DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Aug. 30, 2015 | Sep. 11, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Aug. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --05-29 | |
Entity Central Index Key | 40,704 | |
Trading Symbol | GIS | |
Entity Registrant Name | GENERAL MILLS INC, | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding | 597,687,535 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
CONSOLIDATED STATEMENTS OF EARNINGS | ||
Net sales | $ 4,207.9 | $ 4,268.4 |
Cost of sales | 2,653.3 | 2,829.7 |
Selling, general, and administrative expenses | 811.2 | 867.2 |
Restructuring, impairment, and other exit costs | 60.1 | 14 |
Operating profit | 683.3 | 557.5 |
Interest, net | 75.3 | 78.5 |
Earnings before income taxes and after-tax earnings from joint ventures | 608 | 479 |
Income taxes | 198.6 | 152.6 |
After-tax earnings from joint ventures | 25.7 | 26 |
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 435.1 | 352.4 |
Net earnings (loss) attributable to redeemable and noncontrolling interests | 8.5 | 7.2 |
Net earnings attributable to General Mills | $ 426.6 | $ 345.2 |
Earnings per share - basic | $ 0.71 | $ 0.56 |
Earnings per share - diluted | 0.69 | 0.55 |
Dividends per share | $ 0.44 | $ 0.41 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 435.1 | $ 352.4 |
Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation | (142.2) | (92.5) |
Other fair value changes: | ||
Securities | (0.1) | 0.1 |
Hedge derivatives | 10.3 | (1.2) |
Reclassification to earnings: | ||
Hedge derivatives | 0.7 | 3.5 |
Amortization of losses and prior service costs | 30.9 | 23.5 |
Other comprehensive income (loss), net of tax | (100.4) | (66.6) |
Total comprehensive income (loss) | 334.7 | 285.8 |
Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 17.6 | (24.8) |
Total comprehensive income (loss) attributable to General Mills | $ 317.1 | $ 310.6 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Aug. 30, 2015 | May. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 450.6 | $ 334.2 |
Receivables | 1,531.5 | 1,386.7 |
Inventories | 1,795.8 | 1,540.9 |
Deferred income taxes | 87.6 | 100.1 |
Prepaid expenses and other current assets | 439.6 | 423.8 |
Total current assets | 4,305.1 | 3,785.7 |
Land, buildings, and equipment | 3,679.2 | 3,783.3 |
Goodwill | 8,857.7 | 8,874.9 |
Other intangible assets | 4,655 | 4,677 |
Other assets | 825.9 | 811.2 |
Total assets | 22,322.9 | 21,932.1 |
Current liabilities: | ||
Accounts payable | 1,759.6 | 1,684 |
Current portion of long-term debt | 1,000.3 | 1,000.4 |
Notes payable | 823.7 | 615.8 |
Other current liabilities | 1,716.3 | 1,589.9 |
Total current liabilities | 5,299.9 | 4,890.1 |
Long-term debt | 7,609.7 | 7,575.3 |
Deferred income taxes | 1,560.7 | 1,550.3 |
Other liabilities | 1,714 | 1,744.8 |
Total liabilities | 16,184.3 | 15,760.5 |
Redeemable interest | 786.6 | 778.9 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,232.1 | 1,296.7 |
Retained earnings | 12,150.9 | 11,990.8 |
Common stock in treasury, at cost | (6,089.2) | (6,055.6) |
Accumulated other comprehensive loss | (2,420.2) | (2,310.7) |
Total stockholders' equity | 4,949.1 | 4,996.7 |
Noncontrolling interests | 402.9 | 396 |
Total equity | 5,352 | 5,392.7 |
Total liabilities and equity | $ 22,322.9 | $ 21,932.1 |
CONSOLIDATED BALANCE SHEETS (U5
CONSOLIDATED BALANCE SHEETS (Unaudited) (Paranthetical) - $ / shares shares in Millions | Aug. 30, 2015 | May. 31, 2015 |
Stockholders' equity: | ||
Common stock, shares issued | 754.6 | 754.6 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock in treasury, shares | 155.4 | 155.9 |
CONSOLIDATED STATEMENTS OF TOTA
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Issued-Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests [Member] | Redeemable Interest |
Beginning balance, equity at May. 25, 2014 | $ 7,005.4 | $ 75.5 | $ 1,231.8 | $ (5,219.4) | $ 11,787.2 | $ (1,340.3) | $ 470.6 | |
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 25, 2014 | $ 984.1 | |||||||
Beginning balance, shares at May. 25, 2014 | 754.6 | (142.3) | ||||||
Total comprehensive income (loss) | 180.9 | 1,221.3 | (970.4) | (70) | ||||
Total comprehensive income (loss) attributable to redeemable interests | (122.9) | |||||||
Cash dividends declared | (1,017.7) | (1,017.7) | ||||||
Shares purchased, value | (1,161.9) | $ (1,161.9) | ||||||
Shares purchased, shares | (22.3) | |||||||
Stock compensation plans (includes income tax benefits), value | 287.6 | (38.1) | $ 325.7 | |||||
Stock compensation plans (includes income tax benefits), shares | 8.7 | |||||||
Unearned compensation related to restricted stock unit awards | (80.8) | (80.8) | ||||||
Earned compensation | 111.1 | 111.1 | ||||||
Decrease (increase) in redemption value of redeemable interest | 83.2 | 83.2 | (83.2) | |||||
Addition of noncontrolling interest | 20.7 | 20.7 | ||||||
Acquisition of interest in subsidiary | (9.9) | (10.5) | 0.6 | |||||
Distributions to noncontrolling and redeemable interest holders | (25.9) | (25.9) | 0.9 | |||||
Ending balance, equity at May. 31, 2015 | 5,392.7 | $ 75.5 | 1,296.7 | $ (6,055.6) | 11,990.8 | (2,310.7) | 396 | |
Ending balance, equity attributable to redeemable noncontrolling interest at May. 31, 2015 | 778.9 | 778.9 | ||||||
Ending balance, shares at May. 31, 2015 | 754.6 | (155.9) | ||||||
Total comprehensive income (loss) | 325 | 426.6 | (109.5) | 7.9 | ||||
Total comprehensive income (loss) attributable to redeemable interests | 9.7 | |||||||
Cash dividends declared | (266.5) | (266.5) | ||||||
Shares purchased, value | $ (152.1) | $ (152.1) | ||||||
Shares purchased, shares | (2.7) | (2.7) | ||||||
Stock compensation plans (includes income tax benefits), value | $ 107 | (11.5) | $ 118.5 | |||||
Stock compensation plans (includes income tax benefits), shares | 3.2 | |||||||
Unearned compensation related to restricted stock unit awards | (51.8) | (51.8) | ||||||
Earned compensation | 30.7 | 30.7 | ||||||
Decrease (increase) in redemption value of redeemable interest | (32) | (32) | 32 | |||||
Distributions to noncontrolling and redeemable interest holders | (1) | (1) | (34) | |||||
Ending balance, equity at Aug. 30, 2015 | 5,352 | $ 75.5 | $ 1,232.1 | $ (6,089.2) | $ 12,150.9 | $ (2,420.2) | $ 402.9 | |
Ending balance, equity attributable to redeemable noncontrolling interest at Aug. 30, 2015 | $ 786.6 | $ 786.6 | ||||||
Ending balance, shares at Aug. 30, 2015 | 754.6 | (155.4) |
CONSOLIDATED STATEMENTS OF TOT7
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Paranthetical) - USD ($) $ in Millions, shares in Billions | Total |
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Parenthetical) | |
Par Value Common Stock | $ 0.10 |
Shares Authorized | 1 |
Cash dividends declared per share | $ 1.67 |
Stock compensation plans, income tax benefits | $ 74.6 |
Par Value Common Stock | $ 0.10 |
Shares Authorized | 1 |
Cash dividends declared per share | $ 0.44 |
Stock compensation plans, income tax benefits | $ 37.4 |
Par Value Common Stock | $ 0.10 |
Shares Authorized | 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Cash Flows - Operating Activities | ||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 435.1 | $ 352.4 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 143.9 | 150.3 |
After-tax earnings from joint ventures | (25.7) | (26) |
Distributions of earnings from joint ventures | 19.1 | 24.5 |
Stock-based compensation | 31.3 | 45.6 |
Deferred income taxes | 20.7 | 17.4 |
Tax benefit on exercised options | (37.4) | (16.7) |
Pension and other postretirement benefit plan contributions | (10.6) | (12.3) |
Pension and other postretirement benefit plan costs | 29.5 | 23.1 |
Restructuring, impairment, and other exit costs | 47.5 | 12.8 |
Changes in current assets and liabilities, excluding the effects of acquisitions | (200.2) | (211.2) |
Other, net | (22.3) | (30.5) |
Net cash provided by operating activities | 430.9 | 329.4 |
Cash Flows - Investing Activities | ||
Purchases of land, buildings, and equipment | (147.2) | (148.6) |
Acquisitions, net of cash acquired | 0 | (12.9) |
Investment in affilates, net | 1 | |
Investment in affilates, net | (33.2) | |
Proceeds from disposal of land, buildings, and equipment | 0.4 | 0.3 |
Other, net | 6.7 | (2.8) |
Net cash used by investing activities | (139.1) | (197.2) |
Cash Flows - Financing Activities | ||
Change in notes payable | 211.7 | 631.9 |
Issuance of long-term debt | 0 | 271.3 |
Payment of long-term debt | (0.2) | (393.4) |
Proceeds from common stock issued on exercised options | 47.7 | 17.5 |
Tax benefit on exercised options | 37.4 | 16.7 |
Purchases of common stock for treasury | (152.1) | (438.8) |
Dividends paid | (266.5) | (254.4) |
Distributions to noncontrolling and redeemable interest holders | (35) | (0.8) |
Other, net | 0.1 | (3.1) |
Net cash used by financing activities | (156.9) | (153.1) |
Effect of exchange rate changes on cash and cash equivalents | (18.5) | (5.2) |
Increase (decrease) in cash and cash equivalents | 116.4 | (26.1) |
Cash and cash equivalents - beginning of year | 334.2 | 867.3 |
Cash and cash equivalents - end of period | 450.6 | 841.2 |
Cash Flow from Changes in Current Assets and Liabilities, excluding the effects of acquisitions: | ||
Receivables | (162.6) | (145.1) |
Inventories | (275.2) | (237.2) |
Prepaid expenses and other current assets | (34.3) | 58.1 |
Accounts payable | 132.8 | 42.4 |
Other current liabilities | 139.1 | 70.6 |
Changes in current assets and liabilities | $ (200.2) | $ (211.2) |
BACKGROUND
BACKGROUND | 3 Months Ended |
Aug. 30, 2015 | |
Background [Abstract] | |
