DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | Jun. 15, 2020 | Nov. 24, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000040704 | ||
Document Annual Report | true | ||
Document Period End Date | May 31, 2020 | ||
Document Transition Report | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Current Fiscal Year End Date | --05-31 | ||
Entity File Number | 001-01185 | ||
Entity Registrant Name | GENERAL MILLS, INC. | ||
Entity Incorporation State Country Code | DE | ||
Entity Tax Identification Number | 41-0274440 | ||
Entity Address Address Line 1 | Number One General Mills Boulevard | ||
Entity Address City or Town | Minneapolis | ||
Entity Address State or Province | MN | ||
Entity Address Postal Zip Code | 55426 | ||
City Area Code | (763) | ||
Local Phone Number | 764-7600 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Public Float | $ 31,856.1 | ||
Entity Common Stock, Shares Outstanding | 609,869,264 | ||
Entity Listings [Line Items] | |||
Documents Incorporated By Reference | Portions of the registrant’s Proxy Statement for its 2020 Annual Meeting of Shareholders are incorporated by reference into Part III. | ||
Common Stock, $.10 par value [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | Common Stock, $.10 par value | ||
Trading Symbol | GIS | ||
Security Exchange Name | NYSE | ||
2.100% Notes due 2020 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 2.100% Notes due 2020 | ||
Trading Symbol | GIS20 | ||
Security Exchange Name | NYSE | ||
1.000% Notes due 2023 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 1.000% Notes due 2023 | ||
Trading Symbol | GIS23A | ||
Security Exchange Name | NYSE | ||
0.450% Notes due 2026 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 0.450% Notes due 2026 | ||
Trading Symbol | GIS26 | ||
Security Exchange Name | NYSE | ||
1.500% Notes due 2027 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 1.500% Notes due 2027 | ||
Trading Symbol | GIS27 | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Consolidated Statements of Earnings [Abstract] | |||||||||||
Net sales | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 4,161.7 | $ 4,198.3 | $ 4,411.2 | $ 4,094 | $ 17,626.6 | $ 16,865.2 | $ 15,740.4 |
Cost of sales | 11,496.7 | 11,108.4 | 10,304.8 | ||||||||
Selling, general, and administrative expenses | 3,151.6 | 2,935.8 | 2,850.1 | ||||||||
Divestitures loss (gain) | 0 | 30 | 0 | ||||||||
Restructuring, impairment, and other exit costs | 24.4 | 275.1 | 165.6 | ||||||||
Operating profit | 2,953.9 | 2,515.9 | 2,419.9 | ||||||||
Benefit plan non-service income | (112.8) | (87.9) | (89.4) | ||||||||
Interest, net | 466.5 | 521.8 | 373.7 | ||||||||
Earnings before income taxes and after-tax earnings from joint ventures | 2,600.2 | 2,082 | 2,135.6 | ||||||||
Income taxes | (72.9) | 480.5 | 367.8 | 57.3 | |||||||
After-tax earnings from joint ventures | 91.1 | 72 | 84.7 | ||||||||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 2,210.8 | 1,786.2 | 2,163 | ||||||||
Net earnings attributable to redeemable and noncontrolling interests | 29.6 | 33.5 | 32 | ||||||||
Net earnings attributable to General Mills | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | $ 570.2 | $ 446.8 | $ 343.4 | $ 392.3 | $ 2,181.2 | $ 1,752.7 | $ 2,131 |
Earnings per share - basic | $ 1.03 | $ 0.75 | $ 0.96 | $ 0.86 | $ 0.95 | $ 0.74 | $ 0.57 | $ 0.66 | $ 3.59 | $ 2.92 | $ 3.69 |
Earnings per share - diluted | $ 1.02 | $ 0.74 | $ 0.95 | $ 0.85 | $ 0.94 | $ 0.74 | $ 0.57 | $ 0.65 | 3.56 | 2.90 | 3.64 |
Dividends per share | $ 1.96 | $ 1.96 | $ 1.96 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,210.8 | $ 1,786.2 | $ 2,163 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | (169.1) | (82.8) | (37) |
Net actuarial income (loss) | (224.6) | (253.4) | 140.1 |
Other fair value changes: | |||
Securities | 0 | 0 | 1.2 |
Hedge derivatives | 3.2 | 12.1 | (50.8) |
Reclassification to earnings: | |||
Securities | 0 | (2) | (5.1) |
Hedge derivatives | 4.1 | 0.9 | 17.4 |
Amortization of losses and prior service costs | 77.9 | 84.6 | 117.6 |
Other comprehensive income (loss), net of tax | (308.5) | (240.6) | 183.4 |
Total comprehensive income | 1,902.3 | 1,545.6 | 2,346.4 |
Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 10.1 | (10.7) | 70.5 |
Comprehensive income attributable to General Mills | $ 1,892.2 | $ 1,556.3 | $ 2,275.9 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,677.8 | $ 450 |
Receivables | 1,615.1 | 1,679.7 |
Inventories | 1,426.3 | 1,559.3 |
Prepaid expenses and other current assets | 402.1 | 497.5 |
Total current assets | 5,121.3 | 4,186.5 |
Land, buildings, and equipment | 3,580.6 | 3,787.2 |
Goodwill | 13,923.2 | 13,995.8 |
Other intangible assets | 7,095.8 | 7,166.8 |
Other assets | 1,085.8 | 974.9 |
Total assets | 30,806.7 | 30,111.2 |
Current liabilities: | ||
Accounts payable | 3,247.7 | 2,854.1 |
Current portion of long-term debt | 2,331.5 | 1,396.5 |
Notes payable | 279 | 1,468.7 |
Other current liabilities | 1,633.3 | 1,367.8 |
Total current liabilities | 7,491.5 | 7,087.1 |
Long-term debt | 10,929 | 11,624.8 |
Deferred income taxes | 1,947.1 | 2,031 |
Other liabilities | 1,545 | 1,448.9 |
Total liabilities | 21,912.6 | 22,191.8 |
Redeemable interest | 544.6 | 551.7 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,348.6 | 1,386.7 |
Retained earnings | 15,982.1 | 14,996.7 |
Common stock in treasury, at cost | (6,433.3) | (6,779) |
Accumulated other comprehensive loss | (2,914.4) | (2,625.4) |
Total stockholders' equity | 8,058.5 | 7,054.5 |
Noncontrolling interests | 291 | 313.2 |
Total equity | 8,349.5 | 7,367.7 |
Total liabilities and equity | $ 30,806.7 | $ 30,111.2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Paranthetical) - $ / shares shares in Millions | May 31, 2020 | May 26, 2019 | May 27, 2018 |
Stockholders' equity: | |||
Common stock, shares issued | 754.6 | 754.6 | 754.6 |
Common stock, par value | $ 0.10 | $ 0.1 | $ 0.10 |
Common stock in treasury, shares | 144.8 | 152.7 |
CONSOLIDATED STATEMENTS OF TOTA
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST - USD ($) shares in Millions, $ in Millions | Total | Sodiaal International Redeemable Interest [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Beginning Balance, Treasury Stock, Shares at May. 28, 2017 | (177.7) | |||||||
Stockholders' Equity, Number of Shares | ||||||||
Shares purchased, shares | (10.9) | (10.9) | ||||||
Shares issued, shares | 22.7 | 22.7 | ||||||
Stock compensation plans, shares (includes income tax benefits) | 4.4 | |||||||
Ending Balance, Treasury Stock, Shares at May. 27, 2018 | (161.5) | |||||||
Ending Balance, Common Stock, Shares, Issued at May. 27, 2018 | 754.6 | 754.6 | ||||||
Beginning Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 28, 2017 | $ 4,685.5 | $ 1,120.9 | $ 13,138.9 | $ (7,762.9) | $ (2,244.5) | $ 357.6 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares issued, value | $ 75.5 | (39.1) | 1,009 | |||||
Stock compensation plans, value (includes income tax benefits) | (57.9) | 188 | ||||||
Unearned compensation related to stock unit awards | (58.1) | |||||||
Earned compensation | 77 | |||||||
(Increase) decrease in redemption value of redeemable interest | $ (159.7) | 159.7 | ||||||
Total comprehensive income (loss) | 2,131 | 144.9 | 26.9 | |||||
Cash dividends declared | (1,139.7) | |||||||
Reclassification of certain income tax effects | 329.4 | (329.4) | ||||||
Shares purchased, value | (601.6) | (601.6) | ||||||
Distributions to redeemable and noncontrolling interest holders | (18.6) | (33.2) | ||||||
Ending Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 27, 2018 | 6,492.4 | 1,202.5 | 14,459.6 | $ (7,167.5) | (2,429) | 351.3 | ||
Beginning Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 28, 2017 | 910.9 | |||||||
Redeemable Interest | ||||||||
Total comprehensive income (loss) attributable to redeemable interests | 43.6 | |||||||
Investment in redeemable interest | $ 0 | 0 | ||||||
(Increase) decrease in redemption value of redeemable interest | (159.7) | 159.7 | ||||||
Distributions to redeemable and noncontrolling interest holders | (18.6) | (33.2) | ||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 27, 2018 | 776.2 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Adoption of revenue recognition accounting requirements | 0 | |||||||
Shares purchased, shares | 0 | 0 | ||||||
Shares issued, shares | 0 | |||||||
Stock compensation plans, shares (includes income tax benefits) | 8.8 | |||||||
Ending Balance, Treasury Stock, Shares at May. 26, 2019 | 152.7 | (152.7) | ||||||
Ending Balance, Common Stock, Shares, Issued at May. 26, 2019 | 754.6 | 754.6 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares issued, value | $ 75.5 | 0 | $ 0 | |||||
Stock compensation plans, value (includes income tax benefits) | (96.4) | 389.6 | ||||||
Unearned compensation related to stock unit awards | (71.3) | |||||||
Earned compensation | 82.8 | |||||||
(Increase) decrease in redemption value of redeemable interest | (269.1) | 269.1 | ||||||
Total comprehensive income (loss) | 1,752.7 | (196.4) | 0.4 | |||||
Cash dividends declared | (1,181.7) | |||||||
Reclassification of certain income tax effects | 0 | 0 | ||||||
Shares purchased, value | $ (1.1) | (1.1) | ||||||
Distributions to redeemable and noncontrolling interest holders | 0 | (38.5) | ||||||
Ending Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 26, 2019 | 7,367.7 | 1,386.7 | 14,996.7 | $ (6,779) | (2,625.4) | 313.2 | ||
Redeemable Interest | ||||||||
Total comprehensive income (loss) attributable to redeemable interests | (11.1) | |||||||
Investment in redeemable interest | 55.7 | 55.7 | ||||||
(Increase) decrease in redemption value of redeemable interest | (269.1) | 269.1 | ||||||
Distributions to redeemable and noncontrolling interest holders | 0 | (38.5) | ||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 26, 2019 | $ 551.7 | 551.7 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Adoption of revenue recognition accounting requirements | (33.9) | |||||||
Shares purchased, shares | (0.1) | (0.1) | ||||||
Shares issued, shares | 0 | |||||||
Stock compensation plans, shares (includes income tax benefits) | 8 | |||||||
Ending Balance, Treasury Stock, Shares at May. 31, 2020 | 144.8 | (144.8) | ||||||
Ending Balance, Common Stock, Shares, Issued at May. 31, 2020 | 754.6 | 754.6 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares issued, value | $ 75.5 | 0 | $ 0 | |||||
Stock compensation plans, value (includes income tax benefits) | (12.1) | 349.1 | ||||||
Unearned compensation related to stock unit awards | (85.7) | |||||||
Earned compensation | 92.8 | |||||||
(Increase) decrease in redemption value of redeemable interest | 33.1 | (33.1) | ||||||
Total comprehensive income (loss) | 2,181.2 | (289) | 10.3 | |||||
Cash dividends declared | (1,195.8) | |||||||
Reclassification of certain income tax effects | 0 | 0 | ||||||
Shares purchased, value | $ (3.4) | (3.4) | ||||||
Distributions to redeemable and noncontrolling interest holders | (40) | (32.5) | ||||||
Ending Balance, Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at May. 31, 2020 | 8,349.5 | 1,348.6 | 15,982.1 | $ (6,433.3) | $ (2,914.4) | 291 | ||
Redeemable Interest | ||||||||
Total comprehensive income (loss) attributable to redeemable interests | (0.2) | |||||||
Investment in redeemable interest | 0 | 0 | ||||||
(Increase) decrease in redemption value of redeemable interest | 33.1 | $ (33.1) | ||||||
Distributions to redeemable and noncontrolling interest holders | (40) | $ (32.5) | ||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 31, 2020 | $ 544.6 | $ 544.6 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Adoption of revenue recognition accounting requirements | $ 0 |
CONSOLIDATED STATEMENTS OF TO_2
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Parenthetical) - $ / shares | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Consolidated Statements of Total Equity and Redeemable Interest [Abstract] | |||
Par Value Common Stock | $ 0.10 | $ 0.1 | $ 0.10 |
Cash dividends declared per share | $ 1.96 | $ 1.96 | $ 1.96 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS € in Millions, $ in Millions | 12 Months Ended | ||
May 31, 2020USD ($) | May 26, 2019USD ($) | May 27, 2018USD ($) | |
Cash Flows - Operating Activities | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,210.8 | $ 1,786.2 | $ 2,163 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 594.7 | 620.1 | 618.8 |
After-tax earnings from joint ventures | (91.1) | (72) | (84.7) |
Distributions of earnings from joint ventures | 76.5 | 86.7 | 113.2 |
Stock-based compensation | 94.9 | 84.9 | 77 |
Deferred income taxes | (29.6) | 93.5 | (504.3) |
Pension and other postretirement benefit plan contributions | (31.1) | (28.8) | (31.8) |
Pension and other postretirement benefit plan costs | (32.3) | 6.1 | 4.6 |
Divestitures loss (gain) | 0 | 30 | 0 |
Restructuring, impairment, and other exit costs | 43.6 | 235.7 | 126 |
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures | 793.9 | (7.5) | 542.1 |
Other, net | 45.9 | (27.9) | (182.9) |
Net cash provided by operating activities | 3,676.2 | 2,807 | 2,841 |
Cash Flows - Investing Activities | |||
Purchases of land, buildings, and equipment | (460.8) | (537.6) | (622.7) |
Acquisitions, net of cash acquired | 0 | 0 | (8,035.8) |
Investments in affiliates, net | (48) | 0.1 | (17.3) |
Proceeds from disposal of land, buildings, and equipment | 1.7 | 14.3 | 1.4 |
Proceeds from divestitures | 0 | 26.4 | 0 |
Other, net | 20.9 | (59.7) | (11) |
Net cash provided (used) by investing activities | (486.2) | (556.5) | (8,685.4) |
Cash Flows - Financing Activities | |||
Change in notes payable | (1,158.6) | (66.3) | 327.5 |
Issuance of long-term debt | 1,638.1 | 339.1 | 6,550 |
Payment of long-term debt | (1,396.7) | (1,493.8) | (600.1) |
Proceeds from common stock issued on exercised options | 263.4 | 241.4 | 99.3 |
Proceeds from common stock issued | 0 | 0 | 969.9 |
Purchases of common stock for treasury | (3.4) | (1.1) | (601.6) |
Dividends paid | (1,195.8) | (1,181.7) | (1,139.7) |
Investment in redeemable interest | 0 | 55.7 | 0 |
Distributions to noncontrolling and redeemable interest holders | (72.5) | (38.5) | (51.8) |
Other, net | (16) | (31.2) | (108) |
Net cash provided (used) by financing activities | (1,941.5) | (2,176.4) | 5,445.5 |
Effect of exchange rate changes on cash and cash equivalents | (20.7) | (23.1) | 31.8 |
Increase (decrease) in cash and cash equivalents | 1,227.8 | 51 | (367.1) |
Cash and cash equivalents - beginning of year | 450 | 399 | 766.1 |
Cash and cash equivalents - end of year | 1,677.8 | 450 | 399 |
Cash Flow from Changes in Current Assets and Liabilities, excluding effects of acquisitions and divestitures: | |||
Receivables | 37.9 | (42.7) | (122.7) |
Inventories | 103.1 | 53.7 | 15.6 |
Prepaid expenses and other current assets | 94.2 | (114.3) | (10.7) |
Accounts payable | 392.5 | 162.4 | 575.3 |
Other current liabilities | 166.2 | (66.6) | 84.6 |
Changes in current assets and liabilities | $ 793.9 | $ (7.5) | $ 542.1 |
BASIS OF PRESENTATION AND RECLA
BASIS OF PRESENTATION AND RECLASSIFICATIONS | 12 Months Ended |
May 31, 2020 | |
BASIS OF PRESENTATION AND RECLASSIFICATIONS [Abstract] | |
BASIS OF PRESENTATION AND RECLASSIFICATIONS | NOTE 1. BASIS OF PRESENTATION AND RECLASSIFICATIONS Basis of Presentation Our Consolidated Financial Statements include the accounts of General Mills, Inc. and all subsidiaries in which we have a controlling financial interest. Intercompany transactions and accounts, including any noncontrolling and redeemable interests’ share of those transactions, are eliminated in consolidation. Our fiscal year ends on the last Sunday in May. Fiscal year 2020 consisted of 53 weeks, while fiscal years 2019 and 2018 consisted of 52 weeks. Certain reclassifications to our previously reported financial information have been made to conform to the current period presentation. See Note 2 for additional information. Change in Reporting Period As part of a long-term plan to conform the fiscal year ends of all our operations, in fiscal 2020 we changed the reporting period of our Pet segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. Accordingly, our fiscal 2020 results include 13 months of Pet segment results compared to 12 months in fiscal 2019. The impact of this change was not material to our consolidated results of operations and, therefore, we did not restate prior period financial statements for comparability. Our India business is on an April fiscal year end. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
May 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. Inventories All inventories in the United States other than grain are valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories are valued at net realizable value, and all related cash contracts and derivatives are valued at fair value, with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or net realizable value. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance and repairs are charged to cost of sales. Buildings are usually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposal. When an item is sold or retired, the accounts are relieved of its cost and related accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 31, 2020, assets held for sale were insignificant. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. We perform our annual goodwill and indefinite-lived intangible assets impairment test as of the first day of the second quarter of the fiscal year. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, impairment has occurred. We recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value up to the total amount of goodwill allocated to the reporting unit. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have finite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Blue Buffalo , Pillsbury , Totino’s , Yoplait , Old El Paso , Progresso , Annie’s , Häagen-Dazs , and Yoki brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. Leases We determine whether an arrangement is a lease at inception. When our lease arrangements include lease and non-lease components, we account for lease and non-lease components (e.g. common area maintenance) separately based on their relative standalone prices. Any lease arrangements with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheet, and we recognize lease costs for these lease arrangements on a straight-line basis over the lease term. Many of our lease arrangements provide us with options to exercise one or more renewal terms or to terminate the lease arrangement. We include these options when we are reasonably certain to exercise them in the lease term used to establish our right of use assets and lease liabilities. Generally, our lease agreements do not include an option to purchase the leased asset, residual value guarantees, or material restrictive covenants. We have certain lease arrangements with variable rental payments. Our lease arrangements for our Häagen-Dazs retail shops often include rental payments that are based on a percentage of retail sales. We have other lease arrangements that are adjusted periodically based on an inflation index or rate. The future variability of these payments and adjustments are unknown, and therefore they are not included as minimum lease payments used to determine our right of use assets and lease liabilities. Variable rental payments are recognized in the period in which the obligation is incurred. As most of our lease arrangements do not provide an implicit interest rate, we apply an incremental borrowing rate based on the information available at the commencement date of the lease arrangement to determine the present value of lease payments. Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital investments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occurred including, but not limited to, as a result of ongoing operating losses, projected decreases in earnings, increases in the weighted-average cost of capital, or significant business disruptions. The significant assumptions used to estimate fair value include revenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment, then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we concluded the impairment is other than temporary. Redeemable Interest We have a 51 percent controlling interest in Yoplait SAS, a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 percent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a discount rate. Revenue Recognition Our revenues primarily result from contracts with customers, which are generally short-term and have a single performance obligation – the delivery of product. We recognize revenue for the sale of packaged foods at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of variable consideration and consideration payable to our customers, including trade promotion, consumer coupon redemption and other reductions to the transaction price, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not included in revenue. Trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale. Differences between estimated and actual reductions to the transaction price are recognized as a change in estimate in a subsequent period. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Payment terms and collection patterns vary around the world and by channel, and are short-term, and as such, we do not have any significant financing components. Our allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem the amount is uncollectible. Please see Note 17 for a disaggregation of our revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. We do not have material contract assets or liabilities arising from our contracts with customers. Environmental Costs Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. Advertising Production Costs We expense the production costs of advertising the first time that the advertising takes place. Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process innovation, and the annual expenditures are comprised primarily of internal salaries, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Income statement accounts are translated using the average exchange rates prevailing during the period. Translation adjustments are reflected within accumulated other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency transactions are included in net earnings for the period, except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investment hedges. These gains and losses are recorded in AOCI. Derivative Instruments All derivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either current or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts reported in AOCI are reclassified to earnings at that time. Stock-based Compensation We generally measure compensation expense for grants of restricted stock units and performance share units using the value of a share of our stock on the date of grant. We estimate the value of stock option grants using a Black-Scholes valuation model. Generally, stock-based compensation is recognized straight line over the vesting period. Our stock-based compensation expense is recorded in selling, general and administrative (SG&A) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s or director’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as an operating cash flow. Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits, primarily severance, to former or inactive employees in the United States, Canada, and Mexico. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI. Use of Estimates Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for revenue recognition, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. Actual results could differ from our estimates. New Accounting Standards In the fourth quarter of fiscal 2020, we adopted new accounting requirements related to the annual disclosure requirements for defined benefit pension and other postretirement benefit plans. The new standard modifies specific disclosures to improve usefulness to financial statement users. We adopted the requirements of the new standard using a retrospective approach. The adoption of this guidance did not impact our results of operations or financial position. In the first quarter of fiscal 2020, we adopted new accounting requirements for hedge accounting. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. The new standard also simplifies the application of hedge accounting guidance. The adoption did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation, and classification of leases. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheet. We performed a review of our lease portfolio, implemented lease accounting software, and developed a centralized business process with corresponding controls. We adopted this guidance utilizing the cumulative effect adjustment approach, which required application of the guidance at the adoption date, and elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of those leases. In addition, we elected not to recognize leases with an initial term of 12 months or less on our Consolidated Balance Sheet and to continue our historical treatment of land easements, under permitted elections. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or our Consolidated Statements of Cash Flows. See Note 7 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheet . In the first quarter of fiscal 2019, we adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense, net periodic postretirement benefit expense, and net periodic postemployment benefit expense (collectively “net periodic benefit expense”). The new standard requires the service cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our Consolidated Statements of Earnings. Other components of net periodic benefit expense must be presented separately outside of operating profit in our Consolidated Statements of Earnings. In addition, the new standard requires that only the service cost component of net periodic benefit expense is eligible for capitalization. The new standard requires retrospective adoption of the presentation of net periodic benefit expense and prospective application of the capitalization of the service cost component. The impact of the adoption of this standard on our results of operations was a decrease to our operating profit of $ 87.9 million and $ 89.4 million and a corresponding increase to benefit plan non-service income of $ 87.9 million and $ 89.4 million for fiscal 2019 and fiscal 2018, respectively. There were no changes to our reported segment operating profit. In the first quarter of fiscal 2019, we adopted new accounting requirements for the recognition of revenue from contracts with customers. Under the new standard, we apply a principles-based five step model to recognize revenue upon the transfer of control of promised goods to customers and in an amount that reflects the consideration for which we expect to be entitled to in exchange for those goods. We did not identify any material differences resulting from applying the new requirements to our revenue contracts. Additionally, we did not identify any significant changes to our business processes, systems, and controls to support recognition and disclosure requirements under the new guidance. We adopted the requirements of the new standard and subsequent amendments to all contracts in the first quarter of fiscal 2019 using the cumulative effect approach. We recorded a $ 33.9 million cumulative effect adjustment net of income tax effects to the opening balance of fiscal 2019 retained earnings, a decrease to deferred income taxes of $ 11.4 million, and an increase to other current liabilities of $ 45.3 million related to the timing of recognition of certain promotional expenditures. In the third quarter of fiscal 2018, we adopted new accounting requirements that codify Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 118, as it relates to allowing for recognition of provisional amounts related to the U.S. Tax Cuts and Jobs Act (TCJA) in the event that the accounting is not complete and a reasonable estimate can be made. Where necessary information is not available, prepared, or analyzed to determine a reasonable estimate, no provisional amount should be recorded. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the TCJA. In fiscal 2019, we completed our accounting for the tax effects of the TCJA. In the third quarter of fiscal 2018, we adopted new accounting requirements that provide the option to reclassify stranded income tax effects resulting from the TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $ 329.4 million from AOCI to retained earnings. This reclassification consisted of deferred taxes originally recorded in AOCI that exceeded the newly enacted federal corporate tax rate. The new accounting requirements allowed for adjustments to reclassification amounts in subsequent periods as a result of changes to the provisional amounts recorded. In the first quarter of fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. The adoption of this guidance resulted in the prospective recognition of realized windfall and shortfall tax benefits related to the exercise or vesting of stock-based awards in our Consolidated Statements of Earnings instead of additional paid-in capital within our Consolidated Balance Sheets. We retrospectively adopted the guidance related to reclassification of realized windfall tax benefits, which resulted in reclassifications of cash provided by financing activities to operating activities in our Consolidated Statements of Cash Flows. Additionally, we retrospectively adopted the guidance related to reclassification of employee tax withholdings, which resulted in reclassifications of cash used by operating activities to financing activities in our Consolidated Statements of Cash Flows. Stock-based compensation expense continues to reflect estimated forfeitures. In the first quarter of fiscal 2018, we adopted new accounting requirements that permit reporting entities to measure a goodwill impairment loss by the amount by which a reporting unit’s carrying value exceeds the reporting unit’s fair value. Previously, goodwill impairment losses were required to be measured by determining the implied fair value of goodwill. The adoption of this guidance did not impact our results of operations or financial position. |
ACQUISITION AND DIVESTITURES
ACQUISITION AND DIVESTITURES | 12 Months Ended |
May 31, 2020 | |
ACQUISTION AND DIVESTITURES [Abstract] | |
ACQUISITION AND DIVESTITURES | NOTE 3. DIVESTITURES During the third quarter of fiscal 2019, we sold our La Salteña fresh pasta and refrigerated dough business in Argentina, and recorded a pre-tax loss of $ 35.4 million. During the fourth quarter of fiscal 2019, we sold our yogurt business in China and simultaneously entered into a new Yoplait license agreement with the purchaser for their use of the Yoplait brand. We recorded a pre-tax gain of $ 5.4 million. |
RESTRUCTURING, IMPAIRMENT, AND
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS | 12 Months Ended |
May 31, 2020 | |
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | |
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS | NOTE 4. RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS ASSET IMPAIRMENTS In fiscal 2019, we recorded a $ 192.6 million charge related to the impairment of our Progresso , Food Should Taste Good , and Mountain High brand intangible assets in restructuring, impairment, and other exit costs. In fiscal 2019, we recorded a $ 14.8 million charge in restructuring, impairment, and other exit costs related to the impairment of certain manufacturing assets in our North America Retail and Asia & Latin America segments. In fiscal 2018, we recorded a $ 96.9 million charge related to the impairment of our Yoki , Mountain High , and Immaculate Baking brand intangible assets in restructuring, impairment, and other exit costs. RESTRUCTURING INITIATIVES We view our restructuring activities as actions that help us meet our long-term growth targets. Activities we undertake must meet internal rate of return and net present value targets. Each restructuring action normally takes one to two years to complete. At completion (or as each major stage is completed in the case of multi-year programs), the project begins to deliver cash savings and/or reduced depreciation. These activities result in various restructuring costs, including asset write-offs, exit charges including severance, contract termination fees, and decommissioning and other costs. Accelerated depreciation associated with restructured assets, as used in the context of our disclosures regarding restructuring activity, refers to the increase in depreciation expense caused by shortening the useful life or updating the salvage value of depreciable fixed assets to coincide with the end of production under an approved restructuring plan. Any impairment of the asset is recognized immediately in the period the plan is approved. In fiscal 2020, we did not undertake any new restructuring actions and recorded $ 50.2 million of restructuring charges for previously announced restructuring actions. In fiscal 2019, we recorded $ 77.6 million of restructuring charges primarily related to approved restructuring actions to drive efficiencies in targeted areas of our global supply chain. In fiscal 2020, we increased the estimate of expected severance charges by $ 3 million and decreased the estimate of other exit costs related to these actions by $ 4 million. We now expect to spend a total of approximately $ 24 million of cash related to these actions. Certain actions are subject to union negotiations and works counsel consultations, where required. We expect these actions to be completed by the end of fiscal 2022 8 million of other exit costs. We paid net $ 6.6 million of cash related to restructuring actions previously announced in fiscal 2020, compared to $ 49.3 million in fiscal 2019. Charges recorded in fiscal 2019 were as follows: Expense, in Millions Targeted actions in global supply chain $ 80.2 Charges associated with restructuring actions previously announced ( 2.6) Total $ 77.6 Charges recorded in fiscal 2018 were as follows: Expense, in Millions Global cost savings initiatives $ 49.3 Charges associated with restructuring actions previously announced 33.4 Total $ 82.7 Restructuring and impairment charges and project-related costs are classified in our Consolidated Statements of Earnings as follows: Fiscal Year In Millions 2020 2019 2018 Cost of sales $ 25.8 $ 9.9 $ 14.0 Restructuring, impairment, and other exit costs 24.4 275.1 165.6 Total restructuring and impairment charges 50.2 285.0 179.6 Project-related costs classified in cost of sales $ 1.5 $ 1.3 $ 11.3 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 28, 2017 $ 81.8 $ 0.7 $ 2.5 $ 85.0 Fiscal 2018 charges, including foreign currency translation 40.8 0.2 ( 0.7) 40.3 Utilized in fiscal 2018 ( 56.6) ( 0.8) ( 1.1) ( 58.5) Reserve balance as of May 27, 2018 66.0 0.1 0.7 66.8 Fiscal 2019 charges, including foreign currency translation 7.7 2.5 1.4 11.6 Utilized in fiscal 2019 ( 37.2) ( 2.6) ( 2.1) ( 41.9) Reserve balance as of May 26, 2019 36.5 - - 36.5 Fiscal 2020 charges, including foreign currency translation ( 5.0) 0.8 1.7 ( 2.5) Utilized in fiscal 2020 ( 13.7) ( 0.8) ( 1.7) ( 16.2) Reserve balance as of May 31, 2020 $ 17.8 $ - $ - $ 17.8 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. |
