,478.8 $ 21,378.4 |
| Changes In Carrying Amount Of Goodwill | In Millions North America Retail Pet North America Foodservice International Joint Ventures Total Balance as of May 31, 2020 $ 6,673.7 $ 5,300.5 $ 648.8 $ 894.5 $ 405.7 $ 13,923.2 Divestiture - - - (1.2) - (1.2) Other activity, primarily 15.6 - - 84.9 39.9 140.4 Balance as of May 30, 2021 6,689.3 5,300.5 648.8 978.2 445.6 14,062.4 Acquisition - 762.3 - - - 762.3 Divestitures - - - (201.8) - (201.8) Reclassified to assets held for sale (130.0) - - - - (130.0) Other activity, primarily (6.4) - - (54.8) (53.2) (114.4) Balance as of May 29, 2022 6,552.9 6,062.8 648.8 721.6 392.4 14,378.5 Acquisition - - 156.8 - - 156.8 Divestitures (2.0) - - (0.4) - (2.4) Other activity, primarily (8.5) - - (12.8) (0.4) (21.7) Balance as of May 28, 2023 $ 6,542.4 $ 6,062.8 $ 805.6 $ 708.4 $ 392.0 $ 14,511.2 |
| Changes In Carrying Amount Of Other Intangible Assets | In Millions Total Balance as of May 31, 2020 $ 7,095.8 Divestiture (5.3) Other activity, primarily 60.1 Balance as of May 30, 2021 7,150.6 Acquisition 370.0 Divestitures (621.8) Intellectual property intangible asset 210.4 Other activity, primarily (109.3) Balance as of May 29, 2022 6,999.9 Acquisition 3.8 Divestiture (3.6) Other activity, primarily (32.5) Balance as of May 28, 2023 $ 6,967.6 |
Leases (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Lessee [Abstract] | |
| Lease Cost | Fiscal Year In Millions 2023 2022 2021 Operating lease cost $ 127.6 $ 129.7 $ 132.7 Variable 6.1 8.5 21.8 Short-term lease cost 30.0 29.1 23.4 |
| Lessee Operating Lease Liability Maturity | In Millions Operating Leases Finance Leases Fiscal 2024 $ 111.9 $ 1.0 Fiscal 2025 86.4 0.6 Fiscal 2026 64.3 0.6 Fiscal 2027 42.9 0.3 Fiscal 2028 28.6 - After fiscal 2028 68.6 - Total noncancelable $ 402.7 $ 2.5 Less: Interest (43.8) (0.2) Present value of lease obligations $ 358.9 $ 2.3 |
| Lessee Operating Lease Weighted Averages | May 28, 2023 May 29, 2022 Weighted-average 5.2 years 4.5 years Weighted-average 4.4 % 3.8 % |
| Supplemental Cash Flow Information Related To Leases | Fiscal Year In Millions 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 129.9 $ 128.7 Right of use assets obtained in exchange for new lease liabilities $ 124.4 $ 84.6 |
Financial Instruments, Risk Management Activities, and Fair Values (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Financial Instruments, Risk Management Activities, And Fair Values [Abstract] | |
| Schedule of Marketable Debt and Equity Securities and Maturities | Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 2023 2022 Available for $ 2.3 $ 2.3 $ 2.3 $ 2.3 $ - $ - $ - $ - Equity securities 117.5 250.1 122.7 255.3 5.2 5.2 10.0 15.1 Total $ 119.8 $ 252.4 $ 125.0 $ 257.6 $ 5.2 $ 5.2 $ 10.0 $ 15.1 Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 2.3 $ 2.3 Equity securities 117.5 122.7 Total $ 119.8 $ 125.0 |
| Schedule of Unallocated Corporate items | Fiscal Year In Millions 2023 2022 2021 Net (loss) gain on mark-to-market valuation of commodity positions $ (154.4) $ 303.3 $ 138.2 Net gain on commodity positions reclassified from unallocated corporate (89.5) (188.0) (8.8) Net mark-to-market revaluation of certain grain inventories (48.0) 17.8 9.4 Net mark-to-market valuation of certain commodity positions recognized $ (291.9) $ 133.1 $ 138.8 |
| Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI | In Millions Gain/(Loss) 3.65 % notes due February 15, 2024 $ 1.3 4.0 % notes due April 17, 2025 (1.1) 3.2 % notes due February 10, 2027 6.3 1.5 % notes due April 27, 2027 (1.3) 4.2 % notes due April 17, 2028 (5.0) 3.907 % notes due April 13, 2029 (4.9) 2.25 % notes due October 14, 2031 16.5 4.95 % notes due March 29, 2033 (1.4) 4.55 % notes due April 17, 2038 (8.1) 5.4 % notes due June 15, 2040 (9.5) 4.15 % notes due February 15, 2043 7.8 4.7 % notes due April 17, 2048 (11.8) Net pre-tax hedge loss in AOCI $ (11.2) |
| Schedule of Interest Rate Swaps | In Millions May 28, 2023 May 29, 2022 Pay-floating swaps - notional amount $ 1,143.4 $ 644.1 Average receive 2.6 % 0.4 % Average pay rate 2.5 % 0.1 % |
| Schedule Of Fair Value Measurement Inputs | May 28, 2023 May 28, 2023 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (62.2) $ - $ (62.2) Foreign exchange contracts (a) (c) - 10.3 - 10.3 - (2.5) - (2.5) Total - 10.3 - 10.3 - (64.7) - (64.7) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 0.2 - 0.2 - (5.6) - (5.6) Commodity contracts (a) (d) - 0.5 - 0.5 - (29.3) - (29.3) Grain contracts (a) (d) - 2.3 - 2.3 - (11.8) - (11.8) Total - 3.0 - 3.0 - (46.7) - (46.7) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 122.7 2.3 34.8 159.8 - - - - Long-lived assets (g) - 1.0 - 1.0 - - - - Total 122.7 3.3 34.8 160.8 - - - - Total assets, liabilities, and $ 122.7 $ 16.6 $ 34.8 $ 174.1 $ - $ (111.4) $ - $ (111.4) May 29, 2022 May 29, 2022 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (29.8) $ - $ (29.8) Foreign exchange contracts (a) (c) - 26.9 - 26.9 - (4.7) - (4.7) Total - 26.9 - 26.9 - (34.5) - (34.5) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 8.4 - 8.4 - (15.1) - (15.1) Commodity contracts (a) (d) 10.7 96.9 - 107.6 - (0.2) - (0.2) Grain contracts (a) (d) - 28.7 - 28.7 - (3.0) - (3.0) Total 10.7 134.0 - 144.7 - (18.3) - (18.3) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 255.3 2.3 67.2 324.8 - - - - Total 255.3 2.3 67.2 324.8 - - - - Total assets, liabilities, and $ 266.0 $ 163.2 $ 67.2 $ 496.4 $ - $ (52.8) $ - $ (52.8) ( a) other liabilities, and cash equivalents. (b) fair value 615.7 2022, the cumulative amount of fair value hedging basis adjustments was 28.4 (c) (d) (e) (f) recorded 34.0 revised projections of future operating results and observable transaction data We did not The prices are not available, fair value is estimated using and including the 10,929.6 11,674.2 and fair value of our long-term debt, including the current portion, were 10,508.8 10,809.0 (a) other liabilities, and cash equivalents. (b) fair value 589.7 2023, the cumulative amount of fair value hedging basis adjustments was $ 53.7 (c) (d) (e) (f) recorded 32.4 revised projections of future operating results and observable transaction data (g) 8.6 Fair value $ 9.6 |
| Schedule Of Gains And Losses On Hedges | Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Derivatives in Cash Flow Hedging Relationships: Amount of (loss) gain recognized in other comprehensive income (OCI) $ (6.4) $ (5.4) $ 9.4 $ 13.2 $ - $ - $ - $ - $ 3.0 $ 7.8 Amount of net gain (loss) reclassified from AOCI into earnings (a) 2.2 (4.7) 22.0 (19.5) - - - - 24.2 (24.2) Derivatives in Fair Value Relationships: Amount of net loss recognized (4.9) (2.1) - - - - - - (4.9) (2.1) Derivatives Not Designated as Amount of net (loss) gain recognized - - (46.2) (32.8) (3.4) (8.0) (152.6) 257.2 (202.2) 216.4 (a) expenses for foreign cost of 21.1 0.9 ended 11.1 reclassified from AOCI into SG&A was $ 8.4 (b) SG&A expenses for equity contracts and foreign exchange contracts. (c) foreign No from the assessment of hedge effectiveness. |
| Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements | May 28, 2023 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 0.5 $ - $ 0.5 $ (0.5) $ - $ - $ (29.3) $ - $ (29.3) $ 0.5 $ 16.2 $ (12.6) Interest rate contracts - - - - - - (69.2) - (69.2) - 44.3 (24.9) Foreign exchange contracts 10.4 - 10.4 (4.2) - 6.2 (8.2) - (8.2) 4.2 - (4.0) Equity contracts 2.8 - 2.8 (1.0) - 1.8 (1.5) - (1.5) 1.0 - (0.5) Total $ 13.7 $ - $ 13.7 $ (5.7) $ - $ 8.0 $ (108.2) $ - $ (108.2) $ 5.7 $ 60.5 $ (42.0) May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) (a) (b) (c) (d) (e) (a) (b) (c) (d) (e) |
| Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements | May 28, 2023 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 0.5 $ - $ 0.5 $ (0.5) $ - $ - $ (29.3) $ - $ (29.3) $ 0.5 $ 16.2 $ (12.6) Interest rate contracts - - - - - - (69.2) - (69.2) - 44.3 (24.9) Foreign exchange contracts 10.4 - 10.4 (4.2) - 6.2 (8.2) - (8.2) 4.2 - (4.0) Equity contracts 2.8 - 2.8 (1.0) - 1.8 (1.5) - (1.5) 1.0 - (0.5) Total $ 13.7 $ - $ 13.7 $ (5.7) $ - $ 8.0 $ (108.2) $ - $ (108.2) $ 5.7 $ 60.5 $ (42.0) May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) (a) (b) (c) (d) (e) (a) (b) (c) (d) (e) |
| Schedule Of After-tax Amounts Of Cash Flow Hedges In AOCI | In Millions After-Tax Unrealized losses from interest rate cash flow hedges $ (7.8) Unrealized gains from foreign currency cash flow hedges 13.7 After-tax gains in AOCI related to hedge derivatives $ 5.9 |
| Customer Concentrations | Percent of total Consolidated North America Retail North America Foodservice International Pet Walmart (a): Net sales 21 % 28 % 8 % 2 % 16 % Accounts receivable 22 % 8 % 3 % 15 % Five largest customers: Net sales 51 % 48 % 12 % 67 % (a) |
Debt (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Debt [Abstract] | |
| Schedule Of Components Of Notes Payable | May 28, 2023 May 29, 2022 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ - - % $ 694.8 1.1 % Financial institutions 31.7 10.5 % 116.6 4.4 % Total $ 31.7 10.5 % $ 811.4 5.5 % |
| Schedule Of Fee-Paid Committed and Uncommitted Credit Lines | In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.6 - Total committed $ 3.3 $ - |
| Schedule Of Long-term Debt Instruments | In Millions May 28, 2023 May 29, 2022 4.2 % notes due April 17, 2028 $ 1,400.0 $ 1,400.0 4.95 % notes due March 29, 2033 1,000.0 - Euro-denominated 3.907 % notes due April 13, 2029 804.2 - 4.0 % notes due April 17, 2025 800.0 800.0 3.2 % notes due February 10, 2027 750.0 750.0 2.875 % notes due April 15, 2030 750.0 750.0 Euro-denominated 0.45 % notes due January 15, 2026 643.4 644.1 3.0 % notes due February 1, 2051 605.2 605.2 Euro-denominated 0.125 % notes due November 15, 2025 536.2 536.7 Euro-denominated floating rate notes due July 27, 2023 536.2 537.9 3.65 % notes due February 15, 2024 500.0 500.0 2.25 % notes due October 14, 2031 500.0 500.0 5.241 % notes due November 18, 2025 500.0 - 4.7 % notes due April 17, 2048 446.2 446.2 4.15 % notes due February 15, 2043 434.9 434.9 Euro-denominated 1.5 % notes due April 27, 2027 428.9 429.4 Floating rate notes due October 17, 2023 400.0 400.0 5.4 % notes due June 15, 2040 382.5 382.5 4.55 % notes due April 17, 2038 282.4 282.4 Euro-denominated floating rate notes due November 10, 2023 268.1 - Medium-term notes, 0.56 % to 6.41 %, due fiscal 2024 4.0 103.9 Euro-denominated 1.0 % notes due April 27, 2023 - 536.8 2.6 % notes due October 12, 2022 - 500.0 Euro-denominated 0.0 % notes due November 11, 2022 - 268.3 Euro-denominated 0.0 % notes due May 16, 2023 - 268.3 Other (298.0) (267.6) 11,674.2 10,809.0 Less amount due within one year (1,709.1) (1,674.2) Total long-term debt $ 9,965.1 $ 9,134.8 |
| Schedule Of Long-term Debt And Capital Leases | In Millions Fiscal 2024 $ 1,709.1 Fiscal 2025 800.5 Fiscal 2026 1,680.1 Fiscal 2027 1,179.3 Fiscal 2028 1,400.0 |
Stockholders' Equity (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Stockholders' Equity [Abstract] | |
| Share Repurchases | Fiscal Year In Millions 2023 2022 2021 Shares of common stock 18.0 13.5 5.0 Aggregate purchase price $ 1,403.6 $ 876.8 $ 301.4 |
| Schedule of Total Comprehensive Income (Loss) | Fiscal 2023 General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Net earnings, including earnings attributable to noncontrolling interests $ 2,593.9 $ 15.7 Other comprehensive (loss) income: Foreign currency translation $ (110.2) (0.3) (110.5) (0.3) Net actuarial loss (295.5) 67.5 (228.0) - Other fair value changes: Hedge derivatives 3.8 (2.5) 1.3 - Reclassification to earnings: Foreign currency translation (a) (7.4) - (7.4) - Hedge derivatives (b) (24.7) 6.0 (18.7) - Amortization of losses and prior service costs (c) 72.9 (16.0) 56.9 - Other comprehensive loss (361.1) 54.7 (306.4) (0.3) Total comprehensive $ 2,287.5 $ 15.4 (a) (b) expenses for foreign exchange contracts. (c) Fiscal 2022 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,707.3 $ 10.2 $ 17.5 Other comprehensive income (loss): Foreign currency translation $ (188.5) $ 85.8 (102.7) (26.2) (47.0) Net actuarial gain 132.4 (30.8) 101.6 - - Other fair value changes: Hedge derivatives 30.1 (23.6) 6.5 - 0.5 Reclassification to earnings: Foreign currency translation (a) 342.2 - 342.2 - - Hedge derivatives (b) 23.7 11.6 35.3 - (0.2) Amortization of losses and prior service costs (c) 97.4 (21.6) 75.8 - - Other comprehensive income (loss) 437.3 21.4 458.7 (26.2) (46.7) Total comprehensive $ 3,166.0 $ (16.0) $ (29.2) (a) SAS, Yoplait (b) SG&A expenses for foreign exchange contracts. (c) Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,339.8 $ 6.5 $ (0.3) Other comprehensive income (loss): Foreign currency translation $ (6.1) $ 64.9 58.8 31.5 84.8 Net actuarial gain 464.9 (111.5) 353.4 - - Other fair value changes: Hedge derivatives (25.8) 6.5 (19.3) - (1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 (5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 (23.6) 78.9 - - Other comprehensive income 554.6 (69.4) 485.2 31.5 83.5 Total comprehensive $ 2,825.0 $ 38.0 $ 83.2 (a) expenses for foreign exchange contracts. (b) |
| Schedule Of Accumulated Other Comprehensive Income (Loss) | In Millions May 28, 2023 May 29, 2022 Foreign currency translation adjustments $ (708.6) $ (590.7) Unrealized loss from hedge derivatives 5.9 23.3 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,670.6) (1,513.4) Prior service credits 96.4 110.3 Accumulated other comprehensive loss $ (2,276.9) $ (1,970.5) |
Stock Plans (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Stock Plans [Abstract] | |
| Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model | Fiscal Year 2023 2022 2021 Estimated fair values of stock options granted $ 14.16 $ 8.77 $ 8.03 Assumptions: Risk-free interest rate 3.3 % 1.5 % 0.7 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 20.9 % 20.2 % 19.5 % Dividend yield 3.1 % 3.4 % 3.3 % |
| Schedule Of Compensation Expense Related To Stock-Based Payments | Fiscal Year In Millions 2023 2022 2021 Windfall tax benefits from stock-based payments $ 32.3 $ 18.4 $ 12.4 Fiscal Year In Millions 2023 2022 2021 Compensation expense related to stock option awards $ 12.3 $ 12.1 $ 11.2 Fiscal Year In Millions 2023 2022 2021 Compensation expense related to restricted stock units and performance $ 99.4 $ 94.2 $ 78.7 |
| Information On Stock Option Activity | Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 29, 2022 15,005.5 $ 55.39 5.36 $ 217.5 Granted 1,176.5 70.26 Exercised (4,468.6) 53.84 Forfeited or expired (138.2) 61.90 Outstanding as of May 28, 2023 11,575.2 $ 57.43 5.59 $ 309.5 Exercisable as of May 28, 2023 6,165.3 $ 54.73 3.90 $ 181.6 |
| Net Cash Proceeds And Intrinsic Value Of Options Exercised | Fiscal Year In Millions 2023 2022 2021 Net cash proceeds $ 232.3 $ 161.7 $ 74.3 Intrinsic value of options exercised $ 118.7 $ 74.0 $ 44.8 |
| Information On Restricted Stock Unit And Performance Share Units Activity | Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 29, 2022 5,153.4 $ 56.37 77.3 $ 56.43 Granted 2,042.8 69.76 23.6 70.53 Vested (1,976.1) 53.71 (24.7) 52.09 Forfeited or expired (183.9) 63.08 (6.8) 61.14 Non-vested as of May 28, 2023 5,036.2 $ 62.60 69.4 $ 62.32 Fiscal Year 2023 2022 2021 Number of units granted (thousands) 2,066.4 1,989.0 1,529.0 Weighted-average $ 69.77 $ 60.02 $ 61.24 |
Earnings Per Share (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Earnings Per Share [Abstract] | |
| Schedule of Basic and Diluted EPS | Fiscal Year In Millions, Except per Share Data 2023 2022 2021 Net earnings attributable to General Mills $ 2,593.9 $ 2,707.3 $ 2,339.8 Average number 594.8 607.5 614.1 Incremental share effect from: (a) Stock options 3.6 2.5 2.5 Restricted stock units and performance share units 2.8 2.6 2.5 Average number 601.2 612.6 619.1 Earnings per share — basic $ 4.36 $ 4.46 $ 3.81 Earnings per share — diluted $ 4.31 $ 4.42 $ 3.78 a) method. because they were not dilutive were as follows: |
| Stock options and restricted units not dilutive | Fiscal Year In Millions 2023 2022 2021 Anti-dilutive stock options, restricted stock units, 0.8 4.4 3.4 |
Retirement Benefits and Postemployment Benefits (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Retirement Benefits And Postemployment Benefits [Abstract] | |
| Health Care Cost Trend Rates | Fiscal Year 2023 2022 Health care cost trend rate for next year 6.6 % and 6.6 % 5.9 % and 6.0 % Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year 2032 2031 |
| Summarized Financial Information | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 Change in Plan Assets: Fair value at beginning of year $ 6,510.3 $ 7,460.2 $ 479.2 $ 519.4 Actual return on assets (413.5) (618.7) (6.6) (18.0) Employer contributions 30.0 31.2 0.1 0.1 Plan participant contributions 1.3 3.8 5.7 9.6 Benefits payments (344.6) (346.2) (22.4) (31.9) Foreign currency (4.9) (20.0) - - Fair value at end of year (a) $ 5,778.6 $ 6,510.3 $ 456.0 $ 479.2 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 6,528.3 $ 7,714.4 $ 469.6 $ 600.0 $ 138.5 $ 151.7 Service cost 70.3 93.5 5.1 7.6 8.4 10.0 Interest cost 258.5 184.3 17.9 12.6 3.1 1.5 Plan amendment - 3.7 - (16.1) - - Curtailment/other (8.5) (29.4) - (3.2) 10.4 12.0 Plan participant contributions 1.3 3.8 5.7 9.6 - - Medicare Part D reimbursements - - 0.7 1.7 - - Actuarial gain (538.1) (1,089.7) (22.5) (86.0) (10.7) (18.7) Benefits payments (336.1) (334.7) (45.5) (56.9) (18.5) (17.7) Foreign currency (5.0) (17.6) (0.4) 0.3 (0.2) (0.3) Projected benefit obligation at end of year (a) $ 5,970.7 $ 6,528.3 $ 430.6 $ 469.6 $ 131.0 $ 138.5 Plan assets (less) more than benefit obligation as of $ (192.1) $ (18.0) $ 25.4 $ 9.6 $ (131.0) $ (138.5) (a) May 31, 2023 May 31, 2022 . |
| Amounts Recognized In AOCI | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2023 2022 2023 2022 2023 2022 Net actuarial (loss) gain $ (1,859.7) $ (1,720.3) $ 186.9 $ 208.5 $ 2.2 $ (1.6) $ (1,670.6) $ (1,513.4) Prior service (costs) credits (4.8) (7.6) 102.3 118.9 (1.1) (1.0) 96.4 110.3 Amounts recorded in accumulated $ (1,864.5) $ (1,727.9) $ 289.2 $ 327.4 $ 1.1 $ (2.6) $ (1,574.2) $ (1,403.1) |
| Accumulated Benefit Obligations in Excess of Plan Assets | Defined Benefit Pension Plans Fiscal Year In Millions 2023 2022 Projected benefit obligation $ 466.2 $ 508.2 Accumulated benefit obligation 453.4 479.6 Plan assets at fair value 18.7 20.5 |
| Components Of Net Periodic Benefit Expense | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ 70.3 $ 93.5 $ 104.4 $ 5.1 $ 7.6 $ 8.5 $ 8.4 $ 10.0 $ 9.3 Interest cost 258.5 184.3 192.1 17.9 12.6 18.0 3.1 1.5 1.7 Expected return on (420.5) (411.1) (420.9) (31.1) (26.7) (34.7) - - - Amortization of losses 113.2 140.5 108.3 (19.3) (10.9) (5.1) 0.4 3.0 2.6 Amortization of prior 1.5 1.0 1.3 (23.2) (20.9) (5.5) 0.3 0.4 0.9 Other adjustments - 0.1 - - (0.1) - 10.4 12.9 8.4 Settlement or (0.7) (18.4) 14.9 - (5.5) - - - - Net expense (income) $ 22.3 $ (10.1) $ 0.1 $ (50.6) $ (43.9) $ (18.8) $ 22.6 $ 27.8 $ 22.9 |
| Weighted-Average Assumptions | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2023 2022 2023 2022 2023 2022 Discount rate 5.18 % 4.39 % 5.19 % 4.36 % 4.55 % 3.62 % Rate of salary increases 4.20 4.34 - - 4.46 4.46 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate 4.39 % 3.17 % 3.20 % 4.36 % 3.03 % 3.02 % 3.62 % 2.04 % 1.86 % Service cost 4.57 3.56 3.58 4.41 3.34 3.40 3.69 2.46 3.51 Interest cost 4.03 2.42 2.55 3.80 2.08 2.29 3.35 1.48 2.83 Rate of 4.18 4.39 4.44 - - - 4.46 4.46 4.47 Expected long-term 6.70 5.85 5.72 6.76 6.09 4.57 - - - |
| Schedule Of Allocation Of Plan Assets, Including Fair Value Hierarchy Levels And Weighted-Average Target Asset Allocations | May 31, 2023 May 31, 2022 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 278.3 $ 484.1 $ 34.3 $ 796.7 $ 623.4 $ 442.3 $ 66.3 $ 1,132.0 Fixed income (b) 1,603.4 1,866.3 - 3,469.7 1,958.7 1,723.4 - 3,682.1 Real asset investments (c) 92.8 - - 92.8 159.8 - - 159.8 Other investments (d) - - 0.1 0.1 - - 0.1 0.1 Cash and accruals 295.1 0.2 - 295.3 133.6 0.3 - 133.9 Fair value measurement of pension $ 2,269.6 $ 2,350.6 $ 34.4 $ 4,654.6 $ 2,875.5 $ 2,166.0 $ 66.4 $ 5,107.9 Assets measured at net asset value (e) 1,124.0 1,402.4 Total pension plan $ 5,778.6 $ 6,510.3 Fair value measurement of postretirement benefit plan assets: Fixed income (b) $ 113.3 $ - $ - $ 113.3 $ 120.8 $ - $ - $ 120.8 Cash and accruals 2.5 - - 2.5 6.6 - - 6.6 Fair value measurement of $ 115.8 $ - $ - $ 115.8 $ 127.4 $ - $ - $ 127.4 Assets measured at net asset value (e) 340.2 351.8 Total postretirement $ 456.0 $ 479.2 (a) allocations. Investments at closing prices from national exchanges, commingled funds valued managers, information available. (b) policy allocations, and prices from funds valued at unit values provided by the investment managers, which (c) energy, funds valued at unit values provided by the investment managers, which (d) of the underlying investments and contract fair values established by the providers (e) measured at fair value using fair value hierarchy. Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2023 2022 2023 2022 Asset category: United States equities 8.3 % 12.1 % 28.6 % 27.9 % International equities 4.8 7.8 13.4 13.5 Private equities 10.6 10.4 14.5 15.2 Fixed income 65.1 58.3 43.5 43.4 Real assets 11.2 11.4 - - Total 100.0 % 100.0 % 100.0 % 100.0 % |