Background | (1) Background The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and any noncontrolling and redeemable interests' share of those transactions. Operatin g results for the quarter ended August 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending May 29, 2016. These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2015. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 2 to the Consolidated Financi al Statements in that Form 10-K. |
ACQUISITION
ACQUISITION | 3 Months Ended |
Aug. 30, 2015 | |
Acquisition [Abstract] | |
Acquisition | ( 2 ) Acquisition On October 21, 2014, we acquired Annie 's, Inc. (Annie's), a publicly traded food company headquartered in Berkeley, California, for an aggregate p urchase price of $821.2 million , which w e funded by issuing debt . We consolidated Annie's into our Consolidated Balance Sheets and recorded goodwill of $589.8 million, an i n definite lived intangible asset for the Annie's brand o f $244.5 million and a f inite lived customer relationship asset of $ 23.9 million. The pro forma effects of this acquisition were not material. |
RESTRUCTURING INITIATIVES
RESTRUCTURING INITIATIVES | 3 Months Ended |
Aug. 30, 2015 | |
Restructuring Initiatives [Abstract] | |
Restructuring Initiatives | ( 3 ) Restructuring Initiatives We are currently pursuing several multi-year restructuring initiatives designed to increase our efficiency and focus our business behind our key growth strategies. Char ges related to these activities were as follows: Quarter Ended Quarter Ended Aug. 30, 2015 Aug. 24, 2014 In Millions Severance Asset Write-offs Accelerated Depreciation Other Total Severance Asset Write-offs Total Project Compass $ 44.9 $ - $ - $ 6.6 $ 51.5 $ - $ - $ - Project Century 2.3 2.4 21.4 4.1 30.2 - - - Project Catalyst 0.2 - - - 0.2 - - - Combination of certain operational facilities - - - - - 13.1 0.9 14.0 Total $ 47.4 $ 2.4 $ 21.4 $ 10.7 $ 81.9 $ 13.1 $ 0.9 $ 14.0 In the first quarter of fiscal 2016, we approved Project Compass, a restructuring plan designed to enable our International segment to accelerate long-term growth through increased organizational effectiveness and reduced administrative expense. In connection with this project, we expect to eliminate approximately 675 to 725 positions. We expect to incur approximately $ 59 million of net expenses relating to this action of which approximately $ 56 million will be cash. We recorded $ 51 .5 million of restructuring charges in the first quarter of fiscal 2016 relating to this action. We expect this action to be completed by the end of fiscal 2017. Project Century (Century) is a review of our North American manufacturing and distribution network to streamline operations and identif y potential capacity reductions. In the first quarter of fiscal 2016, we recorded $ 25.3 million of restructuring charges related to Century actions previously announced. As part of Century, in the first quarter of fiscal 2016, we notified the union member employees and union representatives at our West Chicago, Illinois facility of our tentative decision, pending negotiations and consultation with the union, to close this plant to eliminate excess cereal and dry dinner capacity in our U.S. Retail supply chain. If implemented, t his action would affect approximately 500 positions , and w e expect to incur approximately $120 million of net expenses relating to this action, of which approximately $52 million will be cash. We expect this action to be comp leted by the end of fiscal 2019. We did not record any charges related to this action in the first quarter of fiscal 2016. Also as part of Century, in the first quarter of fiscal 2016, we notified the employees at our snacks manufacturing facility in Joplin, Missouri of our decision to close this plant in our U.S. Retail supply chain. This action will affe ct approximately 120 positions , and w e expect to incur approximately $ 12 million of net expenses relating to this action, of which approximately $5 million will be cash. We recorded $ 4.9 million of restructuring charges in the first quarter of fis cal 2016 relating to this action. We expect this action to be completed by the end of fiscal 2018 . During the second quarter of fiscal 2015, we approved Project Catalyst, a restructuring plan to increase organizational effectiveness and reduce overhead expense. In connection with this project, we expect to eliminate approximately 800 positions primarily in the United States . We expect to incur approximately $ 14 8 million of net expenses relating to these actions of which approximately $ 1 18 million will be cash. We recorded $0.2 million of restructuring charges in the first quarter of fiscal 2016 relating to this action. T hese actions were largely completed in fiscal 2015. During the first quarter of fiscal 2015, we approved a plan to combine certain Yoplait and General Mills operational facilities within our International segment to increase efficiencies and reduce costs. This action will affect approximately 240 positions. We expect to incur approximately $15 million of net expenses relating to this action of which approximately $14 million will be cash. We recorded $14.0 million of restructuring charges in the first quarter of fiscal 2015 relating to this action. We expect this action to be completed in fiscal 2016. During the three -month period ended August 30 , 2015, we paid $ 34.3 million in cash related to restructuring initiatives . In addition to restructuring charges, we expect to incur approximately $ 71 million of additional project-related costs , which will be recorded in cost of sales, all of which will be cash . We recorded $ 13.1 million in cost of sales for project-related costs in the first quarter of fiscal 201 6 . Restructuring cha r ges and project-related costs are classified in our Consolidated Statements of Earnings as follows: Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Cost of sales $ 21.8 $ - Restructuring, impairment, and other exit costs 60.1 14.0 Total restructuring charges 81.9 14.0 Project-related costs classified in cost of sales $ 13.1 $ - The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows: In Millions Severance Contract Termination Other Exit Costs Total Reserve balance as of May 31, 2015 $ 118.6 $ 0.6 $ 1.6 $ 120.8 Fiscal 2016 charges, including foreign currency translation 46.9 - 3.2 50.1 Utilized in fiscal 2016 (27.0) (0.1) (0.5) (27.6) Reserve balance as of Aug. 30, 2015 $ 138.5 $ 0.5 $ 4.3 $ 143.3 The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly to expense (e.g., asset impairment charges, the gain or loss on the sale of restructured assets, and the write-off of spare parts) and other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring and other exit cost reserves on our Consolidated Balance Sheets. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Aug. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | ( 4 ) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows : In Millions Aug. 30, 2015 May 31, 2015 Goodwill $ 8,857.7 $ 8,874.9 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 4,242.0 4,262.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 548.9 544.0 Less accumulated amortization (135.9) (129.1) Intangible assets subject to amortization, net 413.0 414.9 Other intangible assets 4,655.0 4,677.0 Total $ 13,512.7 $ 13,551.9 Based on the carrying value of finite-lived intangible assets as of August 30, 2015, annual amortization expense for each of the next five fiscal years is estimated to be approximately $ 28 million . The changes in the carrying amount of goodwill during fiscal 2016 were as follows: In Millions U.S. Retail International Convenience Stores and Foodservice Joint Ventures Total Balance as of May 31, 2015 $ 6,419.0 $ 1,133.3 $ 921.1 $ 401.5 $ 8,874.9 Other activity, primarily foreign currency translation - (24.5) - 7.2 (17.2) Balance as of Aug. 30, 2015 $ 6,419.0 $ 1,108.8 $ 921.1 $ 408.7 $ 8,857.7 During the second quarter of fiscal 2015 , we reorganized certain reporting units within our U.S. Retail operating segment . Our chief operating decision maker continues to assess performance and make decisions about resources to be allocated to our segments at the U.S. Retail, International, and Convenience Stores and Foodservice operating segment level. We performed our fiscal 2015 impairment assessment as of the first day of the third quarter of fiscal 201 5 , and det ermined there was no impairment of goodwill for any of our reporting units as their related fair values were substantially in excess of their carrying values. The changes in the carrying amount of other intangible assets during fiscal 2016 were as follows: In Millions U.S. Retail International Joint Ventures Total Balance as of May 31, 2015 $ 3,311.9 $ 1,301.5 $ 63.6 $ 4,677.0 Other activity, primarily foreign currency translation (0.9) (21.3) 0.2 (22.0) Balance as of Aug. 30, 2015 $ 3,311.0 $ 1,280.2 $ 63.8 $ 4,655.0 We performed our fiscal 2015 impairment assessment as of the first day of the third quarter of fiscal 2015 . As of our assessment date, there was no impairment of any of our indefinite-lived intangible assets as their related fair values were substantially in excess of the carrying values, except for the Mountain High a nd Uncle Toby's brands. The excess fair value above the carrying value of these brand assets is as follows: In Millions Book Value Excess Fair Value Above Carrying Value Mountain High $ 35.4 3% Uncle Toby's $ 57.7 7% We will continue to monitor these businesses for potential impairment. At the end of the fourth quarter of fiscal 2015, we made a strategic decision to redirect certain resources supporting our Green Giant business in our U.S. Retail segment to other businesses within the segment. Therefore, future sales and profitability projections in our long-range plan for this business declined. As a result of this triggerin g event, we performed an interim impairment assessment of the Green Giant brand intangible asset as of May 31, 2015, and determined that the fair value of the brand asset no longer exceeded the carrying value of the asset. We recorded a $260 million impairment charge in restructuring, impairment, and other exit costs during the fourth quarter of fiscal 2015 related to this asset. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Aug. 30, 2015 | |
