Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | Jun. 15, 2021 | Nov. 29, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000040704 | ||
Document Annual Report | true | ||
Document Period End Date | May 30, 2021 | ||
Document Transition Report | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --05-30 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Public Float | $ 36,765.2 | ||
Entity Common Stock, Shares Outstanding | 607,210,408 | ||
Shares held in the treasury | 147,402,920 | ||
Documents Incorporated By Reference | Portions of the registrant’s Proxy Statement for its 2021 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, $.10 par value | ||
Trading Symbol | GIS | ||
Security Exchange Name | NYSE | ||
1.000% Notes due 2023 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 1.000% Notes due 2023 | ||
Trading Symbol | GIS23A | ||
Security Exchange Name | NYSE | ||
0.450% Notes due 2026 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 0.450% Notes due 2026 | ||
Trading Symbol | GIS26 | ||
Security Exchange Name | NYSE | ||
1.500% Notes due 2027 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 1.500% Notes due 2027 | ||
Trading Symbol | GIS27 | ||
Security Exchange Name | NYSE |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 26, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Consolidated Statements of Earnings [Abstract] | ||||||||||||
Net sales | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 18,127 | $ 17,626.6 | $ 16,865.2 | |
Cost of sales | 11,678.7 | 11,496.7 | 11,108.4 | |||||||||
Selling, general, and administrative expenses | 3,079.6 | 3,151.6 | 2,935.8 | |||||||||
Divestitures loss | 53.5 | 0 | 30 | |||||||||
Restructuring, impairment, and other exit costs | 170.4 | 24.4 | 275.1 | |||||||||
Operating profit | 3,144.8 | 2,953.9 | 2,515.9 | |||||||||
Benefit plan non-service income | (132.9) | (112.8) | (87.9) | |||||||||
Interest, net | 420.3 | 466.5 | 521.8 | |||||||||
Earnings before income taxes and after-tax earnings from joint ventures | 2,857.4 | 2,600.2 | 2,082 | |||||||||
Income taxes | $ (72.9) | 629.1 | 480.5 | 367.8 | ||||||||
After-tax earnings from joint ventures | 117.7 | 91.1 | 72 | |||||||||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 2,346 | 2,210.8 | 1,786.2 | |||||||||
Net earnings attributable to redeemable and noncontrolling interests | 6.2 | 29.6 | 33.5 | |||||||||
Net earnings attributable to General Mills | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | $ 2,339.8 | $ 2,181.2 | $ 1,752.7 | |
Earnings per share - basic | $ 0.68 | $ 0.97 | $ 1.12 | $ 1.04 | $ 1.03 | $ 0.75 | $ 0.96 | $ 0.86 | $ 3.81 | $ 3.59 | $ 2.92 | |
Earnings per share - diluted | $ 0.68 | $ 0.96 | $ 1.11 | $ 1.03 | $ 1.02 | $ 0.74 | $ 0.95 | $ 0.85 | 3.78 | 3.56 | 2.90 | |
Dividends per share | $ 2.02 | $ 1.96 | $ 1.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,346 | $ 2,210.8 | $ 1,786.2 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | 175.1 | (169.1) | (82.8) |
Net actuarial income (loss) | 353.4 | (224.6) | (253.4) |
Other fair value changes: | |||
Hedge derivatives | (20.7) | 3.2 | 12.1 |
Reclassification to earnings: | |||
Securities | 0 | 0 | (2) |
Hedge derivatives | 13.5 | 4.1 | 0.9 |
Amortization of losses and prior service costs | 78.9 | 77.9 | 84.6 |
Other comprehensive income (loss), net of tax | 600.2 | (308.5) | (240.6) |
Total comprehensive income | 2,946.2 | 1,902.3 | 1,545.6 |
Comprehensive income (loss) attributable to redeemable and noncontrolling interests | 121.2 | 10.1 | (10.7) |
Comprehensive income attributable to General Mills | $ 2,825 | $ 1,892.2 | $ 1,556.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,505.2 | $ 1,677.8 |
Receivables | 1,638.5 | 1,615.1 |
Inventories | 1,820.5 | 1,426.3 |
Prepaid expenses and other current assets | 790.3 | 402.1 |
Total current assets | 5,754.5 | 5,121.3 |
Land, buildings, and equipment | 3,606.8 | 3,580.6 |
Goodwill | 14,062.4 | 13,923.2 |
Other intangible assets | 7,150.6 | 7,095.8 |
Other assets | 1,267.6 | 1,085.8 |
Total assets | 31,841.9 | 30,806.7 |
Current liabilities: | ||
Accounts payable | 3,653.5 | 3,247.7 |
Current portion of long-term debt | 2,463.8 | 2,331.5 |
Notes payable | 361.3 | 279 |
Other current liabilities | 1,787.2 | 1,633.3 |
Total current liabilities | 8,265.8 | 7,491.5 |
Long-term debt | 9,786.9 | 10,929 |
Deferred income taxes | 2,118.4 | 1,947.1 |
Other liabilities | 1,292.7 | 1,545 |
Total liabilities | 21,463.8 | 21,912.6 |
Redeemable interest | 604.9 | 544.6 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,365.5 | 1,348.6 |
Retained earnings | 17,069.8 | 15,982.1 |
Common stock in treasury, at cost, shares of 146.9 and 144.8 | (6,611.2) | (6,433.3) |
Accumulated other comprehensive loss | (2,429.2) | (2,914.4) |
Total stockholders' equity | 9,470.4 | 8,058.5 |
Noncontrolling interests | 302.8 | 291 |
Total equity | 9,773.2 | 8,349.5 |
Total liabilities and equity | $ 31,841.9 | $ 30,806.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Paranthetical) - $ / shares shares in Millions | May 30, 2021 | May 31, 2020 | May 26, 2019 | May 27, 2018 |
Stockholders' equity: | ||||
Common stock, shares issued | 754.6 | 754.6 | 754.6 | 754.6 |
Common stock, par value | $ 0.10 | $ 0.1 | $ 0.1 | |
Common stock in treasury, shares | 146.9 | 144.8 | 152.7 | 161.5 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity and Redeemable Interest - USD ($) shares in Millions, $ in Millions | Total | Redeemable Interest [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Beginning Balance, Common Stock, Shares, Issued at May. 27, 2018 | 754.6 | ||||||||
Beginning Balance, Treasury Stock, Shares at May. 27, 2018 | (161.5) | ||||||||
Stockholders' Equity, Number of Shares | |||||||||
Shares purchased, shares | 0 | 0 | |||||||
Stock compensation plans, shares (includes income tax benefits) | 8.8 | ||||||||
Ending Balance, Treasury Stock, Shares at May. 26, 2019 | (152.7) | ||||||||
Ending Balance, Common Stock, Shares, Issued at May. 26, 2019 | 754.6 | ||||||||
Beginning Balance, equity at May. 27, 2018 | $ 6,492.4 | $ 1,202.5 | $ 14,459.6 | $ (7,167.5) | $ (2,429) | $ 351.3 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||
Shares issued, value | $ 75.5 | ||||||||
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 | ||||||||
Decrease (increase) 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) | ||||||||
Shares purchased, value | (1.1) | (1.1) | |||||||
Distributions to redeemable and noncontrolling interest holders | 0 | (38.5) | |||||||
Ending Balance, equity at May. 26, 2019 | 7,367.7 | 1,386.7 | 14,996.7 | $ (6,779) | (2,625.4) | 313.2 | |||
Ending Balance, equity (Accounting Standards Update 2014-09 [Member]) at May. 26, 2019 | $ (33.9) | ||||||||
Ending Balance, equity (Accounting Standards Update 2016-13 [Member]) at May. 26, 2019 | 0 | ||||||||
Beginning Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 27, 2018 | 776.2 | ||||||||
Redeemable Interest | |||||||||
Total comprehensive income (loss) attributable to redeemable interests | (11.1) | ||||||||
Investment in redeemable interest | $ 55.7 | 55.7 | |||||||
Decrease (increase) 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 | ||||||||
Stockholders' Equity, Number of Shares | |||||||||
Shares purchased, shares | (0.1) | (0.1) | |||||||
Stock compensation plans, shares (includes income tax benefits) | 8 | ||||||||
Ending Balance, Treasury Stock, Shares at May. 31, 2020 | (144.8) | ||||||||
Ending Balance, Common Stock, Shares, Issued at May. 31, 2020 | 754.6 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||
Shares issued, value | 75.5 | ||||||||
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 | ||||||||
Decrease (increase) 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) | ||||||||
Shares purchased, value | $ (3.4) | (3.4) | |||||||
Distributions to redeemable and noncontrolling interest holders | (40) | (32.5) | |||||||
Ending Balance, equity at May. 31, 2020 | 8,349.5 | 1,348.6 | 15,982.1 | $ (6,433.3) | (2,914.4) | 291 | |||
Ending Balance, equity (Accounting Standards Update 2014-09 [Member]) at May. 31, 2020 | 0 | ||||||||
Ending Balance, equity (Accounting Standards Update 2016-13 [Member]) at May. 31, 2020 | 0 | ||||||||
Redeemable Interest | |||||||||
Total comprehensive income (loss) attributable to redeemable interests | (0.2) | ||||||||
Investment in redeemable interest | 0 | 0 | |||||||
Decrease (increase) 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, Number of Shares | |||||||||
Shares purchased, shares | (5) | (5) | |||||||
Stock compensation plans, shares (includes income tax benefits) | 2.9 | ||||||||
Ending Balance, Treasury Stock, Shares at May. 30, 2021 | (146.9) | ||||||||
Ending Balance, Common Stock, Shares, Issued at May. 30, 2021 | 754.6 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||
Shares issued, value | $ 75.5 | ||||||||
Stock compensation plans, value (includes income tax benefits) | 6.2 | $ 123.5 | |||||||
Unearned compensation related to stock unit awards | (78) | ||||||||
Earned compensation | 88.5 | ||||||||
Decrease (increase) in redemption value of redeemable interest | (0.2) | 0.2 | |||||||
Total comprehensive income (loss) | 2,339.8 | 485.2 | 38 | ||||||
Cash dividends declared | (1,246.4) | ||||||||
Shares purchased, value | $ (301.4) | (301.4) | |||||||
Distributions to redeemable and noncontrolling interest holders | (22.7) | (26.2) | |||||||
Ending Balance, equity at May. 30, 2021 | 9,773.2 | 1,365.5 | $ 17,069.8 | $ (6,611.2) | $ (2,429.2) | 302.8 | |||
Ending Balance, equity (Accounting Standards Update 2014-09 [Member]) at May. 30, 2021 | 0 | ||||||||
Ending Balance, equity (Accounting Standards Update 2016-13 [Member]) at May. 30, 2021 | $ (5.7) | ||||||||
Redeemable Interest | |||||||||
Total comprehensive income (loss) attributable to redeemable interests | 83.2 | ||||||||
Investment in redeemable interest | 0 | 0 | |||||||
Decrease (increase) in redemption value of redeemable interest | (0.2) | $ 0.2 | |||||||
Distributions to redeemable and noncontrolling interest holders | (22.7) | $ (26.2) | |||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 30, 2021 | $ 604.9 | $ 604.9 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity and Redeemable Interest (Parenthetical) - $ / shares | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Consolidated Statements of Total Equity and Redeemable Interest [Abstract] | |||
Par Value Common Stock | $ 0.10 | $ 0.1 | $ 0.1 |
Shares Authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Cash dividends declared per share | $ 2.02 | $ 1.96 | $ 1.96 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Cash Flows - Operating Activities | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,346 | $ 2,210.8 | $ 1,786.2 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 601.3 | 594.7 | 620.1 |
After-tax earnings from joint ventures | (117.7) | (91.1) | (72) |
Distributions of earnings from joint ventures | 95.2 | 76.5 | 86.7 |
Stock-based compensation | 89.9 | 94.9 | 84.9 |
Deferred income taxes | 118.8 | (29.6) | 93.5 |
Pension and other postretirement benefit plan contributions | (33.4) | (31.1) | (28.8) |
Pension and other postretirement benefit plan costs | (33.6) | (32.3) | 6.1 |
Divestitures loss | 53.5 | 0 | 30 |
Restructuring, impairment, and other exit costs | 150.9 | 43.6 | 235.7 |
Changes in current assets and liabilities, excluding the effects of divestitures | (155.9) | 793.9 | (7.5) |
Other, net | (131.8) | 45.9 | (27.9) |
Net cash provided by operating activities | 2,983.2 | 3,676.2 | 2,807 |
Cash Flows - Investing Activities | |||
Purchases of land, buildings, and equipment | (530.8) | (460.8) | (537.6) |
Investments in affiliates, net | 15.5 | (48) | 0.1 |
Proceeds from disposal of land, buildings, and equipment | 2.7 | 1.7 | 14.3 |
Proceeds from divestitures | 2.9 | 0 | 26.4 |
Other, net | (3.1) | 20.9 | (59.7) |
Net cash provided (used) by investing activities | (512.8) | (486.2) | (556.5) |
Cash Flows - Financing Activities | |||
Change in notes payable | 71.7 | (1,158.6) | (66.3) |
Issuance of long-term debt | 1,576.5 | 1,638.1 | 339.1 |