INVESTMENTS IN UNCONSOLIDATED J
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
May 31, 2020 | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | NOTE 5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES We have a 50 percent interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in more than 130 countries outside the United States and Canada. CPW also markets cereal bars in several European countries and manufactures private label cereals for customers in the United Kingdom. We have guaranteed a portion of CPW’s debt and its pension obligation in the United Kingdom. We also have a 50 percent interest in Häagen-Dazs Japan, Inc. (HDJ). This joint venture manufactures and markets Häagen-Dazs ice cream products and frozen novelties. Results from our CPW and HDJ joint ventures are reported for the 12 months ended March 31. Joint venture related balance sheet activity is as follows: In Millions May 31, 2020 May 26, 2019 Cumulative investments $ 481.4 $ 452.9 Goodwill and other intangibles 460.5 472.1 Aggregate advances included in cumulative investments 279.5 249.0 Joint venture earnings and cash flow activity is as follows: Fiscal Year In Millions 2020 2019 2018 Sales to joint ventures $ 5.9 $ 4.2 $ 7.4 Net advances (repayments) 48.0 ( 0.1) 17.3 Dividends received 76.5 86.7 113.2 Summary combined financial information for the joint ventures on a 100 percent basis is as follows: Fiscal Year In Millions 2020 2019 2018 Net sales: CPW $ 1,654.3 $ 1,647.7 $ 1,734.0 HDJ 391.3 396.2 430.4 Total net sales 2,045.6 2,043.9 2,164.4 Gross margin 785.3 744.4 853.6 Earnings before income taxes 214.0 155.4 216.2 Earnings after income taxes 176.5 111.9 176.7 In Millions May 31, 2020 May 26, 2019 Current assets $ 870.0 $ 895.6 Noncurrent assets 781.4 839.2 Current liabilities 1,365.6 1,517.3 Noncurrent liabilities 104.2 77.1 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
May 31, 2020 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets are as follows: In Millions May 31, 2020 May 26, 2019 Goodwill $ 13,923.2 $ 13,995.8 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,561.4 6,590.8 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 777.8 786.1 Less accumulated amortization ( 243.4) ( 210.1) Intangible assets subject to amortization 534.4 576.0 Other intangible assets 7,095.8 7,166.8 Total $ 21,019.0 $ 21,162.6 Based on the carrying value of finite-lived intangible assets as of May 31, 2020 , amortization expense for each of the next five fiscal years is estimated to be approximately $ 40 million. The changes in the carrying amount of goodwill for fiscal 2018, 2019, and 2020 are as follows: In Millions North America Retail Pet Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total Balance as of May 28, 2017 $ 6,406.5 $ - $ 918.8 $ 700.8 $ 312.4 $ 408.7 $ 8,747.2 Acquisition - 5,294.9 - - - - 5,294.9 Other activity, primarily foreign currency translation 4.1 - - 29.1 ( 27.4) 17.1 22.9 Balance as of May 27, 2018 6,410.6 5,294.9 918.8 729.9 285.0 425.8 14,065.0 Divestitures - - - - ( 0.5) - ( 0.5) Purchase accounting adjustment - 5.6 - - - - 5.6 Other activity, primarily foreign currency translation ( 4.1) - - ( 29.5) ( 24.3) ( 16.4) ( 74.3) Balance as of May 26, 2019 6,406.5 5,300.5 918.8 700.4 260.2 409.4 13,995.8 Other activity, primarily foreign currency translation ( 2.8) - - ( 9.7) ( 56.4) ( 3.7) ( 72.6) Balance as of May 31, 2020 $ 6,403.7 $ 5,300.5 $ 918.8 $ 690.7 $ 203.8 $ 405.7 $ 13,923.2 The changes in the carrying amount of other intangible assets for fiscal 2018, 2019, and 2020 are as follows: In Millions Total Balance as of May 28, 2017 $ 4,530.4 Acquisition 3,015.0 Impairment charge ( 96.9) Other activity, primarily amortization and foreign currency translation ( 3.4) Balance as of May 27, 2018 $ 7,445.1 Impairment charge ( 192.6) Other activity, primarily amortization and foreign currency translation ( 85.7) Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily amortization and foreign currency translation ( 71.0) Balance as of May 31, 2020 $ 7,095.8 Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2020, and we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values, except for the Europe & Australia reporting unit and the Progresso brand intangible asset. The excess fair values as of the fiscal 2020 test date of the Europe & Australia reporting unit and the Progresso brand intangible asset were as follows: In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2020 Test Date Europe & Australia $ 672.6 14 % Progresso $ 330.0 5 % In addition, while having significant coverage as of our fiscal 2020 assessment date, the Pillsbury brand intangible asset had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment. We did not identify any indicators of impairment, including impacts of the recent COVID-19 pandemic, for any goodwill or indefinite-lived intangible assets as of May 31, 2020. In fiscal 2019, as a result of lower sales projections in our long-range plans for the businesses supporting the Progresso , Food Should Taste Good , and Mountain High brand intangible assets, we recorded a $ 192.6 million impairment charge in restructuring, impairment, and other exit costs. In fiscal 2018, we recorded a $ 96.9 million charge related to the impairment of our Yoki , Mountain High , and Immaculate Baking brand intangible assets in restructuring, impairment, and other exit costs. Significant assumptions used in these assessments included our long-range cash flow projections for the businesses, royalty rates, weighted-average cost of capital rates, and tax rates . |
LEASES
LEASES | 12 Months Ended |
May 31, 2020 | |
Lessee Disclosure [Abstract] | |
Leases, Commitments, and Other Contingencies | NOTE 7. LEASES Our lease portfolio primarily consists of operating lease arrangements for certain warehouse and distribution space, office space, retail shops, production facilities, rail cars, production and distribution equipment, automobiles, and office equipment. Our lease costs associated with finance leases and sale-leaseback transactions and our lease income associated with lessor and sublease arrangements are not material to our Consolidated Financial Statements. Components of our lease cost are as follows: Fiscal Year In Millions 2020 Operating lease cost $ 133.5 Variable lease cost 14.4 Short-term lease cost 23.3 Rent expense under all operating leases from continuing operations was $ 184.9 million in fiscal 2019 and $ 189.4 million in fiscal 2018. Maturities of our operating and finance lease obligations by fiscal year are as follows: In Millions Operating Leases Finance Leases Fiscal 2021 $ 115.4 $ 0.1 Fiscal 2022 97.6 0.1 Fiscal 2023 73.9 - Fiscal 2024 56.8 - Fiscal 2025 35.1 - After fiscal 2025 33.7 - Total noncancelable future lease obligations $ 412.5 $ 0.2 Less: Interest ( 33.5) - Present value of lease obligations $ 379.0 $ 0.2 The lease payments presented in the table above exclude $ 46.2 million of minimum lease payments for operating leases we have committed to but have not yet commenced as of May 31, 2020. Noncancelable future operating lease commitments as of May 26, 2019, were as follows: In Millions Fiscal 2020 $ 120.0 Fiscal 2021 101.7 Fiscal 2022 85.0 Fiscal 2023 63.8 Fiscal 2024 49.1 After fiscal 2024 63.0 Total noncancelable future lease commitments $ 482.6 The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: May 31, 2020 Weighted-average remaining lease term 4.6 years Weighted-average discount rate 4.1 % Supplemental operating cash flow information and non-cash activity related to our operating leases are as follows: Fiscal Year In Millions 2020 Cash paid for amounts included in the measurement of lease liabilities $ 131.0 Right of use assets obtained in exchange for new lease liabilities $ 46.3 |
FINANCIAL INSTRUMENTS, RISK MAN
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES | 12 Months Ended |
May 31, 2020 | |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES | NOTE 8. FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, receivables, accounts payable, other current liabilities, and notes payable approximate fair value. Marketable securities are carried at fair value. As of May 31, 2020, and May 26, 2019, a comparison of cost and market values of our marketable debt and equity securities is as follows: Cost Fair Value Gross Gains Gross Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 2020 2019 Available for sale debt securities $ 56.7 $ 34.3 $ 56.7 $ 34.3 $ - $ - $ - $ - Equity securities 0.3 0.6 4.9 18.5 4.6 17.9 - - Total $ 57.0 $ 34.9 $ 61.6 $ 52.8 $ 4.6 $ 17.9 $ - $ - During fiscal 2020, we received $ 16.0 million of proceeds and recorded $ 4.0 million of realized losses from the sale of marketable securities. There were no realized gains or losses from sales of marketable securities in fiscal 2019. Gains and losses are determined by specific identification. Classification of marketable securities as current or noncurrent is dependent upon our intended holding period and the security’s maturity date. The aggregate unrealized gains and losses on available-for-sale debt securities, net of tax effects, are classified in AOCI within stockholders’ equity. Scheduled maturities of our marketable securities are as follows: Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 56.7 $ 56.7 Equity securities 0.3 4.9 Total $ 57.0 $ 61.6 As of May 31, 2020, we had $ 2.3 million of marketable debt securities and $ 15.9 million of cash and cash equivalents pledged as collateral for derivative contracts. As of May 31, 2020, $ 43.5 million of certain accounts receivable were pledged as collateral against a foreign uncommitted line of credit. The fair value and carrying amounts of long-term debt, including the current portion, were $ 14,538.4 million and $ 13,260.5 million, respectively, as of May 31, 2020. The fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the fair value hierarchy. RISK MANAGEMENT ACTIVITIES As a part of our ongoing operations, we are exposed to market risks such as changes in interest and foreign currency exchange rates and commodity and equity prices. To manage these risks, we may enter into various derivative transactions (e.g., futures, options, and swaps) pursuant to our established policies. COMMODITY PRICE RISK Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible. We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in cost of sales in our Consolidated Statements of Earnings. Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of measuring segment operating performance these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings. At that time we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. Unallocated corporate items for fiscal 2020, 2019, and 2018 included: Fiscal Year In Millions 2020 2019 2018 Net (loss) gain on mark-to-market valuation of commodity positions $ ( 63.0) $ ( 39.0) $ 14.3 Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit 35.6 10.0 11.3 Net mark-to-market revaluation of certain grain inventories 2.7 ( 7.0) 6.5 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ ( 24.7) $ ( 36.0) $ 32.1 As of May 31, 2020, the net notional value of commodity derivatives was $ 234.5 million, of which $ 159.4 million related to agricultural inputs and $ 75.1 million related to energy inputs. These contracts relate to inputs that generally will be utilized within the next 12 months. INTEREST RATE RISK We are exposed to interest rate volatility with regard to future issuances of fixed-rate debt, and existing and future issuances of floating-rate debt. Primary exposures include U.S. Treasury rates, LIBOR, Euribor, and commercial paper rates in the United States and Europe. We use interest rate swaps, forward-starting interest rate swaps, and treasury locks to hedge our exposure to interest rate changes, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed rate versus floating-rate debt, based on current and projected market conditions. Generally under these swaps, we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount. Floating Interest Rate Exposures — Floating-to-fixed interest rate swaps are accounted for as cash flow hedges, as are all hedges of forecasted issuances of debt. Effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt. Effective gains and losses deferred to AOCI are reclassified into earnings over the life of the associated debt. Fixed Interest Rate Exposures — Fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on changes in the fair value of the underlying debt and derivatives, using incremental borrowing rates currently available on loans with similar terms and maturities. In advance of planned debt financing, we entered into $ 750.0 million notional amount of treasury locks due April 02, 2020 with an average fixed rate of 0.67 percent. All of these treasury locks were cash settled for $ 1.4 million during the fourth quarter of fiscal 2020, concurrent with the issuance of our $ 750.0 million 10-year fixed rate notes. In advance of planned debt financing, in the fourth quarter of fiscal 2020, we entered into $ 300.0 million notional amount of treasury locks due January 13, 2022 with an average fixed rate of 0.85 percent. During the third quarter of fiscal 2020, we entered into a € 600.0 million notional amount interest rate swap to convert our € 600.0 million fixed rate notes due January 15, 2026, to a floating rate. During the second quarter of fiscal 2020, we entered into a $ 500.0 million notional amount interest rate swap to convert a portion of our $ 850.0 million floating-rate notes due April 16, 2021, to a fixed rate. As of May 31, 2020, the pre-tax amount of cash-settled interest rate hedge gain or loss remaining in AOCI, which will be reclassified to earnings over the remaining term of the related underlying debt, follows: In Millions Gain/(Loss) 3.15% notes due December 15, 2021 $ ( 15.2) 2.6% notes due October 12, 2022 1.7 1.0% notes due April 27, 2023 ( 0.7) 3.7% notes due October 17, 2023 ( 1.1) 3.65% notes due February 15, 2024 6.6 4.0% notes due April 17, 2025 ( 2.8) 3.2% notes due February 10, 2027 11.4 1.5% notes due April 27, 2027 ( 2.3) 4.2% notes due April 17, 2028 ( 8.0) 4.55% notes due April 17, 2038 ( 9.8) 5.4% notes due June 15, 2040 ( 11.2) 4.15% notes due February 15, 2043 8.9 4.7% notes due April 17, 2048 ( 13.2) Net pre-tax hedge loss in AOCI $ ( 35.7) The following table summarizes the notional amounts and weighted-average interest rates of our interest rate derivatives. Average floating rates are based on rates as of the end of the reporting period. In Millions May 31, 2020 May 26, 2019 Pay-floating swaps - notional amount $ 666.1 $ 500.0 Average receive rate 0.4 % 2.2 % Average pay rate 0.3 % 3.1 % Pay-fixed swaps - notional amount $ 500.0 $ - Average receive rate 1.7 % - % Average pay rate 2.1 % - % The floating rate swap contracts outstanding as of May 31, 2020, mature in fiscal 2021 . The fixed rate swap contracts outstanding as of May 31, 2020, mature in fiscal 2026 . FOREIGN EXCHANGE RISK Foreign currency fluctuations affect our net investments in foreign subsidiaries and foreign currency cash flows related to third party purchases, intercompany loans, product shipments, and foreign-denominated debt. We are also exposed to the translation of foreign currency earnings to the U.S. dollar. Our principal exposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swiss franc. We primarily use foreign currency forward contracts to selectively hedge our foreign currency cash flow exposures. We also generally swap our foreign-denominated commercial paper borrowings and nonfunctional currency intercompany loans back to U.S. dollars or the functional currency of the entity with foreign exchange exposure. The gains or losses on these derivatives offset the foreign currency revaluation gains or losses recorded in earnings on the associated borrowings. We generally do not hedge more than 18 months in advance. As of May 31, 2020, the net notional value of foreign exchange derivatives was $ 967.2 million. We also have net investments in foreign subsidiaries that are denominated in euros. We previously hedged a portion of these net investments by issuing euro-denominated commercial paper and foreign exchange forward contracts. As of May 31, 2020, we hedged a portion of these net investments with € 2,200.0 million of euro denominated bonds. As of May 31, 2020, we had deferred net foreign currency transaction losses of $ 29.9 million in AOCI associated with net investment hedging activity. EQUITY INSTRUMENTS Equity price movements affect our compensation expense as certain investments made by our employees in our deferred compensation plan are revalued. We use equity swaps to manage this risk. As of May 31, 2020, the net notional amount of our equity swaps was $ 146.9 million. These swap contracts mature in fiscal 2021. FAIR VALUE MEASUREMENTS AND FINANCIAL STATEMENT PRESENTATION The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of May 31, 2020, and May 26, 2019, were as follows: May 31, 2020 May 31, 2020 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 5.6 $ - $ 5.6 $ - $ ( 7.8) $ - $ ( 7.8) Foreign exchange contracts (a) (c) - 19.8 - 19.8 - ( 3.8) - ( 3.8) Total - 25.4 - 25.4 - ( 11.6) - ( 11.6) Derivatives not designated as hedging instruments: Foreign exchange contracts (a) (c) - 18.8 - 18.8 - ( 0.2) - ( 0.2) Commodity contracts (a) (d) 4.6 1.6 - 6.2 ( 3.4) ( 26.7) - ( 30.1) Grain contracts (a) (d) - 5.0 - 5.0 - ( 1.2) - ( 1.2) Total 4.6 25.4 - 30.0 ( 3.4) ( 28.1) - ( 31.5) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 4.9 56.7 - 61.6 - - - - Total 4.9 56.7 - 61.6 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 9.5 $ 107.5 $ - $ 117.0 $ ( 3.4) $ ( 39.7) $ - $ ( 43.1) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. Based on LIBOR and swap rates. As of May 31, 2020, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $ 670.9 million and was classified on the Consolidated Balance Sheet within long-term debt. As of May 31, 2020, the cumulative amount of fair value hedging basis adjustments was $ 4.8 million. Based on observable market transactions of spot currency rates and forward currency prices. Based on prices of futures exchanges and recently reported transactions in the marketplace. (e) Based on prices of common stock and bond matrix pricing. May 26, 2019 May 26, 2019 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ ( 1.9) $ - $ ( 1.9) Foreign exchange contracts (a) (c) - 12.9 - 12.9 - ( 3.3) - ( 3.3) Total - 12.9 - 12.9 - ( 5.2) - ( 5.2) Derivatives not designated as hedging instruments: Foreign exchange contracts (a) (c) - 2.4 - 2.4 - ( 1.9) - ( 1.9) Commodity contracts (a) (d) 1.4 5.2 - 6.6 ( 4.4) ( 3.5) - ( 7.9) Grain contracts (a) (d) - 6.7 - 6.7 - ( 2.3) - ( 2.3) Total 1.4 14.3 - 15.7 ( 4.4) ( 7.7) - ( 12.1) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 18.5 34.3 - 52.8 - - - - Long-lived assets (f) - 19.0 - 19.0 - - - - Indefinite-lived intangible assets (g) - - 330.0 330.0 - - - - Total 18.5 53.3 330.0 401.8 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 19.9 $ 80.5 $ 330.0 $ 430.4 $ ( 4.4) $ ( 12.9) $ - $ ( 17.3) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. Based on LIBOR and swap rates. As of May 26, 2019, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $ 493.3 million and was classified on the Consolidated Balance Sheet within the current portion of long-term debt. As of May 26, 2019, the cumulative amount of fair value hedging basis adjustments was $ 6.7 million. Based on observable market transactions of spot currency rates and forward currency prices. Based on prices of futures exchanges and recently reported transactions in the marketplace. Based on prices of common stock and bond matrix pricing. We recorded $ 61.2 million in non-cash impairment charges in fiscal 2019 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $ 80.2 million and were associated with the restructuring actions described in Note 4. See Note 6. We did not significantly change our valuation techniques from prior periods. Information related to our cash flow hedges, fair value hedges, and other derivatives not designated as hedging instruments for the fiscal years ended May 31, 2020, and May 26, 2019, follows: Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other comprehensive income (OCI) $ ( 6.9) $ - $ 11.3 $ 15.7 $ - $ - $ - $ - $ 4.4 $ 15.7 Amount of net gain (loss) reclassified from AOCI into earnings (a) ( 9.5) ( 9.0) 4.6 8.4 - - - - ( 4.9) ( 0.6) Amount of net gain recognized in earnings (b) - - - 0.5 - - - - - 0.5 Derivatives in Fair Value Hedging Relationships: Amount of net gain (loss) recognized in earnings (c) ( 4.9) 2.4 - - - - - - ( 4.9) 2.4 Derivatives Not Designated as Hedging Instruments: Amount of net gain (loss) recognized in earnings (b) ( 1.4) - 15.7 7.5 8.6 0.7 ( 55.6) ( 33.6) ( 32.7) ( 25.4) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. For the fiscal year ended May 31, 2020, the amount of gain reclassified from AOCI into cost of sales was $ 5.1 million and the amount of loss reclassified from AOCI into SG&A was $ 0.5 million. For the fiscal year ended May 26, 2019, the amount of gain reclassified from AOCI into cost of sales was $ 10.5 million and the amount of loss reclassified from AOCI into SG&A was $ 2.1 million. Gain recognized in earnings is related to the ineffective portion of the hedging relationship, reported in SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. The following tables reconcile the net fair values of assets and liabilities subject to offsetting arrangements that are recorded in our Consolidated Balance Sheets to the net fair values that could be reported in our Consolidated Balance Sheets: May 31, 2020 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 6.2 $ - $ 6.2 $( 4.2) $ - $ 2.0 $( 30.1) $ - $( 30.1) $ 4.2 $ 15.9 $( 10.0) Interest rate contracts 6.0 - 6.0 ( 0.8) - 5.2 ( 8.0) - ( 8.0) 0.8 - ( 7.2) Foreign exchange contracts 38.6 - 38.6 ( 3.7) - 34.9 ( 4.0) - ( 4.0) 3.7 - ( 0.3) Equity contracts 8.6 - 8.6 - - 8.6 - - - - - - Total $ 59.4 $ - $ 59.4 $( 8.7) $ - $ 50.7 $( 42.1) $ - $( 42.1) $ 8.7 $ 15.9 $( 17.5) May 26, 2019 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 6.6 $ - $ 6.6 $( 4.9) $ - $ 1.7 $( 7.9) $ - $( 7.9) $ 4.9 $ - $( 3.0) Interest rate contracts - - - - - - ( 2.2) - ( 2.2) - - ( 2.2) Foreign exchange contracts 15.3 - 15.3 ( 5.1) - 10.2 ( 5.2) - ( 5.2) 5.1 - ( 0.1) Equity contracts 0.7 - 0.7 ( 0.7) - - ( 5.8) - ( 5.8) 0.7 - ( 5.1) Total $ 22.6 $ - $ 22.6 $( 10.7) $ - $ 11.9 $( 21.1) $ - $( 21.1) $ 10.7 $ - $( 10.4) Includes related collateral offset in our Consolidated Balance Sheets. Net fair value as recorded in our Consolidated Balance Sheets. Fair value of assets that could be reported net in our Consolidated Balance Sheets. Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS As of May 31, 2020, the after-tax amounts of unrealized gains and losses in AOCI related to hedge derivatives follows: In Millions After-Tax Gain/(Loss) Unrealized losses from interest rate cash flow hedges $ ( 30.8) Unrealized gains from foreign currency cash flow hedges 18.2 After-tax loss in AOCI related to hedge derivatives $ ( 12.6) The net amount of pre-tax gains and losses in AOCI as of May 31, 2020, that we expect to be reclassified into net earnings within the next 12 months is a $ 12.9 million net gain. CREDIT-RISK-RELATED CONTINGENT FEATURES Certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rating agencies. If our debt were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on May 31, 2020, was $ 31.4 million. We have posted no collateral under these contracts. If the credit-risk-related contingent features underlying these agreements had been triggered on May 31, 2020, we would have been required to post $ 31.4 million of collateral to counterparties. CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISK During fiscal 2020, customer concentration was as follows: Percent of total Consolidated North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Pet Walmart (a): Net sales 21% 30% 8% 1% 5% 12% Accounts receivable 22% 6% 1% 7% 9% Five largest customers: Net sales 54% 45% 24% 12% 64% (a) Includes Walmart Inc. and its affiliates. No customer other than Walmart accounted for 10 We enter into interest rate, foreign exchange, and certain commodity and equity derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties; however, we have not incurred a material loss. We also enter into commodity futures transactions through various regulated exchanges. The amount of loss due to the credit risk of the counterparties, should the counterparties fail to perform according to the terms of the contracts, is $ 14.2 million, against which we do not hold collateral. Under the terms of our swap agreements, some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk. Collateral assets are either cash or U.S. Treasury instruments and are held in a trust account that we may access if the counterparty defaults. We offer certain suppliers access to third party services that allow them to view our scheduled payments online. The third party services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any financial institutions concerning this service. All of our accounts payable remain as obligations to our suppliers as stated in our supplier agreements. As of May 31, 2020, $ 1,328.9 million of our accounts payable is payable to suppliers who utilize these third party services. |
DEBT
DEBT | 12 Months Ended |
May 31, 2020 | |
DEBT [Abstract] | |
DEBT | NOTE 9. DEBT NOTES PAYABLE The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: May 31, 2020 May 26, 2019 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 99.9 3.6 % $ 1,298.5 2.7 % Financial institutions 179.1 5.1 170.2 9.0 Total $ 279.0 4.6 % $ 1,468.7 3.4 % To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. We also have uncommitted and asset-backed credit lines that support our foreign operations. The following table details the fee-paid committed and uncommitted credit lines we had available as of May 31, 2020: In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2022 $ 2.7 $ - September 2022 0.2 - Total committed credit facilities 2.9 - Uncommitted credit facilities 0.6 0.2 Total committed and uncommitted credit facilities $ 3.5 $ 0.2 The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were in compliance with all credit facility covenants as of May 31, 2020 . LONG-TERM DEBT In April 2020, we issued $ 750.0 million of 2.875 percent fixed-rate notes due April 15, 2030. We used the net proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes. In January 2020, we issued € 600.0 million of 0.45 percent fixed-rate notes due January 15, 2026 and € 200.0 million of 0.0 percent fixed-rate notes due November 16, 2020. We used the net proceeds, together with cash on hand, to repay € 500.0 million of floating rate notes and € 300.0 million of 0.0 percent fixed-rate notes. In October 2019, we repaid $ 500.0 million of 2.20 percent fixed-rate notes with proceeds from commercial paper. In March 2019, we issued € 300.0 million of 0.0 percent fixed-rate notes due January 15, 2020. We used the net proceeds, together with cash on hand, to repay our € 300.0 million floating rate notes. In February 2019, we repaid $ 1,150.0 million of 5.65 percent fixed-rate notes with proceeds from commercial paper. A summary of our long-term debt is as follows: In Millions May 31, 2020 May 26, 2019 4.2% notes due April 17, 2028 $ 1,400.0 $ 1,400.0 3.15% notes due December 15, 2021 1,000.0 1,000.0 3.7% notes due October 17, 2023 850.0 850.0 Floating-rate notes due April 16, 2021 850.0 850.0 4.0% notes due April 17, 2025 800.0 800.0 3.2% notes due February 10, 2027 750.0 750.0 2.875% notes due April 15, 2030 750.0 - Euro-denominated 0.45% notes due January 15, 2026 666.1 - 4.7% notes due April 17, 2048 650.0 650.0 3.2% notes due April 16, 2021 600.0 600.0 Euro-denominated 2.1% notes due November 16, 2020 555.1 560.1 Euro-denominated 1.0% notes due April 27, 2023 555.1 560.1 Euro-denominated floating-rate notes due January 15, 2020 - 560.1 4.55% notes due April 17, 2038 500.0 500.0 2.6% notes due October 12, 2022 500.0 500.0 5.4% notes due June 15, 2040 500.0 500.0 4.15% notes due February 15, 2043 500.0 500.0 3.65% notes due February 15, 2024 500.0 500.0 2.2% notes due October 21, 2019 - 500.0 Euro-denominated 1.5% notes due April 27, 2027 444.0 448.1 Floating-rate notes due October 17, 2023 400.0 400.0 Euro-denominated 0.0% notes due January 15, 2020 - 336.1 Euro-denominated 2.2% notes due June 24, 2021 222.0 224.0 Euro-denominated 0.0% notes due November 16, 2020 222.0 - Medium-term notes, 0.56% to 6.61%, due fiscal 2021 or later 104.2 104.2 Other, including debt issuance costs and finance leases ( 58.0) ( 71.4) 13,260.5 13,021.3 Less amount due within one year ( 2,331.5) ( 1,396.5) Total long-term debt $ 10,929.0 $ 11,624.8 Principal payments due on long-term debt and finance leases in the next five fiscal years based on stated contractual maturities, our intent to redeem, or put rights of certain note holders are as follows: In Millions Fiscal 2021 $ 2,331.5 Fiscal 2022 1,222.1 Fiscal 2023 1,055.1 Fiscal 2024 1,750.0 Fiscal 2025 800.0 Certain of our long-term debt agreements contain restrictive covenants. As of May 31, 2020, we were in compliance with all of these covenants. As of May 31, 2020, the $ 35.7 million pre-tax loss recorded in AOCI associated with our previously designated interest rate swaps will be reclassified to net interest over the remaining lives of the hedged transactions. The amount expected to be reclassified from AOCI to net interest in fiscal 2021 is a $ 9.4 million pre-tax loss. |
REDEEMABLE AND NONCONTROLLING I
REDEEMABLE AND NONCONTROLLING INTERESTS | 12 Months Ended |
May 31, 2020 | |
REDEEMABLE AND NONCONTROLLING INTERESTS [Abstract] | |
REDEEMABLE AND NONCONTROLLING INTERESTS | NOTE 10. REDEEMABLE AND NONCONTROLLING INTERESTS Our principal redeemable and noncontrolling interests relate to our Yoplait SAS, Yoplait Marques SNC, Liberté Marques Sàrl, and General Mills Cereals, LLC (GMC) subsidiaries. In addition, we have 4 foreign subsidiaries that have noncontrolling interests totaling $ 4.7 million as of May 31, 2020. We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques S àrl . Sodiaal holds the remaining interests in each of the entities. On the acquisition date, we recorded the $ 904.4 million fair value of Sodiaal’s 49 percent euro-denominated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholders’ agreement. As of May 31, 2020, the redemption value of the euro-denominated redeemable interest was $ 544.6 million. On the acquisition dates, we recorded the $ 281.4 million fair value of Sodiaal’s 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques S àrl 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 S àrl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Liberté and related trademarks. These entities pay dividends annually based on their available cash as of their fiscal year end. We paid dividends of $ 56.9 million in fiscal 2020 and $ 22.0 million in fiscal 2019 to Sodiaal under the terms of the Yoplait SAS, Yoplait Marques SNC, and Liberté Marques Sàrl shareholder agreements. A subsidiary of Yoplait SAS has entered into an exclusive milk supply agreement for its European operations with Sodiaal at market-determined prices through July 1, 2021. Net purchases totaled $ 201.8 million for fiscal 2020 and $ 210.8 million for fiscal 2019. During fiscal 2019, Sodiaal invested $ 55.7 million in Yoplait SAS. The holder of the GMC Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $ 251.5 million). On June 1, 2018, the floating preferred return rate on GMC’s Class A interests was reset to the sum of three-month LIBOR plus 142.5 basis points. The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction. For financial reporting purposes, the assets, liabilities, results of operations, and cash flows of our non-wholly owned consolidated subsidiaries are included in our Consolidated Financial Statements. The third-party investor’s share of the net earnings of these subsidiaries is reflected in net earnings attributable to redeemable and noncontrolling interests in our Consolidated Statements of Earnings. Our noncontrolling interests contain restrictive covenants. As of May 31, 2020, we were in compliance with all of these covenants. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