Inventories [Abstract] | |
Inventories | (5 ) Inventories The components of inventories were as follows: In Millions Aug. 30, 2015 May 31, 2015 Raw materials and packaging $ 416.7 $ 390.8 Finished goods 1,518.0 1,268.6 Grain 97.5 95.7 Excess of FIFO over LIFO cost (236.4) (214.2) Total $ 1,795.8 $ 1,540.9 |
RISK MANAGEMENT ACTIVITIES
RISK MANAGEMENT ACTIVITIES | 3 Months Ended |
Aug. 30, 2015 | |
Risk Management Activities [Abstract] | |
Risk Management Activities | ( 6 ) Risk Management Activities Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), non-fat dry milk, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible. We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings. Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance certain gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings. At that time we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the d erivative without experiencing the resulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for the quarter ended August 30, 2015 and August 24, 2014, included: Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Net loss on certain mark-to-market valuation of commodity positions $ (22.3) $ (41.4) Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit 26.9 (4.8) Net mark-to-market revaluation of certain grain inventories (1.9) (3.0) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 2.7 $ (49.2) As of August 30, 2015, the net notional value of commodity derivatives was $224.6 million, of which $176.1 million related to energy inputs and $48.5 million rel ated to agricultural inputs . These contracts relate to inputs that generally wil l be utilized within the next 12 months. The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not material as of August 30, 2015 and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not significantly change our valuation techniques from prior periods. We offer certain suppliers access to a third party service that allows them to view our scheduled payments online. The third party service also allows suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third party, or any financial institutions concerning this service. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of August 30, 2015, $ 4 92.5 million of our total accounts payabl e is payable to suppliers who utilize this third party service. |
DEBT
DEBT | 3 Months Ended |
Aug. 30, 2015 | |
Debt [Abstract] | |
Debt | (7 ) Debt The components of notes payable were as follows: In Millions Aug. 30, 2015 May 31, 2015 U.S. commercial paper $ 524.0 $ 432.0 Financial institutions 299.7 183.8 Total $ 823.7 $ 615.8 To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding notes payable . Commercial paper is a continuing source of short-term financing. We have commercial paper programs available to us i n the United States and Europe. We also have committed, uncommitted , and asset-backed credit lines that support our foreign operations. The following table details the fee-paid committed and uncommitted credit lines we had available as of August 30, 2015: In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2017 $ 1.7 $ - May 2019 1.0 - June 2019 0.2 0.1 Total committed credit facilities 2.9 0.1 Uncommitted credit facilities 0.5 0.2 Total committed and uncommitted credit facilities $ 3.4 $ 0.3 In June 2014, our subsidiary Yoplait SAS entered into a €200.0 million fee-paid committed credit facility that is scheduled to expire in June 2019. The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were in compliance with all credit facility covenants as of August 30, 2015 . Long-Term Debt The fair values and carrying amounts of long -term debt, including the current portion, were $8,858.5 million and $8,610.0 million, respectively, as of August 30, 2015. The fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the fair value hierarchy. In April 2015, we issued €500.0 million principal amount of 1.0 percent fixed-rate notes due April 27, 2023 and €400.0 million principal amount of 1.5 percent fixed-rate notes due April 27, 2027. Interest on the notes is payable annually in arrears. The notes due April 27, 2023 may be redeemed in whole, or in part, at our option at any time prior to January 27, 2023 for a specified make whole amount and any time on or after that date at par. The notes due April 27, 2027 may be redeemed in whole, or in part, at our option at any time prior to January 27, 2027 for a specified make whole amount and any time on or after that date at par. These notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used for general corporate purposes and to reduce our commercial paper borrowings. In March 2015, we repaid $750.0 million of 5.2 percent notes. In October 2014, we issued $500.0 million aggregate principal amount of 1.4 percent fixed-rate notes due October 20, 2017 and $500.0 million aggregate principal amount of 2.2 percent fixed-rate notes due October 21, 2019. Interest on the notes is payable semi-annually in arrears. The notes may be redeemed in whole, or in part, at our option at any time at the applicable redemption price. The notes are senior unsecured obligations that include a change of control repurchase provision. The net proceeds were used to fund our acquisitio n of Annie's and for general corporate purposes. In June 2014, we issued €200.0 million principal amount of 2.2 percent fixed-rate senior unsecured notes due June 24, 2021 in a private placement offering. Interest on the notes is payable semi-annually in arrears . The notes may be redeemed in whole, or in part, at our option at any time for a specific make- whole amount and include a change of control repurchase provision . The net proceeds were used to refinance existing debt . In June 2014, we repaid €290.0 million of floating-rate notes. Certain of our long-term debt agreements contain restrictive covenants. As of August 30, 2015, we were in compliance with all of these covenants. |
REDEEMABLE AND NONCONTROLLING I
REDEEMABLE AND NONCONTROLLING INTERESTS | 3 Months Ended |
Aug. 30, 2015 | |
Redeemable and Noncontrolling Interests [Abstract] | |
Redeemable and Noncontrolling Interests | (8) Redeemable and Noncontrolling Interests We have a 51 percent co ntrolling interest in Yoplait SAS and a 50 percent int erest in Yoplait Marques SNC and Liberté Marques Sà rl . Sodiaal International ( Sodiaal ) holds the remaining interests in each of the entities. On the acquisition date , we recorded the $904.4 million fair value of Sodiaal's 49 percent euro-denomi nated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. Sodiaal has the ability to put a limited portion of its redeemable interest to us at fair value once per year through a maximum term expiring December 2020 . We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest's redemption value, which approximate s its fair value. Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholde rs ' agreement. As of August 30, 2015 , the redemption value of the euro-denominated redeemable interest was $ 786.6 m illion. A subsidiary of Yoplait SAS has entered into an exclusive milk supply agreement for its European operations with Sodiaal through July 1, 2021. Net purchases totaled $ 71.5 million for the quarter ended August 30, 2015 and $ 74.2 million for the quarter ended August 24, 2014 . On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal's 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques Sà rl as noncontrolling interests on our Consolidated Balance Sheets. Yoplait Marques SNC earns a royalty stream through a licensing agreement with Yoplait SAS for the rights to Yoplait and related trademarks. Liberté Marques Sà rl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Libe rt é and related trademarks. These entities pay dividends annually based on their available cash as of their fiscal year end. The third-party holder of the Class A Interests in our General Mills Cereals, LLC (GMC) consolidated subsidiary receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder's capital account balance established in the most recent mark-to-market valuation (currently $251.5 million). The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction. On June 1, 2015, the floating preferred return rate on GMC's Class A Interests was reset to the sum of three-month LIBOR plus 125 basis points. Our noncontrolling interests contain restrictive covenants. As of August 30, 2015 , we were in compliance with all of these covenants. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Aug. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | (9 ) Stockholders' Equity The following table s provide details of total comprehensive income (loss) : Quarter Ended Quarter Ended Aug. 30, 2015 Aug. 24, 2014 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 426.6 $ 2.6 $ 5.9 $ 345.2 $ 1.6 $ 5.6 Other comprehensive income (loss): Foreign currency translation $ (149.9) $ - (149.9) 5.3 2.4 $ (60.4) $ - (60.4) (11.6) (20.5) Other fair value changes: Securities (0.1) - (0.1) - - 0.2 (0.1) 0.1 - - Hedge derivatives 13.2 (3.1) 10.1 - 0.2 (0.8) 0.2 (0.6) - (0.6) Reclassification to earnings: Hedge derivatives (a) (1.1) 0.6 (0.5) - 1.2 3.4 (0.6) 2.8 - 0.7 Amortization of losses and prior service costs (b) 49.7 (18.8) 30.9 - - 38.9 (15.4) 23.5 - - Other comprehensive income (loss): $ (88.2) $ (21.3) (109.5) 5.3 3.8 $ (18.7) $ (15.9) (34.6) (11.6) (20.4) Total comprehensive income (loss) $ 317.1 $ 7.9 $ 9.7 $ 310.6 $ (10.0) $ (14.8) (a) (Gain) l oss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. Except for reclassifications to earnings, changes in other comprehensive income (loss) are primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, were as follows: In Millions Aug. 30, 2015 May 31, 2015 Foreign currency translation adjustments $ (686.5) $ (536.6) Unrealized gain (loss) from: Securities 3.6 3.7 Hedge derivatives (19.2) (28.8) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,725.5) (1,756.1) Prior service costs 7.4 7.1 Accumulated other comprehensive loss $ (2,420.2) $ (2,310.7) |