Payment of long-term debt | (2,609) | (1,396.7) | (1,493.8) |
Debt exchange participation incentive cash payment | (201.4) | 0 | 0 |
Proceeds from common stock issued on exercised options | 74.3 | 263.4 | 241.4 |
Purchases of common stock for treasury | (301.4) | (3.4) | (1.1) |
Dividends paid | (1,246.4) | (1,195.8) | (1,181.7) |
Investment in redeemable interest | 0 | 0 | 55.7 |
Distributions to noncontrolling and redeemable interest holders | (48.9) | (72.5) | (38.5) |
Other, net | (30.9) | (16) | (31.2) |
Net cash used by financing activities | (2,715.5) | (1,941.5) | (2,176.4) |
Effect of exchange rate changes on cash and cash equivalents | 72.5 | (20.7) | (23.1) |
(Decrease) increase in cash and cash equivalents | (172.6) | 1,227.8 | 51 |
Cash and cash equivalents - beginning of year | 1,677.8 | 450 | 399 |
Cash and cash equivalents - end of year | 1,505.2 | 1,677.8 | 450 |
Cash Flow from Changes in Current Assets and Liabilities, excluding effects of divestitures: | |||
Receivables | 27.9 | 37.9 | (42.7) |
Inventories | (354.7) | 103.1 | 53.7 |
Prepaid expenses and other current assets | (42.7) | 94.2 | (114.3) |
Accounts payable | 343.1 | 392.5 | 162.4 |
Other current liabilities | (129.5) | 166.2 | (66.6) |
Changes in current assets and liabilities | $ (155.9) | $ 793.9 | $ (7.5) |
Basis of Presentation and Recla
Basis of Presentation and Reclassifications | 12 Months Ended |
May 30, 2021 | |
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 years 2021 and 2019 consisted of 52 weeks, while fiscal year 2020 consisted of 53 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 2021 and 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 30, 2021 | |
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 30, 2021, 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 expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as geographic location, business channel, and other account data. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. 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 first quarter of fiscal 2021, we adopted new accounting requirements related to the measurement of credit losses on financial instruments, including trade receivables. The new standard and subsequent amendments replace the incurred loss impairment model with a forward-looking expected credit loss model, which will generally result in earlier recognition of credit losses. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as geographic location, business channel, and other account data. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. We adopted the requirements of the new standard and subsequent amendments using the modified retrospective transition approach, and recorded a decrease to retained earnings of $ 5.7 million after-tax. 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 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 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 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. 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 standard required 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 a corresponding increase to benefit plan non-service income of $ 87.9 million for fiscal 2019. 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 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 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. |
Acquisition and Divestitures
Acquisition and Divestitures | 12 Months Ended |
May 30, 2021 | |
Acquisition and Divestitures [Abstract] | |
Acquisition and Divestitures | NOTE 3. Acquisition and DIVESTITURES During the fourth quarter of fiscal 2021, we recorded a pre-tax loss of $ 53.5 million related to the sale of our Laticínios Carolina business in Brazil. During the fourth quarter of fiscal 2021, we entered into a definitive agreement to acquire Tyson Foods’ pet treats business for $ 1.2 billion in cash. We expect to close on the acquisition in the first quarter of fiscal 2022. We intend to fund the acquisition with cash and short-term debt. 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 30, 2021 | |
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. RESTRUCTURING INITIATIVES We view our restructuring activities as actions that help us meet our long-term growth targets and are evaluated against 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. Charges recorded in fiscal 2021 were as follows: Expense, in Millions Global organizational structure and resource alignment $ 157.3 Asia & Latin America route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously announced 2.4 Total $ 172.7 In fiscal 2021, we approved restructuring actions designed to better align our organizational structure and resources with strategic initiatives. We expect to incur approximately $ 170 million to $ 220 million of restructuring charges related to these global actions, of which approximately $ 130 million to $ 180 million will be cash. These charges are expected to consist primarily of severance and other benefits costs and other charges, including consulting and professional fees, contract termination costs, and fixed asset write-offs. We recognized $ 148.8 million of severance and other benefits costs and $ 8.5 million of other costs in fiscal 2021 related to these actions. We expect these actions to be completed by the end of fiscal 2023 In fiscal 2021, we approved restructuring actions to leverage more efficient and effective route-to-market models and to optimize our supply chain in our Asia & Latin America segment. We expect to incur approximately $ 17 million of restructuring charges related to these actions, of which approximately $ 10 million will be cash. These charges are expected to consist of approximately $ 9 million of severance and $ 8 million of other costs, primarily asset write-offs. We recognized $ 8.8 million of severance and $ 4.2 million of other costs in fiscal 2021 related to these actions. We expect these actions to be completed by the end of the first quarter of fiscal 2022 The charges associated with restructuring actions previously announced primarily relate to actions to drive efficiencies in targeted areas of our global supply chain. We expect these actions to be completed by the end of fiscal 2023 Certain actions are subject to union negotiations and works counsel consultations, where required. We paid net $ 21.8 million of cash related to restructuring actions in fiscal 2021. We paid net $ 6.6 million of cash in fiscal 2020. In fiscal 2020, we did not undertake any new restructuring actions and recorded $ 50.2 million of restructuring charges for previously announced restructuring actions. 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 Restructuring and impairment charges and project-related costs are classified in our Consolidated Statements of Earnings as follows: Fiscal Year In Millions 2021 2020 2019 Restructuring, impairment, and other exit costs $ 170.4 $ 24.4 $ 275.1 Cost of sales 2.3 25.8 9.9 Total restructuring and impairment charges 172.7 50.2 285.0 Project-related costs classified in cost of sales $ - $ 1.5 $ 1.3 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 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 Fiscal 2021 charges, including foreign currency translation 142.3 0.3 1.3 143.9 Utilized in fiscal 2021 ( 12.8) ( 0.1) - ( 12.9) Reserve balance as of May 30, 2021 $ 147.3 $ 0.2 $ 1.3 $ 148.8 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 30, 2021 | |
Investments in Unconsolidated Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures [Text Block] | 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 120 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 30, 2021 May 31, 2020 Cumulative investments $ 486.2 $ 481.4 Goodwill and other intangibles 505.7 460.5 Aggregate advances included in cumulative investments 294.2 279.5 Joint venture earnings and cash flow activity is as follows: Fiscal Year In Millions 2021 2020 2019 Sales to joint ventures $ 6.7 $ 5.9 $ 4.2 Net (repayments) advances ( 15.5) 48.0 ( 0.1) Dividends received 95.2 76.5 86.7 Summary combined financial information for the joint ventures on a 100 percent basis is as follows: Fiscal Year In Millions 2021 2020 2019 Net sales: CPW $ 1,766.8 $ 1,654.3 $ 1,647.7 HDJ 422.4 391.3 396.2 Total net sales 2,189.2 2,045.6 2,043.9 Gross margin 882.9 785.3 744.4 Earnings before income taxes 247.8 214.0 155.4 Earnings after income taxes 201.7 176.5 111.9 In Millions May 30, 2021 May 31, 2020 Current assets $ 877.4 $ 870.0 Noncurrent assets 927.2 781.4 Current liabilities 1,424.4 1,365.6 Noncurrent liabilities 142.2 104.2 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
May 30, 2021 | |
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 30, 2021 May 31, 2020 Goodwill $ 14,062.4 $ 13,923.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,628.1 6,561.4 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 823.4 777.8 Less accumulated amortization ( 300.9) ( 243.4) Intangible assets subject to amortization 522.5 534.4 Other intangible assets 7,150.6 7,095.8 Total $ 21,213.0 $ 21,019.0 Based on the carrying value of finite-lived intangible assets as of May 30, 2021 , 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 2019, 2020, and 2021 are as follows: In Millions North America Retail Pet Convenience Stores & Foodservice Europe & Australia Asia & Latin America Joint Ventures Total 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 Divestiture - - - - ( 1.2) - ( 1.2) Other activity, primarily foreign currency translation 15.6 - - 74.8 10.1 39.9 140.4 Balance as of May 30, 2021 $ 6,419.3 $ 5,300.5 $ 918.8 $ 765.5 $ 212.7 $ 445.6 $ 14,062.4 The changes in the carrying amount of other intangible assets for fiscal 2019, 2020, and 2021 are as follows: In Millions Total 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 Divestiture ( 5.3) Other activity, primarily amortization and foreign currency translation 60.1 Balance as of May 30, 2021 $ 7,150.6 Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of fiscal 2021, and we determined there was no impairment of our intangible assets as their related fair values were substantially in excess of the carrying values. While having significant coverage as of our fiscal 2021 assessment date, the Europe & Australia reporting unit and the Progresso , Green Giant , and EPIC brand intangible assets had risk of decreasing coverage. We will continue to monitor these businesses for potential impairment. We did not identify any indicators of impairment for any goodwill or indefinite-lived intangible assets as of May 30, 2021. 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. 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 30, 2021 | |
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 2021 2020 Operating lease cost $ 132.7 $ 133.5 Variable lease cost 21.8 14.4 Short-term lease cost 15.4 23.3 Rent expense under all operating leases from continuing operations was $ 184.9 million in fiscal 2019. Maturities of our operating and finance lease obligations by fiscal year are as follows: In Millions Operating Leases Finance Leases Fiscal 2022 $ 123.3 $ 0.7 Fiscal 2023 103.5 0.7 Fiscal 2024 80.9 0.4 Fiscal 2025 50.2 - Fiscal 2026 32.6 - After fiscal 2026 36.7 - Total noncancelable future lease obligations $ 427.2 $ 1.8 Less: Interest ( 32.8) - Present value of lease obligations $ 394.4 $ 1.8 The lease payments presented in the table above exclude $ 87.8 million of minimum lease payments for operating leases we have committed to but have not yet commenced as of May 30, 2021. The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: May 30, 2021 May 31, 2020 Weighted-average remaining lease term 4.5 years 4.6 years Weighted-average discount rate 3.7 % 4.1 % Supplemental operating cash flow information and non-cash activity related to our operating leases are as follows: Fiscal Year In Millions 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 132.0 $ 131.0 Right of use assets obtained in exchange for new lease liabilities $ 120.2 $ 46.3 |
Financial Instruments, Risk Man
Financial Instruments, Risk Management Activities, and Fair Values | 12 Months Ended |
May 30, 2021 | |