May 31, 2020 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 11. STOCKHOLDERS’ EQUITY Cumulative preference stock of 5.0 million shares, without par value, is authorized but unissued. On May 6, 2014, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock. Purchases under the authorization can be made in the open market or in privately negotiated transactions, including the use of call options and other derivative instruments, Rule 10b5-1 trading plans, and accelerated repurchase programs. The authorization has no specified termination date. On March 27, 2018, we issued 22.7 million shares of the Company’s common stock, par value $ 0.10 per share, at a public offering price of $ 44.00 per share for total proceeds of $ 1.0 billion. We paid $ 30.1 million in issuance costs that were recorded in additional paid-in capital. The net proceeds of $ 969.9 million were used to finance a portion of the acquisition of Blue Buffalo Pet Products, Inc. (“Blue Buffalo”). Share repurchases were as follows: Fiscal Year In Millions 2020 2019 2018 Shares of common stock 0.1 - 10.9 Aggregate purchase price $ 3.4 $ 1.1 $ 601.6 The following table provides details of total comprehensive income: Fiscal 2020 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 2,181.2 $ 12.9 $ 16.7 Other comprehensive income (loss): Foreign currency translation $ ( 149.1) $ - ( 149.1) ( 2.6) ( 17.4) Net actuarial loss ( 290.2) 65.6 ( 224.6) - - Other fair value changes: Hedge derivatives 4.4 ( 1.2) 3.2 - - Reclassification to earnings: Hedge derivatives (a) 4.3 ( 0.7) 3.6 - 0.5 Amortization of losses and prior service costs (b) 101.3 ( 23.4) 77.9 - - Other comprehensive loss ( 329.3) 40.3 ( 289.0) ( 2.6) ( 16.9) Total comprehensive income (loss) $ 1,892.2 $ 10.3 $ ( 0.2) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2. Fiscal 2019 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,752.7 $ 13.9 $ 19.6 Other comprehensive income (loss): Foreign currency translation $ ( 38.3) $ - ( 38.3) ( 13.5) ( 31.0) Net actuarial loss ( 325.6) 72.2 ( 253.4) - - Other fair value changes: Hedge derivatives 15.9 ( 3.7) 12.2 - ( 0.1) Reclassification to earnings: Securities (a) ( 2.6) 0.6 ( 2.0) - - Hedge derivatives (b) 0.1 0.4 0.5 - 0.4 Amortization of losses and prior service costs (c) 107.5 ( 22.9) 84.6 - - Other comprehensive loss ( 243.0) 46.6 ( 196.4) ( 13.5) ( 30.7) Total comprehensive income (loss) $ 1,556.3 $ 0.4 $ ( 11.1) Gain reclassified from AOCI into earnings is reported in interest, net for securities. Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2. Fiscal 2018 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 2,131.0 $ 13.4 $ 18.6 Other comprehensive income (loss): Foreign currency translation $ ( 76.9) $ - ( 76.9) 13.5 26.4 Net actuarial income 185.5 ( 45.4) 140.1 - - Other fair value changes: Securities 1.8 ( 0.6) 1.2 - - Hedge derivatives ( 64.7) 14.2 ( 50.5) - ( 0.3) Reclassification to earnings: Securities (a) ( 6.6) 1.5 ( 5.1) - - Hedge derivatives (b) 24.9 ( 6.4) 18.5 - ( 1.1) Amortization of losses and prior service costs (c) 176.8 ( 59.2) 117.6 - - Other comprehensive income 240.8 ( 95.9) 144.9 13.5 25.0 Total comprehensive income $ 2,275.9 $ 26.9 $ 43.6 Gain reclassified from AOCI into earnings is reported in interest, net for securities. Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2. In fiscal 2020, 2019, and 2018, except for reclassifications to earnings, changes in other comprehensive income (loss) were primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, were as follows: In Millions May 31, 2020 May 26, 2019 Foreign currency translation adjustments $ ( 889.0) $ ( 739.9) Unrealized loss from: Hedge derivatives ( 12.6) ( 19.4) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 2,022.5) ( 1,880.5) Prior service credits 9.7 14.4 Accumulated other comprehensive loss $ ( 2,914.4) $ ( 2,625.4) In fiscal 2018, we adopted new accounting requirements that provide the option to reclassify stranded income tax effects resulting from the TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $ 329.4 million from AOCI to retained earnings. Please see Note 15 for additional information. |
STOCK PLANS
STOCK PLANS | 12 Months Ended |
May 31, 2020 | |
STOCK PLANS [Abstract] | |
STOCK PLANS | NOTE 12. STOCK PLANS We use broad-based stock plans to help ensure that management’s interests are aligned with those of our shareholders. As of May 31, 2020, a total of 26.4 million shares were available for grant in the form of stock options, restricted stock, restricted stock units, and shares of unrestricted stock under the 2017 Stock Compensation Plan (2017 Plan). The 2017 Plan also provides for the issuance of cash-settled share-based units, stock appreciation rights, and performance-based stock awards. Stock-based awards now outstanding include some granted under the 2009 and 2011 stock plans and the 2006 and 2011 compensation plans for non-employee directors, under which no further awards may be granted. The stock plans provide for potential accelerated vesting of awards upon retirement, termination, or death of eligible employees and directors. Stock Options The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Fiscal Year 2020 2019 2018 Estimated fair values of stock options granted $ 7.10 $ 5.35 $ 6.18 Assumptions: Risk-free interest rate 2.0 % 2.9 % 2.2 % Expected term 8.5 years 8.5 years 8.2 years Expected volatility 17.4 % 16.3 % 15.8 % Dividend yield 3.6 % 4.3 % 3.6 % We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our expected term represents the period of time that options granted are expected to be outstanding based on historical data to estimate option exercises and employee terminations within the valuation model. Separate groups of employees have similar historical exercise behavior and therefore were aggregated into a single pool for valuation purposes. The weighted-average expected term for all employee groups is presented in the table above. The risk-free interest rate for periods during the expected term of the options is based on the U.S. Treasury zero-coupon yield curve in effect at the time of grant. Any corporate income tax benefit realized upon exercise or vesting of an award in excess of that previously recognized in earnings (referred to as a windfall tax benefit) is presented in our Consolidated Statements of Cash Flows as an operating cash flow. Realized windfall tax benefits and shortfall tax deficiencies related to the exercise or vesting of stock-based awards are recognized in the Consolidated Statement of Earnings. We recognized windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings of $ 27.3 million in fiscal 2020, $ 24.5 million in fiscal 2019, and $ 25.5 million in fiscal 2018. Options may be priced at 100 percent or more of the fair market value on the date of grant, and generally vest four years after the date of grant. Options generally expire within 10 years and one month 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 26, 2019 23,653.0 $ 47.12 4.82 $ 180.00 Granted 2,065.0 53.70 Exercised ( 7,066.0) 37.98 Forfeited or expired ( 487.4) 55.91 Outstanding as of May 31, 2020 18,164.6 $ 51.21 5.53 $ 222.6 Exercisable as of May 31, 2020 8,706.4 $ 47.28 3.25 $ 137.3 Stock-based compensation expense related to stock option awards was $ 13.4 million in fiscal 2020, $ 14.7 million in fiscal 2019, and $ 15.5 million in fiscal 2018. Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2018. Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Fiscal Year In Millions 2020 2019 2018 Net cash proceeds $ 263.4 $ 241.4 $ 99.3 Intrinsic value of options exercised $ 132.9 $ 126.7 $ 83.6 Restricted Stock, Restricted Stock Units, and Performance Share Units Stock and units settled in stock subject to a restricted period and a purchase price, if any (as determined by the Compensation Committee of the Board of Directors), may be granted to key employees under the 2017 Plan. Restricted stock and restricted stock units generally vest and become unrestricted four years after the date of grant. Performance share units are earned primarily based on our future achievement of three-year goals for average organic net sales growth and cumulative free cash flow. Performance share units are settled in common stock and are generally subject to a three year performance and vesting period. The sale or transfer of these awards is restricted during the vesting period. Participants holding restricted stock, but not restricted stock units or performance share units, are entitled to vote on matters submitted to holders of common stock for a vote. These awards accumulate dividends from the date of grant, but participants only receive payment if the awards vest. Information on restricted stock unit and performance share unit activity follows: 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 26, 2019 4,272.3 $ 53.87 108.1 $ 55.45 Granted 1,913.4 53.27 34.2 53.64 Vested ( 1,039.7) 55.81 ( 29.5) 56.38 Forfeited or expired ( 220.5) 53.00 ( 9.5) 53.73 Non-vested as of May 31, 2020 4,925.5 $ 53.26 103.3 $ 54.75 Fiscal Year 2020 2019 2018 Number of units granted (thousands) 1,947.6 1,848.2 1,551.3 Weighted-average price per unit $ 53.28 $ 46.14 $ 55.12 The total grant-date fair value of restricted stock unit awards that vested was $ 59.7 million in fiscal 2020 and $ 47.1 million in fiscal 2019. As of May 31, 2020, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $ 104.0 million. This expense will be recognized over 20 months, on average. Stock-based compensation expense related to restricted stock units and performance share units was $ 81.5 million for fiscal 2020, $ 70.2 million for fiscal 2019, and $ 62.4 million for fiscal 2018. Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring, impairment, and other exit costs for fiscal 2019 and 2018. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
May 31, 2020 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 13. EARNINGS PER SHARE Basic and diluted EPS were calculated using the following: Fiscal Year In Millions, Except per Share Data 2020 2019 2018 Net earnings attributable to General Mills $ 2,181.2 $ 1,752.7 $ 2,131.0 Average number of common shares - basic EPS 608.1 600.4 576.8 Incremental share effect from: (a) Stock options 2.7 3.1 6.9 Restricted stock units, performance share units, and other 2.5 1.9 2.0 Average number of common shares - diluted EPS 613.3 605.4 585.7 Earnings per share - basic $ 3.59 $ 2.92 $ 3.69 Earnings per share - diluted $ 3.56 $ 2.90 $ 3.64 (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows: Fiscal Year In Millions 2020 2019 2018 Anti-dilutive stock options, restricted stock units, and performance share units 8.4 14.1 8.9 |
RETIREMENT BENEFITS AND POSTEMP
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS | 12 Months Ended |
May 31, 2020 | |
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS | NOTE 14. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS Defined Benefit Pension Plans We have defined benefit pension plans covering many employees in the United States, Canada, Switzerland, France, and the United Kingdom. Benefits for salaried employees are based on length of service and final average compensation. Benefits for hourly employees include various monthly amounts for each year of credited service. Our funding policy is consistent with the requirements of applicable laws. We made no voluntary contributions to our principal U.S. plans in fiscal 2020 or fiscal 2019. We do not expect to be required to make any contributions in fiscal 2021. Our principal domestic retirement plan covering salaried employees has a provision that any excess pension assets would be allocated to active participants if the plan is terminated within five years of a change in control. All salaried employees hired on or after June 1, 2013, are eligible for a retirement program that does not include a defined benefit pension plan. In fiscal 2018, we approved an amendment to reorganize the U.S. qualified defined benefit pension plans and the supplemental pension plans that resulted in the spinoff of a portion of the General Mills Pension Plan (the Plan) and the 2005 Supplemental Retirement Plan and the Supplemental Retirement Plan (Grandfathered) (together, the Supplemental Plans) into new plans effective May 31, 2018. The benefits offered to the plans’ participants were unchanged. The result of the reorganization was the creation of the General Mills Pension Plan I (Plan I) and the 2005 Supplemental Retirement Plan I and the Supplemental Retirement Plan I (Grandfathered) (together, the Supplemental Plans I). The reorganization was made to facilitate a targeted investment strategy over time and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. Actuarial gains and losses associated with the Plan and the Supplemental Plans are amortized over the average remaining service life of the active participants. Actuarial gains and losses associated with the Plan I and the Supplemental Plans I are amortized over the average remaining life of the participants. Other Postretirement Benefit Plans We also sponsor plans that provide health care benefits to many of our retirees in the United States, Canada, and Brazil. The United States salaried health care benefit plan is contributory, with retiree contributions based on years of service. We make decisions to fund related trusts for certain employees and retirees on an annual basis. We made no voluntary contributions to these plans in fiscal 2020 or fiscal 2019. We do not expect to be required to make any contributions in fiscal 2021. Health Care Cost Trend Rates Assumed health care cost trends are as follows: Fiscal Year 2020 2019 Health care cost trend rate for next year 6.2% and 6.5% 6.4% and 6.7% Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2029 2029 We review our health care cost trend rates annually. Our review is based on data we collect about our health care claims experience and information provided by our actuaries. This information includes recent plan experience, plan design, overall industry experience and projections, and assumptions used by other similar organizations. Our initial health care cost trend rate is adjusted as necessary to remain consistent with this review, recent experiences, and short-term expectations. Our initial health care cost trend rate assumption is 6.5 percent for retirees age 65 and over and 6.2 percent for retirees under age 65 at the end of fiscal 2020. Rates are graded down annually until the ultimate trend rate of 4.5 percent is reached in 2029 for all retirees. The trend rates are applicable for calculations only if the retirees’ benefits increase as a result of health care inflation. The ultimate trend rate is adjusted annually, as necessary, to approximate the current economic view on the rate of long-term inflation plus an appropriate health care cost premium. Assumed trend rates for health care costs have an important effect on the amounts reported for the other postretirement benefit plans. Postemployment Benefit Plans Under certain circumstances, we also provide accruable benefits, primarily severance, to former or inactive employees in the United States, Canada, and Mexico. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. Summarized financial information about defined benefit pension, other postretirement benefit, and postemployment benefit plans is presented below: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 Change in Plan Assets: Fair value at beginning of year $ 6,291.6 $ 6,177.4 $ 753.8 $ 726.1 Actual return on assets 983.7 391.9 65.0 41.3 Employer contributions 32.9 30.4 0.1 0.1 Plan participant contributions 6.7 3.9 13.8 15.0 Benefits payments ( 317.2) ( 305.2) ( 39.2) ( 28.7) Foreign currency ( 4.5) ( 6.8) - - Fair value at end of year (a) $ 6,993.2 $ 6,291.6 $ 793.5 $ 753.8 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 6,750.7 $ 6,416.0 $ 824.1 $ 871.8 $ 128.0 $ 126.7 Service cost 92.7 94.6 9.4 9.9 8.3 7.6 Interest cost 230.5 248.0 27.1 33.1 2.6 3.0 Plan amendment 1.2 - - - - 1.7 Curtailment/other ( 1.2) ( 0.7) - - - - Plan participant contributions 6.7 3.9 13.8 15.0 - - Medicare Part D reimbursements - - 2.7 2.5 - - Actuarial loss (gain) 881.8 301.8 ( 38.3) ( 45.4) 17.7 2.6 Benefits payments ( 317.7) ( 305.8) ( 63.5) ( 62.2) ( 6.2) ( 13.2) Foreign currency ( 4.5) ( 7.1) ( 1.6) ( 0.6) ( 0.1) ( 0.4) Projected benefit obligation at end of year (a) $ 7,640.2 $ 6,750.7 $ 773.7 $ 824.1 $ 150.3 $ 128.0 Plan assets less than benefit obligation as of fiscal year end $ ( 647.0) $ ( 459.1) $ 19.8 $ ( 70.3) $ ( 150.3) $ ( 128.0) (a) Plan assets and obligations are measured as of May 31, 2020 and May 31, 2019. During fiscal 2020, the increase in defined benefit pension benefit obligations was primarily driven by actuarial losses due to a decrease in the discount rate and an update in mortality rates. The decrease in other postretirement obligations was primarily driven by a decrease in expected future claims, partially offset by losses due to a decrease in the discount rate. During fiscal 2019, the increase in defined benefit pension benefit obligations was primarily driven by actuarial losses due to a decrease in the discount rate. The decrease in other postretirement obligations was primarily driven by a decrease in expected future claims, partially offset by losses due to a decrease in the discount rate. As of May 31, 2020, other postretirement benefit plans had benefit obligations of $ 479.4 million that exceeded plan assets of $ 248.0 million. As of May 26, 2019, other postretirement benefit plans had benefit obligations of $ 498.4 million that exceeded plan assets of $ 233.7 million. Postemployment benefit plans are not funded and had benefit obligations of $ 150.3 million and $ 128.0 million as of May 31, 2020 and May 26, 2019, respectively. The accumulated benefit obligation for all defined benefit pension plans was $ 7,285.2 million as of May 31, 2020, and $ 6,436.9 million as of May 26, 2019. Amounts recognized in AOCI as of May 31, 2020 and May 26, 2019, are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 2020 2019 Net actuarial (loss) gain $ ( 2,136.6) $ ( 1,961.6) $ 129.5 $ 81.0 $ ( 15.4) $ 0.1 $ ( 2,022.5) $ ( 1,880.5) Prior service (costs) credits ( 6.0) ( 5.9) 21.0 26.3 ( 5.3) ( 6.0) 9.7 14.4 Amounts recorded in accumulated other comprehensive loss $ ( 2,142.6) $ ( 1,967.5) $ 150.5 $ 107.3 $ ( 20.7) $ ( 5.9) $ ( 2,012.8) $ ( 1,866.1) Plans with accumulated benefit obligations in excess of plan assets as of May 31, 2020 and May 26, 2019 are as follows: Defined Benefit Pension Plans Fiscal Year In Millions 2020 2019 Projected benefit obligation $ 3,512.9 $ 589.7 Accumulated benefit obligation 3,200.1 552.2 Plan assets at fair value 2,569.9 14.4 Components of net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ 92.7 $ 94.6 $ 102.9 $ 9.4 $ 9.9 $ 11.6 $ 8.3 $ 7.6 $ 8.6 Interest cost 230.5 248.0 217.9 27.1 33.1 30.1 2.6 3.0 2.3 Expected return on plan assets ( 449.9) ( 445.8) ( 480.2) ( 42.1) ( 40.4) ( 52.2) - - - Amortization of losses (gains) 106.0 109.8 177.0 ( 2.1) 0.6 0.8 0.4 0.1 0.8 Amortization of prior service costs (credits) 1.6 1.5 1.9 ( 5.5) ( 5.5) ( 5.4) 0.9 0.7 0.6 Other adjustments - - - - - - 17.7 6.7 6.7 Settlement or curtailment losses - 0.3 - - - - - - - Net (income) expense $ ( 19.1) $ 8.4 $ 19.5 $ ( 13.2) $ ( 2.3) $ ( 15.1) $ 29.9 $ 18.1 $ 19.0 Assumptions Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2020 2019 2020 2019 2020 2019 Discount rate 3.20 % 3.91 % 3.02 % 3.79 % 1.85 % 3.10 % Rate of salary increases 4.44 4.17 - - 4.51 4.47 Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.91 % 4.20 % 4.08 % 3.79 % 4.17 % 3.92 % 3.10 % 3.60 % 2.87 % Service cost effective rate 4.19 4.34 4.37 4.04 4.27 4.27 3.51 3.99 3.54 Interest cost effective rate 3.47 3.92 3.45 3.28 3.80 3.24 2.84 3.37 2.67 Rate of salary increases 4.17 4.27 4.25 - - - 4.47 4.44 4.46 Expected long-term rate of return on plan assets 6.95 7.25 7.88 5.67 5.67 7.59 - - - Discount Rates We estimate the service and interest cost components of the net periodic benefit expense for our United States and most of our international defined benefit pension, other postretirement benefit, and postemployment benefit plans utilizing a full yield curve approach by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected cash flows. Our discount rate assumptions are determined annually as of May 31 for our defined benefit pension, other postretirement benefit, and postemployment benefit plan obligations. We also use discount rates as of May 31 to determine defined benefit pension, other postretirement benefit, and postemployment benefit plan income and expense for the following fiscal year. We work with our outside actuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, to develop a forward interest rate curve, including a margin to that index based on our credit risk. This forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions. Fair Value of Plan Assets The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy by asset category were as follows: Fiscal Year 2020 Fiscal Year 2019 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 1,039.6 $ 777.7 $ - $ 1,817.3 $ 1,226.2 $ 664.6 $ - $ 1,890.8 Fixed income (b) 1,833.3 1,667.4 - 3,500.7 1,635.5 1,144.9 - 2,780.4 Real asset investments (c) 223.4 0.1 - 223.5 179.4 59.9 - 239.3 Other investments (d) - - 0.2 0.2 - - 0.3 0.3 Cash and accruals 180.3 - - 180.3 186.5 - - 186.5 Fair value measurement of pension plan assets $ 3,276.6 $ 2,445.2 $ 0.2 $ 5,722.0 $ 3,227.6 $ 1,869.4 $ 0.3 $ 5,097.3 Assets measured at net asset value (e) 1,271.2 1,194.3 Total pension plan assets (f) $ 6,993.2 $ 6,291.6 Fair value measurement of postretirement benefit plan assets: Equity (a) $ - $ 46.9 $ - $ 46.9 $ - $ 66.8 $ - $ 66.8 Fixed income (b) 157.5 268.4 - 425.9 139.7 241.4 - 381.1 Real asset investments (c) 0.1 - - 0.1 0.3 - - 0.3 Cash and accruals 16.7 - - 16.7 11.1 - - 11.1 Fair value measurement of postretirement benefit plan assets $ 174.3 $ 315.3 $ - $ 489.6 $ 151.1 $ 308.2 $ - $ 459.3 Assets measured at net asset value (e) 303.9 294.5 Total postretirement benefit plan assets (f) $ 793.5 $ 753.8 Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. Publicly traded common stocks in energy, real estate, and infrastructure for the purpose of total return. Investments include: energy, real estate, and infrastructure securities generally valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. Insurance and annuity contracts to provide a stable stream of income for pension retirees. Fair values are based on the fair value of the underlying investments and contract fair values established by the providers. Primarily private investments and common collective trusts that are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Plan assets and obligations are measured as of May 31, 2020 and May 31, 2019. There were no material changes in our level 3 investments in fiscal 2020 and fiscal 2019. Expected Rate of Return on Plan Assets Our expected rate of return on plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class (using input from our actuaries, investment services, and investment managers), and long-term inflation assumptions. We review this assumption annually for each plan; however, our annual investment performance for one particular year does not, by itself, significantly influence our evaluation. Weighted-average asset allocations for our defined benefit pension and other postretirement benefit plans are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2020 2019 2020 2019 Asset category: United States equities 19.7 % 20.3 % 18.1 % 19.1 % International equities 11.0 12.5 9.8 11.2 Private equities 6.2 8.1 4.4 4.9 Fixed income 52.8 46.7 64.8 61.3 Real assets 10.3 12.4 2.9 3.5 Total 100.0 % 100.0 % 100.0 % 100.0 % The investment objective for our defined benefit pension and other postretirement benefit plans is to secure the benefit obligations to participants at a reasonable cost to us. Our goal is to optimize the long-term return on plan assets at a moderate level of risk. The defined benefit pension plan and other postretirement benefit plan portfolios are broadly diversified across asset classes. Within asset classes, the portfolios are further diversified across investment styles and investment organizations. For the U.S. defined benefit pension plans, the long-term investment policy allocation is: 17 percent to equities in the United States; 11 percent to international equities; 9 percent to private equities; 50 percent to fixed income; and 13 percent to real assets (real estate, energy, and infrastructure). For other U.S. postretirement benefit plans, the long-term investment policy allocations are: 18 percent to equities in the United States; 10 percent to international equities; 4 percent to private equities; 65 percent to fixed income; and 3 percent to real assets (real estate, energy, and timber). The actual allocations to these asset classes may vary tactically around the long-term policy allocations based on relative market valuations. Contributions and Future Benefit Payments We do not expect to be required to make contributions to our defined benefit pension, other postretirement benefit, and postemployment benefit plans in fiscal 2021. Actual fiscal 2021 contributions could exceed our current projections, as influenced by our decision to undertake discretionary funding of our benefit trusts and future changes in regulatory requirements. Estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid from fiscal 2021 to fiscal 2030 as follows: In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Medicare Subsidy Receipts Postemployment Benefit Plans Fiscal 2021 $ 325.4 $ 43.5 $ 3.4 $ 24.5 Fiscal 2022 331.8 44.5 3.7 19.6 Fiscal 2023 338.6 45.6 3.5 18.1 Fiscal 2024 345.9 46.7 2.8 16.8 Fiscal 2025 354.5 48.0 2.9 15.6 Fiscal 2026-2030 1,899.7 247.0 14.4 63.6 Defined Contribution Plans The General Mills Savings Plan is a defined contribution plan that covers domestic salaried, hourly, nonunion, and certain union employees. This plan is a 401(k) savings plan that includes a number of investment funds, including a Company stock fund and an Employee Stock Ownership Plan (ESOP). We sponsor another money purchase plan for certain domestic hourly employees with net assets of $ 20.6 million as of May 31, 2020, and $ 22.3 million as of May 26, 2019. We also sponsor defined contribution plans in many of our foreign locations. Our total recognized expense related to defined contribution plans was $ 90.1 million in fiscal 2020, $ 52.7 million in fiscal 2019, and $ 49.2 million in fiscal 2018. We match a percentage of employee contributions to the General Mills Savings Plan. The Company match is directed to investment options of the participant’s choosing. The number of shares of our common stock allocated to participants in the ESOP was 4.6 million as of May 31, 2020, and 5.1 million as of May 26, 2019. The ESOP’s only assets are our common stock and temporary cash balances. The Company stock fund and the ESOP collectively held $ 464.8 million and $ 410.1 million of Company common stock as of May 31, 2020, and May 26, 2019, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
May 31, 2020 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 15. INCOME TAXES The components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon are as follows: Fiscal Year In Millions 2020 2019 2018 Earnings before income taxes and after-tax earnings from joint ventures: United States $ 2,402.1 $ 1,788.2 $ 1,884.0 Foreign 198.1 293.8 251.6 Total earnings before income taxes and after-tax earnings from joint ventures $ 2,600.2 $ 2,082.0 $ 2,135.6 Income taxes: Currently payable: Federal $ 381.0 $ 151.9 $ 441.2 State and local 55.3 35.3 35.2 Foreign 73.8 84.6 85.2 Total current 510.1 271.8 561.6 Deferred: Federal 67.8 86.7 ( 478.5) State and local ( 56.6) 21.6 15.7 Foreign ( 40.8) ( 12.3) ( 41.5) Total deferred ( 29.6) 96.0 ( 504.3) Total income taxes $ 480.5 $ 367.8 $ 57.3 The following table reconciles the United States statutory income tax rate with our effective income tax rate: Fiscal Year 2020 2019 2018 United States statutory rate 21.0 % 21.0 % 29.4 % State and local income taxes, net of federal tax benefits 2.0 2.5 1.7 Foreign rate differences ( 0.8) - ( 2.0) Provisional net tax benefit - ( 0.4) ( 24.5) Stock based compensation ( 1.1) ( 1.2) ( 1.2) Subsidiary reorganization (a) ( 2.0) - - Capital loss (b) - ( 3.7) - Prior period tax adjustment - - 1.9 Domestic manufacturing deduction - - ( 1.9) Other, net ( 0.6) ( 0.5) ( 0.7) Effective income tax rate 18.5 % 17.7 % 2.7 % During fiscal 2020, we recorded a $ 53.1 million decrease to our deferred income tax liabilities associated with the reorganization of certain wholly owned subsidiaries. During fiscal 2019, we recorded a discrete benefit related to a capital loss carryback of $ 72.9 million. The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows: In Millions May 31, 2020 May 26, 2019 Accrued liabilities $ 61.8 $ 50.9 Compensation and employee benefits 171.4 196.6 Pension 148.2 103.2 Tax credit carryforwards 12.5 7.3 Stock, partnership, and miscellaneous investments 80.2 104.2 Capital losses 65.9 73.1 Net operating losses 146.6 141.7 Other 87.0 71.3 Gross deferred tax assets 773.6 748.3 Valuation allowance 214.2 213.7 Net deferred tax assets 559.4 534.6 Brands 1,415.0 1,472.6 Fixed assets 378.3 377.8 Intangible assets 246.8 259.7 Tax lease transactions 21.5 23.9 Inventories 33.0 39.0 Stock, partnership, and miscellaneous investments 338.1 330.0 Unrealized hedges 22.4 27.9 Other 51.4 34.7 Gross deferred tax liabilities 2,506.5 2,565.6 Net deferred tax liability $ 1,947.1 $ 2,031.0 We have established a valuation allowance against certain of the categories of deferred tax assets described above as current evidence does not suggest we will realize sufficient taxable income of the appropriate character (e.g., ordinary income versus capital gain income) within the carryforward period to allow us to realize these deferred tax benefits. Information about our valuation allowance follows: In Millions May 31, 2020 Pillsbury acquisition losses $ 108.3 State and foreign loss carryforwards 28.2 Capital loss carryforwards 65.8 Other 11.9 Total $ 214.2 As of May 31, 2020, we believe it is more-likely-than-not that the remainder of our deferred tax assets are realizable. Information about our tax loss carryforwards follows: In Millions May 31, 2020 Foreign loss carryforwards $ 143.5 State operating loss carryforwards 12.1 Total tax loss carryforwards $ 155.6 Our foreign loss carryforwards expire as follows: In Millions May 31, 2020 Expire in fiscal 2021 and 2022 $ 3.7 Expire in fiscal 2023 and beyond 20.8 Do not expire 119.0 Total foreign loss carryforwards $ 143.5 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The CARES Act and related notices include several significant provisions, including delaying certain payroll tax payments and estimated income tax payments that we expect to defer to future periods. We expect the deferral of certain payroll tax payments to continue into fiscal 2021. We do not currently expect the CARES Act to have a material impact on our financial results, including on our annual estimated effective tax rate or on our liquidity. We will continue to monitor and assess the impact the CARES Act and similar legislation in other countries may have on our business and financial results. On December 22, 2017, the TCJA was signed into law. The TCJA resulted in significant revisions to the U.S. corporate income tax system, including a reduction in the U.S. corporate income tax rate, implementation of a territorial system, and a one-time deemed repatriation tax on untaxed foreign earnings. As a result of the TCJA, we recorded a provisional benefit of $ 523.5 million during fiscal 2018. During fiscal 2019, we completed our accounting for the tax effects of the TCJA and recorded a benefit of $ 7.2 million which included adjustments to the transition tax and the measurement of our net U.S. deferred tax liability. While our accounting for the recorded impact of the TCJA is deemed to be complete, these amounts were based on prevailing regulations and currently available information, and any additional guidance issued by the Internal Revenue Service (IRS) could impact the aforementioned amounts in future periods. The legislation also included provisions that affected our fiscal 2019 and forward results, including but not limited to: a reduction in the U.S. corporate tax rate on domestic operations; the creation of a new minimum tax called the base erosion anti-abuse tax; a new provision that taxes U.S. allocated expenses as well as currently taxes certain income from foreign operations (Global Intangible Low Tax Income or GILTI); a new limitation on deductible interest expense; the repeal of the domestic manufacturing deduction; and limitations on the deductibility of certain executive compensation. As of May 31, 2020, we have not recognized a deferred tax liability for unremitted earnings of approximately $ 2.3 billion from our foreign operations because we currently believe our subsidiaries have invested the undistributed earnings indefinitely or the earnings will be remitted in a tax-neutral transaction. It is not practicable for us to determine the amount of unrecognized tax expense on these reinvested earnings. Deferred taxes are recorded for earnings of our foreign operations when we determine that such earnings are no longer indefinitely reinvested. As a result of the TCJA, we re-evaluated our assertion and have concluded that although earnings prior to fiscal 2018 will remain permanently reinvested, we will no longer make a permanent reinvestment assertion beginning with our fiscal 2018 earnings. As part of the accounting for the TCJA, we recorded local country withholding taxes related to certain entities from which we began repatriating undistributed earnings and will continue to record local country withholding taxes on all future earnings. We are subject to federal income taxes in the United States as well as various state, local, and foreign jurisdictions. A number of years may elapse before an uncertain tax position is audited and finally resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our liabilities for income taxes reflect the most likely outcome. We adjust these liabilities, as well as the related interest, in light of changing facts and circumstances. Settlement of any particular position would usually require the use of cash. The number of years with open tax audits varies depending on the tax jurisdiction. Our major taxing jurisdiction is the United States (federal and state). Various tax examinations by United States state taxing authorities could be conducted for any open tax year, which vary by jurisdiction, but are generally from 3 to 5 years. Several state and foreign examinations are currently in progress. We do not expect these examinations to result in a material impact on our results of operations or financial position. We have effectively settled all issues with the IRS for fiscal years 2015 and prior. During fiscal 2017, the Brazilian tax authority, Secretaria da Receita Federal do Brasil (RFB), concluded audits of our 2012 and 2013 tax return years. These audits included a review of our determinations of amortization of certain goodwill arising from the acquisition of Yoki Alimentos S.A. The RFB has proposed adjustments that effectively eliminate the goodwill amortization benefits related to this transaction. During fiscal 2020, we received proposed adjustments related to the goodwill amortization benefits for our 2014 and 2015 tax return years. We believe we have meritorious defenses and intend to contest the disallowance. We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly, we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in the period of such change. The following table sets forth changes in our total gross unrecognized tax benefit liabilities, excluding accrued interest, for fiscal 2020 and fiscal 2019. Approximately $ 79.3 million of this total in fiscal 2020 represents the amount that, if recognized, would affect our effective income tax rate in future periods. This amount differs from the gross unrecognized tax benefits presented in the table because certain of the liabilities below would impact deferred taxes if recognized. We also would record a decrease in U.S. federal income taxes upon recognition of the state tax benefits included therein. Fiscal Year In Millions 2020 2019 Balance, beginning of year $ 139.1 $ 196.3 Tax positions related to current year: Additions 18.7 19.5 Reductions - ( 0.1) Tax positions related to prior years: Additions 2.3 3.8 Reductions ( 6.0) ( 13.2) Settlements ( 2.9) ( 41.0) Lapses in statutes of limitations ( 3.3) ( 26.2) Balance, end of year $ 147.9 $ 139.1 As of May 31, 2020, we expect to pay approximately $ 0.1 million of unrecognized tax benefit liabilities and accrued interest within the next 12 months. We are not able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes. The remaining amount of our unrecognized tax liability was classified in other liabilities. We report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense. For fiscal 2020, we recognized $ 3.2 million of tax-related net interest and penalties, and had $ 27.9 million of accrued interest and penalties as of May 31, 2020. For fiscal 2019, we recognized $ 0.5 million of tax-related net interest and penalties, and had $ 26.0 million of accrued interest and penalties as of May 26, 2019. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