STOCK PLANS
STOCK PLANS | 3 Months Ended |
Aug. 30, 2015 | |
Stock Plans [Abstract] | |
Stock Plans | (10 ) Stock Plans We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock units , and performance awards , may be granted to employees and non-employee directors. These programs and related acco unting are described in Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2015. Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows: Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Compensation expense related to stock-based payments $ 32.9 $ 45.6 Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts recognized in r estructuring, impairment, and other exit costs. As of August 30, 2015 , unrecognized compensation expense related to non-vested stock options, restricted stock units , and performance award units was $141.5 million. This expense will be recognized over 24 months, on average . Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised were as follows: Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Net cash proceeds $ 47.7 $ 17.5 Intrinsic value of options exercised $ 82.2 $ 18.3 We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pric ing model. Black-Scholes option- pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. 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 method of selecting the other valuation a ssumptions is explained in Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2015. The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Quarter Ended Aug. 30, 2015 Aug. 24, 2014 Estimated fair values of stock options granted $ 7.24 $ 7.22 Assumptions: Risk-free interest rate 2.4 % 2.6 % Expected term 8.5 years 8.5 years Expected volatility 17.6 % 17.5 % Dividend yield 3.2 % 3.0 % Information on stock option activity follows: Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 31, 2015 39,077.2 $ 34.35 Granted 1,930.2 55.72 Exercised (2,748.2) 28.08 Forfeited or expired (12.0) 49.17 Outstanding as of Aug. 30, 2015 38,247.2 $ 35.87 4.63 $ 813.1 Exercisable as of Aug. 30, 2015 28,026.1 $ 31.59 3.40 $ 715.8 Information on restricted stock and performance award unit activity follows: 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 31, 2015 6,235.6 $ 46.44 237.0 $ 44.84 Granted 1,142.7 55.83 63.6 55.83 Vested (1,625.2) 47.48 (62.0) 39.74 Forfeited (77.3) 48.20 (13.7) 51.85 Non-vested as of Aug. 30, 2015 5,675.8 $ 48.01 224.9 $ 48.29 The total grant-date fair value of restricted stock unit awards that vested in the quarter ended August 30, 2015 was $79.8 million, and restricted stock units with a grant-date fair value of $98.9 million vested in the quarter ended August 24, 2014. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Aug. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11 ) Earnings Per Share Basic and diluted earnings per share ( EPS ) were calculated using the following: Quarter Ended In Millions, Except per Share Data Aug. 30, 2015 Aug. 24, 2014 Net earnings attributable to General Mills $ 426.6 $ 345.2 Average number of common shares - basic EPS 601.7 612.6 Incremental share effect from: (a) Stock options 10.4 12.1 Restricted stock, restricted stock units, and other 3.4 4.4 Average number of common shares - diluted EPS 615.5 629.1 Earnings per share - basic $ 0.71 $ 0.56 Earnings per share - diluted $ 0.69 $ 0.55 (a ) Increme ntal shares from stock options, restricted stock units , and performance share units are computed by the treasury stock method. Stock options, restricted stock units , and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows: Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Anti-dilutive stock options and restricted stock units 2.4 1.5 |
SHARE REPURCHASES
SHARE REPURCHASES | 3 Months Ended |
Aug. 30, 2015 | |
Shares Repurchases [Abstract] | |
Share Repurchases | (12 ) Share Repurchases During the first quarter of fiscal 2016, we repurchased 2.7 million shares of common stock for an aggregate purchase price of $152.1 million . During the first quarter of fiscal 2015 , we repurchased 8.8 million shares of common stock with an aggregate purchase price of $462.5 million which includes 0.4 million shares that did not settle until the second quarter of fiscal 2015 with an aggregate price of $23.7 million . |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 3 Months Ended |
Aug. 30, 2015 | |
Statements of Cash Flows [Abstract] | |
Statements of Cash Flows | (13) Statements of Cash Flows During the quarter ended August 30, 2015, we made net cash interest payments of $123.4 million, compared to $119.0 million in the same period last year. Also, in the quarter ended August 30, 2015, we made net income tax payments of $9.7 million, compared to $60.5 millio n in the same period last year. |
RETIREMENT AND POSTEMPLOYMENT B
RETIREMENT AND POSTEMPLOYMENT BENEFITS | 3 Months Ended |
Aug. 30, 2015 | |
Retirement and Postemployment Benefits [Abstract] | |
Retirement and Postemployment Benefits | (14 ) Retirement and Postemployment Benefits Components of net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Aug. 30, 2015 Aug. 24, 2014 Aug. 30, 2015 Aug. 24, 2014 Service cost $ 33.7 $ 34.4 $ 4.8 $ 5.6 $ 1.9 $ 1.9 Interest cost 67.0 62.5 11.0 11.8 1.0 1.1 Expected return on plan assets (124.3) (119.3) (11.6) (10.0) - - Amortization of losses 47.4 35.4 1.7 1.2 0.2 0.2 Amortization of prior service costs (credits) 1.2 1.9 (1.4) (0.4) 0.6 0.6 Other adjustments - - - - 3.2 3.1 Net expense $ 25.0 $ 14.9 $ 4.5 $ 8.2 $ 6.9 $ 6.9 |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 3 Months Ended |
Aug. 30, 2015 | |
Business Segment Information [Abstract] | |
Business Segment Information | (15 ) Business Segment Information We operate in the consumer foods industry. We have three operating segments by type of customer and geographic region as follows: U.S. Retail; International; and Convenience Stores and Foodservice . Beginning with the second quarter of fiscal 2015, we realigned certain operating units within our U.S. Retail operating segment. We also changed the name of our Yoplait operating unit to Yogurt and our Big G operating unit to Cereal. Frozen Foods transitioned into Meals and Baking Products. Small Planet Foods transitioned into Snacks, Cereal, and Meals. The Yogurt operating unit was unchanged. We revised the amounts previously reported in the net sales percentage change by operating unit within our U.S. Retail segment to conform to the new operating unit structure. These realignments had no effect on previously reported consolidated net sales, operating segments' net sales, operating profit, segment operating profit, net earnings attributable to General Mills, or EPS. In addition, results from the acquired Annie's business are included in the Meals and Snacks operating units. Our chief operating decision maker continues to assess performance and make decisions about resources to be allocated to our segments at the U.S. Retail, International, and Convenience Stores and Foodservice operating segment level. Our U.S. Retail segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, and drug, dollar and discount chains operating througho ut the United States. Our product categories in this business segment are ready-to-eat cereals, ref rigerated yogurt, soup, meal kits , shelf stable and frozen vegetables, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including meal kits, granola bars, and cereal. Our International segment consists of retail and foodservice businesses outside of the United States. Our product categories include ready-to-eat cereals, shelf stable an d frozen vegetables, meal kits , refrigerated and frozen dough products, dessert and baking mixes, frozen pizza snacks, refrigerated yogurt, grain and fruit snacks , and super-premium ice cream and frozen desserts . We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities and franchise fees are reported in the region or country where the end customer is located. In our Convenience Stores and Foodservice segment o ur major product categories are ready-to-eat cereals, snacks, refrigerated yogurt, frozen breakfast, unbaked and fully baked frozen dough products, baking mixes, and flour. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries. Substantially all of this segment's operations are located in the United States. Operating profit for these segments exclu des unallocated corporate items and restructuring, i mpairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, contributions to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies , restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment. Our operating segment results were as follows: Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Net sales: U.S. Retail $ 2,531.2 $ 2,444.3 International 1,199.0 1,351.1 Convenience Stores and Foodservice 477.7 473.0 Total $ 4,207.9 $ 4,268.4 Operating profit: U.S. Retail $ 629.7 $ 457.2 International 117.0 146.0 Convenience Stores and Foodservice 79.8 87.3 Total segment operating profit 826.5 690.5 Unallocated corporate items 83.1 119.0 Restructuring, impairment, and other exit costs 60.1 14.0 Operating profit $ 683.3 $ 557.5 |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Aug. 30, 2015 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | (16 ) New Accounting Pronouncements In the first quarter of fiscal 2016, we elected to adopt new accounting requirements for classification of debt issuance costs presented in the balance sheet as a direct reduction from the carrying amount of the debt liability. This presentation change has been implemented retroactively. The adoption of this guidance did not have a material impact on our results of operations or financial position. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (17 ) Subsequent Event s After the end of the first quarter of fiscal 201 6 , we reached a definitive agreement to sell our Green Giant business in our U.S. Retail segment and a portion of the business in our International segment for $765 million in cash, subject to an inventory adjustment at closing . We expect this transaction to close , subject to regulatory approval, in fiscal 2016. We expect to record a gain on the sale of this business during the quarter in which the transaction closes . The assets we expect to sell are currently reported in our Consolidated Balance Sheet as follows: In Millions Aug. 30, 2015 Inventories $ 223.4 Land, buildings, and equipment 27.0 Goodwill 252.1 Other intangible assets 121.5 Total assets held for sale $ 624.0 |