Financial Instruments, Risk Management Activities, and Fair Values [Abstract] | |
Financial Instruments, Risk Management Activities, and Fair Values [Text Block] | 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 30, 2021, and May 31, 2020, 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 2021 2020 2021 2020 2021 2020 2021 2020 Available for sale debt securities $ 76.9 $ 56.7 $ 76.9 $ 56.7 $ - $ - $ - $ - Equity securities 360.3 0.3 365.6 4.9 5.3 4.6 - - Total $ 437.2 $ 57.0 $ 442.5 $ 61.6 $ 5.3 $ 4.6 $ - $ - There were no realized gains or losses from sales of marketable securities in fiscal 2021. During fiscal 2020, we received $ 16.0 million of proceeds and recorded $ 4.0 million of realized losses from the sale of marketable securities. Gains and losses are determined by specific identification. Classification of marketable securities as current or noncurrent is dependent upon our intended holding period and the security’s maturity date. The aggregate unrealized gains and losses on available-for-sale 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) $ 76.9 $ 76.9 Equity securities 360.3 365.6 Total $ 437.2 $ 442.5 As of May 30, 2021, we had $ 2.4 million of marketable debt securities pledged as collateral for derivative contracts. As of May 30, 2021, $ 28.2 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 $ 13,194.4 million and $ 12,250.7 million, respectively, as of May 30, 2021. 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 as possible to or below our planned cost. 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 2021, 2020, and 2019 included: Fiscal Year In Millions 2021 2020 2019 Net gain (loss) on mark-to-market valuation of commodity positions $ 138.2 $ ( 63.0) $ ( 39.0) Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit ( 8.8) 35.6 10.0 Net mark-to-market revaluation of certain grain inventories 9.4 2.7 ( 7.0) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 138.8 $ ( 24.7) $ ( 36.0) As of May 30, 2021, the net notional value of commodity derivatives was $ 337.0 million, of which $ 276.1 million related to agricultural inputs and $ 60.9 million related to energy inputs. These contracts relate to inputs that generally will be utilized within the next 12 months. INTEREST RATE RISK We are exposed to interest rate volatility with regard to future issuances of fixed-rate debt, and existing and future issuances of floating-rate debt. Primary exposures include U.S. Treasury rates, LIBOR, Euribor, and commercial paper rates in the United States and Europe. We use interest rate swaps, forward-starting interest rate swaps, and treasury locks to hedge our exposure to interest rate changes, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed rate versus floating-rate debt, based on current and projected market conditions. Generally under these swaps, we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount. Floating Interest Rate Exposures — Floating-to-fixed interest rate swaps are accounted for as cash flow hedges, as are all hedges of forecasted issuances of debt. Effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt. Effective gains and losses deferred to AOCI are reclassified into earnings over the life of the associated debt. 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 2, 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 30, 2021, 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 $ ( 5.3) 2.6% notes due October 12, 2022 1.0 1.0% notes due April 27, 2023 ( 0.5) 3.7% notes due October 17, 2023 ( 0.8) 3.65% notes due February 15, 2024 4.9 4.0% notes due April 17, 2025 ( 2.3) 3.2% notes due February 10, 2027 9.7 1.5% notes due April 27, 2027 ( 1.9) 4.2% notes due April 17, 2028 ( 7.0) 4.55% notes due April 17, 2038 ( 9.2) 5.4% notes due June 15, 2040 ( 10.6) 4.15% notes due February 15, 2043 8.5 4.7% notes due April 17, 2048 ( 12.8) Net pre-tax hedge loss in AOCI $ ( 26.3) 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 30, 2021 May 31, 2020 Pay-floating swaps - notional amount $ 731.5 $ 666.1 Average receive rate 0.4 % 0.4 % Average pay rate 0.1 % 0.3 % 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 30, 2021, 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 30, 2021, the net notional value of foreign exchange derivatives was $ 1,176.8 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 30, 2021, we hedged a portion of these net investments with € 2,510.4 million of euro denominated bonds. As of May 30, 2021, we had deferred net foreign currency transaction losses of $ 216.6 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 30, 2021, the net notional amount of our equity swaps was $ 201.1 million of which $ 191.2 million of swap contracts mature in fiscal 2022 and $ 9.9 million of swap contracts mature in fiscal 2023. 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 30, 2021, and May 31, 2020, were as follows: May 30, 2021 May 30, 2021 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) $ - $ 28.8 $ - $ 28.8 $ - $ - $ - $ - Foreign exchange contracts (a) (c) - 2.3 - 2.3 - ( 36.3) - ( 36.3) Total - 31.1 - 31.1 - ( 36.3) - ( 36.3) Derivatives not designated as hedging instruments: Foreign exchange contracts (a) (c) - 2.5 - 2.5 - ( 1.6) - ( 1.6) Commodity contracts (a) (d) 11.1 20.5 - 31.6 ( 0.8) ( 0.5) - ( 1.3) Grain contracts (a) (d) - 12.0 - 12.0 - ( 0.9) - ( 0.9) Total 11.1 35.0 - 46.1 ( 0.8) ( 3.0) - ( 3.8) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 365.6 76.9 - 442.5 - - - - Total 365.6 76.9 - 442.5 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 376.7 $ 143.0 $ - $ 519.7 $ ( 0.8) $ ( 39.3) $ - $ ( 40.1) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. As of May 30, 2021, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $ 736.9 million and was classified on the Consolidated Balance Sheet within long-term debt. As of May 30, 2021, the cumulative amount of fair value hedging basis adjustments was $ 5.4 million. (c) Based on observable market transactions of spot currency rates and forward currency prices. (d) Based on prices of futures exchanges and recently reported transactions in the marketplace. (e) Based on prices of common stock, mutual fund net asset values, and bond matrix pricing. 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) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. 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. (c) Based on observable market transactions of spot currency rates and forward currency prices. (d) Based on prices of futures exchanges and recently reported transactions in the marketplace. (e) Based on prices of common stock and bond matrix pricing. 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 30, 2021, and May 31, 2020, follows: Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other comprehensive income (OCI) $ 31.2 $ ( 6.9) $ ( 58.7) $ 11.3 $ - $ - $ - $ - $ ( 27.5) $ 4.4 Amount of net (loss) gain reclassified from AOCI into earnings (a) ( 9.4) ( 9.5) ( 9.8) 4.6 - - - - ( 19.2) ( 4.9) Derivatives in Fair Value Hedging Relationships: Amount of net loss recognized in earnings (b) ( 0.3) ( 4.9) - - - - - - ( 0.3) ( 4.9) Derivatives Not Designated as Hedging Instruments: Amount of net (loss) gain recognized in earnings (c) - ( 1.4) 4.2 15.7 47.7 8.6 134.6 ( 55.6) 186.5 ( 32.7) (a) (Loss) gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. For the fiscal year ended May 30, 2021, the amount of loss reclassified from AOCI into cost of sales was $ 9.3 million and the amount of loss reclassified from AOCI into SG&A was $ 0.5 million. 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. (b) 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 (c) Gain (loss) 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. 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 30, 2021 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 $ 31.6 $ - $ 31.6 $ ( 1.3) $ ( 9.1) $ 21.2 $ ( 1.3) $ - $ ( 1.3) $ 1.3 $ - $ - Interest rate contracts 29.8 - 29.8 - - 29.8 - - - - - - Foreign exchange contracts 4.8 - 4.8 ( 4.1) - 0.7 ( 37.9) - ( 37.9) 4.1 - ( 33.8) Equity contracts 2.2 - 2.2 - - 2.2 - - - - - - Total $ 68.4 $ - $ 68.4 $ ( 5.4) $ ( 9.1) $ 53.9 $ ( 39.2) $ - $ ( 39.2) $ 5.4 $ - $ ( 33.8) 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) (a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS As of May 30, 2021, the after-tax amounts of unrealized gains and losses in AOCI related to hedge derivatives follows: In Millions After-Tax Gain/(Loss) Unrealized gains from interest rate cash flow hedges $ 0.4 Unrealized losses from foreign currency cash flow hedges ( 18.9) After-tax loss in AOCI related to hedge derivatives $ ( 18.5) The net amount of pre-tax gains and losses in AOCI as of May 30, 2021, that we expect to be reclassified into net earnings within the next 12 months is a $ 12.5 million net loss. 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 30, 2021, was $ 11.0 million. We have posted no collateral under these contracts. If the credit-risk-related contingent features underlying these agreements had been triggered on May 30, 2021, we would have been required to post $ 11.0 million of collateral to counterparties. CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISK During fiscal 2021, 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 20 % 29 % 7 % - % 5 % 13 % Accounts receivable 28 % 6 % - % 5 % 14 % Five largest customers: Net sales 53 % 42 % 32 % 11 % 71 % (a) Includes Walmart Inc. and its affiliates. No customer other than Walmart accounted for 10 percent or more of our consolidated net sales. We enter into interest rate, foreign exchange, and certain commodity and equity derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties; however, we have not incurred a material loss. We also enter into commodity futures transactions through various regulated exchanges. The amount of loss due to the credit risk of the counterparties, should the counterparties fail to perform according to the terms of the contracts, is $ 55.8 million, against which we hold $ 9.1 million of 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 30, 2021, $ 1,411.3 million of our accounts payable was payable to suppliers who utilize these third-party services. As of May 31, 2020, $ 1,328.9 million of our accounts payable was payable to suppliers who utilize these third-party services. |
Debt
Debt | 12 Months Ended |
May 30, 2021 | |
