Business Segment Information | ( 16 ) Business Segment Information We operate in the consumer foods industry. We have four operating segments by type of customer and geographic region as follows: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. Our pr oduct categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks. Our major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrig erated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels inc luding foodservice, convenience stores, vending, and supermarket bakeries in the United States. Our Europe & Australia operating segment reflects retail and foodservice businesses in the greater Europe and Australia regions. Our product categories include refrigerated yogurt, meal kits, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, grain snacks, and dessert and baking mixes. We also sell super-premium ice cream directly to consumers through owned retail shops. Rev enues from franchise fees are reported in the region or country where the end customer is located. Our Asia & Latin America operating segment consists of retail and foodservice businesses in the greater Asia and South America regions. Our product categorie s include super-premium ice cream and frozen desserts, refrigerated and frozen dough products, dessert and baking mixes, meal kits, salty and grain snacks, wellness beverages, and refrigerated yogurt. We also sell super-premium ice cream and frozen dessert s directly to consumers through owned retail shops. Our Asia & Latin America segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our int ernational joint ventures. Revenues from export activities are reported in the region or country where the end customer is located. Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, i mpairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, contributions t o the General Mills Foundation , 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 positio ns 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 organiza tion, 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 Nine-Month Period Ended In Millions Feb. 25, 2018 Feb. 26, 2017 Feb. 25, 2018 Feb. 26, 2017 Net sales: North America Retail $ 2,517.4 $ 2,499.0 $ 7,727.4 $ 7,804.8 Convenience Stores & Foodservice 460.3 448.5 1,419.6 1,382.3 Europe & Australia 469.8 424.5 1,428.4 1,338.0 Asia & Latin America 434.8 421.2 1,274.8 1,288.1 Total $ 3,882.3 $ 3,793.2 $ 11,850.2 $ 11,813.2 Operating profit: North America Retail $ 518.3 $ 516.7 $ 1,674.4 $ 1,795.9 Convenience Stores & Foodservice 84.3 93.6 275.6 295.4 Europe & Australia 27.3 42.0 84.8 127.2 Asia & Latin America (2.1) 10.0 30.1 61.3 Total segment operating profit 627.8 662.3 2,064.9 2,279.8 Unallocated corporate items 27.6 42.2 102.3 143.6 Divestiture loss - - - 13.5 Restructuring, impairment, and other exit costs 7.5 77.6 14.3 165.5 Operating profit $ 592.7 $ 542.5 $ 1,948.3 $ 1,957.2 |