Restructuring Initiatives (Tabl
Restructuring Initiatives (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Restructuring Initiatives [Abstract] | |
Schedule of restructuring initiatives [Table Text Block] | Quarter Ended Quarter Ended Aug. 30, 2015 Aug. 24, 2014 In Millions Severance Asset Write-offs Accelerated Depreciation Other Total Severance Asset Write-offs Total Project Compass $ 44.9 $ - $ - $ 6.6 $ 51.5 $ - $ - $ - Project Century 2.3 2.4 21.4 4.1 30.2 - - - Project Catalyst 0.2 - - - 0.2 - - - Combination of certain operational facilities - - - - - 13.1 0.9 14.0 Total $ 47.4 $ 2.4 $ 21.4 $ 10.7 $ 81.9 $ 13.1 $ 0.9 $ 14.0 |
Schedule of restructuring charges and project-related costs classification [Table Text Block] | Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Cost of sales $ 21.8 $ - Restructuring, impairment, and other exit costs 60.1 14.0 Total restructuring charges 81.9 14.0 Project-related costs classified in cost of sales $ 13.1 $ - |
Rollforward of restructuring and other exit cost reserves [Table Text Block] | In Millions Severance Contract Termination Other Exit Costs Total Reserve balance as of May 31, 2015 $ 118.6 $ 0.6 $ 1.6 $ 120.8 Fiscal 2016 charges, including foreign currency translation 46.9 - 3.2 50.1 Utilized in fiscal 2016 (27.0) (0.1) (0.5) (27.6) Reserve balance as of Aug. 30, 2015 $ 138.5 $ 0.5 $ 4.3 $ 143.3 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of components of goodwill and other intangible assets [Table Text Block] | In Millions Aug. 30, 2015 May 31, 2015 Goodwill $ 8,857.7 $ 8,874.9 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 4,242.0 4,262.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 548.9 544.0 Less accumulated amortization (135.9) (129.1) Intangible assets subject to amortization, net 413.0 414.9 Other intangible assets 4,655.0 4,677.0 Total $ 13,512.7 $ 13,551.9 |
Schedule of changes in the carrying amount of goodwill [Table Text Block] | In Millions U.S. Retail International Convenience Stores and Foodservice Joint Ventures Total Balance as of May 31, 2015 $ 6,419.0 $ 1,133.3 $ 921.1 $ 401.5 $ 8,874.9 Other activity, primarily foreign currency translation - (24.5) - 7.2 (17.2) Balance as of Aug. 30, 2015 $ 6,419.0 $ 1,108.8 $ 921.1 $ 408.7 $ 8,857.7 |
Schedule of changes in the carrying amount of other intangible assets [Table Text Block] | In Millions U.S. Retail International Joint Ventures Total Balance as of May 31, 2015 $ 3,311.9 $ 1,301.5 $ 63.6 $ 4,677.0 Other activity, primarily foreign currency translation (0.9) (21.3) 0.2 (22.0) Balance as of Aug. 30, 2015 $ 3,311.0 $ 1,280.2 $ 63.8 $ 4,655.0 |
Schedule of at-risk brand assets [Table Text Block] | In Millions Book Value Excess Fair Value Above Carrying Value Mountain High $ 35.4 3% Uncle Toby's $ 57.7 7% |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Inventories [Abstract] | |
Schedule of components of inventories [Table Text Block] | In Millions Aug. 30, 2015 May 31, 2015 Raw materials and packaging $ 416.7 $ 390.8 Finished goods 1,518.0 1,268.6 Grain 97.5 95.7 Excess of FIFO over LIFO cost (236.4) (214.2) Total $ 1,795.8 $ 1,540.9 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Risk Management Activities [Abstract] | |
Schedule of unallocated corporate items [Table Text Block] | Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Net loss on certain mark-to-market valuation of commodity positions $ (22.3) $ (41.4) Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit 26.9 (4.8) Net mark-to-market revaluation of certain grain inventories (1.9) (3.0) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 2.7 $ (49.2) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Debt [Abstract] | |
Schedule of components of notes payable [Table Text Block] | In Millions Aug. 30, 2015 May 31, 2015 U.S. commercial paper $ 524.0 $ 432.0 Financial institutions 299.7 183.8 Total $ 823.7 $ 615.8 |
Schedule of fee-paid committed and uncommitted credit lines [Table Text Block] | In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2017 $ 1.7 $ - May 2019 1.0 - June 2019 0.2 0.1 Total committed credit facilities 2.9 0.1 Uncommitted credit facilities 0.5 0.2 Total committed and uncommitted credit facilities $ 3.4 $ 0.3 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of total comprehensive income (loss) [Table Text Block] | Quarter Ended Quarter Ended Aug. 30, 2015 Aug. 24, 2014 General Mills Noncontrolling Interests Redeemable Interest General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 426.6 $ 2.6 $ 5.9 $ 345.2 $ 1.6 $ 5.6 Other comprehensive income (loss): Foreign currency translation $ (149.9) $ - (149.9) 5.3 2.4 $ (60.4) $ - (60.4) (11.6) (20.5) Other fair value changes: Securities (0.1) - (0.1) - - 0.2 (0.1) 0.1 - - Hedge derivatives 13.2 (3.1) 10.1 - 0.2 (0.8) 0.2 (0.6) - (0.6) Reclassification to earnings: Hedge derivatives (a) (1.1) 0.6 (0.5) - 1.2 3.4 (0.6) 2.8 - 0.7 Amortization of losses and prior service costs (b) 49.7 (18.8) 30.9 - - 38.9 (15.4) 23.5 - - Other comprehensive income (loss): $ (88.2) $ (21.3) (109.5) 5.3 3.8 $ (18.7) $ (15.9) (34.6) (11.6) (20.4) Total comprehensive income (loss) $ 317.1 $ 7.9 $ 9.7 $ 310.6 $ (10.0) $ (14.8) (a) (Gain) l oss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in SG&A expenses. Except for reclassifications to earnings, changes in other comprehensive income (loss) are primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, were as follows: |
Schedule of accumulated other comprehensive income (loss), net of tax effects [Table Text Block] | In Millions Aug. 30, 2015 May 31, 2015 Foreign currency translation adjustments $ (686.5) $ (536.6) Unrealized gain (loss) from: Securities 3.6 3.7 Hedge derivatives (19.2) (28.8) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,725.5) (1,756.1) Prior service costs 7.4 7.1 Accumulated other comprehensive loss $ (2,420.2) $ (2,310.7) |
Stock Plans (Tables)
Stock Plans (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Stock Plans [Abstract] | |
Schedule of compensation expense related to stock-based payments [Table Text Block] | Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Compensation expense related to stock-based payments $ 32.9 $ 45.6 |
Schedule of net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised [Table Text Block] | Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Net cash proceeds $ 47.7 $ 17.5 Intrinsic value of options exercised $ 82.2 $ 18.3 |
Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] | Quarter Ended Aug. 30, 2015 Aug. 24, 2014 Estimated fair values of stock options granted $ 7.24 $ 7.22 Assumptions: Risk-free interest rate 2.4 % 2.6 % Expected term 8.5 years 8.5 years Expected volatility 17.6 % 17.5 % Dividend yield 3.2 % 3.0 % |
Schedule of information on stock option activity [Table Text Block] | Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 31, 2015 39,077.2 $ 34.35 Granted 1,930.2 55.72 Exercised (2,748.2) 28.08 Forfeited or expired (12.0) 49.17 Outstanding as of Aug. 30, 2015 38,247.2 $ 35.87 4.63 $ 813.1 Exercisable as of Aug. 30, 2015 28,026.1 $ 31.59 3.40 $ 715.8 |
Schedule of information on restricted stock and performance award unit activity [Table Text Block] | Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 31, 2015 6,235.6 $ 46.44 237.0 $ 44.84 Granted 1,142.7 55.83 63.6 55.83 Vested (1,625.2) 47.48 (62.0) 39.74 Forfeited (77.3) 48.20 (13.7) 51.85 Non-vested as of Aug. 30, 2015 5,675.8 $ 48.01 224.9 $ 48.29 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share [Table Text Block] | Quarter Ended In Millions, Except per Share Data Aug. 30, 2015 Aug. 24, 2014 Net earnings attributable to General Mills $ 426.6 $ 345.2 Average number of common shares - basic EPS 601.7 612.6 Incremental share effect from: (a) Stock options 10.4 12.1 Restricted stock, restricted stock units, and other 3.4 4.4 Average number of common shares - diluted EPS 615.5 629.1 Earnings per share - basic $ 0.71 $ 0.56 Earnings per share - diluted $ 0.69 $ 0.55 (a ) Increme ntal shares from stock options, restricted stock units , and performance share units are computed by the treasury stock method. |
Schedule of anti-dulitive stock options and restricted stock units [Table Text Block] | Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Anti-dilutive stock options and restricted stock units 2.4 1.5 |
Retirement and Postemployment34
Retirement and Postemployment Benefits (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Retirement and Postemployment Benefits [Abstract] | |