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 30, 2021 May 31, 2020 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ - - % $ 99.9 3.6 % Financial institutions 361.3 3.4 % 179.1 5.1 % Total $ 361.3 3.4 % $ 279.0 4.6 % 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 30, 2021: In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2026 $ 2.7 $ - September 2022 0.2 - Total committed credit facilities 2.9 - Uncommitted credit facilities 0.6 0.4 Total committed and uncommitted credit facilities $ 3.5 $ 0.4 In the fourth quarter of fiscal 2021, we entered into a $ 2.7 billion fee-paid committed credit facility that is scheduled to expire in April 2026. Concurrent with the execution of this credit facility, we terminated our existing $ 2.7 billion credit facility. 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 30, 2021. LONG-TERM DEBT In the fourth quarter of fiscal 2021, we repaid $ 600.0 million of 3.2 percent fixed-rate notes and $ 850.0 million of floating-rate notes with cash on hand. In the third quarter of fiscal 2021, we completed an offer to exchange certain series of outstanding notes for a combination of newly issued notes and cash. Holders exchanged $ 603.9 million of notes previously issued with rates between 4.15 percent and 5.4 percent for $ 605.2 million of newly issued 3.0 percent fixed-rate notes due February 1, 2051 and $ 201.4 million of cash, representing a participation incentive. In the second quarter of fiscal 2021, we issued € 500.0 million principal amount of 0.0 percent fixed-rate notes due November 16, 2021. We used the net proceeds to repay € 200.0 million of 0.0 percent fixed-rate notes and for general corporate purposes. In the first quarter of fiscal 2021, we issued € 500.0 million principal amount of 0.0 percent fixed-rate notes due August 21, 2021. We used the net proceeds, together with cash on hand, to repay € 500.0 million of 2.1 percent fixed-rate notes. Subsequent to the end of fiscal 2021, we repaid € 200.0 million of 2.2 percent fixed-rate notes due June 24, 2021 using proceeds from the issuance of € 50.0 million of 2.2 percent fixed-rate notes due November 29, 2021 and borrowings under a committed credit facility. In the fourth quarter of fiscal 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 the third quarter of fiscal 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 the second quarter of fiscal 2020, we repaid $ 500.0 million of 2.2 percent fixed-rate notes with proceeds from commercial paper. A summary of our long-term debt is as follows: In Millions May 30, 2021 May 31, 2020 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 4.0% notes due April 17, 2025 800.0 800.0 3.2% notes due February 10, 2027 750.0 750.0 2.875% notes due April 15, 2030 750.0 750.0 Euro-denominated 0.45% notes due January 15, 2026 731.5 666.1 4.7% notes due April 17, 2048 446.2 650.0 3.2% notes due April 16, 2021 - 600.0 Euro-denominated 2.1% notes due November 16, 2020 - 555.1 Euro-denominated 1.0% notes due April 27, 2023 609.6 555.1 4.55% notes due April 17, 2038 282.4 500.0 2.6% notes due October 12, 2022 500.0 500.0 5.4% notes due June 15, 2040 382.5 500.0 4.15% notes due February 15, 2043 434.9 500.0 3.65% notes due February 15, 2024 500.0 500.0 Euro-denominated 1.5% notes due April 27, 2027 487.7 444.0 Floating-rate notes due October 17, 2023 400.0 400.0 Euro-denominated 2.2% notes due June 24, 2021 243.9 222.0 Euro-denominated 0.0% notes due November 16, 2020 - 222.0 Medium-term notes, 0.56% to 6.41%, due fiscal 2023 or later 104.0 104.2 Euro-denominated 0.0% notes due August 21, 2021 609.6 - Euro-denominated 0.0% notes due November 16, 2021 609.6 - 3.0% notes due February 1, 2051 605.2 - Other, including debt issuance costs, debt exchange participation premium, and finance leases ( 246.4) ( 58.0) 12,250.7 13,260.5 Less amount due within one year ( 2,463.8) ( 2,331.5) Total long-term debt $ 9,786.9 $ 10,929.0 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 2022 $ 2,463.8 Fiscal 2023 1,210.3 Fiscal 2024 1,754.4 Fiscal 2025 800.0 Fiscal 2026 731.5 Certain of our long-term debt agreements contain restrictive covenants. As of May 30, 2021, we were in compliance with all of these covenants. As of May 30, 2021, the $ 26.3 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 2022 is a $ 4.8 million pre-tax loss. |
Redeemable and Noncontrolling I
Redeemable and Noncontrolling Interests | 12 Months Ended |
May 30, 2021 | |
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. 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 30, 2021, the redemption value of the euro-denominated redeemable interest was $ 604.9 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 $ 40.3 million in fiscal 2021 and $ 56.9 million in fiscal 2020 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 May 31, 2022. Net purchases totaled $ 212.1 million for fiscal 2021 and $ 201.8 million for fiscal 2020. 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, 2021, the floating preferred return rate on GMC’s Class A interests was reset to the sum of three-month LIBOR plus 160 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 30, 2021, we were in compliance with all of these covenants. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
May 30, 2021 | |
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. Share repurchases were as follows: Fiscal Year In Millions 2021 2020 2019 Shares of common stock 5.0 0.1 - Aggregate purchase price $ 301.4 $ 3.4 $ 1.1 The following tables provide details of total comprehensive income: Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 2,339.8 $ 6.5 $ ( 0.3) Other comprehensive income (loss): Foreign currency translation $ ( 6.1) $ 64.9 58.8 31.5 84.8 Net actuarial gain 464.9 ( 111.5) 353.4 - - Other fair value changes: Hedge derivatives ( 25.8) 6.5 ( 19.3) - ( 1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 ( 5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 ( 23.6) 78.9 - - Other comprehensive income 554.6 ( 69.4) 485.2 31.5 83.5 Total comprehensive income $ 2,825.0 $ 38.0 $ 83.2 (a) 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 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) (a) 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) (a) Gain reclassified from AOCI into earnings is reported in interest, net for securities. (b) 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. In fiscal 2021, 2020, and 2019, 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 30, 2021 May 31, 2020 Foreign currency translation adjustments $ ( 830.2) $ ( 889.0) Unrealized loss from hedge derivatives ( 18.5) ( 12.6) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 1,718.4) ( 2,022.5) Prior service credits 137.9 9.7 Accumulated other comprehensive loss $ ( 2,429.2) $ ( 2,914.4) |
Stock Plans
Stock Plans | 12 Months Ended |
May 30, 2021 | |
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 30, 2021, a total of 23.5 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, 2011, and 2016 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 2021 2020 2019 Estimated fair values of stock options granted $ 8.03 $ 7.10 $ 5.35 Assumptions: Risk-free interest rate 0.7 % 2.0 % 2.9 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 19.5 % 17.4 % 16.3 % Dividend yield 3.3 % 3.6 % 4.3 % 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 $ 12.4 million in fiscal 2021, $ 27.3 million in fiscal 2020, and $ 24.5 million in fiscal 2019. Options may be priced at 100 percent or more of the fair market value on the date of grant, and generally vest four years after the date of grant. Options generally expire within 10 years and one month after the date of grant. Information on stock option activity follows: Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 31, 2020 18,164.6 $ 51.21 5.53 $ 222.6 Granted 1,366.0 61.65 Exercised ( 1,910.6) 39.15 Forfeited or expired ( 222.5) 55.80 Outstanding as of May 30, 2021 17,397.5 $ 53.29 5.26 $ 174.4 Exercisable as of May 30, 2021 9,018.7 $ 53.60 3.28 $ 91.4 Stock-based compensation expense related to stock option awards was $ 11.2 million in fiscal 2021, $ 13.4 million in fiscal 2020, and $ 14.7 million in fiscal 2019. 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 2021 2020 2019 Net cash proceeds $ 74.3 $ 263.4 $ 241.4 Intrinsic value of options exercised $ 44.8 $ 132.9 $ 126.7 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 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 31, 2020 4,925.5 $ 53.26 103.3 $ 54.75 Granted 1,501.8 61.23 27.2 61.59 Vested ( 1,199.3) 60.54 ( 28.0) 62.88 Forfeited or expired ( 155.2) 55.47 ( 4.9) 55.82 Non-vested as of May 30, 2021 5,072.8 $ 53.84 97.6 $ 54.26 Fiscal Year 2021 2020 2019 Number of units granted (thousands) 1,529.0 1,947.6 1,848.2 Weighted-average price per unit $ 61.24 $ 53.28 $ 46.14 The total grant-date fair value of restricted stock unit awards that vested was $ 74.4 million in fiscal 2021 and $ 59.7 million in fiscal 2020. As of May 30, 2021, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $ 103.0 million. This expense will be recognized over 19 months, on average. Stock-based compensation expense related to restricted stock units and performance share units was $ 78.7 million for fiscal 2021, $ 81.5 million for fiscal 2020, and $ 70.2 million for fiscal 2019. 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
May 30, 2021 | |
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 2021 2020 2019 Net earnings attributable to General Mills $ 2,339.8 $ 2,181.2 $ 1,752.7 Average number of common shares - basic EPS 614.1 608.1 600.4 Incremental share effect from: (a) Stock options 2.5 2.7 3.1 Restricted stock units and performance share units 2.5 2.5 1.9 Average number of common shares - diluted EPS 619.1 613.3 605.4 Earnings per share — basic $ 3.81 $ 3.59 $ 2.92 Earnings per share — diluted $ 3.78 $ 3.56 $ 2.90 (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 2021 2020 2019 Anti-dilutive stock options, restricted stock units, and performance share units 3.4 8.4 14.1 |
Retirement Benefits and Postemp
Retirement Benefits and Postemployment Benefits | 12 Months Ended |
May 30, 2021 | |
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 2021 or fiscal 2020. We do not expect to be required to make any contributions to our principal U.S. plans in fiscal 2022. Our principal U.S. 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. 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 U.S. 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 2021 or fiscal 2020. We do not expect to be required to make any contributions to these plans in fiscal 2022. In fiscal 2021, we approved amendments to reorganize certain U.S. retiree health and welfare benefit plans. The General Mills Retiree Health Plan for Union Employees was divided into two plans, with participants under age 65 remaining within its coverage, and participants age 65 and over covered by The General Mills Retiree Health Plan for Union Employees (65+). The General Mills Retiree Health Plan for Union Employees (65+) will allow certain participants to purchase individual health insurance policies on a private health care exchange effective January 1, 2022. Additionally, the Employees’ Benefit Plan of General Mills was merged into the General Mills Retiree Health Plan for Union Employees. Separate benefit structures and plan provisions continue to apply to eligible participants of these merged plans. A portion of the General Mills Retiree Health Plan for Union Employees overfunded plan assets were segregated to offset the cost of the Employees’ Benefit Plan of General Mills health and welfare benefits. The segregation of assets is reported as a negative employer contribution in the change in other postretirement benefit plan assets. The amendments facilitate targeted investment strategies that reflect each plan’s unique liability characteristics. In fiscal 2021, we announced changes to the design of our health care coverage for certain eligible retirees to allow participants to purchase individual health insurance policies on a private health care exchange effective January 1, 2022. These changes will provide certain eligible retirees with greater flexibility in choosing health care coverage that best fits their needs. Health Care Cost Trend Rates Assumed health care cost trends are as follows: Fiscal Year 2021 2020 Health care cost trend rate for next year 6.0% and 6.3% 6.2% and 6.5% 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 6.3 percent for retirees age 65 and over and 6.0 percent for retirees under age 65 at the end of fiscal 2021. 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 2021 2020 2021 2020 2021 2020 Change in Plan Assets: Fair value at beginning of year $ 6,993.2 $ 6,291.6 $ 793.5 $ 753.8 Actual return on assets 716.3 983.7 108.1 65.0 Employer contributions 33.8 32.9 ( 359.9) 0.1 Plan participant contributions 4.1 6.7 13.0 13.8 Benefits payments ( 315.1) ( 317.2) ( 35.3) ( 39.2) Foreign currency 27.9 ( 4.5) - - Fair value at end of year (a) $ 7,460.2 $ 6,993.2 $ 519.4 $ 793.5 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 7,640.2 $ 6,750.7 $ 773.7 $ 824.1 $ 150.3 $ 128.0 Service cost 104.4 92.7 8.5 9.4 9.3 8.3 Interest cost 192.1 230.5 18.0 27.1 1.7 2.6 Plan amendment 1.1 1.2 ( 138.7) - - - Curtailment/other ( 5.8) ( 1.2) - - 5.1 - Plan participant contributions 4.1 6.7 13.0 13.8 - - Medicare Part D reimbursements - - 2.5 2.7 - - Actuarial loss (gain) 67.4 881.8 ( 15.8) ( 38.3) 7.2 17.7 Benefits payments ( 315.7) ( 317.7) ( 61.9) ( 63.5) ( 22.5) ( 6.2) Foreign currency 26.6 ( 4.5) 0.7 ( 1.6) 0.6 ( 0.1) Projected benefit obligation at end of year (a) $ 7,714.4 $ 7,640.2 $ 600.0 $ 773.7 $ 151.7 $ 150.3 Plan assets less than benefit obligation as of fiscal year end $ ( 254.2) $ ( 647.0) $ ( 80.6) $ 19.8 $ ( 151.7) $ ( 150.3) (a) Plan assets and obligations are measured as of May 31, 2021 and May 31, 2020 . During fiscal 2021, 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 the reorganization of certain U.S. retiree health and welfare benefit plans. 