May 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 16. COMMITMENTS AND CONTINGENCIES As of May 31, 2020, we have issued guarantees and comfort letters of $ 129.8 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. Off-balance sheet arrangements were not material as of May 31, 2020. During the second quarter of fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we have meritorious defenses against this claim and will vigorously defend our position. As of May 31, 2020 , we are unable to estimate any possible loss and have not recorded a loss contingency for this matter. |
BUSINESS SEGMENT AND GEOGRAPHIC
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended |
May 31, 2020 | |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION | NOTE 17. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operate in the packaged foods industry. O ur operating segments are as follows: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. Our product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks, snack bars, and refrigerated yogurt. 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, snack bars, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, and dessert and baking mixes. Revenues from franchise fees are reported in the region or country where the franchisee is located. Our major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, baking mixes, and bakery 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 in the United States. Our Pet operating segment includes pet food products sold primarily in the United States in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and span different product types, diet types, breed sizes for dogs, lifestages, flavors, product functions and textures, and cuts for wet foods. F iscal 2020 includes 13 months of Pet operating segment results as we changed the Pet operating segment’s reporting period from an April fiscal year end to a May fiscal year end to match our fiscal calendar. Fiscal 2019 included 12 months of results. Our Asia & Latin America operating segment consists of retail and foodservice businesses in the greater Asia and South America regions. Our product categories include super-premium ice cream and frozen desserts, meal kits, dessert and baking mixes, snack bars, salty snacks, refrigerated and frozen dough products, and wellness beverages. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our Asia & Latin America segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities and franchise fees are reported in the region or country where the end customer or franchisee is located. Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, impairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned North American 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: Fiscal Year In Millions 2020 2019 2018 Net sales: North America Retail $ 10,750.5 $ 9,925.2 $ 10,115.4 Europe & Australia 1,838.9 1,886.7 1,984.6 Convenience Stores & Foodservice 1,816.4 1,969.1 1,930.2 Pet 1,694.6 1,430.9 - Asia & Latin America 1,526.2 1,653.3 1,710.2 Total $ 17,626.6 $ 16,865.2 $ 15,740.4 Operating profit: North America Retail $ 2,627.0 $ 2,277.2 $ 2,217.4 Europe & Australia 113.8 123.3 142.1 Convenience Stores & Foodservice 337.2 419.5 392.6 Pet 390.7 268.4 - Asia & Latin America 18.7 72.4 39.6 Total segment operating profit $ 3,487.4 $ 3,160.8 $ 2,791.7 Unallocated corporate items 509.1 339.8 206.2 Divestitures loss - 30.0 - Restructuring, impairment, and other exit costs 24.4 275.1 165.6 Operating profit $ 2,953.9 $ 2,515.9 $ 2,419.9 Net sales for our North America Retail operating units were as follows: Fiscal Year In Millions 2020 2019 2018 U.S. Meals & Baking $ 4,408.5 $ 3,839.8 $ 3,865.7 U.S. Cereal 2,434.1 2,255.4 2,251.8 U.S. Snacks 2,091.9 2,060.9 2,140.5 U.S. Yogurt and other 919.0 906.7 927.4 Canada 897.0 862.4 930.0 Total $ 10,750.5 $ 9,925.2 $ 10,115.4 Net sales by class of similar products were as follows: Fiscal Year In Millions 2020 2019 2018 Snacks $ 3,529.7 $ 3,487.4 $ 3,549.3 Cereal 2,874.1 2,672.8 2,679.8 Convenient meals 2,814.3 2,538.6 2,572.7 Yogurt 2,056.6 2,113.1 2,235.0 Dough 1,801.1 1,661.9 1,653.4 Pet 1,694.6 1,430.9 - Baking mixes and ingredients 1,674.2 1,663.7 1,709.7 Super-premium ice cream 718.1 812.7 803.2 Vegetables and other 463.9 484.1 537.3 Total $ 17,626.6 $ 16,865.2 $ 15,740.4 During the first quarter of fiscal 2020, we made certain changes in the classification of products and updated fiscal 2019 and fiscal 2018 net sales figures to match the current-year presentation. The following tables provide financial information by geographic area: Fiscal Year In Millions 2020 2019 2018 Net sales: United States $ 13,364.5 $ 12,462.8 $ 11,115.6 Non-United States 4,262.1 4,402.4 4,624.8 Total $ 17,626.6 $ 16,865.2 $ 15,740.4 In Millions May 31, 2020 May 26, 2019 Cash and cash equivalents: United States $ 1,112.0 $ 51.0 Non-United States 565.8 399.0 Total $ 1,677.8 $ 450.0 In Millions May 31, 2020 May 26, 2019 Land, buildings, and equipment: United States $ 2,761.6 $ 2,872.8 Non-United States 819.0 914.4 Total $ 3,580.6 $ 3,787.2 |
SUPPLEMENTAL INFORMATION
SUPPLEMENTAL INFORMATION | 12 Months Ended |
May 31, 2020 | |
SUPPLEMENTAL INFORMATION [Abstract] | |
SUPPLEMENTAL INFORMATION | NOTE 18. SUPPLEMENTAL INFORMATION The components of certain Consolidated Balance Sheet accounts are as follows: In Millions May 31, 2020 May 26, 2019 Receivables: Customers $ 1,648.3 $ 1,708.5 Less allowance for doubtful accounts ( 33.2) ( 28.8) Total $ 1,615.1 $ 1,679.7 In Millions May 31, 2020 May 26, 2019 Inventories: Finished goods $ 1,142.6 $ 1,245.9 Raw materials and packaging 392.2 434.9 Grain 93.6 92.0 Excess of FIFO over LIFO cost (a) ( 202.1) ( 213.5) Total $ 1,426.3 $ 1,559.3 (a) Inventories of $ 892.6 million as of May 31, 2020, and $ 974.8 million as of May 26, 2019, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method. In Millions May 31, 2020 May 26, 2019 Prepaid expenses and other current assets: Prepaid expenses $ 194.5 $ 189.0 Other receivables 85.2 250.2 Derivative receivables 70.6 42.2 Grain contracts 5.0 6.7 Miscellaneous 46.8 9.4 Total $ 402.1 $ 497.5 In Millions May 31, 2020 May 26, 2019 Land, buildings, and equipment: Equipment $ 6,428.0 $ 6,548.3 Buildings 2,412.6 2,477.2 Capitalized software 668.5 631.6 Construction in progress 373.5 343.8 Land 66.1 73.6 Equipment under finance lease 5.8 5.7 Buildings under finance lease 0.3 0.3 Total land, buildings, and equipment 9,954.8 10,080.5 Less accumulated depreciation ( 6,374.2) ( 6,293.3) Total $ 3,580.6 $ 3,787.2 In Millions May 31, 2020 May 26, 2019 Other assets: Investments in and advances to joint ventures $ 566.7 $ 452.9 Right of use operating lease assets 365.2 - Pension assets 21.2 323.5 Life insurance 19.5 22.7 Miscellaneous 113.2 175.8 Total $ 1,085.8 $ 974.9 In Millions May 31, 2020 May 26, 2019 Other current liabilities: Accrued trade and consumer promotions $ 550.4 $ 484.4 Accrued payroll 430.4 345.5 Current portion of operating lease liabilities 102.0 - Accrued interest, including interest rate swaps 92.8 92.6 Accrued taxes 80.3 37.5 Derivative payable, primarily commodity-related 39.2 13.2 Dividends payable 20.7 19.2 Restructuring and other exit costs reserve 17.8 36.5 Grain contracts 1.2 2.3 Miscellaneous 298.5 336.6 Total $ 1,633.3 $ 1,367.8 In Millions May 31, 2020 May 26, 2019 Other noncurrent liabilities: Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans $ 958.7 $ 1,153.3 Noncurrent portion of operating lease liabilities 277.0 - Accrued taxes 238.6 227.1 Miscellaneous 70.7 68.5 Total $ 1,545.0 $ 1,448.9 Certain Consolidated Statements of Earnings amounts are as follows: Fiscal Year In Millions 2020 2019 2018 Depreciation and amortization $ 594.7 $ 620.1 $ 618.8 Research and development expense 224.4 221.9 219.1 Advertising and media expense (including production and communication costs) 691.8 601.6 575.9 The components of interest, net are as follows: Fiscal Year Expense (Income), in Millions 2020 2019 2018 Interest expense $ 475.1 $ 530.2 $ 389.5 Capitalized interest ( 2.6) ( 2.8) ( 4.1) Interest income ( 6.0) ( 5.6) ( 11.7) Interest, net $ 466.5 $ 521.8 $ 373.7 Certain Consolidated Statements of Cash Flows amounts are as follows: Fiscal Year In Millions 2020 2019 2018 Cash interest payments $ 418.5 $ 500.1 $ 269.5 Cash paid for income taxes 403.3 440.8 489.4 |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
May 31, 2020 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | |
QUARTERLY DATA (UNAUDITED) | NOTE 19. QUARTERLY DATA (UNAUDITED) Summarized quarterly data for fiscal 2020 and fiscal 2019 follows: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per Share Amounts 2020 2019 2020 2019 2020 2019 2020 2019 Net sales $ 4,002.5 $ 4,094.0 $ 4,420.8 $ 4,411.2 $ 4,180.3 $ 4,198.3 $ 5,023.0 $ 4,161.7 Gross margin 1,389.5 1,342.8 1,569.1 1,509.7 1,403.2 1,443.0 1,768.1 1,461.3 Net earnings attributable to General Mills 520.6 392.3 580.8 343.4 454.1 446.8 625.7 570.2 EPS: Basic $ 0.86 $ 0.66 $ 0.96 $ 0.57 $ 0.75 $ 0.74 $ 1.03 $ 0.95 Diluted $ 0.85 $ 0.65 $ 0.95 $ 0.57 $ 0.74 $ 0.74 $ 1.02 $ 0.94 During the fourth quarter of fiscal 2020, we changed the reporting period of our Pet segment from an April fiscal year end to a May fiscal year end to match our fiscal calendar. Accordingly, our fiscal 2020 fourth quarter results include 4 months of Pet segment results compared to 3 months in the fourth quarter of fiscal 2019. The fourth quarter of fiscal 2020 also included an additional week of results across all other segments. In the fourth quarter of fiscal 2020, we recorded $ 19.3 million of expense due to a product recall related to our international Green Giant business and $ 11.5 million of restructuring charges. During the fourth quarter of fiscal 2019, we sold our yogurt business in China and simultaneously entered into a new Yoplait license agreement with the purchaser for their use of the Yoplait brand. We recorded a gain of $ 5.4 million. In the fourth quarter of fiscal 2019, we recorded restructuring and impairment charges of $ 7.4 million. We recorded $ 4.3 million of integration costs related to the acquisition of Blue Buffalo and $ 9.8 million of gains related to an investment valuation adjustment in the fourth quarter of fiscal 2019. We also recorded a tax benefit of $ 72.9 million in the fourth quarter of fiscal 2019. Please see Note 15 for more information. |
SCHEDULE II - VALUATION OF QUAL
SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS | 12 Months Ended |
May 31, 2020 | |
SCHEDULE II - Valuation of Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION OF QUALIFYING ACCOUNTS | General Mills, Inc. and Subsidiaries Schedule II - Valuation of Qualifying Accounts Fiscal Year In Millions 2020 2019 2018 Allowance for doubtful accounts: Balance at beginning of year $ 28.8 $ 28.4 $ 24.3 Additions charged to expense 25.9 23.9 26.7 Bad debt write-offs ( 22.9) ( 22.7) ( 26.9) Other adjustments and reclassifications 1.4 ( 0.8) 4.3 Balance at end of year $ 33.2 $ 28.8 $ 28.4 Valuation allowance for deferred tax assets: Balance at beginning of year $ 213.7 $ 176.0 $ 231.8 Additions charged to expense 4.2 ( 5.2) 2.4 Adjustments due to acquisitions, translation of amounts, and other ( 3.7) 42.9 ( 58.2) Balance at end of year $ 214.2 $ 213.7 $ 176.0 Reserve for restructuring and other exit charges: Balance at beginning of year $ 36.5 $ 66.8 $ 85.0 Additions charged to expense, including translation amounts ( 2.5) 11.6 40.3 Net amounts utilized for restructuring activities ( 16.2) ( 41.9) ( 58.5) Balance at end of year $ 17.8 $ 36.5 $ 66.8 Reserve for LIFO valuation: Balance at beginning of year $ 213.5 $ 213.2 $ 209.1 (Decrease) increase ( 11.4) 0.3 4.1 Balance at end of year $ 202.1 $ 213.5 $ 213.2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
May 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. |
Inventories | Inventories All inventories in the United States other than grain are valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories are valued at net realizable value, and all related cash contracts and derivatives are valued at fair value, with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or net realizable value. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales, and are recognized when the related finished product is shipped to and accepted by the customer. |
Land, Buildings, Equipment, and Depreciation | Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance and repairs are charged to cost of sales. Buildings are usually depreciated over 40 years, and equipment, furniture, and software are usually depreciated over 3 to 10 years. Fully depreciated assets are retained in buildings and equipment until disposal. When an item is sold or retired, the accounts are relieved of its cost and related accumulated depreciation and the resulting gains and losses, if any, are recognized in earnings. As of May 31, 2020, assets held for sale were insignificant. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset group are less than the carrying amount of the asset group. Asset groups have identifiable cash flows and are largely independent of other asset groups. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. We perform our annual goodwill and indefinite-lived intangible assets impairment test as of the first day of the second quarter of the fiscal year. Impairment testing is performed for each of our reporting units. We compare the carrying value of a reporting unit, including goodwill, to the fair value of the unit. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requires allocation of shared or corporate items among reporting units. If the carrying amount of a reporting unit exceeds its fair value, impairment has occurred. We recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value up to the total amount of goodwill allocated to the reporting unit. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. Intangible assets that are deemed to have finite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our indefinite-lived intangible assets, mainly intangible assets primarily associated with the Blue Buffalo , Pillsbury , Totino’s , Yoplait , Old El Paso , Progresso , Annie’s , Häagen-Dazs , and Yoki brands, are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. Our finite-lived intangible assets, primarily acquired franchise agreements and customer relationships, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. Assets generally have identifiable cash flows and are largely independent of other assets. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset over its fair value. Fair value is measured using a discounted cash flow model or other similar valuation model, as appropriate. |
Leases | Leases We determine whether an arrangement is a lease at inception. When our lease arrangements include lease and non-lease components, we account for lease and non-lease components (e.g. common area maintenance) separately based on their relative standalone prices. Any lease arrangements with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheet, and we recognize lease costs for these lease arrangements on a straight-line basis over the lease term. Many of our lease arrangements provide us with options to exercise one or more renewal terms or to terminate the lease arrangement. We include these options when we are reasonably certain to exercise them in the lease term used to establish our right of use assets and lease liabilities. Generally, our lease agreements do not include an option to purchase the leased asset, residual value guarantees, or material restrictive covenants. We have certain lease arrangements with variable rental payments. Our lease arrangements for our Häagen-Dazs retail shops often include rental payments that are based on a percentage of retail sales. We have other lease arrangements that are adjusted periodically based on an inflation index or rate. The future variability of these payments and adjustments are unknown, and therefore they are not included as minimum lease payments used to determine our right of use assets and lease liabilities. Variable rental payments are recognized in the period in which the obligation is incurred. As most of our lease arrangements do not provide an implicit interest rate, we apply an incremental borrowing rate based on the information available at the commencement date of the lease arrangement to determine the present value of lease payments. |
Investments in Unconsolidated Joint Ventures and Redeemable Interest | Investments in Unconsolidated Joint Ventures Our investments in companies over which we have the ability to exercise significant influence are stated at cost plus our share of undistributed earnings or losses. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. In addition, we make advances to our joint ventures in the form of loans or capital investments. We also sell certain raw materials, semi-finished goods, and finished goods to the joint ventures, generally at market prices. In addition, we assess our investments in our joint ventures if we have reason to believe an impairment may have occurred including, but not limited to, as a result of ongoing operating losses, projected decreases in earnings, increases in the weighted-average cost of capital, or significant business disruptions. The significant assumptions used to estimate fair value include revenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. By their nature, these projections and assumptions are uncertain. If we were to determine the current fair value of our investment was less than the carrying value of the investment, then we would assess if the shortfall was of a temporary or permanent nature and write down the investment to its fair value if we concluded the impairment is other than temporary. Redeemable Interest We have a 51 percent controlling interest in Yoplait SAS, a consolidated entity. Sodiaal International (Sodiaal) holds the remaining 49 percent interest in Yoplait SAS. Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. This put option requires us to classify Sodiaal’s interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on our Consolidated Balance Sheets. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation, taxes, foreign currency exchange rates, and a discount rate. |
Revenue Recognition | Revenue Recognition Our revenues primarily result from contracts with customers, which are generally short-term and have a single performance obligation – the delivery of product. We recognize revenue for the sale of packaged foods at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs when the shipment is accepted by our customer. Sales include shipping and handling charges billed to the customer and are reported net of variable consideration and consideration payable to our customers, including trade promotion, consumer coupon redemption and other reductions to the transaction price, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not included in revenue. Trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale. Differences between estimated and actual reductions to the transaction price are recognized as a change in estimate in a subsequent period. We generally do not allow a right of return. However, on a limited case-by-case basis with prior approval, we may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Payment terms and collection patterns vary around the world and by channel, and are short-term, and as such, we do not have any significant financing components. Our allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deem the amount is uncollectible. Please see Note 17 for a disaggregation of our revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. We do not have material contract assets or liabilities arising from our contracts with customers. |
Environmental | Environmental Costs Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities for anticipated remediation costs are recorded on an undiscounted basis when they are probable and reasonably estimable, generally no later than the completion of feasibility studies or our commitment to a plan of action. |
Advertising Production Costs | Advertising Production Costs We expense the production costs of advertising the first time that the advertising takes place. |
Research and Development | Research and Development All expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product and manufacturing process innovation, and the annual expenditures are comprised primarily of internal salaries, wages, consulting, and supplies attributable to R&D activities. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. |
Foreign Currency Translation | Foreign Currency Translation For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-end exchange rates. Income statement accounts are translated using the average exchange rates prevailing during the period. Translation adjustments are reflected within accumulated other comprehensive loss (AOCI) in stockholders’ equity. Gains and losses from foreign currency transactions are included in net earnings for the period, except for gains and losses on investments in subsidiaries for which settlement is not planned for the foreseeable future and foreign exchange gains and losses on instruments designated as net investment hedges. These gains and losses are recorded in AOCI. |
Derivative Instruments | Derivative Instruments All derivatives are recognized on our Consolidated Balance Sheets at fair value based on quoted market prices or our estimate of their fair value, and are recorded in either current or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts reported in AOCI are reclassified to earnings at that time. |
Stock-based Compensation | Stock-based Compensation We generally measure compensation expense for grants of restricted stock units and performance share units using the value of a share of our stock on the date of grant. We estimate the value of stock option grants using a Black-Scholes valuation model. Generally, stock-based compensation is recognized straight line over the vesting period. Our stock-based compensation expense is recorded in selling, general and administrative (SG&A) expenses and cost of sales in our Consolidated Statements of Earnings and allocated to each reportable segment in our segment results. Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees and directors. We consider a stock-based award to be vested when the employee’s or director’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the related compensation cost is generally recognized immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. We report the benefits of tax deductions in excess of recognized compensation cost as an operating cash flow. |
Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans | Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans We sponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certain circumstances, we also provide accruable benefits, primarily severance, to former or inactive employees in the United States, Canada, and Mexico. We recognize an obligation for any of these benefits that vest or accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded. We recognize the underfunded or overfunded status of a defined benefit pension plan as an asset or liability and recognize changes in the funded status in the year in which the changes occur through AOCI. |
Use of Estimates | Use of Estimates Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for revenue recognition, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. Actual results could differ from our estimates. |
Other New Accounting Standards | New Accounting Standards In the fourth quarter of fiscal 2020, we adopted new accounting requirements related to the annual disclosure requirements for defined benefit pension and other postretirement benefit plans. The new standard modifies specific disclosures to improve usefulness to financial statement users. We adopted the requirements of the new standard using a retrospective approach. The adoption of this guidance did not impact our results of operations or financial position. In the first quarter of fiscal 2020, we adopted new accounting requirements for hedge accounting. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities and financial reporting. The new standard also simplifies the application of hedge accounting guidance. The adoption did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation, and classification of leases. This results in certain leases being capitalized as a right of use asset with a related liability on our Consolidated Balance Sheet. We performed a review of our lease portfolio, implemented lease accounting software, and developed a centralized business process with corresponding controls. We adopted this guidance utilizing the cumulative effect adjustment approach, which required application of the guidance at the adoption date, and elected certain practical expedients permitted under the transition guidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of those leases. In addition, we elected not to recognize leases with an initial term of 12 months or less on our Consolidated Balance Sheet and to continue our historical treatment of land easements, under permitted elections. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or our Consolidated Statements of Cash Flows. See Note 7 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheet . In the first quarter of fiscal 2019, we adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense, net periodic postretirement benefit expense, and net periodic postemployment benefit expense (collectively “net periodic benefit expense”). The new standard requires the service cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our Consolidated Statements of Earnings. Other components of net periodic benefit expense must be presented separately outside of operating profit in our Consolidated Statements of Earnings. In addition, the new standard requires that only the service cost component of net periodic benefit expense is eligible for capitalization. The new standard requires retrospective adoption of the presentation of net periodic benefit expense and prospective application of the capitalization of the service cost component. The impact of the adoption of this standard on our results of operations was a decrease to our operating profit of $ 87.9 million and $ 89.4 million and a corresponding increase to benefit plan non-service income of $ 87.9 million and $ 89.4 million for fiscal 2019 and fiscal 2018, respectively. There were no changes to our reported segment operating profit. In the first quarter of fiscal 2019, we adopted new accounting requirements for the recognition of revenue from contracts with customers. Under the new standard, we apply a principles-based five step model to recognize revenue upon the transfer of control of promised goods to customers and in an amount that reflects the consideration for which we expect to be entitled to in exchange for those goods. We did not identify any material differences resulting from applying the new requirements to our revenue contracts. Additionally, we did not identify any significant changes to our business processes, systems, and controls to support recognition and disclosure requirements under the new guidance. We adopted the requirements of the new standard and subsequent amendments to all contracts in the first quarter of fiscal 2019 using the cumulative effect approach. We recorded a $ 33.9 million cumulative effect adjustment net of income tax effects to the opening balance of fiscal 2019 retained earnings, a decrease to deferred income taxes of $ 11.4 million, and an increase to other current liabilities of $ 45.3 million related to the timing of recognition of certain promotional expenditures. In the third quarter of fiscal 2018, we adopted new accounting requirements that codify Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 118, as it relates to allowing for recognition of provisional amounts related to the U.S. Tax Cuts and Jobs Act (TCJA) in the event that the accounting is not complete and a reasonable estimate can be made. Where necessary information is not available, prepared, or analyzed to determine a reasonable estimate, no provisional amount should be recorded. The guidance allows for a measurement period of up to one year from the enactment date to finalize the accounting related to the TCJA. In fiscal 2019, we completed our accounting for the tax effects of the TCJA. In the third quarter of fiscal 2018, we adopted new accounting requirements that provide the option to reclassify stranded income tax effects resulting from the TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $ 329.4 million from AOCI to retained earnings. This reclassification consisted of deferred taxes originally recorded in AOCI that exceeded the newly enacted federal corporate tax rate. The new accounting requirements allowed for adjustments to reclassification amounts in subsequent periods as a result of changes to the provisional amounts recorded. In the first quarter of fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. The adoption of this guidance resulted in the prospective recognition of realized windfall and shortfall tax benefits related to the exercise or vesting of stock-based awards in our Consolidated Statements of Earnings instead of additional paid-in capital within our Consolidated Balance Sheets. We retrospectively adopted the guidance related to reclassification of realized windfall tax benefits, which resulted in reclassifications of cash provided by financing activities to operating activities in our Consolidated Statements of Cash Flows. Additionally, we retrospectively adopted the guidance related to reclassification of employee tax withholdings, which resulted in reclassifications of cash used by operating activities to financing activities in our Consolidated Statements of Cash Flows. Stock-based compensation expense continues to reflect estimated forfeitures. In the first quarter of fiscal 2018, we adopted new accounting requirements that permit reporting entities to measure a goodwill impairment loss by the amount by which a reporting unit’s carrying value exceeds the reporting unit’s fair value. Previously, goodwill impairment losses were required to be measured by determining the implied fair value of goodwill. The adoption of this guidance did not impact our results of operations or financial position. |