| Estimated Benefit Payments | In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Postemployment Benefit Plans Fiscal 2024 $ 351.4 $ 38.6 $ 27.1 Fiscal 2025 357.6 37.5 20.0 Fiscal 2026 364.6 36.6 18.6 Fiscal 2027 371.6 36.1 16.7 Fiscal 2028 378.9 34.9 15.4 Fiscal 2029-2033 1,977.5 158.8 64.4 |
Income Taxes (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Income Taxes [Abstract] | |
| Components Of Earnings Before Income Taxes And After-Tax Earnings From Joint Ventures And The Corresponding Income Taxes Thereon | Fiscal Year In Millions 2023 2022 2021 Earnings before income taxes and after-tax earnings United States $ 2,740.5 $ 2,652.3 $ 2,567.1 Foreign 400.0 557.3 290.3 Total earnings $ 3,140.5 $ 3,209.6 $ 2,857.4 Income taxes: Currently payable: Federal $ 487.1 $ 384.2 $ 369.8 State and local 82.2 60.8 47.5 Foreign 65.1 79.1 93.0 Total current 634.4 524.1 510.3 Deferred: Federal 9.6 75.0 117.9 State and local (8.1) 18.3 13.6 Foreign (23.7) (31.1) (12.7) Total deferred (22.2) 62.2 118.8 Total income $ 612.2 $ 586.3 $ 629.1 |
| Schedule of Effective Income Tax Rate Reconciliation | Fiscal Year 2023 2022 2021 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 1.5 2.1 1.7 Foreign rate differences (1.0) (1.1) 0.3 Stock based compensation (1.0) (0.6) (0.4) Capital loss (a) - (1.7) - Divestitures, net (0.8) (1.2) - Other, net (0.2) (0.2) (0.6) Effective income tax rate 19.5 % 18.3 % 22.0 % (a) 50.7 used against divestiture gains. |
| Tax Effects Of Temporary Differences That Give Rise To Deferred Tax Assets And Liabilities | In Millions May 28, 2023 May 29, 2022 Accrued liabilities $ 51.2 $ 46.2 Compensation and employee benefits 143.7 146.7 Pension 43.7 1.5 Tax credit carryforwards 38.7 34.9 Stock, partnership, and miscellaneous investments 2.4 17.9 Capitalized research and development 83.7 - Capital losses 76.2 61.9 Net operating losses 221.3 178.0 Other 99.4 96.3 Gross deferred tax assets 760.3 583.4 Valuation 259.2 185.1 Net deferred tax assets 501.1 398.3 Brands 1,417.2 1,415.2 Fixed assets 402.7 392.6 Intangible assets 213.1 201.0 Tax lease transactions 8.5 14.9 Inventories 47.1 27.1 Stock, partnership, and miscellaneous investments 369.0 357.7 Unrealized hedges 34.3 98.7 Other 120.1 109.4 Gross deferred tax liabilities 2,612.0 2,616.6 Net deferred tax liability $ 2,110.9 $ 2,218.3 In Millions May 28, 2023 Pillsbury acquisition losses $ 106.2 State and foreign loss carryforwards 27.1 Capital loss carryforwards 75.7 Other 50.2 Total $ 259.2 In Millions May 28, 2023 Foreign loss carryforwards $ 202.0 Federal operating loss carryforwards 10.2 State operating loss carryforwards 9.0 Total tax loss carryforwards $ 221.2 In Millions May 28, 2023 Expire in fiscal 2024 and 2025 $ 0.5 Expire in fiscal 2026 and beyond 15.0 Do not expire (a) 186.5 Total foreign loss carryforwards $ 202.0 (a) 172 allowance. |
| Operating Loss carryforward | Fiscal Year In Millions 2023 2022 Balance, beginning of year $ 160.9 $ 145.3 Tax positions related Additions 29.9 21.6 Tax positions related Additions 2.9 10.4 Reductions (0.9) (5.5) Settlements (4.7) (2.4) Lapses in statutes of limitations (6.9) (8.5) Balance, end of year $ 181.2 $ 160.9 |
Business Segment and Geographic Information (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Business Segment and Geographic Information [Abstract] | |
| Operating Segment Results | Fiscal Year In Millions 2023 2022 2021 Net sales: North America Retail $ 12,659.9 $ 11,572.0 $ 11,250.0 International 2,769.5 3,315.7 3,656.8 Pet 2,473.3 2,259.4 1,732.4 North America Foodservice 2,191.5 1,845.7 1,487.8 Total $ 20,094.2 $ 18,992.8 $ 18,127.0 Operating profit: North America Retail $ 3,181.3 $ 2,699.7 $ 2,725.9 International 161.8 232.0 236.6 Pet 445.5 470.6 415.0 North America Foodservice 290.0 255.5 203.3 Total segment operating $ 4,078.6 $ 3,657.8 $ 3,580.8 Unallocated corporate items 1,033.2 402.6 212.1 Divestitures (gain) loss, net (444.6) (194.1) 53.5 Restructuring, impairment, and other exit costs (recoveries) 56.2 (26.5) 170.4 Operating profit $ 3,433.8 $ 3,475.8 $ 3,144.8 Fiscal Year In Millions 2023 2022 2021 U.S. Meals & Baking Solutions $ 4,426.3 $ 4,023.8 $ 4,042.2 U.S. Morning Foods 3,620.1 3,370.9 3,314.0 U.S. Snacks 3,611.0 3,191.4 2,940.5 Canada 1,002.5 985.9 953.3 Total $ 12,659.9 $ 11,572.0 $ 11,250.0 |
| Net Sales By Class Of Similar Products | Fiscal Year In Millions 2023 2022 2021 Snacks $ 4,431.5 $ 3,960.9 $ 3,574.2 Cereal 3,209.5 2,998.1 2,868.9 Convenient meals 2,961.6 2,988.5 3,030.2 Pet 2,476.0 2,260.1 1,732.4 Dough 2,390.5 1,986.3 1,866.1 Baking mixes and ingredients 2,037.3 1,843.6 1,695.5 Yogurt 1,472.9 1,714.9 2,074.8 Super-premium ice cream 703.7 782.2 819.7 Other 411.2 458.2 465.2 Total $ 20,094.2 $ 18,992.8 $ 18,127.0 |
| Financial Information By Geographic Area | Fiscal Year In Millions 2023 2022 2021 Net sales: United States $ 16,322.2 $ 14,691.2 $ 13,496.9 Non-United States 3,772.0 4,301.6 4,630.1 Total $ 20,094.2 $ 18,992.8 $ 18,127.0 In Millions May 28, 2023 May 29, 2022 Cash and cash equivalents: United States $ 204.2 $ 46.0 Non-United States 381.3 523.4 Total $ 585.5 $ 569.4 In Millions May 28, 2023 May 29, 2022 Land, buildings, and equipment: United States $ 2,920.5 $ 2,675.2 Non-United States 715.7 718.6 Total $ 3,636.2 $ 3,393.8 |
Supplemental Information (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Supplemental Information [Abstract] | |
| Components Of Receivables | In Millions May 28, 2023 May 29, 2022 Receivables: Customers $ 1,710.1 $ 1,720.4 Less allowance for doubtful accounts (26.9) (28.3) Total $ 1,683.2 $ 1,692.1 |
| Components Of Inventories | In Millions May 28, 2023 May 29, 2022 Inventories: Finished goods $ 2,066.9 $ 1,634.7 Raw materials and packaging 572.2 532.0 Grain 133.8 164.0 Excess of FIFO over LIFO cost (a) (600.9) (463.4) Total $ 2,172.0 $ 1,867.3 (a) 1,477.5 1,127.1 difference between replacement valuation method. |