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. As of May 30, 2021, other postretirement benefit plans had benefit obligations of $ 412.4 million that exceeded plan assets of $ 310.1 million. As of May 31, 2020, other postretirement benefit plans had benefit obligations of $ 479.4 million that exceeded plan assets of $ 248.0 million. Postemployment benefit plans are not funded and had benefit obligations of $ 151.7 million and $ 150.3 million as of May 30, 2021 and May 31, 2020, respectively. The accumulated benefit obligation for all defined benefit pension plans was $ 7,402.1 million as of May 30, 2021, and $ 7,285.2 million as of May 31, 2020. Amounts recognized in AOCI as of May 30, 2021 and May 31, 2020, 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 2021 2020 2021 2020 2021 2020 2021 2020 Net actuarial (loss) gain $ ( 1,897.2) $ ( 2,136.6) $ 200.8 $ 129.5 $ ( 22.0) $ ( 15.4) $ ( 1,718.4) $ ( 2,022.5) Prior service (costs) credits 5.8 ( 6.0) 133.7 21.0 ( 1.6) ( 5.3) 137.9 9.7 Amounts recorded in accumulated other comprehensive loss $ ( 1,891.4) $ ( 2,142.6) $ 334.5 $ 150.5 $ ( 23.6) $ ( 20.7) $ ( 1,580.5) $ ( 2,012.8) Plans with accumulated benefit obligations in excess of plan assets as of May 30, 2021 and May 31, 2020 are as follows: Defined Benefit Pension Plans Fiscal Year In Millions 2021 2020 Projected benefit obligation $ 615.3 $ 3,512.9 Accumulated benefit obligation 556.2 3,200.1 Plan assets at fair value 26.7 2,569.9 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 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost $ 104.4 $ 92.7 $ 94.6 $ 8.5 $ 9.4 $ 9.9 $ 9.3 $ 8.3 $ 7.6 Interest cost 192.1 230.5 248.0 18.0 27.1 33.1 1.7 2.6 3.0 Expected return on plan assets ( 420.9) ( 449.9) ( 445.8) ( 34.7) ( 42.1) ( 40.4) - - - Amortization of losses (gains) 108.3 106.0 109.8 ( 5.1) ( 2.1) 0.6 2.6 0.4 0.1 Amortization of prior service costs (credits) 1.3 1.6 1.5 ( 5.5) ( 5.5) ( 5.5) 0.9 0.9 0.7 Other adjustments - - - - - - 8.4 17.7 6.7 Settlement or curtailment losses 14.9 - 0.3 - - - - - - Net expense (income) $ 0.1 $ ( 19.1) $ 8.4 $ ( 18.8) $ ( 13.2) $ ( 2.3) $ 22.9 $ 29.9 $ 18.1 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 2021 2020 2021 2020 2021 2020 Discount rate 3.17 % 3.20 % 3.03 % 3.02 % 2.04 % 1.85 % Rate of salary increases 4.39 4.44 - - 4.46 4.51 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 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate 3.20 % 3.91 % 4.20 % 3.02 % 3.79 % 4.17 % 1.86 % 3.10 % 3.60 % Service cost effective rate 3.58 4.19 4.34 3.40 4.04 4.27 3.51 3.51 3.99 Interest cost effective rate 2.55 3.47 3.92 2.29 3.28 3.80 2.83 2.84 3.37 Rate of salary increases 4.44 4.17 4.27 - - - 4.47 4.47 4.44 Expected long-term rate of return on plan assets 5.72 6.95 7.25 4.57 5.67 5.67 - - - 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: May 31, 2021 May 31, 2020 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) $ 838.3 $ 697.2 $ - $ 1,535.5 $ 1,039.6 $ 777.7 $ - $ 1,817.3 Fixed income (b) 1,993.5 1,936.3 - 3,929.8 1,833.3 1,667.4 - 3,500.7 Real asset investments (c) 277.9 0.2 - 278.1 223.4 0.1 - 223.5 Other investments (d) - - 0.1 0.1 - - 0.2 0.2 Cash and accruals 180.0 - - 180.0 180.3 - - 180.3 Fair value measurement of pension plan assets $ 3,289.7 $ 2,633.7 $ 0.1 $ 5,923.5 $ 3,276.6 $ 2,445.2 $ 0.2 $ 5,722.0 Assets measured at net asset value (e) 1,536.7 1,271.2 Total pension plan assets $ 7,460.2 $ 6,993.2 Fair value measurement of postretirement benefit plan assets: Equity (a) $ 0.2 $ - $ - $ 0.2 $ - $ 46.9 $ - $ 46.9 Fixed income (b) 117.3 - - 117.3 157.5 268.4 - 425.9 Real asset investments (c) - - - - 0.1 - - 0.1 Cash and accruals 14.8 - - 14.8 16.7 - - 16.7 Fair value measurement of postretirement benefit plan assets $ 132.3 $ - $ - $ 132.3 $ 174.3 $ 315.3 $ - $ 489.6 Assets measured at net asset value (e) 387.1 303.9 Total postretirement benefit plan assets $ 519.4 $ 793.5 (a) Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common 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. (d) 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. (e) Primarily private investments and common collective trusts that are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. There were no material changes in our level 3 investments in fiscal 2021 and fiscal 2020. 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 2021 2020 2021 2020 Asset category: United States equities 15.4 % 19.7 % 28.0 % 18.1 % International equities 9.9 11.0 13.9 9.8 Private equities 9.3 6.2 15.1 4.4 Fixed income 54.6 52.8 43.0 64.8 Real assets 10.8 10.3 - 2.9 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: 15 percent to equities in the United States; 9 percent to international equities; 8 percent to private equities; 57 percent to fixed income; and 12 percent to real assets (real estate, energy, and infrastructure). For other U.S. postretirement benefit plans, the long-term investment policy allocations are: 28 percent to equities in the United States; 14 percent to international equities; 14 percent to total private equities; and 44 percent to fixed income. 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 2022. Actual fiscal 2022 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 2022 to fiscal 2031 as follows: In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Medicare Subsidy Receipts Postemployment Benefit Plans Fiscal 2022 $ 332.6 $ 40.2 $ 1.9 $ 29.0 Fiscal 2023 339.6 36.6 - 21.0 Fiscal 2024 347.1 36.9 - 19.3 Fiscal 2025 355.7 37.3 - 17.8 Fiscal 2026 364.5 37.7 - 16.5 Fiscal 2027-2031 1,944.0 168.0 - 66.8 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 $ 22.5 million as of May 30, 2021, and $ 20.6 million as of May 31, 2020. We also sponsor defined contribution plans in many of our foreign locations. Our total recognized expense related to defined contribution plans was $ 76.1 million in fiscal 2021, $ 90.1 million in fiscal 2020, and $ 52.7 million in fiscal 2019. 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 4.3 million as of May 30, 2021, and 4.6 million as of May 31, 2020. The ESOP’s only assets are our common stock and temporary cash balances. The Company stock fund and the ESOP collectively held $ 433.0 million and $ 464.8 million of Company common stock as of May 30, 2021, and May 31, 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
May 30, 2021 | |
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 2021 2020 2019 Earnings before income taxes and after-tax earnings from joint ventures: United States $ 2,567.1 $ 2,402.1 $ 1,788.2 Foreign 290.3 198.1 293.8 Total earnings before income taxes and after-tax earnings from joint ventures $ 2,857.4 $ 2,600.2 $ 2,082.0 Income taxes: Currently payable: Federal $ 369.8 $ 381.0 $ 151.9 State and local 47.5 55.3 35.3 Foreign 93.0 73.8 84.6 Total current 510.3 510.1 271.8 Deferred: Federal 117.9 67.8 86.7 State and local 13.6 ( 56.6) 21.6 Foreign ( 12.7) ( 40.8) ( 12.3) Total deferred 118.8 ( 29.6) 96.0 Total income taxes $ 629.1 $ 480.5 $ 367.8 The following table reconciles the United States statutory income tax rate with our effective income tax rate: Fiscal Year 2021 2020 2019 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 1.7 2.0 2.5 Foreign rate differences 0.3 ( 0.8) - Provisional net tax benefit - - ( 0.4) Stock based compensation ( 0.4) ( 1.1) ( 1.2) Subsidiary reorganization (a) - ( 2.0) - Capital loss (b) - - ( 3.7) Other, net ( 0.6) ( 0.6) ( 0.5) Effective income tax rate 22.0 % 18.5 % 17.7 % (a) 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. (b) 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 30, 2021 May 31, 2020 Accrued liabilities $ 58.5 $ 61.8 Compensation and employee benefits 198.7 171.4 Unrealized hedges 16.3 - Pension 61.4 148.2 Tax credit carryforwards 22.7 12.5 Stock, partnership, and miscellaneous investments 46.3 80.2 Capital losses 67.3 65.9 Net operating losses 160.5 146.6 Other 93.4 87.0 Gross deferred tax assets 725.1 773.6 Valuation allowance 229.2 214.2 Net deferred tax assets 495.9 559.4 Brands 1,413.8 1,415.0 Fixed assets 412.7 378.3 Intangible assets 256.2 246.8 Tax lease transactions 18.8 21.5 Inventories 36.2 33.0 Stock, partnership, and miscellaneous investments 364.0 338.1 Unrealized hedges - 22.4 Other 112.6 51.4 Gross deferred tax liabilities 2,614.3 2,506.5 Net deferred tax liability $ 2,118.4 $ 1,947.1 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 30, 2021 Pillsbury acquisition losses $ 107.9 State and foreign loss carryforwards 29.1 Capital loss carryforwards 67.3 Other 24.9 Total $ 229.2 As of May 30, 2021, 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 30, 2021 Foreign loss carryforwards $ 162.9 State operating loss carryforwards 8.2 Total tax loss carryforwards $ 171.1 Our foreign loss carryforwards expire as follows: In Millions May 30, 2021 Expire in fiscal 2022 and 2023 $ 2.2 Expire in fiscal 2024 and beyond 20.7 Do not expire 140.0 Total foreign loss carryforwards $ 162.9 On March 11, 2021, the American Rescue Plan Act (ARPA) was signed into law. The ARPA includes a provision expanding the limitations on the deductibility of certain executive employee compensation beginning in our fiscal 2028. We do not currently expect the ARPA to have a material impact on our financial results, including our annual estimated effective tax rate, or on our liquidity. We will continue to monitor and assess the impact the ARPA may have on our business and financial results. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The CARES Act and related notices included several significant provisions, including delaying certain payroll tax payments into fiscal 2022 and fiscal 2023. As of May 30, 2021, 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. All earnings prior to fiscal 2018 remain permanently reinvested. Earnings from fiscal 2018 and later are not permanently reinvested and local country withholding taxes are recorded on earnings each year. 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. The Internal Revenue Service (IRS) is currently auditing our federal tax returns for fiscal 2016, 2018, and 2019 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 2021 and fiscal 2020. Approximately $ 75.6 million of this total in fiscal 2021 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 2021 2020 Balance, beginning of year $ 147.9 $ 139.1 Tax positions related to current year: Additions 20.1 18.7 Tax positions related to prior years: Additions 6.3 2.3 Reductions ( 7.2) ( 6.0) Settlements ( 2.1) ( 2.9) Lapses in statutes of limitations ( 19.7) ( 3.3) Balance, end of year $ 145.3 $ 147.9 As of May 30, 2021, we expect to pay approximately $ 1.1 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 2021, we recognized $ 2.9 million of tax-related net interest and penalties, and had $ 24.9 million of accrued interest and penalties as of May 30, 2021. 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
May 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 16. COMMITMENTS AND CONTINGENCIES As of May 30, 2021, we have issued guarantees and comfort letters of $ 146.6 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. Off-balance sheet arrangements were not material as of May 30, 2021. 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 30, 2021 , 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 30, 2021 | |