Restructuring, Impairment, an_2
Restructuring, Impairment, and Other Exit Costs (Tables) | 12 Months Ended |
May 31, 2020 | |
RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTS [Abstract] | |
Restructuring and Impairment Charges and Project-Related Costs | Expense, in Millions Targeted actions in global supply chain $ 80.2 Charges associated with restructuring actions previously announced ( 2.6) Total $ 77.6 Expense, in Millions Global cost savings initiatives $ 49.3 Charges associated with restructuring actions previously announced 33.4 Total $ 82.7 Fiscal Year In Millions 2020 2019 2018 Cost of sales $ 25.8 $ 9.9 $ 14.0 Restructuring, impairment, and other exit costs 24.4 275.1 165.6 Total restructuring and impairment charges 50.2 285.0 179.6 Project-related costs classified in cost of sales $ 1.5 $ 1.3 $ 11.3 |
Rollforward of Restructuring and Other Exit Cost Reserves | 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 28, 2017 $ 81.8 $ 0.7 $ 2.5 $ 85.0 Fiscal 2018 charges, including foreign currency translation 40.8 0.2 ( 0.7) 40.3 Utilized in fiscal 2018 ( 56.6) ( 0.8) ( 1.1) ( 58.5) Reserve balance as of May 27, 2018 66.0 0.1 0.7 66.8 Fiscal 2019 charges, including foreign currency translation 7.7 2.5 1.4 11.6 Utilized in fiscal 2019 ( 37.2) ( 2.6) ( 2.1) ( 41.9) Reserve balance as of May 26, 2019 36.5 - - 36.5 Fiscal 2020 charges, including foreign currency translation ( 5.0) 0.8 1.7 ( 2.5) Utilized in fiscal 2020 ( 13.7) ( 0.8) ( 1.7) ( 16.2) Reserve balance as of May 31, 2020 $ 17.8 $ - $ - $ 17.8 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
May 31, 2020 | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES [Abstract] | |
Joint Venture Related Financial Statement Activity [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Cumulative investments $ 481.4 $ 452.9 Goodwill and other intangibles 460.5 472.1 Aggregate advances included in cumulative investments 279.5 249.0 Fiscal Year In Millions 2020 2019 2018 Sales to joint ventures $ 5.9 $ 4.2 $ 7.4 Net advances (repayments) 48.0 ( 0.1) 17.3 Dividends received 76.5 86.7 113.2 |
Summarized Joint Venture Financial Statement Activity on 100% Basis [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Net sales: CPW $ 1,654.3 $ 1,647.7 $ 1,734.0 HDJ 391.3 396.2 430.4 Total net sales 2,045.6 2,043.9 2,164.4 Gross margin 785.3 744.4 853.6 Earnings before income taxes 214.0 155.4 216.2 Earnings after income taxes 176.5 111.9 176.7 In Millions May 31, 2020 May 26, 2019 Current assets $ 870.0 $ 895.6 Noncurrent assets 781.4 839.2 Current liabilities 1,365.6 1,517.3 Noncurrent liabilities 104.2 77.1 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
May 31, 2020 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Components of goodwill and other intangible assets [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Goodwill $ 13,923.2 $ 13,995.8 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,561.4 6,590.8 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 777.8 786.1 Less accumulated amortization ( 243.4) ( 210.1) Intangible assets subject to amortization 534.4 576.0 Other intangible assets 7,095.8 7,166.8 Total $ 21,019.0 $ 21,162.6 |
Changes in the carrying amount of goodwill [Table Text Block] | In Millions North America Retail Pet Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total Balance as of May 28, 2017 $ 6,406.5 $ - $ 918.8 $ 700.8 $ 312.4 $ 408.7 $ 8,747.2 Acquisition - 5,294.9 - - - - 5,294.9 Other activity, primarily foreign currency translation 4.1 - - 29.1 ( 27.4) 17.1 22.9 Balance as of May 27, 2018 6,410.6 5,294.9 918.8 729.9 285.0 425.8 14,065.0 Divestitures - - - - ( 0.5) - ( 0.5) Purchase accounting adjustment - 5.6 - - - - 5.6 Other activity, primarily foreign currency translation ( 4.1) - - ( 29.5) ( 24.3) ( 16.4) ( 74.3) Balance as of May 26, 2019 6,406.5 5,300.5 918.8 700.4 260.2 409.4 13,995.8 Other activity, primarily foreign currency translation ( 2.8) - - ( 9.7) ( 56.4) ( 3.7) ( 72.6) Balance as of May 31, 2020 $ 6,403.7 $ 5,300.5 $ 918.8 $ 690.7 $ 203.8 $ 405.7 $ 13,923.2 |
Changes in the carrying amount of other intangible assets [Table Text Block] | In Millions Total Balance as of May 28, 2017 $ 4,530.4 Acquisition 3,015.0 Impairment charge ( 96.9) Other activity, primarily amortization and foreign currency translation ( 3.4) Balance as of May 27, 2018 $ 7,445.1 Impairment charge ( 192.6) Other activity, primarily amortization and foreign currency translation ( 85.7) Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily amortization and foreign currency translation ( 71.0) Balance as of May 31, 2020 $ 7,095.8 |
Schedule of at-risk brand intangibles [Table Text Block] | In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2020 Test Date Europe & Australia $ 672.6 14 % Progresso $ 330.0 5 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
May 31, 2020 | |
Lessee Disclosure [Abstract] | |
Lease Cost [TableText Block] | Fiscal Year In Millions 2020 Operating lease cost $ 133.5 Variable lease cost 14.4 Short-term lease cost 23.3 |
Lessee Operating Lease Liability Maturity [Table Text Block] | In Millions Operating Leases Finance Leases Fiscal 2021 $ 115.4 $ 0.1 Fiscal 2022 97.6 0.1 Fiscal 2023 73.9 - Fiscal 2024 56.8 - Fiscal 2025 35.1 - After fiscal 2025 33.7 - Total noncancelable future lease obligations $ 412.5 $ 0.2 Less: Interest ( 33.5) - Present value of lease obligations $ 379.0 $ 0.2 |
Schedule Of Future Minimum Rental Payments For Operating Leases [Table Text Block] | In Millions Fiscal 2020 $ 120.0 Fiscal 2021 101.7 Fiscal 2022 85.0 Fiscal 2023 63.8 Fiscal 2024 49.1 After fiscal 2024 63.0 Total noncancelable future lease commitments $ 482.6 |
Lessee Operating Lease Weighted Averages [TableText Block] | May 31, 2020 Weighted-average remaining lease term 4.6 years Weighted-average discount rate 4.1 % |
Supplemental Cash Flow Information Related To Leases [Table Text Block] | Fiscal Year In Millions 2020 Cash paid for amounts included in the measurement of lease liabilities $ 131.0 Right of use assets obtained in exchange for new lease liabilities $ 46.3 |
Financial Instruments, Risk M_2
Financial Instruments, Risk Management Activities, and Fair Values (Tables) | 12 Months Ended |
May 31, 2020 | |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | |
Schedule of Marketable Debt and Equity Securities and Maturities [Table Text Block] | Cost Fair Value Gross Gains Gross Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 2020 2019 Available for sale debt securities $ 56.7 $ 34.3 $ 56.7 $ 34.3 $ - $ - $ - $ - Equity securities 0.3 0.6 4.9 18.5 4.6 17.9 - - Total $ 57.0 $ 34.9 $ 61.6 $ 52.8 $ 4.6 $ 17.9 $ - $ - Scheduled maturities of our marketable securities are as follows: Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 56.7 $ 56.7 Equity securities 0.3 4.9 Total $ 57.0 $ 61.6 |
Schedule of Unallocated Corporate items [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Net (loss) gain on mark-to-market valuation of commodity positions $ ( 63.0) $ ( 39.0) $ 14.3 Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit 35.6 10.0 11.3 Net mark-to-market revaluation of certain grain inventories 2.7 ( 7.0) 6.5 Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ ( 24.7) $ ( 36.0) $ 32.1 |
Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block] | In Millions Gain/(Loss) 3.15% notes due December 15, 2021 $ ( 15.2) 2.6% notes due October 12, 2022 1.7 1.0% notes due April 27, 2023 ( 0.7) 3.7% notes due October 17, 2023 ( 1.1) 3.65% notes due February 15, 2024 6.6 4.0% notes due April 17, 2025 ( 2.8) 3.2% notes due February 10, 2027 11.4 1.5% notes due April 27, 2027 ( 2.3) 4.2% notes due April 17, 2028 ( 8.0) 4.55% notes due April 17, 2038 ( 9.8) 5.4% notes due June 15, 2040 ( 11.2) 4.15% notes due February 15, 2043 8.9 4.7% notes due April 17, 2048 ( 13.2) Net pre-tax hedge loss in AOCI $ ( 35.7) |
Schedule of Interest Rate Swaps [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Pay-floating swaps - notional amount $ 666.1 $ 500.0 Average receive rate 0.4 % 2.2 % Average pay rate 0.3 % 3.1 % Pay-fixed swaps - notional amount $ 500.0 $ - Average receive rate 1.7 % - % Average pay rate 2.1 % - % |
Schedule of Fair Value Measurement Inputs [Table Text Block] | May 31, 2020 May 31, 2020 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 5.6 $ - $ 5.6 $ - $ ( 7.8) $ - $ ( 7.8) Foreign exchange contracts (a) (c) - 19.8 - 19.8 - ( 3.8) - ( 3.8) Total - 25.4 - 25.4 - ( 11.6) - ( 11.6) Derivatives not designated as hedging instruments: Foreign exchange contracts (a) (c) - 18.8 - 18.8 - ( 0.2) - ( 0.2) Commodity contracts (a) (d) 4.6 1.6 - 6.2 ( 3.4) ( 26.7) - ( 30.1) Grain contracts (a) (d) - 5.0 - 5.0 - ( 1.2) - ( 1.2) Total 4.6 25.4 - 30.0 ( 3.4) ( 28.1) - ( 31.5) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 4.9 56.7 - 61.6 - - - - Total 4.9 56.7 - 61.6 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 9.5 $ 107.5 $ - $ 117.0 $ ( 3.4) $ ( 39.7) $ - $ ( 43.1) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. Based on LIBOR and swap rates. As of May 31, 2020, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $ 670.9 million and was classified on the Consolidated Balance Sheet within long-term debt. As of May 31, 2020, the cumulative amount of fair value hedging basis adjustments was $ 4.8 million. Based on observable market transactions of spot currency rates and forward currency prices. Based on prices of futures exchanges and recently reported transactions in the marketplace. Based on prices of common stock and bond matrix pricing. May 26, 2019 May 26, 2019 Fair Values of Assets Fair Values of Liabilities In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ ( 1.9) $ - $ ( 1.9) Foreign exchange contracts (a) (c) - 12.9 - 12.9 - ( 3.3) - ( 3.3) Total - 12.9 - 12.9 - ( 5.2) - ( 5.2) Derivatives not designated as hedging instruments: Foreign exchange contracts (a) (c) - 2.4 - 2.4 - ( 1.9) - ( 1.9) Commodity contracts (a) (d) 1.4 5.2 - 6.6 ( 4.4) ( 3.5) - ( 7.9) Grain contracts (a) (d) - 6.7 - 6.7 - ( 2.3) - ( 2.3) Total 1.4 14.3 - 15.7 ( 4.4) ( 7.7) - ( 12.1) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 18.5 34.3 - 52.8 - - - - Long-lived assets (f) - 19.0 - 19.0 - - - - Indefinite-lived intangible assets (g) - - 330.0 330.0 - - - - Total 18.5 53.3 330.0 401.8 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 19.9 $ 80.5 $ 330.0 $ 430.4 $ ( 4.4) $ ( 12.9) $ - $ ( 17.3) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. Based on LIBOR and swap rates. As of May 26, 2019, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $ 493.3 million and was classified on the Consolidated Balance Sheet within the current portion of long-term debt. As of May 26, 2019, the cumulative amount of fair value hedging basis adjustments was $ 6.7 million. Based on observable market transactions of spot currency rates and forward currency prices. Based on prices of futures exchanges and recently reported transactions in the marketplace. Based on prices of common stock and bond matrix pricing. We recorded $ 61.2 million in non-cash impairment charges in fiscal 2019 to write down certain long-lived assets to their fair value. Fair value was based on recently reported transactions for similar assets in the marketplace. These assets had a carrying value of $ 80.2 million and were associated with the restructuring actions described in Note 4. See Note 6. We did not significantly change our valuation techniques from prior periods. |
Schedule of Gains and Losses on Hedges [Table Text Block] | Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other comprehensive income (OCI) $ ( 6.9) $ - $ 11.3 $ 15.7 $ - $ - $ - $ - $ 4.4 $ 15.7 Amount of net gain (loss) reclassified from AOCI into earnings (a) ( 9.5) ( 9.0) 4.6 8.4 - - - - ( 4.9) ( 0.6) Amount of net gain recognized in earnings (b) - - - 0.5 - - - - - 0.5 Derivatives in Fair Value Hedging Relationships: Amount of net gain (loss) recognized in earnings (c) ( 4.9) 2.4 - - - - - - ( 4.9) 2.4 Derivatives Not Designated as Hedging Instruments: Amount of net gain (loss) recognized in earnings (b) ( 1.4) - 15.7 7.5 8.6 0.7 ( 55.6) ( 33.6) ( 32.7) ( 25.4) Gain (loss) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. For the fiscal year ended May 31, 2020, the amount of gain reclassified from AOCI into cost of sales was $ 5.1 million and the amount of loss reclassified from AOCI into SG&A was $ 0.5 million. For the fiscal year ended May 26, 2019, the amount of gain reclassified from AOCI into cost of sales was $ 10.5 million and the amount of loss reclassified from AOCI into SG&A was $ 2.1 million. Gain recognized in earnings is related to the ineffective portion of the hedging relationship, reported in SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. No amounts were reported as a result of being excluded from the assessment of hedge effectiveness. Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. |
Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block] | May 31, 2020 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 6.2 $ - $ 6.2 $( 4.2) $ - $ 2.0 $( 30.1) $ - $( 30.1) $ 4.2 $ 15.9 $( 10.0) Interest rate contracts 6.0 - 6.0 ( 0.8) - 5.2 ( 8.0) - ( 8.0) 0.8 - ( 7.2) Foreign exchange contracts 38.6 - 38.6 ( 3.7) - 34.9 ( 4.0) - ( 4.0) 3.7 - ( 0.3) Equity contracts 8.6 - 8.6 - - 8.6 - - - - - - Total $ 59.4 $ - $ 59.4 $( 8.7) $ - $ 50.7 $( 42.1) $ - $( 42.1) $ 8.7 $ 15.9 $( 17.5) May 26, 2019 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 6.6 $ - $ 6.6 $( 4.9) $ - $ 1.7 $( 7.9) $ - $( 7.9) $ 4.9 $ - $( 3.0) Interest rate contracts - - - - - - ( 2.2) - ( 2.2) - - ( 2.2) Foreign exchange contracts 15.3 - 15.3 ( 5.1) - 10.2 ( 5.2) - ( 5.2) 5.1 - ( 0.1) Equity contracts 0.7 - 0.7 ( 0.7) - - ( 5.8) - ( 5.8) 0.7 - ( 5.1) Total $ 22.6 $ - $ 22.6 $( 10.7) $ - $ 11.9 $( 21.1) $ - $( 21.1) $ 10.7 $ - $( 10.4) Includes related collateral offset in our Consolidated Balance Sheets. Net fair value as recorded in our Consolidated Balance Sheets. Fair value of assets that could be reported net in our Consolidated Balance Sheets. Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block] | May 31, 2020 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 6.2 $ - $ 6.2 $( 4.2) $ - $ 2.0 $( 30.1) $ - $( 30.1) $ 4.2 $ 15.9 $( 10.0) Interest rate contracts 6.0 - 6.0 ( 0.8) - 5.2 ( 8.0) - ( 8.0) 0.8 - ( 7.2) Foreign exchange contracts 38.6 - 38.6 ( 3.7) - 34.9 ( 4.0) - ( 4.0) 3.7 - ( 0.3) Equity contracts 8.6 - 8.6 - - 8.6 - - - - - - Total $ 59.4 $ - $ 59.4 $( 8.7) $ - $ 50.7 $( 42.1) $ - $( 42.1) $ 8.7 $ 15.9 $( 17.5) May 26, 2019 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets (b) Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 6.6 $ - $ 6.6 $( 4.9) $ - $ 1.7 $( 7.9) $ - $( 7.9) $ 4.9 $ - $( 3.0) Interest rate contracts - - - - - - ( 2.2) - ( 2.2) - - ( 2.2) Foreign exchange contracts 15.3 - 15.3 ( 5.1) - 10.2 ( 5.2) - ( 5.2) 5.1 - ( 0.1) Equity contracts 0.7 - 0.7 ( 0.7) - - ( 5.8) - ( 5.8) 0.7 - ( 5.1) Total $ 22.6 $ - $ 22.6 $( 10.7) $ - $ 11.9 $( 21.1) $ - $( 21.1) $ 10.7 $ - $( 10.4) Includes related collateral offset in our Consolidated Balance Sheets. Net fair value as recorded in our Consolidated Balance Sheets. Fair value of assets that could be reported net in our Consolidated Balance Sheets. Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block] | In Millions After-Tax Gain/(Loss) Unrealized losses from interest rate cash flow hedges $ ( 30.8) Unrealized gains from foreign currency cash flow hedges 18.2 After-tax loss in AOCI related to hedge derivatives $ ( 12.6) |
Customer Concentractions [Table Text Block] | During fiscal 2020, customer concentration was as follows: Percent of total Consolidated North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Pet Walmart (a): Net sales 21% 30% 8% 1% 5% 12% Accounts receivable 22% 6% 1% 7% 9% Five largest customers: Net sales 54% 45% 24% 12% 64% (a) Includes Walmart Inc. and its affiliates. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
May 31, 2020 | |
DEBT [Abstract] | |
Schedule of Components of Notes Payable [Table Text Block] | May 31, 2020 May 26, 2019 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 99.9 3.6 % $ 1,298.5 2.7 % Financial institutions 179.1 5.1 170.2 9.0 Total $ 279.0 4.6 % $ 1,468.7 3.4 % |
Schedule of Fee-Paid Committed and Uncommitted Credit Lines [Table Text Block] | In Billions Facility Amount Borrowed Amount Credit facility expiring: May 2022 $ 2.7 $ - September 2022 0.2 - Total committed credit facilities 2.9 - Uncommitted credit facilities 0.6 0.2 Total committed and uncommitted credit facilities $ 3.5 $ 0.2 |
Schedule of Long-term Debt Instruments [Table Text Block] | In Millions May 31, 2020 May 26, 2019 4.2% notes due April 17, 2028 $ 1,400.0 $ 1,400.0 3.15% notes due December 15, 2021 1,000.0 1,000.0 3.7% notes due October 17, 2023 850.0 850.0 Floating-rate notes due April 16, 2021 850.0 850.0 4.0% notes due April 17, 2025 800.0 800.0 3.2% notes due February 10, 2027 750.0 750.0 2.875% notes due April 15, 2030 750.0 - Euro-denominated 0.45% notes due January 15, 2026 666.1 - 4.7% notes due April 17, 2048 650.0 650.0 3.2% notes due April 16, 2021 600.0 600.0 Euro-denominated 2.1% notes due November 16, 2020 555.1 560.1 Euro-denominated 1.0% notes due April 27, 2023 555.1 560.1 Euro-denominated floating-rate notes due January 15, 2020 - 560.1 4.55% notes due April 17, 2038 500.0 500.0 2.6% notes due October 12, 2022 500.0 500.0 5.4% notes due June 15, 2040 500.0 500.0 4.15% notes due February 15, 2043 500.0 500.0 3.65% notes due February 15, 2024 500.0 500.0 2.2% notes due October 21, 2019 - 500.0 Euro-denominated 1.5% notes due April 27, 2027 444.0 448.1 Floating-rate notes due October 17, 2023 400.0 400.0 Euro-denominated 0.0% notes due January 15, 2020 - 336.1 Euro-denominated 2.2% notes due June 24, 2021 222.0 224.0 Euro-denominated 0.0% notes due November 16, 2020 222.0 - Medium-term notes, 0.56% to 6.61%, due fiscal 2021 or later 104.2 104.2 Other, including debt issuance costs and finance leases ( 58.0) ( 71.4) 13,260.5 13,021.3 Less amount due within one year ( 2,331.5) ( 1,396.5) Total long-term debt $ 10,929.0 $ 11,624.8 |
Schedule Of Long-term Debt And Capital Leases [Table Text Block] | In Millions Fiscal 2021 $ 2,331.5 Fiscal 2022 1,222.1 Fiscal 2023 1,055.1 Fiscal 2024 1,750.0 Fiscal 2025 800.0 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
May 31, 2020 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Share Repurchases [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Shares of common stock 0.1 - 10.9 Aggregate purchase price $ 3.4 $ 1.1 $ 601.6 |
Schedule of Total Comprehensive Income (Loss) [Table Text Block] | Fiscal 2020 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 2,181.2 $ 12.9 $ 16.7 Other comprehensive income (loss): Foreign currency translation $ ( 149.1) $ - ( 149.1) ( 2.6) ( 17.4) Net actuarial loss ( 290.2) 65.6 ( 224.6) - - Other fair value changes: Hedge derivatives 4.4 ( 1.2) 3.2 - - Reclassification to earnings: Hedge derivatives (a) 4.3 ( 0.7) 3.6 - 0.5 Amortization of losses and prior service costs (b) 101.3 ( 23.4) 77.9 - - Other comprehensive loss ( 329.3) 40.3 ( 289.0) ( 2.6) ( 16.9) Total comprehensive income (loss) $ 1,892.2 $ 10.3 $ ( 0.2) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2. Fiscal 2019 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 1,752.7 $ 13.9 $ 19.6 Other comprehensive income (loss): Foreign currency translation $ ( 38.3) $ - ( 38.3) ( 13.5) ( 31.0) Net actuarial loss ( 325.6) 72.2 ( 253.4) - - Other fair value changes: Hedge derivatives 15.9 ( 3.7) 12.2 - ( 0.1) Reclassification to earnings: Securities (a) ( 2.6) 0.6 ( 2.0) - - Hedge derivatives (b) 0.1 0.4 0.5 - 0.4 Amortization of losses and prior service costs (c) 107.5 ( 22.9) 84.6 - - Other comprehensive loss ( 243.0) 46.6 ( 196.4) ( 13.5) ( 30.7) Total comprehensive income (loss) $ 1,556.3 $ 0.4 $ ( 11.1) Gain reclassified from AOCI into earnings is reported in interest, net for securities. Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2. Fiscal 2018 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 2,131.0 $ 13.4 $ 18.6 Other comprehensive income (loss): Foreign currency translation $ ( 76.9) $ - ( 76.9) 13.5 26.4 Net actuarial income 185.5 ( 45.4) 140.1 - - Other fair value changes: Securities 1.8 ( 0.6) 1.2 - - Hedge derivatives ( 64.7) 14.2 ( 50.5) - ( 0.3) Reclassification to earnings: Securities (a) ( 6.6) 1.5 ( 5.1) - - Hedge derivatives (b) 24.9 ( 6.4) 18.5 - ( 1.1) Amortization of losses and prior service costs (c) 176.8 ( 59.2) 117.6 - - Other comprehensive income 240.8 ( 95.9) 144.9 13.5 25.0 Total comprehensive income $ 2,275.9 $ 26.9 $ 43.6 Gain reclassified from AOCI into earnings is reported in interest, net for securities. Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Foreign currency translation adjustments $ ( 889.0) $ ( 739.9) Unrealized loss from: Hedge derivatives ( 12.6) ( 19.4) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 2,022.5) ( 1,880.5) Prior service credits 9.7 14.4 Accumulated other comprehensive loss $ ( 2,914.4) $ ( 2,625.4) |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
May 31, 2020 | |
STOCK PLANS [Abstract] | |
Estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model [Table Text Block] | Fiscal Year 2020 2019 2018 Estimated fair values of stock options granted $ 7.10 $ 5.35 $ 6.18 Assumptions: Risk-free interest rate 2.0 % 2.9 % 2.2 % Expected term 8.5 years 8.5 years 8.2 years Expected volatility 17.4 % 16.3 % 15.8 % Dividend yield 3.6 % 4.3 % 3.6 % |
Information on stock option activity [Table Text Block] | Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 26, 2019 23,653.0 $ 47.12 4.82 $ 180.00 Granted 2,065.0 53.70 Exercised ( 7,066.0) 37.98 Forfeited or expired ( 487.4) 55.91 Outstanding as of May 31, 2020 18,164.6 $ 51.21 5.53 $ 222.6 Exercisable as of May 31, 2020 8,706.4 $ 47.28 3.25 $ 137.3 |
Net cash proceeds and intrinsic value of options exercised [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Net cash proceeds $ 263.4 $ 241.4 $ 99.3 Intrinsic value of options exercised $ 132.9 $ 126.7 $ 83.6 |
Information on restricted stock unit and performance share units activity [Table Text Block] | Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 26, 2019 4,272.3 $ 53.87 108.1 $ 55.45 Granted 1,913.4 53.27 34.2 53.64 Vested ( 1,039.7) 55.81 ( 29.5) 56.38 Forfeited or expired ( 220.5) 53.00 ( 9.5) 53.73 Non-vested as of May 31, 2020 4,925.5 $ 53.26 103.3 $ 54.75 Fiscal Year 2020 2019 2018 Number of units granted (thousands) 1,947.6 1,848.2 1,551.3 Weighted-average price per unit $ 53.28 $ 46.14 $ 55.12 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
May 31, 2020 | |
EARNINGS PER SHARE [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year In Millions, Except per Share Data 2020 2019 2018 Net earnings attributable to General Mills $ 2,181.2 $ 1,752.7 $ 2,131.0 Average number of common shares - basic EPS 608.1 600.4 576.8 Incremental share effect from: (a) Stock options 2.7 3.1 6.9 Restricted stock units, performance share units, and other 2.5 1.9 2.0 Average number of common shares - diluted EPS 613.3 605.4 585.7 Earnings per share - basic $ 3.59 $ 2.92 $ 3.69 Earnings per share - diluted $ 3.56 $ 2.90 $ 3.64 (a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they were not dilutive were as follows: |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Anti-dilutive stock options, restricted stock units, and performance share units 8.4 14.1 8.9 |
Retirement Benefits and Poste_2
Retirement Benefits and Postemployment Benefits (Tables) | 12 Months Ended |
May 31, 2020 | |
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract] | |
Health Care Cost Trend Rates [Table Text Block] | Fiscal Year 2020 2019 Health care cost trend rate for next year 6.2% and 6.5% 6.4% and 6.7% Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2029 2029 |
Summarized Financial Information [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 Change in Plan Assets: Fair value at beginning of year $ 6,291.6 $ 6,177.4 $ 753.8 $ 726.1 Actual return on assets 983.7 391.9 65.0 41.3 Employer contributions 32.9 30.4 0.1 0.1 Plan participant contributions 6.7 3.9 13.8 15.0 Benefits payments ( 317.2) ( 305.2) ( 39.2) ( 28.7) Foreign currency ( 4.5) ( 6.8) - - Fair value at end of year (a) $ 6,993.2 $ 6,291.6 $ 793.5 $ 753.8 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 6,750.7 $ 6,416.0 $ 824.1 $ 871.8 $ 128.0 $ 126.7 Service cost 92.7 94.6 9.4 9.9 8.3 7.6 Interest cost 230.5 248.0 27.1 33.1 2.6 3.0 Plan amendment 1.2 - - - - 1.7 Curtailment/other ( 1.2) ( 0.7) - - - - Plan participant contributions 6.7 3.9 13.8 15.0 - - Medicare Part D reimbursements - - 2.7 2.5 - - Actuarial loss (gain) 881.8 301.8 ( 38.3) ( 45.4) 17.7 2.6 Benefits payments ( 317.7) ( 305.8) ( 63.5) ( 62.2) ( 6.2) ( 13.2) Foreign currency ( 4.5) ( 7.1) ( 1.6) ( 0.6) ( 0.1) ( 0.4) Projected benefit obligation at end of year (a) $ 7,640.2 $ 6,750.7 $ 773.7 $ 824.1 $ 150.3 $ 128.0 Plan assets less than benefit obligation as of fiscal year end $ ( 647.0) $ ( 459.1) $ 19.8 $ ( 70.3) $ ( 150.3) $ ( 128.0) (a) Plan assets and obligations are measured as of May 31, 2020 and May 31, 2019. |
Amounts Recognized in AOCI [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2020 2019 2020 2019 2020 2019 Net actuarial (loss) gain $ ( 2,136.6) $ ( 1,961.6) $ 129.5 $ 81.0 $ ( 15.4) $ 0.1 $ ( 2,022.5) $ ( 1,880.5) Prior service (costs) credits ( 6.0) ( 5.9) 21.0 26.3 ( 5.3) ( 6.0) 9.7 14.4 Amounts recorded in accumulated other comprehensive loss $ ( 2,142.6) $ ( 1,967.5) $ 150.5 $ 107.3 $ ( 20.7) $ ( 5.9) $ ( 2,012.8) $ ( 1,866.1) |
Accumulated Benefit Obligations in Excess of Plan Assets [Table Text Block] | Defined Benefit Pension Plans Fiscal Year In Millions 2020 2019 Projected benefit obligation $ 3,512.9 $ 589.7 Accumulated benefit obligation 3,200.1 552.2 Plan assets at fair value 2,569.9 14.4 |
Components of Net Periodic Benefit Expense [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ 92.7 $ 94.6 $ 102.9 $ 9.4 $ 9.9 $ 11.6 $ 8.3 $ 7.6 $ 8.6 Interest cost 230.5 248.0 217.9 27.1 33.1 30.1 2.6 3.0 2.3 Expected return on plan assets ( 449.9) ( 445.8) ( 480.2) ( 42.1) ( 40.4) ( 52.2) - - - Amortization of losses (gains) 106.0 109.8 177.0 ( 2.1) 0.6 0.8 0.4 0.1 0.8 Amortization of prior service costs (credits) 1.6 1.5 1.9 ( 5.5) ( 5.5) ( 5.4) 0.9 0.7 0.6 Other adjustments - - - - - - 17.7 6.7 6.7 Settlement or curtailment losses - 0.3 - - - - - - - Net (income) expense $ ( 19.1) $ 8.4 $ 19.5 $ ( 13.2) $ ( 2.3) $ ( 15.1) $ 29.9 $ 18.1 $ 19.0 |
Weighted-Average Assumptions [Table Text Block] | Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2020 2019 2020 2019 2020 2019 Discount rate 3.20 % 3.91 % 3.02 % 3.79 % 1.85 % 3.10 % Rate of salary increases 4.44 4.17 - - 4.51 4.47 Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.91 % 4.20 % 4.08 % 3.79 % 4.17 % 3.92 % 3.10 % 3.60 % 2.87 % Service cost effective rate 4.19 4.34 4.37 4.04 4.27 4.27 3.51 3.99 3.54 Interest cost effective rate 3.47 3.92 3.45 3.28 3.80 3.24 2.84 3.37 2.67 Rate of salary increases 4.17 4.27 4.25 - - - 4.47 4.44 4.46 Expected long-term rate of return on plan assets 6.95 7.25 7.88 5.67 5.67 7.59 - - - |
Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] | The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy by asset category were as follows: Fiscal Year 2020 Fiscal Year 2019 In Millions Level 1 Level 2 Level 3 Total Assets Level 1 Level 2 Level 3 Total Assets Fair value measurement of pension plan assets: Equity (a) $ 1,039.6 $ 777.7 $ - $ 1,817.3 $ 1,226.2 $ 664.6 $ - $ 1,890.8 Fixed income (b) 1,833.3 1,667.4 - 3,500.7 1,635.5 1,144.9 - 2,780.4 Real asset investments (c) 223.4 0.1 - 223.5 179.4 59.9 - 239.3 Other investments (d) - - 0.2 0.2 - - 0.3 0.3 Cash and accruals 180.3 - - 180.3 186.5 - - 186.5 Fair value measurement of pension plan assets $ 3,276.6 $ 2,445.2 $ 0.2 $ 5,722.0 $ 3,227.6 $ 1,869.4 $ 0.3 $ 5,097.3 Assets measured at net asset value (e) 1,271.2 1,194.3 Total pension plan assets (f) $ 6,993.2 $ 6,291.6 Fair value measurement of postretirement benefit plan assets: Equity (a) $ - $ 46.9 $ - $ 46.9 $ - $ 66.8 $ - $ 66.8 Fixed income (b) 157.5 268.4 - 425.9 139.7 241.4 - 381.1 Real asset investments (c) 0.1 - - 0.1 0.3 - - 0.3 Cash and accruals 16.7 - - 16.7 11.1 - - 11.1 Fair value measurement of postretirement benefit plan assets $ 174.3 $ 315.3 $ - $ 489.6 $ 151.1 $ 308.2 $ - $ 459.3 Assets measured at net asset value (e) 303.9 294.5 Total postretirement benefit plan assets (f) $ 793.5 $ 753.8 Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. Publicly traded common stocks in energy, real estate, and infrastructure for the purpose of total return. Investments include: energy, real estate, and infrastructure securities generally valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. Insurance and annuity contracts to provide a stable stream of income for pension retirees. Fair values are based on the fair value of the underlying investments and contract fair values established by the providers. Primarily private investments and common collective trusts that are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Plan assets and obligations are measured as of May 31, 2020 and May 31, 2019. There were no material changes in our level 3 investments in fiscal 2020 and fiscal 2019. Weighted-average asset allocations for our defined benefit pension and other postretirement benefit plans are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2020 2019 2020 2019 Asset category: United States equities 19.7 % 20.3 % 18.1 % 19.1 % International equities 11.0 12.5 9.8 11.2 Private equities 6.2 8.1 4.4 4.9 Fixed income 52.8 46.7 64.8 61.3 Real assets 10.3 12.4 2.9 3.5 Total 100.0 % 100.0 % 100.0 % 100.0 % |
Estimated Benefit Payments [Table Text Block] | In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Medicare Subsidy Receipts Postemployment Benefit Plans Fiscal 2021 $ 325.4 $ 43.5 $ 3.4 $ 24.5 Fiscal 2022 331.8 44.5 3.7 19.6 Fiscal 2023 338.6 45.6 3.5 18.1 Fiscal 2024 345.9 46.7 2.8 16.8 Fiscal 2025 354.5 48.0 2.9 15.6 Fiscal 2026-2030 1,899.7 247.0 14.4 63.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 31, 2020 | |
INCOME TAXES [Abstract] | |
Components of earnings before income taxes and after-tax earnings from joint ventures and the corresponding income taxes thereon [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Earnings before income taxes and after-tax earnings from joint ventures: United States $ 2,402.1 $ 1,788.2 $ 1,884.0 Foreign 198.1 293.8 251.6 Total earnings before income taxes and after-tax earnings from joint ventures $ 2,600.2 $ 2,082.0 $ 2,135.6 Income taxes: Currently payable: Federal $ 381.0 $ 151.9 $ 441.2 State and local 55.3 35.3 35.2 Foreign 73.8 84.6 85.2 Total current 510.1 271.8 561.6 Deferred: Federal 67.8 86.7 ( 478.5) State and local ( 56.6) 21.6 15.7 Foreign ( 40.8) ( 12.3) ( 41.5) Total deferred ( 29.6) 96.0 ( 504.3) Total income taxes $ 480.5 $ 367.8 $ 57.3 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2020 2019 2018 United States statutory rate 21.0 % 21.0 % 29.4 % State and local income taxes, net of federal tax benefits 2.0 2.5 1.7 Foreign rate differences ( 0.8) - ( 2.0) Provisional net tax benefit - ( 0.4) ( 24.5) Stock based compensation ( 1.1) ( 1.2) ( 1.2) Subsidiary reorganization (a) ( 2.0) - - Capital loss (b) - ( 3.7) - Prior period tax adjustment - - 1.9 Domestic manufacturing deduction - - ( 1.9) Other, net ( 0.6) ( 0.5) ( 0.7) Effective income tax rate 18.5 % 17.7 % 2.7 % During fiscal 2020, we recorded a $ 53.1 million decrease to our deferred income tax liabilities associated with the reorganization of certain wholly owned subsidiaries. During fiscal 2019, we recorded a discrete benefit related to a capital loss carryback of $ 72.9 million. |
Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Accrued liabilities $ 61.8 $ 50.9 Compensation and employee benefits 171.4 196.6 Pension 148.2 103.2 Tax credit carryforwards 12.5 7.3 Stock, partnership, and miscellaneous investments 80.2 104.2 Capital losses 65.9 73.1 Net operating losses 146.6 141.7 Other 87.0 71.3 Gross deferred tax assets 773.6 748.3 Valuation allowance 214.2 213.7 Net deferred tax assets 559.4 534.6 Brands 1,415.0 1,472.6 Fixed assets 378.3 377.8 Intangible assets 246.8 259.7 Tax lease transactions 21.5 23.9 Inventories 33.0 39.0 Stock, partnership, and miscellaneous investments 338.1 330.0 Unrealized hedges 22.4 27.9 Other 51.4 34.7 Gross deferred tax liabilities 2,506.5 2,565.6 Net deferred tax liability $ 1,947.1 $ 2,031.0 In Millions May 31, 2020 Pillsbury acquisition losses $ 108.3 State and foreign loss carryforwards 28.2 Capital loss carryforwards 65.8 Other 11.9 Total $ 214.2 In Millions May 31, 2020 Foreign loss carryforwards $ 143.5 State operating loss carryforwards 12.1 Total tax loss carryforwards $ 155.6 In Millions May 31, 2020 Expire in fiscal 2021 and 2022 $ 3.7 Expire in fiscal 2023 and beyond 20.8 Do not expire 119.0 Total foreign loss carryforwards $ 143.5 |
Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block] | Fiscal Year In Millions 2020 2019 Balance, beginning of year $ 139.1 $ 196.3 Tax positions related to current year: Additions 18.7 19.5 Reductions - ( 0.1) Tax positions related to prior years: Additions 2.3 3.8 Reductions ( 6.0) ( 13.2) Settlements ( 2.9) ( 41.0) Lapses in statutes of limitations ( 3.3) ( 26.2) Balance, end of year $ 147.9 $ 139.1 |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 12 Months Ended |
May 31, 2020 | |
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract] | |