| Components Of Prepaid Expenses And Other Current Assets | In Millions May 28, 2023 May 29, 2022 Prepaid expenses and other current assets: Marketable investments $ 117.2 $ 249.8 Other receivables 285.7 182.8 Prepaid expenses 244.4 213.5 Derivative receivables 45.1 86.1 Grain contracts 2.3 28.7 Miscellaneous 41.0 41.2 Total $ 735.7 $ 802.1 |
| Components Of Assets Held For Sale | In Millions May 28, 2023 May 29, 2022 Assets held for sale: Goodwill $ - $ 130.0 Inventories - 22.9 Equipment - 6.0 Total $ - $ 158.9 |
| Components Of Land, Buildings And Equipment | In Millions May 28, 2023 May 29, 2022 Land, buildings, and equipment: Equipment $ 6,672.2 $ 6,491.7 Buildings 2,569.3 2,444.8 Construction in progress 746.7 492.8 Capitalized software 514.8 717.8 Land 56.5 55.1 Equipment under finance lease 9.8 7.8 Buildings under finance lease 0.3 0.3 Total land, buildings, 10,569.6 10,210.3 Less accumulated depreciation (6,933.4) (6,816.5) Total $ 3,636.2 $ 3,393.8 |
| Components Of Other Assets | In Millions May 28, 2023 May 29, 2022 Other assets: Investments in and advances to joint ventures $ 462.0 $ 513.8 Right of use operating lease assets 340.0 336.8 Pension assets 51.8 52.6 Life insurance 15.8 17.5 Miscellaneous 290.7 307.4 Total $ 1,160.3 $ 1,228.1 |
| Components Of Other Current Liabilities | In Millions May 28, 2023 May 29, 2022 Other current liabilities: Accrued trade and consumer promotions $ 454.3 $ 474.4 Accrued payroll 426.6 435.6 Current portion of operating lease liabilities 101.9 106.7 Accrued interest, including interest rate swaps 83.1 70.1 Accrued taxes 80.9 31.4 Restructuring and other exit costs reserve 47.7 36.8 Derivative payable, primarily commodity-related 34.0 19.9 Dividends payable 23.1 25.3 Grain contracts 11.8 3.0 Miscellaneous 337.3 348.8 Total $ 1,600.7 $ 1,552.0 |
| Components Of Other Noncurrent Liabilities | In Millions May 28, 2023 May 29, 2022 Other non-current liabilities: Accrued compensation and benefits, including obligations for underfunded $ 509.6 $ 360.8 Non-current portion of operating lease liabilities 257.0 248.3 Accrued taxes 245.1 233.0 Miscellaneous 128.3 87.0 Total $ 1,140.0 $ 929.1 |
| Consolidated Statements Of Earnings Amounts | Fiscal Year In Millions 2023 2022 2021 Depreciation and amortization $ 546.6 $ 570.3 $ 601.3 Research and development expense 257.6 243.1 239.3 Advertising and media expense (including production and 810.0 690.1 736.3 |
| Components Of Interest, Net | Fiscal Year Expense (Income), in Millions 2023 2022 2021 Interest expense $ 400.5 $ 387.2 $ 430.9 Capitalized interest (4.4) (3.8) (3.2) Interest income (14.0) (3.8) (7.4) Interest, net $ 382.1 $ 379.6 $ 420.3 |
| Consolidated Statements Of Cash Flows Supplemental Disclosures | Fiscal Year In Millions 2023 2022 2021 Cash interest payments $ 337.1 $ 357.8 $ 412.5 Cash paid for income taxes 682.6 545.3 636.1 |
Quarterly Data (Unaudited) (Tables) |
12 Months Ended |
|---|---|
May 28, 2023 | |
| Quarterly Data (Unaudited) [Abstract] | |
| Schedule Of Quarterly Financial Information | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per 2023 2022 2023 2022 2023 2022 2023 2022 Net sales $ 4,717.6 $ 4,539.9 $ 5,220.7 $ 5,024.0 $ 5,125.9 $ 4,537.7 $ 5,030.0 $ 4,891.2 Gross margin 1,447.7 1,597.4 1,705.1 1,631.2 1,664.8 1,403.7 1,728.2 1,769.9 Net earnings attributable to 820.0 627.0 605.9 597.2 553.1 660.3 614.9 822.8 EPS: Basic $ 1.37 $ 1.03 $ 1.01 $ 0.98 $ 0.94 $ 1.09 $ 1.04 $ 1.36 Diluted $ 1.35 $ 1.02 $ 1.01 $ 0.97 $ 0.92 $ 1.08 $ 1.03 $ 1.36 |
Restructuring, Impairment, and Other Exit Costs (Schedule Of Restructuring Charges And Project-related Costs Presentation) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges (recoveries), impairment, and other exit costs | $ 61.0 | $ (23.2) | $ 172.7 |
| Project-related costs classified in cost of sales | 2.4 | 0.0 | 0.0 |
| Restructuring, impairment, and other exit costs (recoveries) [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges (recoveries), impairment, and other exit costs | 56.2 | (26.5) | 170.4 |
| Cost of Sales [Member] | |||
| Restructuring and Related Cost [Line Items] | |||
| Restructuring charges (recoveries), impairment, and other exit costs | $ 4.8 | $ 3.3 | $ 2.3 |
Investments in Unconsolidated Joint Ventures (Narrative) (Details) |
12 Months Ended |
|---|---|
|
May 28, 2023
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% |
Investments in Unconsolidated Joint Ventures (Joint Venture Related Financial Statement Activity - Balance Sheet ) (Details) - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Goodwill and other intangibles | $ 21,478.8 | $ 21,378.4 |
| Joint Venture [Member] | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Cumulative investments | 401.5 | 416.4 |
| Goodwill and other intangibles | 444.1 | 444.9 |
| Aggregate advances included in cumulative investments | $ 275.6 | $ 254.4 |
Investments in Unconsolidated Joint Ventures (Joint Venture Related Financial Statement Activity - Earnings and Cash Flow) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Sales | $ 1,957.4 | $ 2,134.3 | $ 2,189.2 |
| Net (repayments) advances | 32.2 | (15.4) | (15.5) |
| Dividends received | 69.9 | 107.5 | 95.2 |
| Joint Venture [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Sales | 5.8 | 6.3 | 6.7 |
| Net (repayments) advances | 32.2 | (15.4) | (15.5) |
| Dividends received | $ 69.9 | $ 107.5 | $ 95.2 |
Investments in Unconsolidated Joint Ventures (Summarized Joint Venture Financial Statement Activity On 100% Basis) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 28, 2023 |
Feb. 26, 2023 |
Nov. 27, 2022 |
Aug. 28, 2022 |
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Net sales | $ 1,957.4 | $ 2,134.3 | $ 2,189.2 | ||||||||
| Gross margin | $ 1,728.2 | $ 1,664.8 | $ 1,705.1 | $ 1,447.7 | $ 1,769.9 | $ 1,403.7 | $ 1,631.2 | $ 1,597.4 | |||
| Earnings before income taxes | 169.3 | 249.9 | 247.8 | ||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,609.6 | 2,735.0 | 2,346.0 | ||||||||
| Total current assets | 5,176.4 | 5,089.8 | 5,176.4 | 5,089.8 | |||||||
| Current liabilities | 7,535.7 | 8,019.9 | 7,535.7 | 8,019.9 | |||||||
| Equity Method Investments [Member] | |||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Gross margin | 667.7 | 803.1 | 882.9 | ||||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 126.9 | 201.0 | 201.7 | ||||||||
| Total current assets | 817.7 | 823.9 | 817.7 | 823.9 | |||||||
| Noncurrent assets | 772.7 | 839.8 | 772.7 | 839.8 | |||||||
| Current liabilities | 1,300.0 | 1,298.8 | 1,300.0 | 1,298.8 | |||||||
| Noncurrent liabilities | $ 100.3 | $ 106.5 | 100.3 | 106.5 | |||||||
| Cereal Partners Worldwide [Member] | |||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Net sales | 1,618.9 | 1,706.5 | 1,766.8 | ||||||||
| Haagen Dazs Japan [Member] | |||||||||||
| Schedule of Equity Method Investments [Line Items] | |||||||||||
| Net sales | $ 338.5 | $ 427.8 | $ 422.4 | ||||||||
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions |
May 28, 2023
USD ($)