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. Our operating segments are as follows: North America Retail; Europe & Australia; Convenience Stores & Foodservice, Pet; and Asia & Latin America. Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. Our 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. 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 2021 2020 2019 Net sales: North America Retail $ 10,995.4 $ 10,750.5 $ 9,925.2 Europe & Australia 1,981.5 1,838.9 1,886.7 Convenience Stores & Foodservice 1,742.4 1,816.4 1,969.1 Pet 1,732.4 1,694.6 1,430.9 Asia & Latin America 1,675.3 1,526.2 1,653.3 Total $ 18,127.0 $ 17,626.6 $ 16,865.2 Operating profit: North America Retail $ 2,623.2 $ 2,627.0 $ 2,277.2 Europe & Australia 151.0 113.8 123.3 Convenience Stores & Foodservice 306.0 337.2 419.5 Pet 415.0 390.7 268.4 Asia & Latin America 85.6 18.7 72.4 Total segment operating profit $ 3,580.8 $ 3,487.4 $ 3,160.8 Unallocated corporate items 212.1 509.1 339.8 Divestitures loss 53.5 - 30.0 Restructuring, impairment, and other exit costs 170.4 24.4 275.1 Operating profit $ 3,144.8 $ 2,953.9 $ 2,515.9 Net sales for our North America Retail operating units were as follows: Fiscal Year In Millions 2021 2020 2019 U.S. Meals & Baking $ 4,611.6 $ 4,408.5 $ 3,839.8 U.S. Cereal 2,455.2 2,434.1 2,255.4 U.S. Snacks 2,048.3 2,091.9 2,060.9 Canada 953.2 897.0 862.4 U.S. Yogurt and other 927.1 919.0 906.7 Total $ 10,995.4 $ 10,750.5 $ 9,925.2 Net sales by class of similar products were as follows: Fiscal Year In Millions 2021 2020 2019 Snacks $ 3,574.2 $ 3,529.7 $ 3,487.4 Convenient meals 3,030.2 2,814.3 2,538.6 Cereal 2,868.9 2,874.1 2,672.8 Yogurt 2,074.8 2,056.6 2,113.1 Dough 1,866.1 1,801.1 1,661.9 Pet 1,732.4 1,694.6 812.7 Baking mixes and ingredients 1,695.5 1,674.2 1,663.7 Super-premium ice cream 819.7 718.1 812.7 Vegetables and other 465.2 463.9 484.1 Total $ 18,127.0 $ 17,626.6 $ 16,865.2 The following tables provide financial information by geographic area: Fiscal Year In Millions 2021 2020 2019 Net sales: United States $ 13,496.9 $ 13,364.5 $ 12,462.8 Non-United States 4,630.1 4,262.1 4,402.4 Total $ 18,127.0 $ 17,626.6 $ 16,865.2 In Millions May 30, 2021 May 31, 2020 Cash and cash equivalents: United States $ 817.9 $ 1,112.0 Non-United States 687.3 565.8 Total $ 1,505.2 $ 1,677.8 In Millions May 30, 2021 May 31, 2020 Land, buildings, and equipment: United States $ 2,714.7 $ 2,761.6 Non-United States 892.1 819.0 Total $ 3,606.8 $ 3,580.6 |
Supplemental Information
Supplemental Information | 12 Months Ended |
May 30, 2021 | |
Supplemental Information [Abstract] | |
Supplemental Information | NOTE 18. SUPPLEMENTAL INFORMATION The components of certain Consolidated Balance Sheet accounts are as follows: In Millions May 30, 2021 May 31, 2020 Receivables: Customers $ 1,674.5 $ 1,648.3 Less allowance for doubtful accounts ( 36.0) ( 33.2) Total $ 1,638.5 $ 1,615.1 (a) Inventories of $ 1,139.7 million as of May 30, 2021, and $ 892.6 million as of May 31, 2020, 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 30, 2021 May 31, 2020 Inventories: Finished goods $ 1,506.9 $ 1,142.6 Raw materials and packaging 411.9 392.2 Grain 111.2 93.6 Excess of FIFO over LIFO cost (a) ( 209.5) ( 202.1) Total $ 1,820.5 $ 1,426.3 Certain Consolidated Statements of Earnings amounts are as follows: In Millions May 30, 2021 May 31, 2020 Prepaid expenses and other current assets: Marketable investments $ 360.0 $ - Prepaid expenses 221.7 194.5 Other receivables 139.1 85.2 Derivative receivables 37.5 70.6 Grain contracts 12.0 5.0 Miscellaneous 20.0 46.8 Total $ 790.3 $ 402.1 In Millions May 30, 2021 May 31, 2020 Land, buildings, and equipment: Equipment $ 6,732.7 $ 6,428.0 Buildings 2,542.7 2,412.6 Capitalized software 718.5 668.5 Construction in progress 395.7 373.5 Land 67.4 66.1 Equipment under finance lease 7.8 5.8 Buildings under finance lease 0.3 0.3 Total land, buildings, and equipment 10,465.1 9,954.8 Less accumulated depreciation ( 6,858.3) ( 6,374.2) Total $ 3,606.8 $ 3,580.6 In Millions May 30, 2021 May 31, 2020 Other assets: Investments in and advances to joint ventures $ 566.4 $ 566.7 Right of use operating lease assets 378.6 365.2 Pension assets 30.0 21.2 Life insurance 18.6 19.5 Miscellaneous 274.0 113.2 Total $ 1,267.6 $ 1,085.8 In Millions May 30, 2021 May 31, 2020 Other current liabilities: Accrued trade and consumer promotions $ 580.9 $ 550.4 Accrued payroll 434.4 430.4 Restructuring and other exit costs reserve 148.8 17.8 Current portion of operating lease liabilities 111.2 102.0 Accrued interest, including interest rate swaps 80.0 92.8 Derivative payable, primarily commodity-related 39.2 39.2 Accrued taxes 37.4 80.3 Dividends payable 24.1 20.7 Grain contracts 0.9 1.2 Miscellaneous 330.3 298.5 Total $ 1,787.2 $ 1,633.3 In Millions May 30, 2021 May 31, 2020 Other noncurrent liabilities: Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans $ 707.7 $ 958.7 Noncurrent portion of operating lease liabilities 283.2 277.0 Accrued taxes 215.6 238.6 Miscellaneous 86.2 70.7 Total $ 1,292.7 $ 1,545.0 Fiscal Year In Millions 2021 2020 2019 Depreciation and amortization $ 601.3 $ 594.7 $ 620.1 Research and development expense 239.3 224.4 221.9 Advertising and media expense (including production and communication costs) 736.3 691.8 601.6 The components of interest, net are as follows: Fiscal Year Expense (Income), in Millions 2021 2020 2019 Interest expense $ 430.9 $ 475.1 $ 530.2 Capitalized interest ( 3.2) ( 2.6) ( 2.8) Interest income ( 7.4) ( 6.0) ( 5.6) Interest, net $ 420.3 $ 466.5 $ 521.8 Certain Consolidated Statements of Cash Flows amounts are as follows: Fiscal Year In Millions 2021 2020 2019 Cash interest payments $ 412.5 $ 418.5 $ 500.1 Cash paid for income taxes 636.1 403.3 440.8 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
May 30, 2021 | |
Quarterly Data (Unaudited) [Abstract] | |
Quarterly Data (Unaudited) [Text Block] | NOTE 19. QUARTERLY DATA (UNAUDITED) Summarized quarterly data for fiscal 2021 and fiscal 2020 follows: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per Share Amounts 2021 2020 2021 2020 2021 2020 2021 2020 Net sales $ 4,364.0 $ 4,002.5 $ 4,719.4 $ 4,420.8 $ 4,520.0 $ 4,180.3 $ 4,523.6 $ 5,023.0 Gross margin 1,590.4 1,389.5 1,721.1 1,569.1 1,553.9 1,403.2 1,582.9 1,768.1 Net earnings attributable to General Mills 638.9 520.6 688.4 580.8 595.7 454.1 416.8 625.7 EPS: Basic $ 1.04 $ 0.86 $ 1.12 $ 0.96 $ 0.97 $ 0.75 $ 0.68 $ 1.03 Diluted $ 1.03 $ 0.85 $ 1.11 $ 0.95 $ 0.96 $ 0.74 $ 0.68 $ 1.02 In the fourth quarter of fiscal 2021, we approved restructuring actions designed to better align our organizational structure and resources with strategic initiatives and recorded $ 157.3 million of charges. We recorded a loss on the sale of our Laticínios Carolina business in Brazil of $ 53.5 million in the fourth quarter of fiscal 2021. In the fourth quarter of fiscal 2021, we recorded $ 9.5 million of transaction costs related to our non-binding memorandum of understanding to sell our 51 percent controlling interest in our European Yoplait business and our planned acquisition of Tyson Foods’ pet treats business. We also recorded an $ 8.8 million gain related to indirect taxes in Brazil and an $ 11.2 million loss related to deferred taxes on amendments to reorganize certain U.S. retiree health and welfare benefit plans . 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. |
Schedule II - Valuation of Qual
Schedule II - Valuation of Qualifying Accounts | 12 Months Ended |
May 30, 2021 | |
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 2021 2020 2019 Allowance for doubtful accounts: Balance at beginning of year $ 33.2 $ 28.8 $ 28.4 Additions charged to expense 25.7 25.9 23.9 Bad debt write-offs ( 29.9) ( 22.9) ( 22.7) Other adjustments and reclassifications 7.0 1.4 ( 0.8) Balance at end of year $ 36.0 $ 33.2 $ 28.8 Valuation allowance for deferred tax assets: Balance at beginning of year $ 214.2 $ 213.7 $ 176.0 Additions charged to expense 9.1 4.2 ( 5.2) Adjustments due to acquisitions, translation of amounts, and other 5.9 ( 3.7) 42.9 Balance at end of year $ 229.2 $ 214.2 $ 213.7 Reserve for restructuring and other exit charges: Balance at beginning of year $ 17.8 $ 36.5 $ 66.8 Additions charged to expense, including translation amounts 143.9 ( 2.5) 11.6 Net amounts utilized for restructuring activities ( 12.9) ( 16.2) ( 41.9) Balance at end of year $ 148.8 $ 17.8 $ 36.5 Reserve for LIFO valuation: Balance at beginning of year $ 202.1 $ 213.5 $ 213.2 Increase (decrease) 7.4 ( 11.4) 0.3 Balance at end of year $ 209.5 $ 202.1 $ 213.5 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
May 30, 2021 | |
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 30, 2021, 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 expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as geographic location, business channel, and other account data. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. 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 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 first quarter of fiscal 2021, we adopted new accounting requirements related to the measurement of credit losses on financial instruments, including trade receivables. The new standard and subsequent amendments replace the incurred loss impairment model with a forward-looking expected credit loss model, which will generally result in earlier recognition of credit losses. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as geographic location, business channel, and other account data. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. We adopted the requirements of the new standard and subsequent amendments using the modified retrospective transition approach, and recorded a decrease to retained earnings of $ 5.7 million after-tax. 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 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 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 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. 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 standard required 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 a corresponding increase to benefit plan non-service income of $ 87.9 million for fiscal 2019. 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 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 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. |
Plan assets and obligations measurement date policy | (a) Plan assets and obligations are measured as of May 31, 2021 and May 31, 2020 . |
Restructuring, Impairment, an_2
Restructuring, Impairment, and Other Exit Costs (Tables) | 12 Months Ended |
May 30, 2021 | |
Restructuring, impairment, and other exit costs [Abstract] | |
Restructuring and Impairment Charges and Project-Related Costs | Expense, in Millions Global organizational structure and resource alignment $ 157.3 Asia & Latin America route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously announced 2.4 Total $ 172.7 Expense, in Millions Targeted actions in global supply chain $ 80.2 Charges associated with restructuring actions previously announced ( 2.6) Total $ 77.6 |
Schedule of restructuring charges and project-related costs presentation [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Restructuring, impairment, and other exit costs $ 170.4 $ 24.4 $ 275.1 Cost of sales 2.3 25.8 9.9 Total restructuring and impairment charges 172.7 50.2 285.0 Project-related costs classified in cost of sales $ - $ 1.5 $ 1.3 |
Rollforward of Restructuring and Other Exit Cost Reserves | In Millions Severance Contract Termination Other Exit Costs Total 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 Fiscal 2021 charges, including foreign currency translation 142.3 0.3 1.3 143.9 Utilized in fiscal 2021 ( 12.8) ( 0.1) - ( 12.9) Reserve balance as of May 30, 2021 $ 147.3 $ 0.2 $ 1.3 $ 148.8 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
May 30, 2021 | |
Investments in Unconsolidated Joint Ventures [Abstract] | |
Joint Venture Related Financial Statement Activity [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Cumulative investments $ 486.2 $ 481.4 Goodwill and other intangibles 505.7 460.5 Aggregate advances included in cumulative investments 294.2 279.5 Fiscal Year In Millions 2021 2020 2019 Sales to joint ventures $ 6.7 $ 5.9 $ 4.2 Net (repayments) advances ( 15.5) 48.0 ( 0.1) Dividends received 95.2 76.5 86.7 |
Summarized Joint Venture Financial Statement Activity on 100% Basis [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Net sales: CPW $ 1,766.8 $ 1,654.3 $ 1,647.7 HDJ 422.4 391.3 396.2 Total net sales 2,189.2 2,045.6 2,043.9 Gross margin 882.9 785.3 744.4 Earnings before income taxes 247.8 214.0 155.4 Earnings after income taxes 201.7 176.5 111.9 In Millions May 30, 2021 May 31, 2020 Current assets $ 877.4 $ 870.0 Noncurrent assets 927.2 781.4 Current liabilities 1,424.4 1,365.6 Noncurrent liabilities 142.2 104.2 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