Operating Segment Results [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Net sales: North America Retail $ 10,750.5 $ 9,925.2 $ 10,115.4 Europe & Australia 1,838.9 1,886.7 1,984.6 Convenience Stores & Foodservice 1,816.4 1,969.1 1,930.2 Pet 1,694.6 1,430.9 - Asia & Latin America 1,526.2 1,653.3 1,710.2 Total $ 17,626.6 $ 16,865.2 $ 15,740.4 Operating profit: North America Retail $ 2,627.0 $ 2,277.2 $ 2,217.4 Europe & Australia 113.8 123.3 142.1 Convenience Stores & Foodservice 337.2 419.5 392.6 Pet 390.7 268.4 - Asia & Latin America 18.7 72.4 39.6 Total segment operating profit $ 3,487.4 $ 3,160.8 $ 2,791.7 Unallocated corporate items 509.1 339.8 206.2 Divestitures loss - 30.0 - Restructuring, impairment, and other exit costs 24.4 275.1 165.6 Operating profit $ 2,953.9 $ 2,515.9 $ 2,419.9 Net sales for our North America Retail operating units were as follows: Fiscal Year In Millions 2020 2019 2018 U.S. Meals & Baking $ 4,408.5 $ 3,839.8 $ 3,865.7 U.S. Cereal 2,434.1 2,255.4 2,251.8 U.S. Snacks 2,091.9 2,060.9 2,140.5 U.S. Yogurt and other 919.0 906.7 927.4 Canada 897.0 862.4 930.0 Total $ 10,750.5 $ 9,925.2 $ 10,115.4 |
Net sales by class of similar products [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Snacks $ 3,529.7 $ 3,487.4 $ 3,549.3 Cereal 2,874.1 2,672.8 2,679.8 Convenient meals 2,814.3 2,538.6 2,572.7 Yogurt 2,056.6 2,113.1 2,235.0 Dough 1,801.1 1,661.9 1,653.4 Pet 1,694.6 1,430.9 - Baking mixes and ingredients 1,674.2 1,663.7 1,709.7 Super-premium ice cream 718.1 812.7 803.2 Vegetables and other 463.9 484.1 537.3 Total $ 17,626.6 $ 16,865.2 $ 15,740.4 |
Financial information by geographic area [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Net sales: United States $ 13,364.5 $ 12,462.8 $ 11,115.6 Non-United States 4,262.1 4,402.4 4,624.8 Total $ 17,626.6 $ 16,865.2 $ 15,740.4 In Millions May 31, 2020 May 26, 2019 Cash and cash equivalents: United States $ 1,112.0 $ 51.0 Non-United States 565.8 399.0 Total $ 1,677.8 $ 450.0 In Millions May 31, 2020 May 26, 2019 Land, buildings, and equipment: United States $ 2,761.6 $ 2,872.8 Non-United States 819.0 914.4 Total $ 3,580.6 $ 3,787.2 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
May 31, 2020 | |
SUPPLEMENTAL INFORMATION [Abstract] | |
Components of receivables [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Receivables: Customers $ 1,648.3 $ 1,708.5 Less allowance for doubtful accounts ( 33.2) ( 28.8) Total $ 1,615.1 $ 1,679.7 |
Components of inventories [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Inventories: Finished goods $ 1,142.6 $ 1,245.9 Raw materials and packaging 392.2 434.9 Grain 93.6 92.0 Excess of FIFO over LIFO cost (a) ( 202.1) ( 213.5) Total $ 1,426.3 $ 1,559.3 (a) Inventories of $ 892.6 million as of May 31, 2020, and $ 974.8 million as of May 26, 2019, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method. |
Components of prepaid expenses and other current assets [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Prepaid expenses and other current assets: Prepaid expenses $ 194.5 $ 189.0 Other receivables 85.2 250.2 Derivative receivables 70.6 42.2 Grain contracts 5.0 6.7 Miscellaneous 46.8 9.4 Total $ 402.1 $ 497.5 |
Components of land, buildings and equipment [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Land, buildings, and equipment: Equipment $ 6,428.0 $ 6,548.3 Buildings 2,412.6 2,477.2 Capitalized software 668.5 631.6 Construction in progress 373.5 343.8 Land 66.1 73.6 Equipment under finance lease 5.8 5.7 Buildings under finance lease 0.3 0.3 Total land, buildings, and equipment 9,954.8 10,080.5 Less accumulated depreciation ( 6,374.2) ( 6,293.3) Total $ 3,580.6 $ 3,787.2 |
Components of other assets [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Other assets: Investments in and advances to joint ventures $ 566.7 $ 452.9 Right of use operating lease assets 365.2 - Pension assets 21.2 323.5 Life insurance 19.5 22.7 Miscellaneous 113.2 175.8 Total $ 1,085.8 $ 974.9 |
Components of other current liabilities [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Other current liabilities: Accrued trade and consumer promotions $ 550.4 $ 484.4 Accrued payroll 430.4 345.5 Current portion of operating lease liabilities 102.0 - Accrued interest, including interest rate swaps 92.8 92.6 Accrued taxes 80.3 37.5 Derivative payable, primarily commodity-related 39.2 13.2 Dividends payable 20.7 19.2 Restructuring and other exit costs reserve 17.8 36.5 Grain contracts 1.2 2.3 Miscellaneous 298.5 336.6 Total $ 1,633.3 $ 1,367.8 |
Components of other noncurrent liabilities [Table Text Block] | In Millions May 31, 2020 May 26, 2019 Other noncurrent liabilities: Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans $ 958.7 $ 1,153.3 Noncurrent portion of operating lease liabilities 277.0 - Accrued taxes 238.6 227.1 Miscellaneous 70.7 68.5 Total $ 1,545.0 $ 1,448.9 |
Consolidated statements of earnings amounts [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Depreciation and amortization $ 594.7 $ 620.1 $ 618.8 Research and development expense 224.4 221.9 219.1 Advertising and media expense (including production and communication costs) 691.8 601.6 575.9 |
Components of interest, net [Table Text Block] | Fiscal Year Expense (Income), in Millions 2020 2019 2018 Interest expense $ 475.1 $ 530.2 $ 389.5 Capitalized interest ( 2.6) ( 2.8) ( 4.1) Interest income ( 6.0) ( 5.6) ( 11.7) Interest, net $ 466.5 $ 521.8 $ 373.7 |
Consolidated statements of cash flows supplemental disclosures [Table Text Block] | Fiscal Year In Millions 2020 2019 2018 Cash interest payments $ 418.5 $ 500.1 $ 269.5 Cash paid for income taxes 403.3 440.8 489.4 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
May 31, 2020 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | |
Summarized quarterly data [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per Share Amounts 2020 2019 2020 2019 2020 2019 2020 2019 Net sales $ 4,002.5 $ 4,094.0 $ 4,420.8 $ 4,411.2 $ 4,180.3 $ 4,198.3 $ 5,023.0 $ 4,161.7 Gross margin 1,389.5 1,342.8 1,569.1 1,509.7 1,403.2 1,443.0 1,768.1 1,461.3 Net earnings attributable to General Mills 520.6 392.3 580.8 343.4 454.1 446.8 625.7 570.2 EPS: Basic $ 0.86 $ 0.66 $ 0.96 $ 0.57 $ 0.75 $ 0.74 $ 1.03 $ 0.95 Diluted $ 0.85 $ 0.65 $ 0.95 $ 0.57 $ 0.74 $ 0.74 $ 1.02 $ 0.94 |
Basis of Presentation and Rec_2
Basis of Presentation and Reclassifications (Details) | 3 Months Ended | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 31, 2020 | May 26, 2019 | |
Annual Reporting Period | 371 days | 364 days | ||
Pet Segment [Member] | ||||
Annual Reporting Period | 4 months | 3 months | 13 months | 12 months |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
May 31, 2020 | May 26, 2019 | May 27, 2018 | Jul. 01, 2011 | |
Noncontrolling Interest [Line Items] | ||||
Recognized tax windfall benefits related to the exercise of stock-based awards | $ 27.3 | $ 24.5 | $ 25.5 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Benefit plan non-service income | (112.8) | (87.9) | (89.4) | |
Deferred Income Tax Liabilities, Net | 1,947.1 | 2,031 | ||
Other current liabilities | $ 1,633.3 | 1,367.8 | ||
Yoplait SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest percentage in consolidated subsidiary | 51.00% | |||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment Useful Life | 40 years | |||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-Lived Intangible Assets Useful Life | 4 years | |||
Minimum [Member] | Equipment, Furniture and Software [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment Useful Life | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-Lived Intangible Assets Useful Life | 30 years | |||
Maximum [Member] | Equipment, Furniture and Software [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment Useful Life | 10 years | |||
Sodiaal International Redeemable Interest [Member] | Yoplait SAS [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable interest percentage | 49.00% | 49.00% | ||
Redeemable interest terms | Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. | |||
Accounting Standards Update 2017-07 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 87.9 | 89.4 | ||
Benefit plan non-service income | (87.9) | (89.4) | ||
Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (33.9) | |||
Deferred Income Tax Liabilities, Net | (11.4) | |||
Other current liabilities | $ 45.3 | |||
Accounting Standards Update 2018 02 {Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification from AOCI to retained earnings, stranded income tax effects resulting from the Tax Cuts and Jobs Act of 2017 | $ 329.4 |
Acquisition and Divestitures (A
Acquisition and Divestitures (Acquisition Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 26, 2019 | Feb. 24, 2019 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Business Acquisition [Line Items] | |||||
Divestitures loss (gain) | $ 0 | $ 30 | $ 0 | ||
La Saltena [Member] | |||||
Business Acquisition [Line Items] | |||||
Divestitures loss (gain) | $ 35.4 | ||||
Yogurt Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Divestitures loss (gain) | $ (5.4) |
Restructuring, Impairment, an_3
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 31, 2020 | May 26, 2019 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | $ 11.5 | $ 77.6 | $ 82.7 | ||
Impairment charge | $ 7.4 | 192.6 | 96.9 | ||
Restructuring actions previously announced [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | $ 50.2 | ||||
Cash payments for restructuring | 6.6 | 49.3 | |||
Targeted Actions In Global Supply Chain [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | 80.2 | ||||
Expected Total Payments for Restructuring | $ 24 | ||||
Restructuring action completion date | May 29, 2022 | ||||
Restructuring And Related Cost Expected Cost Remaining 1 | $ 8 | $ 8 | |||
Targeted Actions In Global Supply Chain [Member] | Severance [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Increase in estimated restructuring charges | 3 | ||||
Targeted Actions In Global Supply Chain [Member] | Other Restructuring [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Reduction in estimated restructuring charges | $ 4 | ||||
Certain Brand Intangibles [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Impairment charge | 192.6 | $ 96.9 | |||
Certain Manufacturing Assets [Member] | North America Retail And Asia And Latin America [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | $ 14.8 |
Restructuring, Impairment, an_4
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring initiatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Restructuring and Related Cost [Line Items] | |||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ 11.5 | $ 77.6 | $ 82.7 |
Targeted Actions In Global Supply Chain [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | 80.2 | ||
Charges associated with Restructuring Actions Previously Announced [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ (2.6) | 33.4 | |
Global Cost Savings Initiative [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ 49.3 |
Restructuring, Impairment, an_5
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Restructuring and Related Cost [Line Items] | |||
Restructuring charges | $ 50.2 | $ 285 | $ 179.6 |
Project-related costs classified in cost of sales | 1.5 | 1.3 | 11.3 |
Cost of Sales [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring charges | 25.8 | 9.9 | 14 |
Restructuring, Impairment, and Other Exit Costs [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring charges | $ 24.4 | $ 275.1 | $ 165.6 |
Restructuring, Impairment, an_6
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring and other exit cost reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | $ 36.5 | $ 66.8 | $ 85 |
Restructuring charges paid out of reserve, including foreign currency translation | (2.5) | 11.6 | 40.3 |
Restructuring reserve utilized | (16.2) | (41.9) | (58.5) |
Reserve ending balance | 17.8 | 36.5 | 66.8 |
Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 36.5 | 66 | 81.8 |
Restructuring charges paid out of reserve, including foreign currency translation | (5) | 7.7 | 40.8 |
Restructuring reserve utilized | (13.7) | (37.2) | (56.6) |
Reserve ending balance | 17.8 | 36.5 | 66 |
Contract Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 0 | 0.1 | 0.7 |
Restructuring charges paid out of reserve, including foreign currency translation | 0.8 | 2.5 | 0.2 |
Restructuring reserve utilized | (0.8) | (2.6) | (0.8) |
Reserve ending balance | 0 | 0 | 0.1 |
Other Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 0 | 0.7 | 2.5 |
Restructuring charges paid out of reserve, including foreign currency translation | 1.7 | 1.4 | (0.7) |
Restructuring reserve utilized | (1.7) | (2.1) | (1.1) |
Reserve ending balance | $ 0 | $ 0 | $ 0.7 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Narrative) (Details) - country | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Annual reporting period ended March 31 | 371 days | 364 days |
Cereal Partners Worldwide [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% | |
Annual reporting period ended March 31 | 12 months | |
Cereal Partners Worldwide [Member] | Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of countries in which entity operates | 130 | |
Haagen Dazs Japan [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 50.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Schedule of joint venture related balance sheet activity) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Goodwill and other intangibles | $ 21,019 | $ 21,162.6 |
Corporate Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cumulative investments | 481.4 | 452.9 |
Goodwill and other intangibles | 460.5 | 472.1 |
Aggregate advances included in cumulative investments | $ 279.5 | $ 249 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures (Schedule of joint venture earnings and cash flow activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Net advances (repayments) | $ 48 | $ (0.1) | $ 17.3 |
Dividends received | 76.5 | 86.7 | 113.2 |
Corporate Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to joint ventures | 5.9 | 4.2 | 7.4 |
Net advances (repayments) | 48 | (0.1) | 17.3 |
Dividends received | $ 76.5 | $ 86.7 | $ 113.2 |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures (Schedule of combined financial information for the joint ventures on a 100% basis) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 2,045.6 | $ 2,043.9 | $ 2,164.4 |
Gross margin | 785.3 | 744.4 | 853.6 |
Earnings before income taxes | 214 | 155.4 | 216.2 |
Earnings after income taxes | 176.5 | 111.9 | 176.7 |
Current assets | 870 | 895.6 | |
Noncurrent assets | 781.4 | 839.2 | |
Current liabilities | 1,365.6 | 1,517.3 | |
Noncurrent liabilities | 104.2 | 77.1 | |
Cereal Partners Worldwide [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | 1,654.3 | 1,647.7 | 1,734 |
Haagen Dazs Japan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 391.3 | $ 396.2 | $ 430.4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 26, 2019 | May 26, 2019 | May 27, 2018 | May 31, 2020 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||
Future amortization expense, year one | $ 40 | |||
Future amortization expense, year two | 40 | |||
Future amortization expense, year three | 40 | |||
Future amortization expense, year four | 40 | |||
Future amortization expense, year five | $ 40 | |||
Restructuring and Related Cost [Line Items] | ||||
Impairment charge | $ 7.4 | $ 192.6 | $ 96.9 | |
Certain Brand Intangibles [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Impairment charge | $ 192.6 | $ 96.9 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 | May 27, 2018 | May 28, 2017 |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||
Goodwill | $ 13,923.2 | $ 13,995.8 | $ 14,065 | $ 8,747.2 |
Intangible assets not subject to amortization: | ||||
Brands and other indefinite-lived intangibles | 6,561.4 | 6,590.8 | ||
Intangible assets subject to amortization: | ||||
Franchise agreements, customer relationships and other finite-lived intangibles | 777.8 | 786.1 | ||
Less accumulated amortization | (243.4) | (210.1) | ||
Intangible assets subject to amortization | 534.4 | 576 | ||
Other intangible assets | 7,095.8 | 7,166.8 | $ 7,445.1 | $ 4,530.4 |
Total goodwill and intangible assets | $ 21,019 | $ 21,162.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Goodwill [Line Items] | |||
Beginning balance | $ 13,995.8 | $ 14,065 | $ 8,747.2 |
Acquisitions | 5,294.9 | ||
Divestitures | (0.5) | ||
Purchase accounting adjustment | 5.6 | ||
Other activity, primarily foreign currency translation | (72.6) | (74.3) | 22.9 |
Ending balance | 13,923.2 | 13,995.8 | 14,065 |
North America Retail [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 6,406.5 | 6,410.6 | 6,406.5 |
Acquisitions | 0 | ||
Divestitures | 0 | ||
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | (2.8) | (4.1) | 4.1 |
Ending balance | 6,403.7 | 6,406.5 | 6,410.6 |
Pet [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 5,300.5 | 5,294.9 | 0 |
Acquisitions | 5,294.9 | ||
Divestitures | 0 | ||
Purchase accounting adjustment | 5.6 | ||
Other activity, primarily foreign currency translation | 0 | 0 | 0 |
Ending balance | 5,300.5 | 5,300.5 | 5,294.9 |
Convenience Stores and Foodservice [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 918.8 | 918.8 | 918.8 |
Acquisitions | 0 | ||
Divestitures | 0 | ||
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | 0 | 0 | 0 |
Ending balance | 918.8 | 918.8 | 918.8 |
Europe and Australia [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 700.4 | 729.9 | 700.8 |
Acquisitions | 0 | ||
Divestitures | 0 | ||
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | (9.7) | (29.5) | 29.1 |
Ending balance | 690.7 | 700.4 | 729.9 |
Asia and Latin America [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 260.2 | 285 | 312.4 |
Acquisitions | 0 | ||
Divestitures | (0.5) | ||
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | (56.4) | (24.3) | (27.4) |
Ending balance | 203.8 | 260.2 | 285 |
Joint Ventures [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 409.4 | 425.8 | 408.7 |
Acquisitions | 0 | ||
Divestitures | 0 | ||
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | (3.7) | (16.4) | 17.1 |
Ending balance | $ 405.7 | $ 409.4 | $ 425.8 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of changes in the carrying amount of other intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 26, 2019 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||
Beginning balance - carrying value | $ 7,166.8 | $ 7,445.1 | $ 4,530.4 | |
Acquisitions | 3,015 | |||
Impairment charge | $ (7.4) | (192.6) | (96.9) | |
Other activity, primarily amortization and foreign currency translation | (71) | (85.7) | (3.4) | |
Ending balance - carrying value | $ 7,166.8 | $ 7,095.8 | $ 7,166.8 | $ 7,445.1 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Schedule of at-risk brand intangible assets) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Nov. 24, 2019 | May 31, 2020 | May 26, 2019 | May 27, 2018 | May 28, 2017 | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
Carrying value of indefinite-lived intangible assets | $ 7,095.8 | $ 7,166.8 | $ 7,445.1 | $ 4,530.4 | |
Europe & Australia [Member] | |||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
Carrying value of indefinite-lived intangible assets | $ 672.6 | ||||
Excess Fair Value Above Carrying Value, Percentage | 14.00% | ||||
Progresso Brand [Member] | |||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||||
Carrying value of indefinite-lived intangible assets | $ 330 | ||||
Excess Fair Value Above Carrying Value, Percentage | 5.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 26, 2019 | May 27, 2018 | May 31, 2020 | |
Lessee Disclosure [Abstract] | |||
Operating leases, rent expense, net | $ 184.9 | $ 189.4 | |
Lessee Operating Lease Signed Not Yet Commenced Amount | $ 46.2 |
Leases (Schedule of components
Leases (Schedule of components of lease cost ) (Details) [Table] $ in Millions | 12 Months Ended |
May 31, 2020USD ($) | |
Lessee Disclosure [Abstract] | |
Operating Lease Cost | $ 133.5 |
Variable Lease Cost | 14.4 |
Short Term Lease Cost | $ 23.3 |
Leases (Schedule of maturities
Leases (Schedule of maturities of operating lease liabilities ) (Details) [Table] - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Fiscal 2021 | $ 115.4 | |
Fiscal 2022 | 97.6 | |
Fiscal 2023 | 73.9 | |
Fiscal 2024 | 56.8 | |
Fiscal 2025 | 35.1 | |
Fiscal 2026 and beyond | 33.7 | |
Total lease payments | $ 412.5 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease Liabilities Payments Due [Abstract] | ||
Fiscal 2021 | $ 0.1 | |
Fiscal 2022 | 0.1 | |
Fiscal 2023 | 0 | |
Fiscal 2024 | 0 | |
Fiscal 2025 | 0 | |
Fiscal 2026 and beyond | 0 | |
Finance Lease Liability Payments Due | $ 0.2 |
Leases (Schedule of maturitie_2
Leases (Schedule of maturities of operating lease liabilities - Present value of lease liabilities) (Details) [Table] - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Less: Interest | $ (33.5) | |
Present value of lease liabilities | 379 | |
Total lease payments | $ 412.5 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Finance Lease Liabilities Payments Due [Abstract] | ||
Less: Interest | $ 0 | |
Finance Lease Liability | 0.2 | |
Total finance lease payments | $ 0.2 |
Leases (Schedule of noncancelab
Leases (Schedule of noncancelable future lease commitments) (Details) $ in Millions | May 26, 2019USD ($) |
Lessee Disclosure [Abstract] | |
Operating Leases Future Minimum Payments Due Current | $ 120 |
Operating Leases Future Minimum Payments Due In Two Years | 101.7 |
Operating Leases Future Minimum Payments Due In Three Years | 85 |
Operating Leases Future Minimum Payments Due In Four Years | 63.8 |
Operating Leases Future Minimum Payments Due In Five Years | 49.1 |
Operating Leases Future Minimum Payments Due Thereafter | 63 |
Total noncancelable future lease commitments | $ 482.6 |
Leases (Schedule of weighted-av
Leases (Schedule of weighted-average remaining lease term and weighted-average discount rate for operating leases) (Details) [Table] | May 31, 2020 |
Lessee Disclosure [Abstract] | |
Operating Lease Weighted Average Remaining Lease Term 1 | 4 years 7 months 6 days |
Operating Lease Weighted Average Discount Rate Percent | 4.10% |
Leases (Schedule of supplementa
Leases (Schedule of supplemental operating cash flow information and non-cash activity related to our operating leases) (Details) [Table] $ in Millions | 12 Months Ended |
May 31, 2020USD ($) | |
Lessee Disclosure [Abstract] | |
Operating Lease Payments | $ 131 |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 46.3 |
Financial Instruments, Risk M_3
Financial Instruments, Risk Management Activities, and Fair Values (Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2020USD ($) | May 31, 2020USD ($) | Feb. 23, 2020EUR (€) | Nov. 24, 2019USD ($) | May 31, 2020USD ($) | May 26, 2019USD ($) | May 27, 2018USD ($) | May 31, 2020EUR (€) | |
Financial Instruments Owned At Fair Value [Abstract] | ||||||||
Proceeds from Sale and Maturity of Marketable Securities | $ 16 | |||||||
Marketable Securities Realized Gain Loss | 4 | |||||||
Marketable Securities Pledged as Collateral | $ 2.3 | 2.3 | ||||||
Cash and cash equivalents pledged as collateral | 15.9 | 15.9 | $ 0 | |||||
Accounts receivable pledged as collateral | 43.5 | 43.5 | ||||||
Derivative [Line Items] | ||||||||
Long-term debt, fair value | 14,538.4 | 14,538.4 | ||||||
Long-term debt, carrying value | 13,260.5 | 13,260.5 | 13,021.3 | |||||
Hedged Liability Fair Value Hedge Cumulative Increase Decrease | 4.8 | 4.8 | 6.7 | |||||
Issuance of long-term debt | 1,638.1 | 339.1 | $ 6,550 | |||||
Marketable Securities, Realized Gain (Loss) | 4 | |||||||
Cost of sales | (11,496.7) | (11,108.4) | (10,304.8) | |||||
Selling, general, and administrative expenses | (3,151.6) | (2,935.8) | $ (2,850.1) | |||||
Foreign Exchange Risk [Abstract] | ||||||||
Deferred Net Foreign Currency Transaction Gains (Losses) AfterTax Accumulated Other Comprehensive Income | (29.9) | (29.9) | ||||||
Accounts payable to suppliers who utilize third party service | 1,328.9 | 1,328.9 | ||||||
Amounts Recorded in Accumulated Other Comprehensive Loss [Abstract] | ||||||||
Net Pre-tax Gains (Losses) in AOCI Expected to be Reclassified into Net Earnings within the Next 12 Months | 12.9 | 12.9 | ||||||
Credit Risk Related Contingent Features [Abstract] | ||||||||
Aggregate fair value of derivative instruments in liability position | 31.4 | 31.4 | ||||||
Additional collateral required to be posted under specific circumstances | $ 31.4 | 31.4 | ||||||
Counterparty Credit Risk [Abstract] | ||||||||
Concentration Risk Credit Risk Financial Instrument Maximum Exposure | 14.2 | |||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||||||
Derivative [Line Items] | ||||||||
Cost of sales | (5.1) | (10.5) | ||||||
Selling, general, and administrative expenses | $ 0.5 | 2.1 | ||||||
Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | € | € 600 | |||||||
Derivative, Maturity Date | May 30, 2021 | |||||||
Debt Instrument, Maturity Date | Jan. 15, 2026 | |||||||
Face Amount | € | € 600 | |||||||
Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 500 | |||||||
Derivative, Maturity Date | May 31, 2026 | |||||||
Debt Instrument, Maturity Date | Apr. 16, 2021 | |||||||
Face Amount | $ 850 | |||||||
2.875% Fixed Rate Notes Due April 15, 2030 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.875% | 2.875% | 2.875% | |||||
Debt Instrument Term | 10 years | |||||||
Debt Instrument, Maturity Date | Apr. 15, 2030 | |||||||
Issuance of long-term debt | $ 750 | $ 750 | ||||||
Euro Denominated Bonds Used For Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Long-term debt, carrying value | € | € 2,200 | |||||||
Commodity Contracts [Member] | ||||||||
Financial Instruments Owned At Fair Value [Abstract] | ||||||||
Cash and cash equivalents pledged as collateral | $ 15.9 | 15.9 | 0 | |||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 234.5 | $ 234.5 | ||||||
Commodity Price Risk [Abstract] | ||||||||
Derivative Contacts Inputs, Average Period of Utilization | P12M | |||||||
Agricultural Related Derivative [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 159.4 | $ 159.4 | ||||||
Energy Related Derivative [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 75.1 | 75.1 | ||||||
Treasury Lock Due April 2, 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 750 | $ 750 | ||||||
Derivative, Average Fixed Interest Rate | 0.67% | 0.67% | 0.67% | |||||
Derivative, Maturity Date | Apr. 2, 2020 | |||||||
Pre-tax amount of cash-settled interest rate hedge gain (loss) | $ 1.4 | |||||||
Treasury Lock Due January 13, 2022 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 300 | $ 300 | ||||||
Derivative, Average Fixed Interest Rate | 0.85% | 0.85% | 0.85% | |||||
Debt Instrument, Maturity Date | Jan. 13, 2022 | |||||||
Foreign Exchange Contracts [Member] | ||||||||
Financial Instruments Owned At Fair Value [Abstract] | ||||||||
Cash and cash equivalents pledged as collateral | $ 0 | $ 0 | 0 | |||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 967.2 | 967.2 | ||||||
Equity Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 146.9 | 146.9 | ||||||
Hedged Debt Designated as Hedged Item [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 670.9 | $ 670.9 | $ 493.3 |
Financial Instruments, Risk M_4
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of available for sale securities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | |
FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUES [Abstract] | ||
Cost | $ 56.7 | $ 34.3 |
Cost | 0.3 | 0.6 |
Cost, Total | 57 | 34.9 |
Fair Value | 56.7 | 34.3 |
Fair Value | 4.9 | 18.5 |
Fair Value, Total | 61.6 | 52.8 |
Gross Gains | 0 | 0 |
Gross Gains | 4.6 | 17.9 |
Gross Gains, Total | 4.6 | 17.9 |
Gross Losses | 0 | 0 |
Gross Losses | 0 | 0 |
Gross Losses, Total | $ 0 | $ 0 |
Financial Instruments, Risk M_5
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of maturities of available for sale securities) (Details) $ in Millions | May 31, 2020USD ($) |
Schedule of Available-for-Sale Securities [Line Items] | |
Cost | $ 57 |
Fair Value | 61.6 |
Debt Securities [Member] | Available-for-Sale Securities Debt Maturities Within One Year [Member] | |
Schedule of Available-for-Sale Securities [Line Items] | |
Cost | 56.7 |
Fair Value | 56.7 |
Equity Securities [Member] | |
Schedule of Available-for-Sale Securities [Line Items] | |
Cost | 0.3 |
Fair Value | $ 4.9 |
Financial Instruments, Risk M_6
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of unallocated corporate items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Commodity Price Risk [Abstract] | |||
Net gain (loss) on mark-to-market valuation of commodity positions | $ (63) | $ (39) | $ 14.3 |
Net loss (gain) on commodity positions reclassified from unallocated corporate items to segment operating profit | 35.6 | 10 | 11.3 |
Net mark-to-market revaluation of certain grain inventories | 2.7 | (7) | 6.5 |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ (24.7) | $ (36) | $ 32.1 |
Financial Instruments, Risk M_7
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate hedge in AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | |
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (35.7) | |
3.15% notes due December 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (15.2) | |
Derivative, Maturity Date | Dec. 15, 2021 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | 3.15% |
2.6% notes due October 12, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ 1.7 | |
Derivative, Maturity Date | Oct. 12, 2022 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | 2.60% |
1.0% notes due April 27, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (0.7) | |
Derivative, Maturity Date | Apr. 27, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% |
3.7% notes due October 17, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (1.1) | |
Derivative, Maturity Date | Oct. 17, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% |
3.65% notes due February 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ 6.6 | |
Derivative, Maturity Date | Feb. 15, 2024 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% |
4.0% notes due April 17, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (2.8) | |
Derivative, Maturity Date | Apr. 17, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% |
3.2% notes due February 10, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ 11.4 | |
Derivative, Maturity Date | Feb. 10, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 3.20% |
1.5% notes due April 27, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (2.3) | |
Derivative, Maturity Date | Apr. 27, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% |
4.2% notes due April 17, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (8) | |
Derivative, Maturity Date | Apr. 17, 2028 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% |
4.55% notes due April 17, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (9.8) | |
Derivative, Maturity Date | Apr. 17, 2038 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | 4.55% |
5.4% notes due June 15, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (11.2) | |
Derivative, Maturity Date | Jun. 15, 2040 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 5.40% |
4.15% notes due February 15, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ 8.9 | |
Derivative, Maturity Date | Feb. 15, 2043 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% |
4.7% notes due April 17, 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-tax hedge gain (loss) in AOCI | $ (13.2) | |
Derivative, Maturity Date | Apr. 17, 2048 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% |
Financial Instruments, Risk M_8
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate derivatives) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 666.1 | $ 500 |
Average Receive Rate | 0.40% | 2.20% |
Average Pay Rate | 0.30% | 3.10% |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 500 | $ 0 |
Average Receive Rate | 1.70% | 0.00% |
Average Pay Rate | 2.10% | 0.00% |
Financial Instruments, Risk M_9
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 26, 2019 | May 31, 2020 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | $ 22.6 | $ 59.4 |
Other Assets, Fair Value Disclosure | 401.8 | 61.6 |
Total Assets, Fair Value Disclosure | 430.4 | 117 |
Derivative Liability, Fair Value | (21.1) | (42.1) |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (17.3) | (43.1) |
Book value of long-lived assets | 3,787.2 | 3,580.6 |
Long-Lived Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 19 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Non-cash impairment charge of long-lived assets | 61.2 | |
Book value of long-lived assets | 80.2 | |
Indefinite-lived Intangible Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 330 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 12.9 | 25.4 |
Derivative Liability, Fair Value | (5.2) | (11.6) |
Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 15.7 | 30 |
Derivative Liability, Fair Value | (12.1) | (31.5) |
Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 18.5 | 4.9 |
Total Assets, Fair Value Disclosure | 19.9 | 9.5 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (4.4) | (3.4) |
Level 1 [Member] | Long-Lived Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Level 1 [Member] | Indefinite-lived Intangible Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Level 1 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Level 1 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 1.4 | 4.6 |
Derivative Liability, Fair Value | (4.4) | (3.4) |
Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 53.3 | 56.7 |
Total Assets, Fair Value Disclosure | 80.5 | 107.5 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (12.9) | (39.7) |
Level 2 [Member] | Long-Lived Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 19 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Level 2 [Member] | Indefinite-lived Intangible Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 12.9 | 25.4 |