Schedule of components of net periodic benefit expense [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Aug. 30, 2015 Aug. 24, 2014 Aug. 30, 2015 Aug. 24, 2014 Service cost $ 33.7 $ 34.4 $ 4.8 $ 5.6 $ 1.9 $ 1.9 Interest cost 67.0 62.5 11.0 11.8 1.0 1.1 Expected return on plan assets (124.3) (119.3) (11.6) (10.0) - - Amortization of losses 47.4 35.4 1.7 1.2 0.2 0.2 Amortization of prior service costs (credits) 1.2 1.9 (1.4) (0.4) 0.6 0.6 Other adjustments - - - - 3.2 3.1 Net expense $ 25.0 $ 14.9 $ 4.5 $ 8.2 $ 6.9 $ 6.9 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Business Segment Information [Abstract] | |
Schedule of operating segment results [Table Text Block] | Quarter Ended In Millions Aug. 30, 2015 Aug. 24, 2014 Net sales: U.S. Retail $ 2,531.2 $ 2,444.3 International 1,199.0 1,351.1 Convenience Stores and Foodservice 477.7 473.0 Total $ 4,207.9 $ 4,268.4 Operating profit: U.S. Retail $ 629.7 $ 457.2 International 117.0 146.0 Convenience Stores and Foodservice 79.8 87.3 Total segment operating profit 826.5 690.5 Unallocated corporate items 83.1 119.0 Restructuring, impairment, and other exit costs 60.1 14.0 Operating profit $ 683.3 $ 557.5 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Aug. 30, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events [Table Text Block] | (17 ) Subsequent Event s After the end of the first quarter of fiscal 201 6 , we reached a definitive agreement to sell our Green Giant business in our U.S. Retail segment and a portion of the business in our International segment for $765 million in cash, subject to an inventory adjustment at closing . We expect this transaction to close , subject to regulatory approval, in fiscal 2016. We expect to record a gain on the sale of this business during the quarter in which the transaction closes . The assets we expect to sell are currently reported in our Consolidated Balance Sheet as follows: In Millions Aug. 30, 2015 Inventories $ 223.4 Land, buildings, and equipment 27.0 Goodwill 252.1 Other intangible assets 121.5 Total assets held for sale $ 624.0 |
Acquisition (Details)
Acquisition (Details) - Business Acquisition, Annie's Inc [Member] $ in Millions | Oct. 21, 2014USD ($) |
Acquisition [Line Items] | |
Aggregate purchase price | $ 821.2 |
Goodwill, Acquired During Period | 589.8 |
Brands [Member] | |
Acquisition [Line Items] | |
Indefinite Lived Intangible Assets Acquired | 244.5 |
Customer Relationships [Member] | |
Acquisition [Line Items] | |
Finite Lived Intangible Assets Acquired | $ 23.9 |
Restructuring Initiatives (Narr
Restructuring Initiatives (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | ||
Aug. 30, 2015USD ($) | Aug. 24, 2014USD ($) | May. 31, 2015USD ($)positions | May. 28, 2017USD ($)positions | May. 29, 2016USD ($)positions | May. 27, 2018USD ($)positions | May. 26, 2019USD ($)positions | |
Restructuring and Related Cost [Line Items] | |||||||
Net restructuring charges | $ 81.9 | $ 14 | |||||
Cash payments | 34.3 | ||||||
Project-related costs classified in cost of sales | 13.1 | 0 | |||||
Q1 2016 Project Compass [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Net restructuring charges | 51.5 | 0 | |||||
Q2 2015 Project Century [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Net restructuring charges | 30.2 | 0 | |||||
Charges Related to Project Century Restructuring Actions Previously Announced [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Net restructuring charges | 25.3 | ||||||
Q2 2015 Project Catalyst [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Number of positions affected | positions | 800 | ||||||
Net restructuring charges | 0.2 | 0 | $ 148 | ||||
Cash payments | $ 118 | ||||||
Q1 2015 Combination of Certain Operational Facilities [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Net restructuring charges | 0 | $ 14 | |||||
U.S. Retail [Member] | Q1 2016 Project Century, Exit Joplin Facility [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Cash payments | 4.9 | ||||||
International [Member] | Q1 2016 Project Compass [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Net restructuring charges | $ 51.5 | ||||||
Forecast [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Project-related costs classified in cost of sales | $ 71 | ||||||
Forecast [Member] | U.S. Retail [Member] | Q1 2016 Project Century, Exit West Chicago Facility [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Number of positions affected | positions | 500 | ||||||
Net restructuring charges | $ 120 | ||||||
Cash payments | $ 52 | ||||||
Forecast [Member] | U.S. Retail [Member] | Q1 2016 Project Century, Exit Joplin Facility [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Number of positions affected | positions | 120 | ||||||
Net restructuring charges | $ 12 | ||||||
Cash payments | $ 5 | ||||||
Forecast [Member] | International [Member] | Q1 2016 Project Compass [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Net restructuring charges | $ 59 | ||||||
Cash payments | $ 56 | ||||||
Forecast [Member] | International [Member] | Q1 2016 Project Compass [Member] | Minimum Member | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Number of positions affected | positions | 675 | ||||||
Forecast [Member] | International [Member] | Q1 2016 Project Compass [Member] | Maximum [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Number of positions affected | positions | 725 | ||||||
Forecast [Member] | International [Member] | Q1 2015 Combination of Certain Operational Facilities [Member] | |||||||
Restructuring and Related Cost [Line Items] | |||||||
Number of positions affected | positions | 240 | ||||||
Net restructuring charges | $ 15 | ||||||
Cash payments | $ 14 |
Restructuring Initiatives (Sche
Restructuring Initiatives (Schedule of restructuring charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | May. 31, 2015 | |
Restructuring and Related Cost [Line Items] | |||
Severance | $ 47.4 | $ 13.1 | |
Asset write-offs | 2.4 | 0.9 | |
Accelerated depreciation | 21.4 | ||
Other | 10.7 | ||
Total restructuring charges | 81.9 | 14 | |
Project Compass [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 44.9 | 0 | |
Asset write-offs | 0 | 0 | |
Accelerated depreciation | 0 | ||
Other | 6.6 | ||
Total restructuring charges | 51.5 | 0 | |
Project Century [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 2.3 | 0 | |
Asset write-offs | 2.4 | 0 | |
Accelerated depreciation | 21.4 | ||
Other | 4.1 | ||
Total restructuring charges | 30.2 | 0 | |
Project Catalyst [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 0.2 | 0 | |
Asset write-offs | 0 | 0 | |
Accelerated depreciation | 0 | ||
Other | 0 | ||
Total restructuring charges | 0.2 | 0 | $ 148 |
Combination of Certain Operational Facilities [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Severance | 0 | 13.1 | |
Asset write-offs | 0 | 0.9 | |
Accelerated depreciation | 0 | ||
Other | 0 | ||
Total restructuring charges | $ 0 | $ 14 |
Restructuring Initiatives (Sc40
Restructuring Initiatives (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Restructuring and Related Cost [Line Items] | ||
Restructuring charges | $ 81.9 | $ 14 |
Project-related costs classified in cost of sales | 13.1 | 0 |
Cost of Sales [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring charges | 21.8 | 0 |
Restructuring, Impairment, and Other Exit Costs [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring charges | $ 60.1 | $ 14 |
Restructuring Initiatives (Sc41
Restructuring Initiatives (Schedule of restructuring and other exit cost reserves) (Details) $ in Millions | 3 Months Ended |
Aug. 30, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | $ 120.8 |
Restructuring charges paid out of reserve, including foreign currency translation | 50.1 |
Restructuring reserve utilized | (27.6) |
Restructuring Reserve, Ending Balance | 143.3 |
Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | 118.6 |
Restructuring charges paid out of reserve, including foreign currency translation | 46.9 |
Restructuring reserve utilized | (27) |
Restructuring Reserve, Ending Balance | 138.5 |
Contract Termination [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | 0.6 |
Restructuring charges paid out of reserve, including foreign currency translation | 0 |
Restructuring reserve utilized | (0.1) |
Restructuring Reserve, Ending Balance | 0.5 |
Other Exit Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Beginning Balance | 1.6 |
Restructuring charges paid out of reserve, including foreign currency translation | 3.2 |
Restructuring reserve utilized | (0.5) |
Restructuring Reserve, Ending Balance | $ 4.3 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | Nov. 25, 2014 | May. 31, 2015 | Aug. 30, 2015 |
Goodwill and Other Intangible Assets [Abstract] | |||
Future Amortization Expense, Year One | $ 28,000,000 | ||
Future Amortization Expense, Year Two | 28,000,000 | ||
Future Amortization Expense, Year Three | 28,000,000 | ||
Future Amortization Expense, Year Four | 28,000,000 | ||
Future Amortization Expense, Year Five | $ 28,000,000 | ||
Goodwill impairment | $ 0 | ||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets impairment | $ 0 | ||
Green Giant Brand [Member] | U.S. Retail [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets impairment | $ 260,000,000 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Schedule of components of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | Aug. 30, 2015 | May. 31, 2015 |
Goodwill and Other Intangible Assets [Abstract] | ||
Goodwill | $ 8,857.7 | $ 8,874.9 |
Intangible assets not subject to amortization: | ||
Brands and other indefinite-lived intangibles | 4,242 | 4,262.1 |
Intangible assets subject to amortization: | ||
Franchise agreements, customer relationships, and other finite-lived intangibles | 548.9 | 544 |
Less accumulated amortization | (135.9) | (129.1) |
Intangible assets subject to amortization, net | 413 | 414.9 |
Other intangible assets | 4,655 | 4,677 |