May 30, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Components of goodwill and other intangible assets [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Goodwill $ 14,062.4 $ 13,923.2 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,628.1 6,561.4 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived intangibles 823.4 777.8 Less accumulated amortization ( 300.9) ( 243.4) Intangible assets subject to amortization 522.5 534.4 Other intangible assets 7,150.6 7,095.8 Total $ 21,213.0 $ 21,019.0 |
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 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 Divestiture - - - - ( 1.2) - ( 1.2) Other activity, primarily foreign currency translation 15.6 - - 74.8 10.1 39.9 140.4 Balance as of May 30, 2021 $ 6,419.3 $ 5,300.5 $ 918.8 $ 765.5 $ 212.7 $ 445.6 $ 14,062.4 |
Changes in the carrying amount of other intangible assets [Table Text Block] | In Millions Total 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 Divestiture ( 5.3) Other activity, primarily amortization and foreign currency translation 60.1 Balance as of May 30, 2021 $ 7,150.6 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
May 30, 2021 | |
Lessee Disclosure [Abstract] | |
Lease Cost [TableText Block] | Fiscal Year In Millions 2021 2020 Operating lease cost $ 132.7 $ 133.5 Variable lease cost 21.8 14.4 Short-term lease cost 15.4 23.3 |
Lessee Operating Lease Liability Maturity [Table Text Block] | In Millions Operating Leases Finance Leases Fiscal 2022 $ 123.3 $ 0.7 Fiscal 2023 103.5 0.7 Fiscal 2024 80.9 0.4 Fiscal 2025 50.2 - Fiscal 2026 32.6 - After fiscal 2026 36.7 - Total noncancelable future lease obligations $ 427.2 $ 1.8 Less: Interest ( 32.8) - Present value of lease obligations $ 394.4 $ 1.8 |
Lessee Operating Lease Weighted Averages [TableText Block] | May 30, 2021 May 31, 2020 Weighted-average remaining lease term 4.5 years 4.6 years Weighted-average discount rate 3.7 % 4.1 % |
Supplemental Cash Flow Information Related To Leases [Table Text Block] | Fiscal Year In Millions 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 132.0 $ 131.0 Right of use assets obtained in exchange for new lease liabilities $ 120.2 $ 46.3 |
Financial Instruments, Risk M_2
Financial Instruments, Risk Management Activities, and Fair Values (Tables) | 12 Months Ended |
May 30, 2021 | |
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 2021 2020 2021 2020 2021 2020 2021 2020 Available for sale debt securities $ 76.9 $ 56.7 $ 76.9 $ 56.7 $ - $ - $ - $ - Equity securities 360.3 0.3 365.6 4.9 5.3 4.6 - - Total $ 437.2 $ 57.0 $ 442.5 $ 61.6 $ 5.3 $ 4.6 $ - $ - Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 76.9 $ 76.9 Equity securities 360.3 365.6 Total $ 437.2 $ 442.5 |
Schedule of Unallocated Corporate items [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Net gain (loss) on mark-to-market valuation of commodity positions $ 138.2 $ ( 63.0) $ ( 39.0) Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit ( 8.8) 35.6 10.0 Net mark-to-market revaluation of certain grain inventories 9.4 2.7 ( 7.0) Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 138.8 $ ( 24.7) $ ( 36.0) |
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 $ ( 5.3) 2.6% notes due October 12, 2022 1.0 1.0% notes due April 27, 2023 ( 0.5) 3.7% notes due October 17, 2023 ( 0.8) 3.65% notes due February 15, 2024 4.9 4.0% notes due April 17, 2025 ( 2.3) 3.2% notes due February 10, 2027 9.7 1.5% notes due April 27, 2027 ( 1.9) 4.2% notes due April 17, 2028 ( 7.0) 4.55% notes due April 17, 2038 ( 9.2) 5.4% notes due June 15, 2040 ( 10.6) 4.15% notes due February 15, 2043 8.5 4.7% notes due April 17, 2048 ( 12.8) Net pre-tax hedge loss in AOCI $ ( 26.3) |
Schedule of Interest Rate Swaps [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Pay-floating swaps - notional amount $ 731.5 $ 666.1 Average receive rate 0.4 % 0.4 % Average pay rate 0.1 % 0.3 % 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 30, 2021 May 30, 2021 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) $ - $ 28.8 $ - $ 28.8 $ - $ - $ - $ - Foreign exchange contracts (a) (c) - 2.3 - 2.3 - ( 36.3) - ( 36.3) Total - 31.1 - 31.1 - ( 36.3) - ( 36.3) Derivatives not designated as hedging instruments: Foreign exchange contracts (a) (c) - 2.5 - 2.5 - ( 1.6) - ( 1.6) Commodity contracts (a) (d) 11.1 20.5 - 31.6 ( 0.8) ( 0.5) - ( 1.3) Grain contracts (a) (d) - 12.0 - 12.0 - ( 0.9) - ( 0.9) Total 11.1 35.0 - 46.1 ( 0.8) ( 3.0) - ( 3.8) Other assets and liabilities reported at fair value: Marketable investments (a) (e) 365.6 76.9 - 442.5 - - - - Total 365.6 76.9 - 442.5 - - - - Total assets, liabilities, and derivative positions recorded at fair value $ 376.7 $ 143.0 $ - $ 519.7 $ ( 0.8) $ ( 39.3) $ - $ ( 40.1) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. As of May 30, 2021, the carrying amount of hedged debt designated as the hedged item in a fair value hedge was $ 736.9 million and was classified on the Consolidated Balance Sheet within long-term debt. As of May 30, 2021, the cumulative amount of fair value hedging basis adjustments was $ 5.4 million. (c) Based on observable market transactions of spot currency rates and forward currency prices. (d) Based on prices of futures exchanges and recently reported transactions in the marketplace. (e) Based on prices of common stock, mutual fund net asset values, and bond matrix pricing. 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) (a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, as appropriate, based on whether in a gain or loss position. Certain marketable investments are recorded as cash and cash equivalents. (b) Based on LIBOR and swap rates. 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. (c) Based on observable market transactions of spot currency rates and forward currency prices. (d) Based on prices of futures exchanges and recently reported transactions in the marketplace. (e) Based on prices of common stock and bond matrix pricing. |
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 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other comprehensive income (OCI) $ 31.2 $ ( 6.9) $ ( 58.7) $ 11.3 $ - $ - $ - $ - $ ( 27.5) $ 4.4 Amount of net (loss) gain reclassified from AOCI into earnings (a) ( 9.4) ( 9.5) ( 9.8) 4.6 - - - - ( 19.2) ( 4.9) Derivatives in Fair Value Hedging Relationships: Amount of net loss recognized in earnings (b) ( 0.3) ( 4.9) - - - - - - ( 0.3) ( 4.9) Derivatives Not Designated as Hedging Instruments: Amount of net (loss) gain recognized in earnings (c) - ( 1.4) 4.2 15.7 47.7 8.6 134.6 ( 55.6) 186.5 ( 32.7) (a) (Loss) gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts. For the fiscal year ended May 30, 2021, the amount of loss reclassified from AOCI into cost of sales was $ 9.3 million and the amount of loss reclassified from AOCI into SG&A was $ 0.5 million. 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. (b) 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 (c) Gain (loss) 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. |
Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block] | May 30, 2021 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 $ 31.6 $ - $ 31.6 $ ( 1.3) $ ( 9.1) $ 21.2 $ ( 1.3) $ - $ ( 1.3) $ 1.3 $ - $ - Interest rate contracts 29.8 - 29.8 - - 29.8 - - - - - - Foreign exchange contracts 4.8 - 4.8 ( 4.1) - 0.7 ( 37.9) - ( 37.9) 4.1 - ( 33.8) Equity contracts 2.2 - 2.2 - - 2.2 - - - - - - Total $ 68.4 $ - $ 68.4 $ ( 5.4) $ ( 9.1) $ 53.9 $ ( 39.2) $ - $ ( 39.2) $ 5.4 $ - $ ( 33.8) 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) (a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block] | May 30, 2021 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 $ 31.6 $ - $ 31.6 $ ( 1.3) $ ( 9.1) $ 21.2 $ ( 1.3) $ - $ ( 1.3) $ 1.3 $ - $ - Interest rate contracts 29.8 - 29.8 - - 29.8 - - - - - - Foreign exchange contracts 4.8 - 4.8 ( 4.1) - 0.7 ( 37.9) - ( 37.9) 4.1 - ( 33.8) Equity contracts 2.2 - 2.2 - - 2.2 - - - - - - Total $ 68.4 $ - $ 68.4 $ ( 5.4) $ ( 9.1) $ 53.9 $ ( 39.2) $ - $ ( 39.2) $ 5.4 $ - $ ( 33.8) 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) (a) Includes related collateral offset in our Consolidated Balance Sheets. (b) Net fair value as recorded in our Consolidated Balance Sheets. (c) Fair value of assets that could be reported net in our Consolidated Balance Sheets. (d) Fair value of liabilities that could be reported net in our Consolidated Balance Sheets. (e) Fair value of assets and liabilities reported on a gross basis in our Consolidated Balance Sheets. |
Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block] | In Millions After-Tax Gain/(Loss) Unrealized gains from interest rate cash flow hedges $ 0.4 Unrealized losses from foreign currency cash flow hedges ( 18.9) After-tax loss in AOCI related to hedge derivatives $ ( 18.5) |
Customer Concentractions [Table Text Block] | Percent of total Consolidated North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Pet Walmart (a): Net sales 20 % 29 % 7 % - % 5 % 13 % Accounts receivable 28 % 6 % - % 5 % 14 % Five largest customers: Net sales 53 % 42 % 32 % 11 % 71 % (a) Includes Walmart Inc. and its affiliates. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
May 30, 2021 | |
Debt [Abstract] | |
Schedule of Components of Notes Payable [Table Text Block] | May 30, 2021 May 31, 2020 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ - - % $ 99.9 3.6 % Financial institutions 361.3 3.4 % 179.1 5.1 % Total $ 361.3 3.4 % $ 279.0 4.6 % |
Schedule of Fee-Paid Committed and Uncommitted Credit Lines [Table Text Block] | In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2026 $ 2.7 $ - September 2022 0.2 - Total committed credit facilities 2.9 - Uncommitted credit facilities 0.6 0.4 Total committed and uncommitted credit facilities $ 3.5 $ 0.4 |
Schedule of Long-term Debt Instruments [Table Text Block] | In Millions May 30, 2021 May 31, 2020 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 4.0% notes due April 17, 2025 800.0 800.0 3.2% notes due February 10, 2027 750.0 750.0 2.875% notes due April 15, 2030 750.0 750.0 Euro-denominated 0.45% notes due January 15, 2026 731.5 666.1 4.7% notes due April 17, 2048 446.2 650.0 3.2% notes due April 16, 2021 - 600.0 Euro-denominated 2.1% notes due November 16, 2020 - 555.1 Euro-denominated 1.0% notes due April 27, 2023 609.6 555.1 4.55% notes due April 17, 2038 282.4 500.0 2.6% notes due October 12, 2022 500.0 500.0 5.4% notes due June 15, 2040 382.5 500.0 4.15% notes due February 15, 2043 434.9 500.0 3.65% notes due February 15, 2024 500.0 500.0 Euro-denominated 1.5% notes due April 27, 2027 487.7 444.0 Floating-rate notes due October 17, 2023 400.0 400.0 Euro-denominated 2.2% notes due June 24, 2021 243.9 222.0 Euro-denominated 0.0% notes due November 16, 2020 - 222.0 Medium-term notes, 0.56% to 6.41%, due fiscal 2023 or later 104.0 104.2 Euro-denominated 0.0% notes due August 21, 2021 609.6 - Euro-denominated 0.0% notes due November 16, 2021 609.6 - 3.0% notes due February 1, 2051 605.2 - Other, including debt issuance costs, debt exchange participation premium, and finance leases ( 246.4) ( 58.0) 12,250.7 13,260.5 Less amount due within one year ( 2,463.8) ( 2,331.5) Total long-term debt $ 9,786.9 $ 10,929.0 |
Schedule Of Long-term Debt And Capital Leases [Table Text Block] | In Millions Fiscal 2022 $ 2,463.8 Fiscal 2023 1,210.3 Fiscal 2024 1,754.4 Fiscal 2025 800.0 Fiscal 2026 731.5 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
May 30, 2021 | |
Stockholders' Equity [Abstract] | |
Share Repurchases [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Shares of common stock 5.0 0.1 - Aggregate purchase price $ 301.4 $ 3.4 $ 1.1 |