Derivative Liability, Fair Value | (5.2) | (11.6) |
Level 2 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 14.3 | 25.4 |
Derivative Liability, Fair Value | (7.7) | (28.1) |
Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 330 | 0 |
Total Assets, Fair Value Disclosure | 330 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Long-Lived Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Level 3 [Member] | Indefinite-lived Intangible Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 330 | |
Other Liabilities, Fair Value Disclosure | 0 | |
Level 3 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Level 3 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Marketable Investments [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 52.8 | 61.6 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Marketable Investments [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 18.5 | 4.9 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Marketable Investments [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 34.3 | 56.7 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Marketable Investments [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Interest Rate Contracts [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 6 |
Derivative Liability, Fair Value | (2.2) | (8) |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 5.6 |
Derivative Liability, Fair Value | (1.9) | (7.8) |
Interest Rate Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Interest Rate Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 5.6 |
Derivative Liability, Fair Value | (1.9) | (7.8) |
Interest Rate Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Foreign Exchange Contracts [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 15.3 | 38.6 |
Derivative Liability, Fair Value | (5.2) | (4) |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 12.9 | 19.8 |
Derivative Liability, Fair Value | (3.3) | (3.8) |
Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 2.4 | 18.8 |
Derivative Liability, Fair Value | (1.9) | (0.2) |
Foreign Exchange Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Foreign Exchange Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Foreign Exchange Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 12.9 | 19.8 |
Derivative Liability, Fair Value | (3.3) | (3.8) |
Foreign Exchange Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 2.4 | 18.8 |
Derivative Liability, Fair Value | (1.9) | (0.2) |
Foreign Exchange Contracts [Member] | Level 3 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Foreign Exchange Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Commodity Contracts [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 6.6 | 6.2 |
Derivative Liability, Fair Value | (7.9) | (30.1) |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 6.6 | 6.2 |
Derivative Liability, Fair Value | (7.9) | (30.1) |
Commodity Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 1.4 | 4.6 |
Derivative Liability, Fair Value | (4.4) | (3.4) |
Commodity Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 5.2 | 1.6 |
Derivative Liability, Fair Value | (3.5) | (26.7) |
Commodity Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Grain Contracts [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 6.7 | 5 |
Derivative Liability, Fair Value | (2.3) | (1.2) |
Grain Contracts [Member] | Level 1 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Grain Contracts [Member] | Level 2 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 6.7 | 5 |
Derivative Liability, Fair Value | (2.3) | (1.2) |
Grain Contracts [Member] | Level 3 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | $ 0 | $ 0 |
Financial Instruments, Risk _10
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of gains and losses on hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Derivative Instruments Gain (Loss) [Line Items] | |||
Hedge derivatives | $ 3.2 | $ 12.1 | $ (50.8) |
Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Hedge derivatives | 4.4 | 15.7 | |
Amount of net gain (loss) reclassified from AOCI into earnings | (4.9) | (0.6) | |
Amount of net gain (loss) recognized in earnings | 0 | 0.5 | |
Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (4.9) | 2.4 | |
Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (32.7) | (25.4) | |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Hedge derivatives | (6.9) | 0 | |
Amount of net gain (loss) reclassified from AOCI into earnings | (9.5) | (9) | |
Amount of net gain (loss) recognized in earnings | 0 | 0 | |
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (4.9) | 2.4 | |
Interest Rate Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (1.4) | 0 | |
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Hedge derivatives | 11.3 | 15.7 | |
Amount of net gain (loss) reclassified from AOCI into earnings | 4.6 | 8.4 | |
Amount of net gain (loss) recognized in earnings | 0 | 0.5 | |
Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 0 | 0 | |
Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 15.7 | 7.5 | |
Equity Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Hedge derivatives | 0 | 0 | |
Amount of net gain (loss) reclassified from AOCI into earnings | 0 | 0 | |
Amount of net gain (loss) recognized in earnings | 0 | 0 | |
Equity Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 0 | 0 | |
Equity Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 8.6 | 0.7 | |
Commodity Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Hedge derivatives | 0 | 0 | |
Amount of net gain (loss) reclassified from AOCI into earnings | 0 | 0 | |
Amount of net gain (loss) recognized in earnings | 0 | 0 | |
Commodity Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 0 | 0 | |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | $ (55.6) | $ (33.6) |
Financial Instruments, Risk _11
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of offsetting assets and liabilities) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 59.4 | $ 22.6 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 59.4 | 22.6 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (8.7) | (10.7) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 50.7 | 11.9 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (42.1) | (21.1) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (42.1) | (21.1) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 8.7 | 10.7 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 15.9 | 0 |
Net Amount | (17.5) | (10.4) |
Commodity Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 6.2 | 6.6 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 6.2 | 6.6 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (4.2) | (4.9) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 2 | 1.7 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (30.1) | (7.9) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (30.1) | (7.9) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 4.2 | 4.9 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 15.9 | 0 |
Net Amount | (10) | (3) |
Interest Rate Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 6 | 0 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 6 | 0 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (0.8) | 0 |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 5.2 | 0 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (8) | (2.2) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (8) | (2.2) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0.8 | 0 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | (7.2) | (2.2) |
Foreign Exchange Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 38.6 | 15.3 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 38.6 | 15.3 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (3.7) | (5.1) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 34.9 | 10.2 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (4) | (5.2) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (4) | (5.2) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 3.7 | 5.1 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | (0.3) | (0.1) |
Equity Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 8.6 | 0.7 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 8.6 | 0.7 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0 | (0.7) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 8.6 | 0 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 0 | (5.8) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | 0 | (5.8) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0 | 0.7 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | $ 0 | $ (5.1) |
Financial Instruments, Risk _12
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of cashflow hedge in AOCI) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ (12.6) | $ (19.4) |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | (30.8) | |
Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ 18.2 |
Financial Instruments, Risk _13
Financial Instruments, Risk Management Activities, and Fair Values (Concentrations table) (Details) | 12 Months Ended |
May 31, 2020 | |
Net Sales [Member] | Walmart [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 21.00% |
Net Sales [Member] | Walmart [Member] | North America Retail [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 30.00% |
Net Sales [Member] | Walmart [Member] | Convenience Stores and Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 8.00% |
Net Sales [Member] | Walmart [Member] | Europe and Australia [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 1.00% |
Net Sales [Member] | Walmart [Member] | Asia and Latin America [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 5.00% |
Net Sales [Member] | Walmart [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 12.00% |
Net Sales [Member] | Five Largest Customers [Member] | North America Retail [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 54.00% |
Net Sales [Member] | Five Largest Customers [Member] | Convenience Stores and Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 45.00% |
Net Sales [Member] | Five Largest Customers [Member] | Europe and Australia [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 24.00% |
Net Sales [Member] | Five Largest Customers [Member] | Asia and Latin America [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 12.00% |
Net Sales [Member] | Five Largest Customers [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 64.00% |
Net Sales [Member] | No Customer Other Than Walmart [Member] | Maximum [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 10.00% |
Accounts Receivable [Member] | Walmart [Member] | North America Retail [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 22.00% |
Accounts Receivable [Member] | Walmart [Member] | Convenience Stores and Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 6.00% |
Accounts Receivable [Member] | Walmart [Member] | Europe and Australia [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 1.00% |
Accounts Receivable [Member] | Walmart [Member] | Asia and Latin America [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 7.00% |
Accounts Receivable [Member] | Walmart [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 9.00% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2020USD ($) | Jan. 31, 2020EUR (€) | Oct. 31, 2019USD ($) | Mar. 31, 2019EUR (€) | Feb. 28, 2019USD ($) | May 31, 2020USD ($) | May 31, 2020EUR (€) | May 26, 2019USD ($) | May 27, 2018USD ($) | |
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | $ 1,638.1 | $ 339.1 | $ 6,550 | ||||||
Repayment of long-term debt | € 300 | 1,396.7 | $ 1,493.8 | $ 600.1 | |||||
Pre-tax hedge gain (loss) in AOCI | (35.7) | ||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (9.4) | ||||||||
2.875% Fixed Rate Notes Due April 15, 2030 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | $ 750 | $ 750 | |||||||
Fixed interest rate percentage | 2.875% | ||||||||
Maturity date | Apr. 15, 2030 | ||||||||
0.45% Fixed Rate Notes Due Jan. 15 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 600 | ||||||||
Fixed interest rate percentage | 0.45% | ||||||||
Maturity date | Jan. 15, 2026 | ||||||||
2.20% Fixed Rate Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | $ 500 | ||||||||
Fixed interest rate percentage | 2.20% | ||||||||
0.0% Fixed-rate notes due January 15, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 300 | ||||||||
Fixed interest rate percentage | 0.00% | ||||||||
Maturity date | Jan. 15, 2020 | ||||||||
0.0% Floating Rate Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | € | € 300 | ||||||||
Fixed interest rate percentage | 0.00% | ||||||||
5.65 percent fixed-rate notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | $ 1,150 | ||||||||
Fixed interest rate percentage | 5.65% | ||||||||
Floating-rate notes due April 16, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt | € | € 500 | ||||||||
Maturity date | Apr. 16, 2021 | Apr. 16, 2021 | Apr. 16, 2021 | ||||||
Medium-term Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | May 30, 2021 | May 30, 2021 | May 30, 2021 | ||||||
0.00% Fixed Rate Notes Due Nov. 16 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of long-term debt | € | € 200 | ||||||||
Fixed interest rate percentage | 0.00% | ||||||||
Maturity date | Nov. 16, 2020 |
Debt (Schedule of short-term de
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Short-term Debt [Line Items] | ||
Notes payable | $ 279 | $ 1,468.7 |
Weighted Average Interest Rate | 4.60% | 3.40% |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 99.9 | $ 1,298.5 |
Weighted Average Interest Rate | 3.60% | 2.70% |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 179.1 | $ 170.2 |
Weighted Average Interest Rate | 5.10% | 9.00% |
Debt (Schedule of credit facili
Debt (Schedule of credit facilities) (Details) $ in Billions | 12 Months Ended |
May 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 3.5 |
Borrowed Amount | 0.2 |
Committed Credit Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 2.9 |
Borrowed Amount | $ 0 |
Minimum fixed charge coverage ratio | 2.5 |
Compliance with credit facility covenants | As of fiscal year end, we were in compliance with all credit facility covenants. |
Line of Credit Expiring May 2022 [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 2.7 |
Borrowed Amount | $ 0 |
Expiration date of credit facility | May 31, 2022 |
Line Of Credit Expiring September 2022 [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 0.2 |
Borrowed Amount | 0 |
Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 0.6 |
Borrowed Amount | $ 0.2 |
Debt (Schedule of long-term deb
Debt (Schedule of long-term debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | |
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 13,260.5 | $ 13,021.3 |
Other, including debt issuance costs and capital leases | (58) | (71.4) |
Current portion of long-term debt | (2,331.5) | (1,396.5) |
Total long-term debt | $ 10,929 | $ 11,624.8 |
4.2% notes due April 17, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% |
Maturity date | Apr. 17, 2028 | Apr. 17, 2028 |
Long-term Debt, Gross | $ 1,400 | $ 1,400 |
3.15% notes due December 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | 3.15% |
Maturity date | Dec. 15, 2021 | Dec. 15, 2021 |
Long-term Debt, Gross | $ 1,000 | $ 1,000 |
3.7% notes due October 17, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% |
Maturity date | Oct. 17, 2023 | Oct. 17, 2023 |
Long-term Debt, Gross | $ 850 | $ 850 |
Floating-rate notes due April 16, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 16, 2021 | Apr. 16, 2021 |
Long-term Debt, Gross | $ 850 | $ 850 |
4.0% notes due April 17, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% |
Maturity date | Apr. 17, 2025 | Apr. 17, 2025 |
Long-term Debt, Gross | $ 800 | $ 800 |
3.2% notes due February 10, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 3.20% |
Maturity date | Feb. 10, 2027 | Feb. 10, 2027 |
Long-term Debt, Gross | $ 750 | $ 750 |
2.875% notes due April 15, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.875% | |
Maturity date | Apr. 15, 2030 | |
Long-term Debt, Gross | $ 750 | 0 |
Euro-denominated 0.45% notes due January 15, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.45% | |
Maturity date | Jan. 15, 2026 | |
Long-term Debt, Gross | $ 666.1 | $ 0 |
4.7% notes due April 17, 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% |
Maturity date | Apr. 17, 2048 | Apr. 17, 2048 |
Long-term Debt, Gross | $ 650 | $ 650 |
3.2% notes due April 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 3.20% |
Maturity date | Apr. 16, 2021 | Apr. 16, 2021 |
Long-term Debt, Gross | $ 600 | $ 600 |
Euro-denominated 2.1% notes due November 16, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | 2.10% |
Maturity date | Nov. 16, 2020 | Nov. 16, 2020 |
Long-term Debt, Gross | $ 555.1 | $ 560.1 |
Euro-denominated 1.0% notes due April 27, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% |
Maturity date | Apr. 27, 2023 | Apr. 27, 2023 |
Long-term Debt, Gross | $ 555.1 | $ 560.1 |
Euro-denominated floating-rate notes due January 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 15, 2020 | Jan. 15, 2020 |
Long-term Debt, Gross | $ 0 | $ 560.1 |
4.55% notes due April 17, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | 4.55% |
Maturity date | Apr. 17, 2038 | Apr. 17, 2038 |
Long-term Debt, Gross | $ 500 | $ 500 |
2.6% notes due October 12, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | 2.60% |
Maturity date | Oct. 12, 2022 | Oct. 12, 2022 |
Long-term Debt, Gross | $ 500 | $ 500 |
5.4% notes due June 15, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | 5.40% |
Maturity date | Jun. 15, 2040 | Jun. 15, 2040 |
Long-term Debt, Gross | $ 500 | $ 500 |
4.15% notes due February 15, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% |
Maturity date | Feb. 15, 2043 | Feb. 15, 2043 |
Long-term Debt, Gross | $ 500 | $ 500 |
3.65% notes due February 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 3.65% |
Maturity date | Feb. 15, 2024 | Feb. 15, 2024 |
Long-term Debt, Gross | $ 500 | $ 500 |
2.2% notes due October 21, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% |
Maturity date | Oct. 21, 2019 | Oct. 21, 2019 |
Long-term Debt, Gross | $ 0 | $ 500 |
Euro-denominated 1.5% notes due April 27, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% |
Maturity date | Apr. 27, 2027 | Apr. 27, 2027 |
Long-term Debt, Gross | $ 444 | $ 448.1 |
Floating-rate notes due October 17, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Oct. 17, 2023 | Oct. 17, 2023 |
Long-term Debt, Gross | $ 400 | $ 400 |
Euro-denominated 0.0% notes due January 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% |
Maturity date | Jan. 15, 2020 | Jan. 15, 2020 |
Long-term Debt, Gross | $ 0 | $ 336.1 |
Euro-denominated 2.2% notes due June 24, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% |
Maturity date | Jun. 24, 2021 | Jun. 24, 2021 |
Long-term Debt, Gross | $ 222 | $ 224 |
Euro-denominated 0.0% notes due November 16, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Maturity date | Nov. 16, 2020 | |
Long-term Debt, Gross | $ 222 | $ 0 |
Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 30, 2021 | May 30, 2021 |
Long-term Debt, Gross | $ 104.2 | $ 104.2 |
Medium-term Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.56% | 0.56% |
Medium-term Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.61% | 6.61% |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt and Capital Lease Obligations) (Details) $ in Millions | May 31, 2020USD ($) |
DEBT [Abstract] | |
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | $ 2,331.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 1,222.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 1,055.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 1,750 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | $ 800 |
Redeemable and Noncontrolling_2
Redeemable and Noncontrolling Interests (Details) $ in Millions | 12 Months Ended | ||||
May 31, 2020USD ($)subsidiaries | May 26, 2019USD ($) | May 27, 2018USD ($) | May 28, 2017USD ($) | Jul. 01, 2011USD ($) | |
REDEEMABLE AND NONCONTROLLING INTERESTS [Abstract] | |||||
Number of other noncontrolling interests | subsidiaries | 4 | ||||
Other noncontrolling interests | $ 4.7 | ||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | 544.6 | $ 551.7 | |||
Noncontrolling interests | 291 | 313.2 | |||
Dividends paid under the terms of shareholder agreements | $ 72.5 | 38.5 | $ 51.8 | ||
Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of May 31, 2020, we were in compliance with all of these covenants. | ||||
Investment in redeemable interest | $ 0 | 55.7 | 0 | ||
Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 50.00% | ||||
Yoplait SAS [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 51.00% | ||||
Yoplait SAS, Yoplait Marques SNC, and Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Dividends paid under the terms of shareholder agreements | $ 56.9 | 22 | |||
General Mills Cereals LLC [Member] | Third Party Interest Holder [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest holders capital account, General Mills Cereals, LLC | $ 251.5 | ||||
Preferred distributions, variable rate | three-month LIBOR | ||||
Preferred distributions, basis spread on variable rate | 1.425% | ||||
Preferred return rate adjustment period | 3 years | ||||
Sodiaal International Redeemable Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | $ 544.6 | 551.7 | 776.2 | $ 910.9 | |
Investment in redeemable interest | $ 0 | 55.7 | $ 0 | ||
Sodiaal International Redeemable Interest [Member] | Yoplait Marques SNC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
Sodiaal International Redeemable Interest [Member] | Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
Sodiaal International Redeemable Interest [Member] | Yoplait SAS [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | $ 904.4 | ||||
Redeemable interest percentage | 49.00% | 49.00% | |||
Redeemable interest terms | Sodiaal has the ability to put all or a portion of its redeemable interest to us at fair value once per year, up to three times before December 2024. | ||||
Investment in redeemable interest | 55.7 | ||||
Yoplait SAS Subsidiary [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net purchases from related party | $ 201.8 | $ 210.8 | |||
Sodiaal International Redeemable Interest [Member] | Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interests | $ 281.4 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Cummulative preference stock, shared authorized | 5 | ||
Number of shares of common stock authorized for repurchase | 100 | ||
Shares issued, shares | 22.7 | ||
Common stock, par value | $ 0.10 | $ 0.1 | $ 0.10 |
Shares issued, price per share | $ 44 | ||
Total proceeds from issuance of stock | $ 1,000 | ||
Proceeds from common stock issued | $ 0 | $ 0 | 969.9 |
Payment of stock issuance costs | $ 30.1 | ||
Shares purchased | 0.1 | 0 | 10.9 |
Aggregate purchase price | $ 3.4 | $ 1.1 | $ 601.6 |
Retained Earnings [Member] | |||
Reclassification from AOCI to retained earnings, stranded income tax effects resulting from the Tax Cuts and Jobs Act of 2017 | 0 | 0 | 329.4 |
AOCI [Member] | |||
Reclassification from AOCI to retained earnings, stranded income tax effects resulting from the Tax Cuts and Jobs Act of 2017 | $ 0 | $ 0 | $ (329.4) |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of total comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | $ (169.1) | $ (82.8) | $ (37) | ||||||||
Net actuarial income (loss) | (224.6) | (253.4) | 140.1 | ||||||||
Other fair value changes: | |||||||||||
Securities | 0 | 0 | 1.2 | ||||||||
Hedge derivatives | 3.2 | 12.1 | (50.8) | ||||||||
Reclassification to earnings: | |||||||||||
Securities | 0 | (2) | (5.1) | ||||||||
Hedge derivatives | 4.1 | 0.9 | 17.4 | ||||||||
Amortization of losses and prior service costs | 77.9 | 84.6 | 117.6 | ||||||||
Other comprehensive income (loss), net of tax | (308.5) | (240.6) | 183.4 | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to General Mills | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | $ 570.2 | $ 446.8 | $ 343.4 | $ 392.3 | 2,181.2 | 1,752.7 | 2,131 |
Net earnings attributable to redeemable and noncontrolling interests | 29.6 | 33.5 | 32 | ||||||||
Total comprehensive income (loss) attributable to General Mills | 1,892.2 | 1,556.3 | 2,275.9 | ||||||||
General Mills [Member] | |||||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Foreign currency translation | (149.1) | (38.3) | (76.9) | ||||||||
Net actuarial income (loss) | (290.2) | (325.6) | 185.5 | ||||||||
Other fair value chages: | |||||||||||
Securities | 1.8 | ||||||||||
Hedge derivaties | 4.4 | 15.9 | (64.7) | ||||||||
Reclassification to earnings: | |||||||||||
Securities | (2.6) | (6.6) | |||||||||
Hedge derivatives | 4.3 | 0.1 | 24.9 | ||||||||
Amortization of losses and prior service costs | 101.3 | 107.5 | 176.8 | ||||||||
Other comprehensive income (loss), before tax | (329.3) | (243) | 240.8 | ||||||||
Other comprehensive income (loss), tax: | |||||||||||
Foreign currency translation | 0 | 0 | 0 | ||||||||
Net actuarial income (loss) | 65.6 | 72.2 | (45.4) | ||||||||
Other fair value changes: | |||||||||||
Securities | (0.6) | ||||||||||
Hedge derivatives | (1.2) | (3.7) | 14.2 | ||||||||
Reclassification to earnings: | |||||||||||
Securities | 0.6 | 1.5 | |||||||||
Hedge derivatives | (0.7) | 0.4 | (6.4) | ||||||||
Amortization of losses and prior service costs | (23.4) | (22.9) | (59.2) | ||||||||
Other comprehensive income (loss), tax | 40.3 | 46.6 | (95.9) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | (149.1) | (38.3) | (76.9) | ||||||||
Net actuarial income (loss) | (224.6) | (253.4) | 140.1 | ||||||||
Other fair value changes: | |||||||||||
Securities | 1.2 | ||||||||||
Hedge derivatives | 3.2 | 12.2 | (50.5) | ||||||||
Reclassification to earnings: | |||||||||||
Securities | (2) | (5.1) | |||||||||
Hedge derivatives | 3.6 | 0.5 | 18.5 | ||||||||
Amortization of losses and prior service costs | 77.9 | 84.6 | 117.6 | ||||||||
Other comprehensive income (loss), net of tax | (289) | (196.4) | 144.9 | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to General Mills | 2,181.2 | 1,752.7 | 2,131 | ||||||||
Total comprehensive income (loss) attributable to General Mills | 1,892.2 | 1,556.3 | 2,275.9 | ||||||||
Noncontrolling Interests [Member] | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | (2.6) | (13.5) | 13.5 | ||||||||
Net actuarial income (loss) | 0 | 0 | 0 | ||||||||
Other fair value changes: | |||||||||||
Securities | 0 | ||||||||||
Hedge derivatives | 0 | 0 | 0 | ||||||||
Reclassification to earnings: | |||||||||||
Securities | 0 | 0 | |||||||||
Hedge derivatives | 0 | 0 | 0 | ||||||||
Amortization of losses and prior service costs | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of tax | (2.6) | (13.5) | 13.5 | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to redeemable and noncontrolling interests | 12.9 | 13.9 | 13.4 | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 10.3 | 0.4 | 26.9 | ||||||||
Redeemable Interest [Member] | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | (17.4) | (31) | 26.4 | ||||||||
Net actuarial income (loss) | 0 | 0 | 0 | ||||||||
Other fair value changes: | |||||||||||
Securities | 0 | ||||||||||
Hedge derivatives | 0 | (0.1) | (0.3) | ||||||||
Reclassification to earnings: | |||||||||||
Securities | 0 | 0 | |||||||||
Hedge derivatives | 0.5 | 0.4 | (1.1) | ||||||||
Amortization of losses and prior service costs | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of tax | (16.9) | (30.7) | 25 | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to redeemable and noncontrolling interests | 16.7 | 19.6 | 18.6 | ||||||||
Total comprehensive income (loss) attributable to redeemable interests | $ (0.2) | $ (11.1) | $ 43.6 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of taxes) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation adjustments | $ (889) | $ (739.9) |
Unrealized gain (loss) from: | ||
Hedge derivatives | (12.6) | (19.4) |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial gain (loss) | (2,022.5) | (1,880.5) |
Prior service (costs) credits | 9.7 | 14.4 |
Accumulated other comprehensive loss | $ (2,914.4) | $ (2,625.4) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant under stock compensation plan | 26.4 | ||
Fair Value Assumptions Method Used | We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. | ||
Total grant-date fair value of restricted stock units that vested in period | $ 59.7 | $ 47.1 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Recognized tax windfall benefits related to the exercise of stock-based awards | 27.3 | 24.5 | $ 25.5 |
Unrecognized compensation expense related to non-vested stock options and restricted stock units | $ 104 | ||
Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 20 months | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum option pricing percentage of market price | 100.00% | ||
Award vesting period | 4 years | ||
Expiration period | 10 years 1 month | ||
Compensation expense related to stock-based payments | $ 13.4 | 14.7 | 15.5 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
2017 Stock Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
2017 Stock Compensation Plan [Member] | Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to stock-based payments | $ 81.5 | $ 70.2 | $ 62.4 |
Stock Plans (Schedule of estima
Stock Plans (Schedule of estimated fair value of stock options granted and assumptions used for Black-Scholes option-pricing model) (Details) - $ / shares | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
STOCK PLANS [Abstract] | |||
Estimated fair values of stock options granted | $ 7.10 | $ 5.35 | $ 6.18 |
Assumptions: | |||
Risk-free interest rate | 2.00% | 2.90% | 2.20% |
Expected term | 8 years 6 months | 8 years 6 months | 8 years 2 months 12 days |
Expected volatility | 17.40% | 16.30% | 15.80% |
Dividend yield | 3.60% | 4.30% | 3.60% |
Stock Plans (Schedule of inform
Stock Plans (Schedule of information on stock option activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 31, 2020 | |
Options Outstanding [Abstract] | |||
Balance Outstanding Beginning Balance | 23,653,000 | ||
Granted | 2,065,000 | ||
Exercised | (7,066,000) | ||
Forfeited or expired | (487,400) | ||
Ending Balance, Outstanding | 18,164,600 | 23,653,000 | |
Ending Balance, Exercisable | 8,706,400 | ||
Weighted Average Exercise Price [Abstract] | |||
Balance Exercisable Beginning Balance | $ 47.12 | ||
Granted | 53.70 | ||
Exercised | 37.98 | ||
Forfeited or expired | 55.91 | ||
Balance Outstanding Ending Balance | 51.21 | ||
Ending Balance, Exercisable | $ 47.12 | $ 47.12 | $ 47.28 |
Weighted Average Remaining Contractual Term [Abstract] | |||
Ending Balance, Outstanding | 5 years 6 months 10 days | 4 years 9 months 25 days | |
Ending Balance, Exercisable | 3 years 3 months | ||
Aggregate Intrinsic Value [Abstract] | |||
Ending Balance, Outstanding | $ 180 | $ 222.6 | |
Ending Balance, Exercisable | $ 137.3 |
Stock Plans (Schedule of net ca
Stock Plans (Schedule of net cash proceeds from exercise of stock options less shares used for withholding taxes and & intrinsic value of options exercised) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
STOCK PLANS [Abstract] | |||
Net cash proceeds | $ 263.4 | $ 241.4 | $ 99.3 |
Intrinsic value of options exercised | $ 132.9 | $ 126.7 | $ 83.6 |
Stock Plans (Schedule of info_2
Stock Plans (Schedule of information on restricted stock unit and cash-settled share-based units activity) (Details) - 2017 Stock Compensation Plan [Member] - $ / shares | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Share Settled Units (Thousands) [Abstract] | |||
Granted | 1,947,600 | 1,848,200 | 1,551,300 |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Granted | $ 53.28 | $ 46.14 | $ 55.12 |
Equity Classified [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 4,272,300 | ||
Granted | 1,913,400 | ||
Vested | (1,039,700) | ||
Forfeited, expired, or reclassified | (220,500) | ||
Non-vested Ending Balance | 4,925,500 | 4,272,300 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 53.87 | ||
Granted | 53.27 | ||
Vested | 55.81 | ||
Forfeited, expired, or reclassified | 53 | ||
Non-vested Ending Balance | $ 53.26 | $ 53.87 | |
Liability Classified Share Settled [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 108,100 | ||
Granted | 34,200 | ||
Vested | (29,500) | ||
Forfeited, expired, or reclassified | (9,500) | ||
Non-vested Ending Balance | 103,300 | 108,100 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 55.45 | ||
Granted | 53.64 | ||
Vested | 56.38 | ||
Forfeited, expired, or reclassified | 53.73 | ||
Non-vested Ending Balance | $ 54.75 | $ 55.45 |
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 | 12 Months Ended | |||||||||
May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
EARNINGS PER SHARE [Abstract] | |||||||||||
Net earnings attributable to General Mills | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | $ 570.2 | $ 446.8 | $ 343.4 | $ 392.3 | $ 2,181.2 | $ 1,752.7 | $ 2,131 |
Average number of common shares - basic EPS | 608.1 | 600.4 | 576.8 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Average number of common shares - diluted EPS | 613.3 | 605.4 | 585.7 | ||||||||
Earnings per share - basic | $ 1.03 | $ 0.75 | $ 0.96 | $ 0.86 | $ 0.95 | $ 0.74 | $ 0.57 | $ 0.66 | $ 3.59 | $ 2.92 | $ 3.69 |
Earnings per share - diluted | $ 1.02 | $ 0.74 | $ 0.95 | $ 0.85 | $ 0.94 | $ 0.74 | $ 0.57 | $ 0.65 | $ 3.56 | $ 2.90 | $ 3.64 |
Other Disclosures [Abstract] | |||||||||||
Anti-dilutive stock options, restricted stock units, and performance share units | 8.4 | 14.1 | 8.9 | ||||||||
Stock options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Incremental share effect | 2.7 | 3.1 | 6.9 | ||||||||
Restricted stock units, performance shares units, and other [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Incremental share effect | 2.5 | 1.9 | 2 |