Total | $ 13,512.7 | $ 13,551.9 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of goodwill) (Details) $ in Millions | 3 Months Ended |
Aug. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 8,874.9 |
Other activity, primarily foreign currency translation | (17.2) |
Ending balance | 8,857.7 |
U.S. Retail [Member] | |
Goodwill [Line Items] | |
Beginning balance | 6,419 |
Other activity, primarily foreign currency translation | 0 |
Ending balance | 6,419 |
International [Member] | |
Goodwill [Line Items] | |
Beginning balance | 1,133.3 |
Other activity, primarily foreign currency translation | (24.5) |
Ending balance | 1,108.8 |
Convenience Stores and Foodservice [Member] | |
Goodwill [Line Items] | |
Beginning balance | 921.1 |
Other activity, primarily foreign currency translation | 0 |
Ending balance | 921.1 |
Joint Ventures [Member] | |
Goodwill [Line Items] | |
Beginning balance | 401.5 |
Other activity, primarily foreign currency translation | 7.2 |
Ending balance | $ 408.7 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) $ in Millions | 3 Months Ended |
Aug. 30, 2015USD ($) | |
Intangible Assets, Net [Line Items] | |
Beginning balance | $ 4,677 |
Other activity, primarily foreign currency translation | (22) |
Ending balance | 4,655 |
U.S. Retail [Member] | |
Intangible Assets, Net [Line Items] | |
Beginning balance | 3,311.9 |
Other activity, primarily foreign currency translation | (0.9) |
Ending balance | 3,311 |
International [Member] | |
Intangible Assets, Net [Line Items] | |
Beginning balance | 1,301.5 |
Other activity, primarily foreign currency translation | (21.3) |
Ending balance | 1,280.2 |
Joint Ventures [Member] | |
Intangible Assets, Net [Line Items] | |
Beginning balance | 63.6 |
Other activity, primarily foreign currency translation | 0.2 |
Ending balance | $ 63.8 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Schedule of at-risk brand intangible assets) (Details) - USD ($) $ in Millions | Nov. 25, 2014 | Aug. 30, 2015 | May. 31, 2015 |
Indefinite-lived Intangible Assets [Line Items] | |||
Book Value | $ 4,655 | $ 4,677 | |
Mountain High Brand [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Book Value | $ 35.4 | ||
Excess Fair Value Above Carrying Value, Percentage | 3.00% | ||
Uncle Toby's Brand [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Book Value | $ 57.7 | ||
Excess Fair Value Above Carrying Value, Percentage | 7.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Aug. 30, 2015 | May. 31, 2015 |
Inventories [Abstract] | ||
Raw materials and packaging | $ 416.7 | $ 390.8 |
Finished goods | 1,518 | 1,268.6 |
Grain | 97.5 | 95.7 |
Excess of FIFO over LIFO cost | (236.4) | (214.2) |
Total | $ 1,795.8 | $ 1,540.9 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) - Aug. 30, 2015 - Long-term Debt Type [Domain] - USD ($) $ in Millions | Total |
Credit Risk [Abstract] | |
Accounts Payable to Suppliers that Utilize Third Party Service | $ 492.5 |
Commodity Contracts [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 224.6 |
Derivative Contracts Inputs, Average Period of Utilization | 12 months |
Energy Related Derivative [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 176.1 |
Agricultural Related Derivative [Member] | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 48.5 |
Risk Management Activities (Sch
Risk Management Activities (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Commodity Price Risk [Abstract] | ||
Net gain (loss) on certain mark-to-market valuation of commodity positions | $ (22.3) | $ (41.4) |
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit | 26.9 | (4.8) |
Net mark-to-market revaluation of certain grain inventories | (1.9) | (3) |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 2.7 | $ (49.2) |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2015EUR (€) | Mar. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jun. 30, 2014EUR (€) | Aug. 30, 2015USD ($) | Aug. 24, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||
Long-term debt, fair value | $ 8,858.5 | |||||
Long-term debt, carrying value | 8,610 | |||||
Issuance of long-term debt | 0 | $ 271.3 | ||||
Repayment of long-term debt | $ 0.2 | $ 393.4 | ||||
1.0% Notes Due April 2023 Member | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | € | € 500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||
1.5% Notes Due April 2027 Member | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | € | € 400 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||||
5.2% Notes Due March 2015 Member | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of long-term debt | $ 750 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||||
1.4% Notes Due October 2017 Member | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | $ 500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | |||||
2.2% Notes Due October 2019 Member | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | $ 500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||||
2.2% Senior Unsecured Notes Due June 2021 Member | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | € | € 200 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||||
Floating Rate Notes Due in 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of long-term debt | € | € 290 |
Debt (Schedule of short-term de
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions | Aug. 30, 2015 | May. 31, 2015 |
Short-term Debt [Line Items] | ||
Notes payable | $ 823.7 | $ 615.8 |
Commercial Paper [Member] | U.S. Retail [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | 524 | 432 |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 299.7 | $ 183.8 |
Debt (Schedule of credit facili
Debt (Schedule of credit facilities) (Details) - Aug. 30, 2015 € in Millions, $ in Billions | USD ($) | EUR (€) |
Line Of Credit Facility [Line Items] | ||
Facility Amount | $ 3.4 | |
Borrowed Amount | 0.3 | |
Committed Credit Facilities Member | ||
Line Of Credit Facility [Line Items] | ||
Facility Amount | 2.9 | |
Borrowed Amount | $ 0.1 | |
Minimum Fixed Charge Coverage Ratio | 2.5 | 2.5 |
Committed Credit Facilities Member | Expiration Date April 2017 [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility Amount | $ 1.7 | |
Borrowed Amount | 0 | |
Committed Credit Facilities Member | Expiration Date May 2019 [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility Amount | 1 | |
Borrowed Amount | 0 | |
Committed Credit Facilities Member | Expiration Date June 2019 [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility Amount | 0.2 | |
Borrowed Amount | 0.1 | |
Committed Credit Facilities Member | Expiration Date June 2019 [Member] | Yoplait SAS [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility Amount | € | € 200 | |
Uncommitted Credit Facilities Member | ||
Line Of Credit Facility [Line Items] | ||
Facility Amount | 0.5 | |
Borrowed Amount | $ 0.2 |
Redeemable and Noncontrolling53
Redeemable and Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Aug. 30, 2015 | Aug. 24, 2014 | May. 31, 2015 | Jul. 01, 2011 | |
Noncontrolling Interest [Line Items] | ||||
Redeemable interest | $ 786.6 | $ 778.9 | ||
Noncontrolling interests held by Sodiaal | $ 402.9 | $ 396 | ||
Yoplait SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest percentage in consolidated subsidiary | 51.00% | |||
Redeemable interest | $ 786.6 | $ 904.4 | ||
Redeemable interest percentage held by Sodiaal | 49.00% | |||
Related Party Transaction, Amounts of Transaction | $ 71.5 | $ 74.2 | ||
Yoplait Marques SAS and Liberte Marques Sarl [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest percentage in consolidated subsidiary | 50.00% | |||
Ownership interest percentage held by noncontrolling owners | 50.00% | |||
Noncontrolling interests held by Sodiaal | $ 281.4 | |||
General Mills Cereals Llc [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest Holders Capital Account, General Mills Cereals, LLC | $ 251.5 | |||
Preferred distributions variable rate | three-month LIBOR | |||
The percentage points added to the floating preferred return rate to compute the variable rate on preferred distributions. | 1.25% | |||
Preferred return rate adjustment period | 3 years |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of total comprehensive income (loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | May. 31, 2015 | |
Net earnings attributable to General Mills | $ 426.6 | $ 345.2 | |
Other Comprehensive Income (Loss), Net of Tax: | |||
Foreign currency translation | (142.2) | (92.5) | |
Other fair value changes: | |||
Securities | (0.1) | 0.1 | |
Hedge derivatives | 10.3 | (1.2) | |
Reclassification to earnings: | |||
Hedge derivatives | 0.7 | 3.5 | |
Amortization of losses and prior service costs | 30.9 | 23.5 | |
Other comprehensive income (loss), net of tax | (100.4) | (66.6) | |
Total comprehensive income (loss) attributable to General Mills | 317.1 | 310.6 | |
General Mills [Member] | |||
Net earnings attributable to General Mills | 426.6 | 345.2 | |
Other Comprehensive Income (Loss), Pretax: | |||
Foreign currency translation | (149.9) | (60.4) | |
Other fair value changes: | |||
Securities | (0.1) | 0.2 | |
Hedge derivatives | 13.2 | (0.8) | |
Reclassification to earnings: | |||
Hedge derivatives | (1.1) | 3.4 | |
Amortization of losses and prior service costs | 49.7 | 38.9 | |
Other comprehensive income (loss), before tax | (88.2) | (18.7) | |
Other Comprehensive Income (Loss), Tax: | |||
Foreign currency translation | 0 | 0 | |
Other fair value changes: | |||
Securities | 0 | (0.1) | |
Hedge derivatives | (3.1) | 0.2 | |
Reclassification to earnings: | |||
Hedge derivatives | 0.6 | (0.6) | |
Amortization of losses and prior service costs | (18.8) | (15.4) | |
Other comprehensive income (loss), tax | (21.3) | (15.9) | |
Other Comprehensive Income (Loss), Net of Tax: | |||
Foreign currency translation | (149.9) | (60.4) | |