|
|---|---|
| Goodwill And Other Intangible Assets [Abstract] | |
| Future amortization expense, year one | $ 20 |
| Future amortization expense, year two | 20 |
| Future amortization expense, year three | 20 |
| Future amortization expense, year four | 20 |
| Future amortization expense, year five | $ 20 |
Goodwill and Other Intangible Assets (Components Of Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
May 31, 2020 |
|---|---|---|---|---|
| Goodwill And Other Intangible Assets [Abstract] | ||||
| Goodwill | $ 14,511.2 | $ 14,378.5 | $ 14,062.4 | $ 13,923.2 |
| Intangible assets not subject to amortization: | ||||
| Brands and other indefinite-lived intangibles | 6,712.4 | 6,725.8 | ||
| Intangible assets subject to amortization: | ||||
| Customer relationships and other finite-lived intangibles | 386.3 | 400.3 | ||
| Less accumulated amortization | (131.1) | (126.2) | ||
| Intangible assets subject to amortization | 255.2 | 274.1 | ||
| Other intangible assets | 6,967.6 | 6,999.9 | $ 7,150.6 | $ 7,095.8 |
| Total | $ 21,478.8 | $ 21,378.4 |
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Other Intangible Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
| Beginning balance - carrying value | $ 6,999.9 | $ 7,150.6 | $ 7,095.8 |
| Acquisitions | 3.8 | 370.0 | |
| Divestiture | (3.6) | (621.8) | (5.3) |
| Other activity, primarily amortization and foreign currency translation | (32.5) | (109.3) | 60.1 |
| Ending balance - carrying value | $ 6,967.6 | 6,999.9 | $ 7,150.6 |
| Intellectual property [Member] | |||
| Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
| Acquisitions | $ 210.4 | ||
Leases (Narrative) (Details) $ in Millions |
May 28, 2023
USD ($)
|
|---|---|
| Lessee [Abstract] | |
| Lessee Operating Lease Signed Not Yet Commenced Amount | $ 107.2 |
Leases (Lease Cost ) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Lessee [Abstract] | |||
| Operating lease cost | $ 127.6 | $ 129.7 | $ 132.7 |
| Variable lease cost | 6.1 | 8.5 | 21.8 |
| Short-term lease cost | $ 30.0 | $ 29.1 | $ 23.4 |
Leases (Lessee Operating Lease Liability Maturity ) (Details) $ in Millions |
May 28, 2023
USD ($)
|
|---|---|
| Operating Lease Liabilities Payments Due [Abstract] | |
| Fiscal 2024 | $ 111.9 |
| Fiscal 2025 | 86.4 |
| Fiscal 2026 | 64.3 |
| Fiscal 2027 | 42.9 |
| Fiscal 2028 | 28.6 |
| After fiscal 2028 | 68.6 |
| Total noncancelable future lease obligations | 402.7 |
| Less: Interest | (43.8) |
| Present value of lease obligations | $ 358.9 |
| Operating Lease Liability Statement Of Financial Position Extensible List | Other liabilities |
| Finance Lease Liabilities Payments Due [Abstract] | |
| Fiscal 2024 | $ 1.0 |
| Fiscal 2025 | 0.6 |
| Fiscal 2026 | 0.6 |
| Fiscal 2027 | 0.3 |
| Fiscal 2028 | 0.0 |
| After fiscal 2028 | 0.0 |
| Total noncancelable future lease obligations | 2.5 |
| Less: Interest | (0.2) |
| Present value of lease obligations | $ 2.3 |
| Finance Lease Liability Statement Of Financial Position Extensible List | Other liabilities |
Leases (Lessee Operating Lease Weighted Averages) (Details) |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Lessee [Abstract] | ||
| Weighted-average remaining lease term | 5 years 2 months 12 days | 4 years 6 months |
| Weighted-average discount rate | 4.40% | 3.80% |
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
May 30, 2021 |
May 29, 2022 |
|
| Lessee [Abstract] | ||
| Cash paid for amounts included in the measurement of lease liabilities | $ 129.9 | $ 128.7 |
| Right of use assets obtained in exchange for new lease liabilities | $ 124.4 | $ 84.6 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule Of Marketable Debt And Equity Securities) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 28, 2023 |
May 29, 2022 |
|
| Financial Instruments, Risk Management Activities, And Fair Values [Abstract] | ||
| Available for sale debt securities Cost | $ 2.3 | $ 2.3 |
| Equity securities Cost | 117.5 | 250.1 |
| Cost, Total | 119.8 | 252.4 |
| Available for sale debt securities Fair Value | 2.3 | 2.3 |
| Equity securities Fair Value | 122.7 | 255.3 |
| Fair Value, Total | 125.0 | 257.6 |
| Available for sale debt securities Gross Gains | 0.0 | 0.0 |
| Equity securities Gross Gains | 5.2 | 5.2 |
| Gross Gains, Total | 5.2 | 5.2 |
| Available for sale debt securities Gross Losses | 0.0 | 0.0 |
| Equity securities Gross Losses | 10.0 | 15.1 |
| Gross Losses, Total | $ 10.0 | $ 15.1 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule Of Marketable Securities Maturities) (Details) - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Marketable Securities, Cost Total | $ 119.8 | $ 252.4 |
| Marketable Securities Fair Value, Total | 125.0 | $ 257.6 |
| Debt Securities [Member] | Under 1 year (current) [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Marketable Securities, Cost Total | 2.3 | |
| Marketable Securities Fair Value, Total | 2.3 | |
| Equity Securities [Member] | ||
| Schedule of Available-for-Sale Securities [Line Items] | ||
| Marketable Securities, Cost Total | 117.5 | |
| Marketable Securities Fair Value, Total | $ 122.7 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule Of Unallocated Corporate items) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Commodity Price Risk [Abstract] | |||
| Net (loss) gain on mark-to-market valuation of commodity positions | $ (154.4) | $ 303.3 | $ 138.2 |
| "Net gain on commodity positions reclassified from unallocated corporate items to segment operating profit | (89.5) | (188.0) | (8.8) |
| Net mark-to-market revaluation of certain grain inventories | (48.0) | 17.8 | 9.4 |
| Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ (291.9) | $ 133.1 | $ 138.8 |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule Of Interest Rate Swaps) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Derivative [Line Items] | ||
| Pay-floating swaps - notional amount | $ 1,143.4 | $ 644.1 |
| Average Receive Rate | 2.60% | 0.40% |
| Average Pay Rate | 2.50% | 0.10% |
Financial Instruments, Risk Management Activities, and Fair Values (Schedule Of After-tax Amounts Of Cash Flow Hedges In AOCI) (Details) - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ 5.9 | $ 23.3 |
| Interest Rate Contracts [Member] | ||
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | (7.8) | |
| Foreign Exchange Contracts [Member] | ||
| Derivative [Line Items] | ||
| After-tax gain (loss) in AOCI related to hedge derivatives | $ 13.7 |
Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Notes payable | $ 31.7 | $ 811.4 |
| Weighted Average Interest Rate | 10.50% | 5.50% |
| U.S. commercial paper [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 0.0 | $ 694.8 |
| Weighted Average Interest Rate | 0.00% | 1.10% |
| Financial Institutions [Member] | ||
| Short-term Debt [Line Items] | ||
| Notes payable | $ 31.7 | $ 116.6 |