Retirement Benefits and Poste_3
Retirement Benefits and Postemployment Benefits (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | $ 7,285.2 | $ 6,436.9 | |
Rate to which the cost trend rate is assumed to decline (ultimate rate) | 4.50% | 4.50% | |
Year that Rate Reaches Ultimate Trend Rate | 2029 | 2029 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Net assets of money purchase plan | $ 22.3 | ||
Recognized expense | $ 90.1 | $ 52.7 | $ 49.2 |
Under Age 65 [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Health care cost trend rate for next year | 6.20% | 6.40% | |
Over Age 65 [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Health care cost trend rate for next year | 6.50% | 6.70% | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 32.9 | $ 30.4 | |
Defined Benefit Plan, Information About Plan Assets | |||
Projected benefit obligation at end of year | 7,640.2 | 6,750.7 | 6,416 |
Plan assets at fair value | 2,569.9 | 14.4 | |
Projected benefit obligation | $ 3,512.9 | 589.7 | |
Defined Benefit Pension Plans [Member] | United States Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 17.00% | ||
Defined Benefit Pension Plans [Member] | International Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 11.00% | ||
Defined Benefit Pension Plans [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 9.00% | ||
Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 50.00% | ||
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 13.00% | ||
Defined Benefit Pension Plans [Member] | United States [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Retirement Plan Provision Termination Period | 5 years | ||
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 0.1 | 0.1 | |
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | 479.4 | 498.4 | |
Projected benefit obligation at end of year | 773.7 | 824.1 | 871.8 |
Plan assets at fair value | 248 | 233.7 | |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | 150.3 | 128 | |
Projected benefit obligation at end of year | $ 150.3 | $ 128 | $ 126.7 |
Postemployment Benefit Plans [Member] | United States Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 18.00% | ||
Postemployment Benefit Plans [Member] | International Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 10.00% | ||
Postemployment Benefit Plans [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 4.00% | ||
Postemployment Benefit Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 65.00% | ||
Postemployment Benefit Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 3.00% | ||
General Mills Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Net assets of money purchase plan | $ 20.6 | ||
ESOP number of allocated shares | 4.6 | 5.1 | |
Common stock held by ESOP and company stock fund | $ 464.8 | $ 410.1 |
Retirement Benefits and Poste_4
Retirement Benefits and Postemployment Benefits (Schedule of assumed health care trend costs) (Details) | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | |
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Rate to which the cost trend rate is assumed to decline (ultimate rate) | 4.50% | 4.50% |
Year that Rate Reaches Ultimate Trend Rate | 2029 | 2029 |
Under Age 65 [Member] | ||
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate for next year | 6.20% | 6.40% |
Over Age 65 [Member] | ||
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate for next year | 6.50% | 6.70% |
Retirement Benefits and Poste_5
Retirement Benefits and Postemployment Benefits (Schedule of summarized financial information about benefit plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | $ 6,291.6 | $ 6,177.4 | |
Actual return on assets | 983.7 | 391.9 | |
Employer contributions | 32.9 | 30.4 | |
Plan participant contributions | 6.7 | 3.9 | |
Benefits payments | (317.2) | (305.2) | |
Foreign currency | (4.5) | (6.8) | |
Fair value at end of year | 6,993.2 | 6,291.6 | $ 6,177.4 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 6,750.7 | 6,416 | |
Service cost | 92.7 | 94.6 | 102.9 |
Interest cost | 230.5 | 248 | 217.9 |
Plan amendment | 1.2 | 0 | |
Curtailment/other | (1.2) | (0.7) | |
Plan participant contributions | 6.7 | 3.9 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial loss (gain) | 881.8 | 301.8 | |
Benefits payments | (317.7) | (305.8) | |
Foreign currency | (4.5) | (7.1) | |
Projected benefit obligation at end of year | 7,640.2 | 6,750.7 | 6,416 |
Plan assets less than benefit obligation as of fiscal year end | (647) | (459.1) | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | 753.8 | 726.1 | |
Actual return on assets | 65 | 41.3 | |
Employer contributions | 0.1 | 0.1 | |
Plan participant contributions | 13.8 | 15 | |
Benefits payments | (39.2) | (28.7) | |
Foreign currency | 0 | 0 | |
Fair value at end of year | 793.5 | 753.8 | 726.1 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 824.1 | 871.8 | |
Service cost | 9.4 | 9.9 | 11.6 |
Interest cost | 27.1 | 33.1 | 30.1 |
Plan amendment | 0 | 0 | |
Curtailment/other | 0 | 0 | |
Plan participant contributions | 13.8 | 15 | |
Medicare Part D reimbursements | 2.7 | 2.5 | |
Actuarial loss (gain) | (38.3) | (45.4) | |
Benefits payments | (63.5) | (62.2) | |
Foreign currency | (1.6) | (0.6) | |
Projected benefit obligation at end of year | 773.7 | 824.1 | 871.8 |
Plan assets less than benefit obligation as of fiscal year end | 19.8 | (70.3) | |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 128 | 126.7 | |
Service cost | 8.3 | 7.6 | 8.6 |
Interest cost | 2.6 | 3 | 2.3 |
Plan amendment | 0 | 1.7 | |
Curtailment/other | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial loss (gain) | 17.7 | 2.6 | |
Benefits payments | (6.2) | (13.2) | |
Foreign currency | (0.1) | (0.4) | |
Projected benefit obligation at end of year | 150.3 | 128 | $ 126.7 |
Plan assets less than benefit obligation as of fiscal year end | $ (150.3) | $ (128) |
Retirement Benefits and Poste_6
Retirement Benefits and Postemployment Benefits (Schedule of amounts recognized in AOCI) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | $ (2,022.5) | $ (1,880.5) |
Prior service (costs) credits | 9.7 | 14.4 |
Amounts recorded in accumulated other comprehensive loss | (2,012.8) | (1,866.1) |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (2,136.6) | (1,961.6) |
Prior service (costs) credits | (6) | (5.9) |
Amounts recorded in accumulated other comprehensive loss | (2,142.6) | (1,967.5) |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | 129.5 | 81 |
Prior service (costs) credits | 21 | 26.3 |
Amounts recorded in accumulated other comprehensive loss | 150.5 | 107.3 |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (15.4) | 0.1 |
Prior service (costs) credits | (5.3) | (6) |
Amounts recorded in accumulated other comprehensive loss | $ (20.7) | $ (5.9) |
Retirement Benefits and Poste_7
Retirement Benefits and Postemployment Benefits (Schedule of plans with accumulated benefit obiligations in excess of plan assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 3,512.9 | $ 589.7 |
Accumulated benefit obligation | 3,200.1 | 552.2 |
Plan assets at fair value | $ 2,569.9 | $ 14.4 |
Retirement Benefits and Poste_8
Retirement Benefits and Postemployment Benefits (Schedule of components of net periodic benefit expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 92.7 | $ 94.6 | $ 102.9 |
Interest cost | 230.5 | 248 | 217.9 |
Expected return on plan assets | (449.9) | (445.8) | (480.2) |
Amortization of losses | 106 | 109.8 | 177 |
Amortization of prior service costs (credits) | 1.6 | 1.5 | 1.9 |
Other adjustments | 0 | 0 | 0 |
Settlement or curtailment losses | 0 | 0.3 | 0 |
Net (income) expense | (19.1) | 8.4 | 19.5 |
Other Postretirement Benefit Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 9.4 | 9.9 | 11.6 |
Interest cost | 27.1 | 33.1 | 30.1 |
Expected return on plan assets | (42.1) | (40.4) | (52.2) |
Amortization of losses | (2.1) | 0.6 | 0.8 |
Amortization of prior service costs (credits) | (5.5) | (5.5) | (5.4) |
Other adjustments | 0 | 0 | 0 |
Settlement or curtailment losses | 0 | 0 | 0 |
Net (income) expense | (13.2) | (2.3) | (15.1) |
Postemployment Benefit Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 8.3 | 7.6 | 8.6 |
Interest cost | 2.6 | 3 | 2.3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of losses | 0.4 | 0.1 | 0.8 |
Amortization of prior service costs (credits) | 0.9 | 0.7 | 0.6 |
Other adjustments | 17.7 | 6.7 | 6.7 |
Settlement or curtailment losses | 0 | 0 | 0 |
Net (income) expense | $ 29.9 | $ 18.1 | $ 19 |
Retirement Benefits and Poste_9
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine benefit obligations) (Details) | May 31, 2020 | May 26, 2019 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.20% | 3.91% |
Rate of salary increases | 4.44% | 4.17% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.02% | 3.79% |
Rate of salary increases | 0.00% | 0.00% |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 1.85% | 3.10% |
Rate of salary increases | 4.51% | 4.47% |
Retirement Benefits and Post_10
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine net periodic expense) (Details) | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.91% | 4.20% | 4.08% |
Service cost effective rate | 4.19% | 4.34% | 4.37% |
Interest cost effective rate | 3.47% | 3.92% | 3.45% |
Rate of salary increases | 4.17% | 4.27% | 4.25% |
Expected long-term rate of return on plan assets | 6.95% | 7.25% | 7.88% |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.79% | 4.17% | 3.92% |
Service cost effective rate | 4.04% | 4.27% | 4.27% |
Interest cost effective rate | 3.28% | 3.80% | 3.24% |
Rate of salary increases | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on plan assets | 5.67% | 5.67% | 7.59% |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.10% | 3.60% | 2.87% |
Service cost effective rate | 3.51% | 3.99% | 3.54% |
Interest cost effective rate | 2.84% | 3.37% | 2.67% |
Rate of salary increases | 4.47% | 4.44% | 4.46% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Retirement Benefits and Post_11
Retirement Benefits and Postemployment Benefits (Schedule of fair values of benefit plan assets and their respective levels in fair value heirarchy) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 | May 27, 2018 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | $ 6,993.2 | $ 6,291.6 | $ 6,177.4 |
Defined Benefit Pension Plans [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,817.3 | 1,890.8 | |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 3,500.7 | 2,780.4 | |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 223.5 | 239.3 | |
Defined Benefit Pension Plans [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.2 | 0.3 | |
Defined Benefit Pension Plans [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 180.3 | 186.5 | |
Defined Benefit Pension Plans [Member] | Assets measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,271.2 | 1,194.3 | |
Defined Benefit Pension Plans [Member] | Fair value measurement of pension plan assets in the fair value hierarchy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 5,722 | 5,097.3 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 3,276.6 | 3,227.6 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,039.6 | 1,226.2 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,833.3 | 1,635.5 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 223.4 | 179.4 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 180.3 | 186.5 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 2,445.2 | 1,869.4 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 777.7 | 664.6 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,667.4 | 1,144.9 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.1 | 59.9 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.2 | 0.3 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.2 | 0.3 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 793.5 | 753.8 | $ 726.1 |
Other Postretirement Benefit Plans [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 46.9 | 66.8 | |
Other Postretirement Benefit Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 425.9 | 381.1 | |
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.1 | 0.3 | |
Other Postretirement Benefit Plans [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 16.7 | 11.1 | |
Other Postretirement Benefit Plans [Member] | Assets measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 303.9 | 294.5 | |
Other Postretirement Benefit Plans [Member] | Fair value measurement of pension plan assets in the fair value hierarchy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 489.6 | 459.3 | |
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 174.3 | 151.1 | |
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 157.5 | 139.7 | |
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.1 | 0.3 | |
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 16.7 | 11.1 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 315.3 | 308.2 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 46.9 | 66.8 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 268.4 | 241.4 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans [Member] | Level 3 [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | $ 0 | $ 0 |
Retirement Benefits and Post_12
Retirement Benefits and Postemployment Benefits (Schedule of asset allocations for benefit plans) (Details) | May 31, 2020 | May 26, 2019 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
Defined Benefit Pension Plans [Member] | United States Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 19.70% | 20.30% |
Defined Benefit Pension Plans [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 11.00% | 12.50% |
Defined Benefit Pension Plans [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 6.20% | 8.10% |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 52.80% | 46.70% |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 10.30% | 12.40% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 100.00% | 100.00% |
Other Postretirement Benefit Plans [Member] | United States Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 18.10% | 19.10% |
Other Postretirement Benefit Plans [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 9.80% | 11.20% |
Other Postretirement Benefit Plans [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 4.40% | 4.90% |
Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 64.80% | 61.30% |
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 2.90% | 3.50% |
Retirement Benefits and Post_13
Retirement Benefits and Postemployment Benefits (Schedule of estimated benefit payments) (Details) $ in Millions | May 31, 2020USD ($) |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Medicare Subsidy Receipts, Next Twelve Months | $ 3.4 |
Medicare Subsidy Receipts, Year Two | 3.7 |
Medicare Subsidy Receipts, Year Three | 3.5 |
Medicare Subsidy Receipts, Year Four | 2.8 |
Medicare Subsidy Receipts, Year Five | 2.9 |
Medicare Subsidy Receipts, Five Fiscal Years Thereafter | 14.4 |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 325.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 331.8 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 338.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 345.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 354.5 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 1,899.7 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 43.5 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 44.5 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 45.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 46.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 48 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 247 |
Postemployment Benefit Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 24.5 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 19.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 18.1 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 16.8 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 15.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 63.6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 26, 2019 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
INCOME TAXES [Abstract] | ||||
Deferred Other Tax Expense Benefit | $ 53.1 | |||
Tax Benefit | $ 72.9 | (480.5) | $ (367.8) | $ (57.3) |
Tax Credit Carryforward [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, net discrete expense (benefit) | $ (523.5) | |||
Unremitted foreign earnings | 2,300 | 2,300 | ||
Unrecognized tax benefits that would affect effective tax rate | 79.3 | |||
Unrecognized tax benefits and accrued interest expected to be paid within the next 12 months | 0.1 | |||
Tax-related net interest and penalties benefits recognized | 3.2 | 0.5 | ||
Tax-related net interest and penalties accrued | $ 26 | 27.9 | $ 26 | |
Tax Cuts And Jobs Act Of 2017 Change In Tax Rate Deferred Tax Asset Income Tax Expense | $ 7.2 | |||
Minimum [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Number of open tax years for certain U.S. tax jurisdictions | 3 years | |||
Maximum [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Number of open tax years for certain U.S. tax jurisdictions | 5 years |
Income Taxes (Schedule of earni
Income Taxes (Schedule of earnings before income taxes and after-tax earnings from joint ventures and corresponding income taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 26, 2019 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Earnings before income taxes and after-tax earnings from joint ventures: | ||||
United States | $ 2,402.1 | $ 1,788.2 | $ 1,884 | |
Foreign | 198.1 | 293.8 | 251.6 | |
Earnings before income taxes and after-tax earnings from joint ventures | 2,600.2 | 2,082 | 2,135.6 | |
Income taxes currently payable: | ||||
Federal | 381 | 151.9 | 441.2 | |
State and local | 55.3 | 35.3 | 35.2 | |
Foreign | 73.8 | 84.6 | 85.2 | |
Total current | 510.1 | 271.8 | 561.6 | |
Income taxes deferred: | ||||
Federal | 67.8 | 86.7 | (478.5) | |
State and local | (56.6) | 21.6 | 15.7 | |
Foreign | (40.8) | (12.3) | (41.5) | |
Total deferred | (29.6) | 96 | (504.3) | |
Total income taxes | $ (72.9) | $ 480.5 | $ 367.8 | $ 57.3 |
Income Taxes (Schedule of the r
Income Taxes (Schedule of the reconcilation of the effective income tax rate) (Details) | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
United States statutory rate | 21.00% | 21.00% | 29.40% |
State and local income taxes, net of federal tax benefits | 2.00% | 2.50% | 1.70% |
Foreign rate differences | (0.80%) | 0.00% | (2.00%) |
Provisional net tax benefit | 0.00% | (0.40%) | (24.50%) |
Stock based compensation | (1.10%) | (1.20%) | (1.20%) |
GMC subsidiary restructure | (2.00%) | 0.00% | 0.00% |
Capital Loss | 0.00% | (3.70%) | 0.00% |
Prior period tax adjustment | 0.00% | 0.00% | 1.90% |
Domestic manufacturing deduction | 0.00% | 0.00% | (1.90%) |
Other, net | (0.60%) | (0.50%) | (0.70%) |
Effective income tax rate | 18.50% | 17.70% | 2.70% |
Income Taxes (Schedule of defer
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Abstract] | ||
Accrued liabilities | $ 61.8 | $ 50.9 |
Compensation and employee benefits | 171.4 | 196.6 |
Pension | 148.2 | 103.2 |
Tax credit carryforwards | 12.5 | 7.3 |
Stock, partnership, and miscellaneous investments | 80.2 | 104.2 |
Capital losses | 65.9 | 73.1 |
Net operating losses | 146.6 | 141.7 |
Other | 87 | 71.3 |
Gross deferred tax assets | 773.6 | 748.3 |
Valuation allowance | 214.2 | 213.7 |
Net deferred tax assets | 559.4 | 534.6 |
Brands | 1,415 | 1,472.6 |
Fixed assets | 378.3 | 377.8 |
Intangible assets | 246.8 | 259.7 |
Tax lease transactions | 21.5 | 23.9 |
Inventories | 33 | 39 |
Stock, partnership, and miscellaneous investments | 338.1 | 330 |
Unrealized hedges | 22.4 | 27.9 |
Other | 51.4 | 34.7 |
Gross deferred tax liabilities | 2,506.5 | 2,565.6 |
Net deferred tax liability | $ 1,947.1 | $ 2,031 |
Income Taxes - Operating Loss c
Income Taxes - Operating Loss carryforward (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 214.2 | $ 213.7 |
Operating loss carryforwards valuation allowance | 155.6 | |
Business Acquisition [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 108.3 | |
State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 28.2 | |
Capital Loss Carryforward [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 65.8 | |
Other Valuation Allowance [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 11.9 | |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 143.5 | |
Foreign [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 143.5 | |
Foreign [Member] | No Expiration Date [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 119 | |
Foreign [Member] | Expiration Dates in Year One and Two [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 3.7 | |
Foreign [Member] | Expiration Dates in Year Three and Beyond [Member] | State and Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 20.8 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | $ 12.1 |
Income Taxes (Schedule of chang
Income Taxes (Schedule of changes in total gross unrecognized tax benefit liabilities, excluding accrued interest) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | |
Changes in total gross unrecognized tax benefit liabilities [Roll Forward] | ||
Balance, beginning of year | $ 139.1 | $ 196.3 |
Current year additions | 18.7 | 19.5 |
Current year reductions | 0 | (0.1) |
Prior years additions | 2.3 | 3.8 |
Prior years reductions | (6) | (13.2) |
Prior years settlements | (2.9) | (41) |
Lapses in statutes of limitations | (3.3) | (26.2) |
Balance, end of year | $ 147.9 | $ 139.1 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | May 31, 2020USD ($) |
Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligations and comfort letters | $ 129.8 |
Business Segment and Geograph_3
Business Segment and Geographic Information (Narrative) (Details) | 12 Months Ended | |
May 31, 2020 | May 26, 2019 | |
Segment Reporting Information [Line Items] | ||
Fiscal Period Duration | 371 days | 364 days |
Pet Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Fiscal Period Duration | 13 months | 12 months |
Business Segment Information (S
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 4,161.7 | $ 4,198.3 | $ 4,411.2 | $ 4,094 | $ 17,626.6 | $ 16,865.2 | $ 15,740.4 |
Operating profit | 2,953.9 | 2,515.9 | 2,419.9 | ||||||||
Divestitures loss (gain) | 0 | 30 | 0 | ||||||||
Restructuring, impairment, and other exit costs | 24.4 | 275.1 | 165.6 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 17,626.6 | 16,865.2 | 15,740.4 | ||||||||
Operating profit | 3,487.4 | 3,160.8 | 2,791.7 | ||||||||
Unallocated Corporate Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | 509.1 | 339.8 | 206.2 | ||||||||
Significant Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Divestitures loss (gain) | 0 | 30 | 0 | ||||||||
Restructuring, impairment, and other exit costs | 24.4 | 275.1 | 165.6 | ||||||||
North America Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 10,750.5 | 9,925.2 | 10,115.4 | ||||||||
North America Retail [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 10,750.5 | 9,925.2 | 10,115.4 | ||||||||
Operating profit | 2,627 | 2,277.2 | 2,217.4 | ||||||||
U.S. Meals & Baking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,408.5 | 3,839.8 | 3,865.7 | ||||||||
U.S. Cereal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,434.1 | 2,255.4 | 2,251.8 | ||||||||
U.S. Snacks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,091.9 | 2,060.9 | 2,140.5 | ||||||||
U.S. Yogurt & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 919 | 906.7 | 927.4 | ||||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 897 | 862.4 | 930 | ||||||||
Europe and Australia [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,838.9 | 1,886.7 | 1,984.6 | ||||||||
Operating profit | 113.8 | 123.3 | 142.1 | ||||||||
Convenience Stores and Foodservice [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,816.4 | 1,969.1 | 1,930.2 | ||||||||
Operating profit | 337.2 | 419.5 | 392.6 | ||||||||
Pet Segment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,694.6 | 1,430.9 | 0 | ||||||||
Operating profit | 390.7 | 268.4 | 0 | ||||||||
Asia and Latin America [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,526.2 | 1,653.3 | 1,710.2 | ||||||||
Operating profit | $ 18.7 | $ 72.4 | $ 39.6 |
Business Segment Information _2
Business Segment Information (Schedule of net sales by class of similar products) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Product Information [Line Items] | |||||||||||
Net sales | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 4,161.7 | $ 4,198.3 | $ 4,411.2 | $ 4,094 | $ 17,626.6 | $ 16,865.2 | $ 15,740.4 |
Snacks [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 3,529.7 | 3,487.4 | 3,549.3 | ||||||||
Cereal [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,874.1 | 2,672.8 | 2,679.8 | ||||||||
Convenient meals [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,814.3 | 2,538.6 | 2,572.7 | ||||||||
Yogurt [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,056.6 | 2,113.1 | 2,235 | ||||||||
Dough [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,801.1 | 1,661.9 | 1,653.4 | ||||||||
Pet [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,694.6 | 1,430.9 | 0 | ||||||||
Baking mixes and ingredients [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,674.2 | 1,663.7 | 1,709.7 | ||||||||
Super-premium ice cream [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 718.1 | 812.7 | 803.2 | ||||||||
Vegetables and Other [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | $ 463.9 | $ 484.1 | $ 537.3 |
Business Segment Information _3
Business Segment Information (Schedule of financial information by geographic area) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 31, 2020 | May 26, 2019 | May 27, 2018 | May 28, 2017 | May 29, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 4,161.7 | $ 4,198.3 | $ 4,411.2 | $ 4,094 | $ 17,626.6 | $ 16,865.2 | $ 15,740.4 | ||
Cash and cash equivalents | 1,677.8 | 450 | 1,677.8 | 450 | 399 | $ 766.1 | $ 766.1 | ||||||
Land, buildings, and equipment | 3,580.6 | 3,787.2 | 3,580.6 | 3,787.2 | |||||||||
United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 13,364.5 | 12,462.8 | 11,115.6 | ||||||||||
Cash and cash equivalents | 1,112 | 51 | 1,112 | 51 | |||||||||
Land, buildings, and equipment | 2,761.6 | 2,872.8 | 2,761.6 | 2,872.8 | |||||||||
Non-United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 4,262.1 | 4,402.4 | $ 4,624.8 | ||||||||||
Cash and cash equivalents | 565.8 | 399 | 565.8 | 399 | |||||||||
Land, buildings, and equipment | $ 819 | $ 914.4 | $ 819 | $ 914.4 |
Supplemental Information (Sched
Supplemental Information (Schedule of certain Consolidated Balance Sheet accounts) (Details) - USD ($) $ in Millions | May 31, 2020 | May 26, 2019 | May 27, 2018 | May 28, 2017 |
Receivables [Abstract] | ||||
Customers | $ 1,648.3 | $ 1,708.5 | ||
Less allowance for doubtful accounts | (33.2) | (28.8) | ||
Total | 1,615.1 | 1,679.7 | ||
Inventories [Abstract] | ||||
Finished goods | 1,142.6 | 1,245.9 | ||
Raw materials and packaging | 392.2 | 434.9 | ||
Grain | 93.6 | 92 | ||
Excess of FIFO over LIFO cost | (202.1) | (213.5) | ||
Total | 1,426.3 | 1,559.3 | ||
LIFO Inventory Amount | 892.6 | 974.8 | ||
Prepaid Expenses and Other Current Assets [Abstract] | ||||
Prepaid expenses | 194.5 | 189 | ||
Other receivables | 85.2 | 250.2 | ||
Derivative receivables, primarily commodity-related | 70.6 | 42.2 | ||
Grain contracts | 5 | 6.7 | ||
Miscellaneous | 46.8 | 9.4 | ||
Total | 402.1 | 497.5 | ||
Land, Buildings and Equipment [Abstract] | ||||
Equipment | 6,428 | 6,548.3 | ||
Buildings | 2,412.6 | 2,477.2 | ||
Capitalized software | 668.5 | 631.6 | ||
Construction in progress | 373.5 | 343.8 | ||
Land | 66.1 | 73.6 | ||
Total land, buildings, and equipment | 9,954.8 | 10,080.5 | ||
Less accumulated depreciation | (6,374.2) | (6,293.3) | ||
Total | 3,580.6 | 3,787.2 | ||
Other Assets [Abstract] | ||||
Investments in and advances to joint ventures | 566.7 | 452.9 | ||
Operating Lease Right Of Use Asset | $ 365.2 | $ 0 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | ||
Pension assets | $ 21.2 | $ 323.5 | ||
Life insurance | 19.5 | 22.7 | ||
Miscellaneous | 113.2 | 175.8 | ||
Total | 1,085.8 | 974.9 | ||
Other Current Liabilities [Abstract] | ||||
Accrued trade and consumer promotions | 550.4 | 484.4 | ||
Accrued payroll | 430.4 | 345.5 | ||
Operating Lease Liability Current | $ 102 | $ 0 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total | ||
Accrued interest, including interest rate swaps | $ 92.8 | $ 92.6 | ||
Accrued taxes | 80.3 | 37.5 | ||
Derivative payable | 39.2 | 13.2 | ||
Dividends payable | 20.7 | 19.2 | ||
Restructuring and other exit costs reserve | 17.8 | 36.5 | $ 66.8 | $ 85 |
Grains contracts | 1.2 | 2.3 | ||
Miscellaneous | 298.5 | 336.6 | ||
Total | 1,633.3 | 1,367.8 | ||
Other Noncurrent Liabilities [Abstract] | ||||
Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans | 958.7 | 1,153.3 | ||
Operating Lease Liability Noncurrent | $ 277 | $ 0 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | ||
Accrued taxes | $ 238.6 | $ 227.1 | ||
Miscellaneous | 70.7 | 68.5 | ||
Total | 1,545 | 1,448.9 | ||
Buildings [Member] | ||||
Land, Buildings and Equipment [Abstract] | ||||
Capital leased assets | 0.3 | 0.3 | ||
Equipment [Member] | ||||
Land, Buildings and Equipment [Abstract] | ||||
Capital leased assets | $ 5.8 | $ 5.7 |
Supplemental Information (Sch_2
Supplemental Information (Schedule of certain Consolidated Statement of Earnings amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
SUPPLEMENTAL INFORMATION [Abstract] | |||
Depreciation and amortization | $ 594.7 | $ 620.1 | $ 618.8 |
Research and development expense | 224.4 | 221.9 | 219.1 |
Advertising and media expense (including production and communication costs) | $ 691.8 | $ 601.6 | $ 575.9 |
Supplemental Information (Sch_3
Supplemental Information (Schedule of the components of interest, net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
SUPPLEMENTAL INFORMATION [Abstract] | |||
Interest expense | $ 475.1 | $ 530.2 | $ 389.5 |
Capitalized interest | (2.6) | (2.8) | (4.1) |
Interest income | (6) | (5.6) | (11.7) |
Interest, net | $ 466.5 | $ 521.8 | $ 373.7 |
Supplemental Information (Sch_4
Supplemental Information (Schedule of certain Consolidated Statement of Cash Flows amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
SUPPLEMENTAL INFORMATION [Abstract] | |||
Cash interest payments | $ 418.5 | $ 500.1 | $ 269.5 |
Cash paid for income taxes | $ 403.3 | $ 440.8 | $ 489.4 |
Quarterly Data (Unaudited) (Nar
Quarterly Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
May 31, 2020 | May 26, 2019 | Feb. 24, 2019 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | ||||||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ 11.5 | $ 77.6 | $ 82.7 | |||
Tax Benefit | $ 72.9 | $ (480.5) | $ (367.8) | (57.3) | ||
Business Acquisition [Line Items] | ||||||
Fiscal Period Duration | 371 days | 364 days | ||||
Gains related to investment valuation adjustment | 9.8 | $ 9.8 | ||||
Divestitures loss (gain) | $ 0 | 30 | 0 | |||
Impairment charge | 7.4 | $ 192.6 | $ 96.9 | |||
Acquisition integration costs | 4.3 | |||||
Green Giant International Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Product Recall Expense | $ 19.3 | |||||
Yogurt Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures loss (gain) | $ (5.4) | |||||
La Saltena [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures loss (gain) | $ 35.4 | |||||
Pet Segment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fiscal Period Duration | 4 months | 3 months | 13 months | 12 months |
Quarterly Data (Unaudited) (Sch
Quarterly Data (Unaudited) (Schedule of summarized quarterly data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | Feb. 24, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
QUARTERLY DATA (UNAUDITED) [Abstract] | |||||||||||
Net sales | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 4,161.7 | $ 4,198.3 | $ 4,411.2 | $ 4,094 | $ 17,626.6 | $ 16,865.2 | $ 15,740.4 |
Gross Margin | 1,768.1 | 1,403.2 | 1,569.1 | 1,389.5 | 1,461.3 | 1,443 | 1,509.7 | 1,342.8 | |||
Net earnings attributable to General Mills | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | $ 570.2 | $ 446.8 | $ 343.4 | $ 392.3 | $ 2,181.2 | $ 1,752.7 | $ 2,131 |
Earnings per share - basic | $ 1.03 | $ 0.75 | $ 0.96 | $ 0.86 | $ 0.95 | $ 0.74 | $ 0.57 | $ 0.66 | $ 3.59 | $ 2.92 | $ 3.69 |
Earnings per share - diluted | $ 1.02 | $ 0.74 | $ 0.95 | $ 0.85 | $ 0.94 | $ 0.74 | $ 0.57 | $ 0.65 | 3.56 | 2.90 | 3.64 |
Dividends per share | $ 1.96 | $ 1.96 | $ 1.96 |
Schedule II - Valuation of Qu_2
Schedule II - Valuation of Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 28.8 | $ 28.4 | $ 24.3 |
Additions charged to expense, including translation amounts | 25.9 | 23.9 | 26.7 |
Deductions for bad debt write-offs and amounts utilized for restructuring activities | (22.9) | (22.7) | (26.9) |
Adjustments | 1.4 | (0.8) | 4.3 |
Balance at end of year | 33.2 | 28.8 | 28.4 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 213.7 | 176 | 231.8 |
Additions charged to expense, including translation amounts | 4.2 | (5.2) | 2.4 |
Adjustments | (3.7) | 42.9 | (58.2) |
Balance at end of year | 214.2 | 213.7 | 176 |
Reserve for Restructuring and Other Exit Costs [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 36.5 | 66.8 | 85 |
Additions charged to expense, including translation amounts | (2.5) | 11.6 | 40.3 |
Deductions for bad debt write-offs and amounts utilized for restructuring activities | (16.2) | (41.9) | (58.5) |
Balance at end of year | 17.8 | 36.5 | 66.8 |
Reserve for LIFO Valuation [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 213.5 | 213.2 | 209.1 |
Increase (decrease) | (11.4) | 0.3 | 4.1 |
Balance at end of year | $ 202.1 | $ 213.5 | $ 213.2 |