Other fair value changes: | |||
Securities | (0.1) | 0.1 | |
Hedge derivatives | 10.1 | (0.6) | |
Reclassification to earnings: | |||
Hedge derivatives | (0.5) | 2.8 | |
Amortization of losses and prior service costs | 30.9 | 23.5 | |
Other comprehensive income (loss), net of tax | (109.5) | (34.6) | |
Total comprehensive income (loss) attributable to General Mills | 317.1 | 310.6 | |
Noncontrolling Interests [Member] | |||
Net earnings attributable to noncontrolling interests | 2.6 | 1.6 | |
Other Comprehensive Income (Loss), Net of Tax: | |||
Foreign currency translation | 5.3 | (11.6) | |
Other fair value changes: | |||
Securities | 0 | 0 | |
Hedge derivatives | 0 | 0 | |
Reclassification to earnings: | |||
Hedge derivatives | 0 | 0 | |
Amortization of losses and prior service costs | 0 | 0 | |
Other comprehensive income (loss), net of tax | 5.3 | (11.6) | |
Total comprehensive income (loss) attributable to noncontrolling interests | 7.9 | (10) | |
Redeemable Interests [Member] | |||
Net earnings attributable to redeemable interests | 5.9 | 5.6 | |
Other Comprehensive Income (Loss), Net of Tax: | |||
Foreign currency translation | 2.4 | (20.5) | |
Other fair value changes: | |||
Securities | 0 | 0 | |
Hedge derivatives | 0.2 | (0.6) | |
Reclassification to earnings: | |||
Hedge derivatives | 1.2 | 0.7 | |
Amortization of losses and prior service costs | 0 | 0 | |
Other comprehensive income (loss), net of tax | 3.8 | (20.4) | |
Total comprehensive income (loss) attributable to redeemable interests | $ 9.7 | $ (14.8) | $ (122.9) |
Stockholders' Equity (Schedul55
Stockholders' Equity (Schedule of accumulated other income income (loss)) (Details) - USD ($) $ in Millions | Aug. 30, 2015 | May. 31, 2015 |
Accumulated Other Comprehensive Loss Net Of Tax [Abstract] | ||
Foreign currency translation adjustments | $ (686.5) | $ (536.6) |
Unrealized gain (loss) from: | ||
Securities | 3.6 | 3.7 |
Hedge derivatives | (19.2) | (28.8) |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial gain (loss) | (1,725.5) | (1,756.1) |
Prior service costs | 7.4 | 7.1 |
Accumulated other comprehensive loss | $ (2,420.2) | $ (2,310.7) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Share-based Compensation Allocation and Classification in Financial Statements [Abstract] | ||
Unrecognized compensation expense related to non-vested stock options, restricted stock, and performance award units | $ 141.5 | |
Unrecognized compensation expense on non-vested awards weighted average period of recognition | 24 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. 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 method of selecting the other valuation assumptions is explained in Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2015. | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Additional Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Vested in Period, Total Fair Value | $ 79.8 | $ 98.9 |
Stock Plans (Schedule of compen
Stock Plans (Schedule of compensation expense related to stock-based payments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Stock Plans [Abstract] | ||
Compensation expense related to stock-based payments | $ 32.9 | $ 45.6 |
Stock Plans (Schedule of net ca
Stock Plans (Schedule of net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrisic value of options exercised) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Stock Plans [Abstract] | ||
Net cash proceeds | $ 47.7 | $ 17.5 |
Intrinsic value of options exercised | $ 82.2 | $ 18.3 |
Stock Plans (Schedule of estima
Stock Plans (Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model) (Details) - $ / shares | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Stock Plans [Abstract] | ||
Estimated fair values of stock options granted | $ 7.24 | $ 7.22 |
Assumptions: | ||
Risk-free interest rate | 2.40% | 2.60% |
Expected term | 8 years 6 months | 8 years 6 months |
Expected volatility | 17.60% | 17.50% |
Dividend yield | 3.20% | 3.00% |
Stock Plans (Schedule of inform
Stock Plans (Schedule of information on stock option activity) (Details) - Aug. 30, 2015 - USD ($) $ / shares in Units, $ in Millions | Total |
Options Outstanding (Thousands) [Abstract] | |
Beginning Balance, Outstanding | 39,077,200 |
Granted | 1,930,200 |
Exercised | (2,748,200) |
Forfeited or expired | (12,000) |
Ending Balance, Outstanding | 38,247,200 |
Ending Balance, Exercisable | 28,026,100 |
Weighted Average Exercise Price Per Share [Abstract] | |
Beginning Balance, Outstanding | $ 34.35 |
Granted | 55.72 |
Exercised | 28.08 |
Forfeited or expired | 49.17 |
Ending Balance, Outstanding | 35.87 |
Ending Balance, Exercisable | $ 31.59 |
Weighted Average Remaining Contractual Term [Abstract] | |
Ending Balance, Outstanding | 4 years 7 months 17 days |
Ending Balance, Exercisable | 3 years 4 months 24 days |
Aggregate Intrinsic Value [Abstract] | |
Ending Balance, Outstanding | $ 813.1 |
Ending Balance, Exercisable | $ 715.8 |
Stock Plans (Schedule of info61
Stock Plans (Schedule of information on restricted stock and performance award unit activity) (Details) - 3 months ended Aug. 30, 2015 - $ / shares | Total |
Equity Classified Share-Settled Units [Member] | |
Settled Units (Thousands) [Abstract] | |
Beginning Balance (Non-vested) | 6,235,600 |
Granted | 1,142,700 |
Vested | (1,625,200) |
Forfeited | (77,300) |
Ending Balance (Non-vested) | 5,675,800 |
Weighted Average Fair Value [Abstract] | |
Beginning Balance (Non-vested) | $ 46.44 |
Granted | 55.83 |
Vested | 47.48 |
Forfeited | 48.20 |
Ending Balance (Non-vested) | $ 48.01 |
Liability Classified Share-Settled Units [Member] | |
Settled Units (Thousands) [Abstract] | |
Beginning Balance (Non-vested) | 237,000 |
Granted | 63,600 |
Vested | (62,000) |
Forfeited | (13,700) |
Ending Balance (Non-vested) | 224,900 |
Weighted Average Fair Value [Abstract] | |
Beginning Balance (Non-vested) | $ 44.84 |
Granted | 55.83 |
Vested | 39.74 |
Forfeited | 51.85 |
Ending Balance (Non-vested) | $ 48.29 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of earnings per share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Earnings Per Share [Abstract] | ||
Net earnings attributable to General Mills | $ 426.6 | $ 345.2 |
Average number of common shares - basic EPS | 601.7 | 612.6 |
Incremental share effect from: | ||
Stock options | 10.4 | 12.1 |
Restricted stock, restricted stock units, and other | 3.4 | 4.4 |
Average number of common shares - diluted EPS | 615.5 | 629.1 |
Earnings per share - basic | $ 0.71 | $ 0.56 |
Earnings per share - diluted | $ 0.69 | $ 0.55 |
Anti-dilutive stock options and restricted stock units | 2.4 | 1.5 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | May. 31, 2015 | |
Shares Repurchases [Abstract] | |||
Shares purchased, value | $ 152.1 | $ 462.5 | $ 1,161.9 |
Shares purchased, shares | 2.7 | 8.8 | |
Shares purchased but not settled until next period, value | $ 23.7 | ||
Share purchased but not settled until next period, shares | 0.4 |
Statements of Cash Flows (Detai
Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Business Acquisition [Line Items] | ||
Net cash interest payments | $ 123.4 | $ 119 |
Net income tax payments | $ 9.7 | $ 60.5 |
Retirement and Postemployment65
Retirement and Postemployment Benefits (Schedule of components of net pension, other postretirement, and postemployment (income) expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 33.7 | $ 34.4 |
Interest cost | 67 | 62.5 |
Expected return on plan assets | (124.3) | (119.3) |
Amortization of losses | 47.4 | 35.4 |
Amortization of prior service costs (credits) | 1.2 | 1.9 |
Other adjustments | 0 | 0 |
Net expense | 25 | 14.9 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4.8 | 5.6 |
Interest cost | 11 | 11.8 |
Expected return on plan assets | (11.6) | (10) |
Amortization of losses | 1.7 | 1.2 |
Amortization of prior service costs (credits) | (1.4) | (0.4) |
Other adjustments | 0 | 0 |
Net expense | 4.5 | 8.2 |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1.9 | 1.9 |
Interest cost | 1 | 1.1 |
Expected return on plan assets | 0 | 0 |
Amortization of losses | 0.2 | 0.2 |
Amortization of prior service costs (credits) | 0.6 | 0.6 |
Other adjustments | 3.2 | 3.1 |
Net expense | $ 6.9 | $ 6.9 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 3 Months Ended |
Aug. 30, 2015segment | |
Business Segment Information [Abstract] | |
Number of Operating Segments | 3 |
Business Segment Information (S
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 30, 2015 | Aug. 24, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 4,207.9 | $ 4,268.4 |
Operating profit | 683.3 | 557.5 |
Restructuring, impairment, and other exit costs | 60.1 | 14 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 4,207.9 | 4,268.4 |
Operating profit | 826.5 | 690.5 |
Significant Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Restructuring, impairment, and other exit costs | 60.1 | 14 |
Corporate Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit | 83.1 | 119 |
U.S. Retail [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,531.2 | 2,444.3 |
Operating profit | 629.7 | 457.2 |
International [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,199 | 1,351.1 |
Operating profit | 117 | 146 |
Convenience Stores and Foodservice [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 477.7 | 473 |
Operating profit | $ 79.8 | $ 87.3 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - Forecast [Member] - Green Giant Business [Member] - USD ($) $ in Millions | 12 Months Ended | |
May. 29, 2016 | Aug. 30, 2015 | |
Subsequent Events [Line Items] | ||
Cash to be received on sale of business | $ 765 | |
Assets expected to be sold: | ||
Inventories | $ 223.4 | |
Land, buildings, and equipment | 27 | |
Goodwill | 252.1 | |
Other intangible assets | 121.5 | |
Total assets held for sale | $ 624 |