| Weighted Average Interest Rate | 10.50% | 4.40% |
Debt (Schedule Of Fee-Paid Committed and Uncommitted Credit Lines) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
May 28, 2023
USD ($)
| |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 3.3 |
| Borrowed Amount | $ 0.0 |
| Committed Credit Facilities [Member] | |
| Line of Credit Facility [Line Items] | |
| Compliance with credit facility covenants | We were in compliance with all credit facility covenants as of May 28, 2023. |
| Line Of Credit Expiring April 2026 [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 2.7 |
| Borrowed Amount | $ 0.0 |
| Expiration date of credit facility | Apr. 30, 2026 |
| Uncommitted Credit Facility [Member] | |
| Line of Credit Facility [Line Items] | |
| Facility Amount | $ 600.0 |
| Borrowed Amount | $ 0.0 |
Debt (Schedule Of Long-term Debt And Capital Leases) (Details) $ in Millions |
May 28, 2023
USD ($)
|
|---|---|
| Debt [Abstract] | |
| Fiscal 2024 | $ 1,709.1 |
| Fiscal 2025 | 800.5 |
| Fiscal 2026 | 1,680.1 |
| Fiscal 2027 | 1,179.3 |
| Fiscal 2028 | $ 1,400.0 |
Stockholders' Equity (Narrative) (Details) - shares |
May 28, 2023 |
Jun. 27, 2022 |
|---|---|---|
| Statement [Line Items] | ||
| Cumulative preference stock, shared authorized | 5,000,000.0 | |
| Number of shares of common stock authorized for repurchase | 100,000,000 |
Stockholders' Equity (Share Repurchase) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Share repurchases | |||
| Shares of common stock | 18.0 | 13.5 | 5.0 |
| Aggregate purchase price | $ 1,403.6 | $ 876.8 | $ 301.4 |
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
| Foreign currency translation adjustments | $ (708.6) | $ (590.7) |
| Unrealized gain (loss) from: | ||
| Hedge derivatives | 5.9 | 23.3 |
| Pension, other postretirement, and postemployment benefits: | ||
| Net actuarial loss | (1,670.6) | (1,513.4) |
| Prior service credits | 96.4 | 110.3 |
| Accumulated other comprehensive loss | $ (2,276.9) | $ (1,970.5) |
Stock Plans (Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Stock Plans [Abstract] | |||
| Estimated fair values of stock options granted | $ 14.16 | $ 8.77 | $ 8.03 |
| Assumptions: | |||
| Risk-free interest rate | 3.30% | 1.50% | 0.70% |
| Expected term | 8 years 6 months | 8 years 6 months | 8 years 6 months |
| Expected volatility | 20.90% | 20.20% | 19.50% |
| Dividend yield | 3.10% | 3.40% | 3.30% |
Stock Plans (Information On Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |
|---|---|---|
May 28, 2023 |
May 29, 2022 |
|
| Options Outstanding [Abstract] | ||
| Balance Outstanding Beginning Balance | 15,005,500 | |
| Granted | 1,176,500 | |
| Exercised | (4,468,600) | |
| Forfeited or expired | (138,200) | |
| Ending Balance, Outstanding | 11,575,200 | 15,005,500 |
| Ending Balance, Exercisable | 6,165,300 | |
| Weighted Average Exercise Price [Abstract] | ||
| Balance Exercisable Beginning Balance | $ 55.39 | |
| Granted | 70.26 | |
| Exercised | 53.84 | |
| Forfeited or expired | 61.90 | |
| Balance Outstanding Ending Balance | 57.43 | |
| Ending Balance, Exercisable | $ 54.73 | $ 55.39 |
| Weighted Average Remaining Contractual Term [Abstract] | ||
| Ending Balance, Outstanding | 5 years 7 months 2 days | 5 years 4 months 9 days |
| Ending Balance, Exercisable | 3 years 10 months 24 days | |
| Aggregate Intrinsic Value [Abstract] | ||
| Ending Balance, Outstanding | $ 309.5 | $ 217.5 |
| Ending Balance, Exercisable | $ 181.6 | |
Stock Plans (Net Cash Proceeds And Intrinsic Value Of Options Exercised) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Stock Plans [Abstract] | |||
| Net cash proceeds | $ 232.3 | $ 161.7 | $ 74.3 |
| Intrinsic value of options exercised | $ 118.7 | $ 74.0 | $ 44.8 |
Stock Plans (Schedule Of Compensation Expense Related To Stock-Based Payments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Windfall tax benefits from stock-based payments | $ 32.3 | $ 18.4 | $ 12.4 |
| Stock Options [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation expense related to stock-based payments | 12.3 | 12.1 | 11.2 |
| Restricted stock units and performance [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation expense related to stock-based payments | $ 99.4 | $ 94.2 | $ 78.7 |
Retirement Benefits and Postemployment Benefits (Health Care Cost Trend Rates) (Details) |
12 Months Ended | |
|---|---|---|
May 28, 2023 |
May 29, 2022 |
|
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Rate to which the cost trend rate is assumed to decline (ultimate rate) | 4.50% | 4.50% |
| Year that Rate Reaches Ultimate Trend Rate | 2032 | 2031 |
| Under Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 6.60% | 5.90% |
| Over Age 65 [Member] | ||
| Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
| Health care cost trend rate for next year | 6.60% | 6.00% |
Retirement Benefits and Postemployment Benefits (Summarized Financial Information) (Parenthetical) (Details) |
12 Months Ended | |
|---|---|---|
May 28, 2023 |
May 29, 2022 |
|
| Retirement Benefits And Postemployment Benefits [Abstract] | ||
| Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date | May 31, 2023 | May 31, 2022 |
Retirement Benefits and Postemployment Benefits (Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
| Projected benefit obligation | $ 466.2 | $ 508.2 |
| Accumulated benefit obligation | 453.4 | 479.6 |
| Plan assets at fair value | $ 18.7 | $ 20.5 |
Retirement Benefits and Postemployment Benefits (Weighted-Average Assumptions1) (Details) |
May 28, 2023 |
May 29, 2022 |
|---|---|---|
| Defined Benefit Pension Plans [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 5.18% | 4.39% |
| Rate of salary increases | 4.20% | 4.34% |
| Other Postretirement Benefit Plans Gross Payments [Member] | ||
| Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
| Discount rate | 5.19% | 4.36% |
| 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 | 4.55% | 3.62% |
| Rate of salary increases | 4.46% | 4.46% |
Retirement Benefits and Postemployment Benefits (Estimated Benefit Payments) (Details) $ in Millions |
May 28, 2023
USD ($)
|
|---|---|
| Defined Benefit Pension Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Fiscal 2024 | $ 351.4 |
| Fiscal 2025 | 357.6 |
| Fiscal 2026 | 364.6 |
| Fiscal 2027 | 371.6 |
| Fiscal 2028 | 378.9 |
| Fiscal 2029-2033 | 1,977.5 |
| Other Postretirement Benefit Plans Gross Payments [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Fiscal 2024 | 38.6 |
| Fiscal 2025 | 37.5 |
| Fiscal 2026 | 36.6 |
| Fiscal 2027 | 36.1 |
| Fiscal 2028 | 34.9 |
| Fiscal 2029-2033 | 158.8 |
| Postemployment Benefit Plans [Member] | |
| Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
| Fiscal 2024 | 27.1 |
| Fiscal 2025 | 20.0 |
| Fiscal 2026 | 18.6 |
| Fiscal 2027 | 16.7 |
| Fiscal 2028 | 15.4 |
| Fiscal 2029-2033 | $ 64.4 |
Income Taxes (Components Of Earnings Before Income Taxes And After-Tax Earnings From Joint Ventures And The Corresponding Income Taxes Thereon) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Earnings before income taxes and after-tax earnings from joint ventures: | |||
| United States | $ 2,740.5 | $ 2,652.3 | $ 2,567.1 |
| Foreign | 400.0 | 557.3 | 290.3 |
| Total earnings before income taxes and after-tax earnings from joint ventures | 3,140.5 | 3,209.6 | 2,857.4 |
| Income taxes currently payable: | |||
| Federal | 487.1 | 384.2 | 369.8 |
| State and local | 82.2 | 60.8 | 47.5 |
| Foreign | 65.1 | 79.1 | 93.0 |
| Total current | 634.4 | 524.1 | 510.3 |
| Income taxes deferred: | |||
| Federal | 9.6 | 75.0 | 117.9 |
| State and local | (8.1) | 18.3 | 13.6 |
| Foreign | (23.7) | (31.1) | (12.7) |
| Total deferred | (22.2) | 62.2 | 118.8 |
| Total income taxes | $ 612.2 | $ 586.3 | $ 629.1 |
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Effective Income Tax Rate Reconciliation [Abstract] | |||
| United States statutory rate | 21.00% | 21.00% | 21.00% |
| State and local income taxes, net of federal tax benefits | 1.50% | 2.10% | 1.70% |
| Foreign rate differences | (1.00%) | (1.10%) | 0.30% |
| Stock based compensation | (1.00%) | (0.60%) | (0.40%) |
| Capital Loss | 0.00% | (1.70%) | 0.00% |
| Divestitures, net | (0.80%) | (1.20%) | 0.00% |
| Other, net | (0.20%) | (0.20%) | (0.60%) |
| Effective income tax rate | 19.50% | 18.30% | 22.00% |
Income Taxes (Schedule of changes in total gross unrecognized tax benefit liabilities, excluding accrued interest) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 28, 2023 |
May 29, 2022 |
|
| Changes in total gross unrecognized tax benefit liabilities [Roll Forward] | ||
| Balance, beginning of year | $ 160.9 | $ 145.3 |
| Tax positions related to current year: Additions | 29.9 | 21.6 |
| Tax positions related to prior years: Additions | 2.9 | 10.4 |
| Tax positions related to prior years: Reductions | (0.9) | (5.5) |
| Tax positions related to prior years: Settlements | (4.7) | (2.4) |
| Lapses in statutes of limitations | (6.9) | (8.5) |
| Balance, end of year | $ 181.2 | $ 160.9 |
Commitments and Contingencies (Narrative) (Details) $ in Millions |
May 28, 2023
USD ($)
|
|---|---|
| Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |
| Guarantor Obligations [Line Items] | |
| Guarantee obligations and comfort letters | $ 149.9 |
Business Segment Information (Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 28, 2023 |
Feb. 26, 2023 |
Nov. 27, 2022 |
Aug. 28, 2022 |
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Product Information [Line Items] | |||||||||||
| Net sales | $ 5,030.0 | $ 5,125.9 | $ 5,220.7 | $ 4,717.6 | $ 4,891.2 | $ 4,537.7 | $ 5,024.0 | $ 4,539.9 | $ 20,094.2 | $ 18,992.8 | $ 18,127.0 |
| Snacks [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 4,431.5 | 3,960.9 | 3,574.2 | ||||||||
| Convenient meals [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,961.6 | 2,988.5 | 3,030.2 | ||||||||
| Cereal [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 3,209.5 | 2,998.1 | 2,868.9 | ||||||||
| Yogurt [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 1,472.9 | 1,714.9 | 2,074.8 | ||||||||
| Dough [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,390.5 | 1,986.3 | 1,866.1 | ||||||||
| Pet [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,476.0 | 2,260.1 | 1,732.4 | ||||||||
| Baking mixes and ingredients [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 2,037.3 | 1,843.6 | 1,695.5 | ||||||||
| Super-premium ice cream [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | 703.7 | 782.2 | 819.7 | ||||||||
| Other [Member] | |||||||||||
| Product Information [Line Items] | |||||||||||
| Net sales | $ 411.2 | $ 458.2 | $ 465.2 | ||||||||
Business Segment Information (Financial Information By Geographic Area) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 28, 2023 |
Feb. 26, 2023 |
Nov. 27, 2022 |
Aug. 28, 2022 |
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | $ 5,030.0 | $ 5,125.9 | $ 5,220.7 | $ 4,717.6 | $ 4,891.2 | $ 4,537.7 | $ 5,024.0 | $ 4,539.9 | $ 20,094.2 | $ 18,992.8 | $ 18,127.0 |
| Cash and cash equivalents | 585.5 | 569.4 | 585.5 | 569.4 | |||||||
| Land, buildings, and equipment | 3,636.2 | 3,393.8 | 3,636.2 | 3,393.8 | |||||||
| United States [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 16,322.2 | 14,691.2 | 13,496.9 | ||||||||
| Cash and cash equivalents | 204.2 | 46.0 | 204.2 | 46.0 | |||||||
| Land, buildings, and equipment | 2,920.5 | 2,675.2 | 2,920.5 | 2,675.2 | |||||||
| Non-United States [Member] | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 3,772.0 | 4,301.6 | $ 4,630.1 | ||||||||
| Cash and cash equivalents | 381.3 | 523.4 | 381.3 | 523.4 | |||||||
| Land, buildings, and equipment | $ 715.7 | $ 718.6 | $ 715.7 | $ 718.6 | |||||||
Supplemental Information (Schedule Of Consolidated Statements Of Earnings Amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Supplemental Information [Abstract] | |||
| Depreciation and amortization | $ 546.6 | $ 570.3 | $ 601.3 |
| Research and development expense | 257.6 | 243.1 | 239.3 |
| Advertising and media expense (including production and communication costs) | $ 810.0 | $ 690.1 | $ 736.3 |
Supplemental Information ( Schedule Components Of Interest, Net) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Supplemental Information [Abstract] | |||
| Interest expense | $ 400.5 | $ 387.2 | $ 430.9 |
| Capitalized interest | (4.4) | (3.8) | (3.2) |
| Interest income | (14.0) | (3.8) | (7.4) |
| Interest, net | $ 382.1 | $ 379.6 | $ 420.3 |
Supplemental Information (Schedule Of Consolidated Statements Of Cash Flows Supplemental Disclosures) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Supplemental Information [Abstract] | |||
| Cash interest payments | $ 337.1 | $ 357.8 | $ 412.5 |
| Cash paid for income taxes | $ 682.6 | $ 545.3 | $ 636.1 |
Quarterly Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
May 28, 2023 |
Feb. 26, 2023 |
Nov. 27, 2022 |
Aug. 28, 2022 |
May 29, 2022 |
Feb. 27, 2022 |
Nov. 28, 2021 |
Aug. 29, 2021 |
May 28, 2023 |
May 29, 2022 |
May 30, 2021 |
|
| Quarterly Data (Unaudited) [Abstract] | |||||||||||
| Net sales | $ 5,030.0 | $ 5,125.9 | $ 5,220.7 | $ 4,717.6 | $ 4,891.2 | $ 4,537.7 | $ 5,024.0 | $ 4,539.9 | $ 20,094.2 | $ 18,992.8 | $ 18,127.0 |
| Gross margin | 1,728.2 | 1,664.8 | 1,705.1 | 1,447.7 | 1,769.9 | 1,403.7 | 1,631.2 | 1,597.4 | |||
| Net earnings attributable to General Mills | $ 614.9 | $ 553.1 | $ 605.9 | $ 820.0 | $ 822.8 | $ 660.3 | $ 597.2 | $ 627.0 | $ 2,593.9 | $ 2,707.3 | $ 2,339.8 |
| Earnings per share - basic | $ 1.04 | $ 0.94 | $ 1.01 | $ 1.37 | $ 1.36 | $ 1.09 | $ 0.98 | $ 1.03 | $ 4.36 | $ 4.46 | $ 3.81 |
| Earnings per share - diluted | $ 1.03 | $ 0.92 | $ 1.01 | $ 1.35 | $ 1.36 | $ 1.08 | $ 0.97 | $ 1.02 | $ 4.31 | $ 4.42 | $ 3.78 |