Schedule of Total Comprehensive Income (Loss) [Table Text Block] | Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to redeemable and noncontrolling interests $ 2,339.8 $ 6.5 $ ( 0.3) Other comprehensive income (loss): Foreign currency translation $ ( 6.1) $ 64.9 58.8 31.5 84.8 Net actuarial gain 464.9 ( 111.5) 353.4 - - Other fair value changes: Hedge derivatives ( 25.8) 6.5 ( 19.3) - ( 1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 ( 5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 ( 23.6) 78.9 - - Other comprehensive income 554.6 ( 69.4) 485.2 31.5 83.5 Total comprehensive income $ 2,825.0 $ 38.0 $ 83.2 (a) 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 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) (a) 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) (a) Gain reclassified from AOCI into earnings is reported in interest, net for securities. (b) 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. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Foreign currency translation adjustments $ ( 830.2) $ ( 889.0) Unrealized loss from hedge derivatives ( 18.5) ( 12.6) Pension, other postretirement, and postemployment benefits: Net actuarial loss ( 1,718.4) ( 2,022.5) Prior service credits 137.9 9.7 Accumulated other comprehensive loss $ ( 2,429.2) $ ( 2,914.4) |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
May 30, 2021 | |
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 2021 2020 2019 Estimated fair values of stock options granted $ 8.03 $ 7.10 $ 5.35 Assumptions: Risk-free interest rate 0.7 % 2.0 % 2.9 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 19.5 % 17.4 % 16.3 % Dividend yield 3.3 % 3.6 % 4.3 % |
Information on stock option activity [Table Text Block] | Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 31, 2020 18,164.6 $ 51.21 5.53 $ 222.6 Granted 1,366.0 61.65 Exercised ( 1,910.6) 39.15 Forfeited or expired ( 222.5) 55.80 Outstanding as of May 30, 2021 17,397.5 $ 53.29 5.26 $ 174.4 Exercisable as of May 30, 2021 9,018.7 $ 53.60 3.28 $ 91.4 |
Net cash proceeds and intrinsic value of options exercised [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Net cash proceeds $ 74.3 $ 263.4 $ 241.4 Intrinsic value of options exercised $ 44.8 $ 132.9 $ 126.7 |
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 31, 2020 4,925.5 $ 53.26 103.3 $ 54.75 Granted 1,501.8 61.23 27.2 61.59 Vested ( 1,199.3) 60.54 ( 28.0) 62.88 Forfeited or expired ( 155.2) 55.47 ( 4.9) 55.82 Non-vested as of May 30, 2021 5,072.8 $ 53.84 97.6 $ 54.26 Fiscal Year 2021 2020 2019 Number of units granted (thousands) 1,529.0 1,947.6 1,848.2 Weighted-average price per unit $ 61.24 $ 53.28 $ 46.14 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
May 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year In Millions, Except per Share Data 2021 2020 2019 Net earnings attributable to General Mills $ 2,339.8 $ 2,181.2 $ 1,752.7 Average number of common shares - basic EPS 614.1 608.1 600.4 Incremental share effect from: (a) Stock options 2.5 2.7 3.1 Restricted stock units and performance share units 2.5 2.5 1.9 Average number of common shares - diluted EPS 619.1 613.3 605.4 Earnings per share — basic $ 3.81 $ 3.59 $ 2.92 Earnings per share — diluted $ 3.78 $ 3.56 $ 2.90 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 2021 2020 2019 Anti-dilutive stock options, restricted stock units, and performance share units 3.4 8.4 14.1 |
Retirement Benefits and Poste_2
Retirement Benefits and Postemployment Benefits (Tables) | 12 Months Ended |
May 30, 2021 | |
Retirement Benefits and Postemployment Benefits [Abstract] | |
Health Care Cost Trend Rates [Table Text Block] | Fiscal Year 2021 2020 Health care cost trend rate for next year 6.0% and 6.3% 6.2% and 6.5% 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 2021 2020 2021 2020 2021 2020 Change in Plan Assets: Fair value at beginning of year $ 6,993.2 $ 6,291.6 $ 793.5 $ 753.8 Actual return on assets 716.3 983.7 108.1 65.0 Employer contributions 33.8 32.9 ( 359.9) 0.1 Plan participant contributions 4.1 6.7 13.0 13.8 Benefits payments ( 315.1) ( 317.2) ( 35.3) ( 39.2) Foreign currency 27.9 ( 4.5) - - Fair value at end of year (a) $ 7,460.2 $ 6,993.2 $ 519.4 $ 793.5 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 7,640.2 $ 6,750.7 $ 773.7 $ 824.1 $ 150.3 $ 128.0 Service cost 104.4 92.7 8.5 9.4 9.3 8.3 Interest cost 192.1 230.5 18.0 27.1 1.7 2.6 Plan amendment 1.1 1.2 ( 138.7) - - - Curtailment/other ( 5.8) ( 1.2) - - 5.1 - Plan participant contributions 4.1 6.7 13.0 13.8 - - Medicare Part D reimbursements - - 2.5 2.7 - - Actuarial loss (gain) 67.4 881.8 ( 15.8) ( 38.3) 7.2 17.7 Benefits payments ( 315.7) ( 317.7) ( 61.9) ( 63.5) ( 22.5) ( 6.2) Foreign currency 26.6 ( 4.5) 0.7 ( 1.6) 0.6 ( 0.1) Projected benefit obligation at end of year (a) $ 7,714.4 $ 7,640.2 $ 600.0 $ 773.7 $ 151.7 $ 150.3 Plan assets less than benefit obligation as of fiscal year end $ ( 254.2) $ ( 647.0) $ ( 80.6) $ 19.8 $ ( 151.7) $ ( 150.3) (a) Plan assets and obligations are measured as of May 31, 2021 and May 31, 2020 . |
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 2021 2020 2021 2020 2021 2020 2021 2020 Net actuarial (loss) gain $ ( 1,897.2) $ ( 2,136.6) $ 200.8 $ 129.5 $ ( 22.0) $ ( 15.4) $ ( 1,718.4) $ ( 2,022.5) Prior service (costs) credits 5.8 ( 6.0) 133.7 21.0 ( 1.6) ( 5.3) 137.9 9.7 Amounts recorded in accumulated other comprehensive loss $ ( 1,891.4) $ ( 2,142.6) $ 334.5 $ 150.5 $ ( 23.6) $ ( 20.7) $ ( 1,580.5) $ ( 2,012.8) |
Accumulated Benefit Obligations in Excess of Plan Assets [Table Text Block] | Defined Benefit Pension Plans Fiscal Year In Millions 2021 2020 Projected benefit obligation $ 615.3 $ 3,512.9 Accumulated benefit obligation 556.2 3,200.1 Plan assets at fair value 26.7 2,569.9 |
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 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost $ 104.4 $ 92.7 $ 94.6 $ 8.5 $ 9.4 $ 9.9 $ 9.3 $ 8.3 $ 7.6 Interest cost 192.1 230.5 248.0 18.0 27.1 33.1 1.7 2.6 3.0 Expected return on plan assets ( 420.9) ( 449.9) ( 445.8) ( 34.7) ( 42.1) ( 40.4) - - - Amortization of losses (gains) 108.3 106.0 109.8 ( 5.1) ( 2.1) 0.6 2.6 0.4 0.1 Amortization of prior service costs (credits) 1.3 1.6 1.5 ( 5.5) ( 5.5) ( 5.5) 0.9 0.9 0.7 Other adjustments - - - - - - 8.4 17.7 6.7 Settlement or curtailment losses 14.9 - 0.3 - - - - - - Net expense (income) $ 0.1 $ ( 19.1) $ 8.4 $ ( 18.8) $ ( 13.2) $ ( 2.3) $ 22.9 $ 29.9 $ 18.1 |
Weighted-Average Assumptions [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2021 2020 2021 2020 2021 2020 Discount rate 3.17 % 3.20 % 3.03 % 3.02 % 2.04 % 1.85 % Rate of salary increases 4.39 4.44 - - 4.46 4.51 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate 3.20 % 3.91 % 4.20 % 3.02 % 3.79 % 4.17 % 1.86 % 3.10 % 3.60 % Service cost effective rate 3.58 4.19 4.34 3.40 4.04 4.27 3.51 3.51 3.99 Interest cost effective rate 2.55 3.47 3.92 2.29 3.28 3.80 2.83 2.84 3.37 Rate of salary increases 4.44 4.17 4.27 - - - 4.47 4.47 4.44 Expected long-term rate of return on plan assets 5.72 6.95 7.25 4.57 5.67 5.67 - - - |
Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] | May 31, 2021 May 31, 2020 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) $ 838.3 $ 697.2 $ - $ 1,535.5 $ 1,039.6 $ 777.7 $ - $ 1,817.3 Fixed income (b) 1,993.5 1,936.3 - 3,929.8 1,833.3 1,667.4 - 3,500.7 Real asset investments (c) 277.9 0.2 - 278.1 223.4 0.1 - 223.5 Other investments (d) - - 0.1 0.1 - - 0.2 0.2 Cash and accruals 180.0 - - 180.0 180.3 - - 180.3 Fair value measurement of pension plan assets $ 3,289.7 $ 2,633.7 $ 0.1 $ 5,923.5 $ 3,276.6 $ 2,445.2 $ 0.2 $ 5,722.0 Assets measured at net asset value (e) 1,536.7 1,271.2 Total pension plan assets $ 7,460.2 $ 6,993.2 Fair value measurement of postretirement benefit plan assets: Equity (a) $ 0.2 $ - $ - $ 0.2 $ - $ 46.9 $ - $ 46.9 Fixed income (b) 117.3 - - 117.3 157.5 268.4 - 425.9 Real asset investments (c) - - - - 0.1 - - 0.1 Cash and accruals 14.8 - - 14.8 16.7 - - 16.7 Fair value measurement of postretirement benefit plan assets $ 132.3 $ - $ - $ 132.3 $ 174.3 $ 315.3 $ - $ 489.6 Assets measured at net asset value (e) 387.1 303.9 Total postretirement benefit plan assets $ 519.4 $ 793.5 (a) Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (b) Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. (c) Publicly traded common 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. (d) 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. (e) Primarily private investments and common collective trusts that are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2021 2020 2021 2020 Asset category: United States equities 15.4 % 19.7 % 28.0 % 18.1 % International equities 9.9 11.0 13.9 9.8 Private equities 9.3 6.2 15.1 4.4 Fixed income 54.6 52.8 43.0 64.8 Real assets 10.8 10.3 - 2.9 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 2022 $ 332.6 $ 40.2 $ 1.9 $ 29.0 Fiscal 2023 339.6 36.6 - 21.0 Fiscal 2024 347.1 36.9 - 19.3 Fiscal 2025 355.7 37.3 - 17.8 Fiscal 2026 364.5 37.7 - 16.5 Fiscal 2027-2031 1,944.0 168.0 - 66.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 30, 2021 | |
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 2021 2020 2019 Earnings before income taxes and after-tax earnings from joint ventures: United States $ 2,567.1 $ 2,402.1 $ 1,788.2 Foreign 290.3 198.1 293.8 Total earnings before income taxes and after-tax earnings from joint ventures $ 2,857.4 $ 2,600.2 $ 2,082.0 Income taxes: Currently payable: Federal $ 369.8 $ 381.0 $ 151.9 State and local 47.5 55.3 35.3 Foreign 93.0 73.8 84.6 Total current 510.3 510.1 271.8 Deferred: Federal 117.9 67.8 86.7 State and local 13.6 ( 56.6) 21.6 Foreign ( 12.7) ( 40.8) ( 12.3) Total deferred 118.8 ( 29.6) 96.0 Total income taxes $ 629.1 $ 480.5 $ 367.8 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2021 2020 2019 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 1.7 2.0 2.5 Foreign rate differences 0.3 ( 0.8) - Provisional net tax benefit - - ( 0.4) Stock based compensation ( 0.4) ( 1.1) ( 1.2) Subsidiary reorganization (a) - ( 2.0) - Capital loss (b) - - ( 3.7) Other, net ( 0.6) ( 0.6) ( 0.5) Effective income tax rate 22.0 % 18.5 % 17.7 % (a) 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. (b) 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 30, 2021 May 31, 2020 Accrued liabilities $ 58.5 $ 61.8 Compensation and employee benefits 198.7 171.4 Unrealized hedges 16.3 - Pension 61.4 148.2 Tax credit carryforwards 22.7 12.5 Stock, partnership, and miscellaneous investments 46.3 80.2 Capital losses 67.3 65.9 Net operating losses 160.5 146.6 Other 93.4 87.0 Gross deferred tax assets 725.1 773.6 Valuation allowance 229.2 214.2 Net deferred tax assets 495.9 559.4 Brands 1,413.8 1,415.0 Fixed assets 412.7 378.3 Intangible assets 256.2 246.8 Tax lease transactions 18.8 21.5 Inventories 36.2 33.0 Stock, partnership, and miscellaneous investments 364.0 338.1 Unrealized hedges - 22.4 Other 112.6 51.4 Gross deferred tax liabilities 2,614.3 2,506.5 Net deferred tax liability $ 2,118.4 $ 1,947.1 In Millions May 30, 2021 Pillsbury acquisition losses $ 107.9 State and foreign loss carryforwards 29.1 Capital loss carryforwards 67.3 Other 24.9 Total $ 229.2 In Millions May 30, 2021 Foreign loss carryforwards $ 162.9 State operating loss carryforwards 8.2 Total tax loss carryforwards $ 171.1 In Millions May 30, 2021 Expire in fiscal 2022 and 2023 $ 2.2 Expire in fiscal 2024 and beyond 20.7 Do not expire 140.0 Total foreign loss carryforwards $ 162.9 |
Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block] | Fiscal Year In Millions 2021 2020 Balance, beginning of year $ 147.9 $ 139.1 Tax positions related to current year: Additions 20.1 18.7 Tax positions related to prior years: Additions 6.3 2.3 Reductions ( 7.2) ( 6.0) Settlements ( 2.1) ( 2.9) Lapses in statutes of limitations ( 19.7) ( 3.3) Balance, end of year $ 145.3 $ 147.9 |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 12 Months Ended |
May 30, 2021 | |
Business Segment and Geographic Information [Abstract] | |
Operating Segment Results [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Net sales: North America Retail $ 10,995.4 $ 10,750.5 $ 9,925.2 Europe & Australia 1,981.5 1,838.9 1,886.7 Convenience Stores & Foodservice 1,742.4 1,816.4 1,969.1 Pet 1,732.4 1,694.6 1,430.9 Asia & Latin America 1,675.3 1,526.2 1,653.3 Total $ 18,127.0 $ 17,626.6 $ 16,865.2 Operating profit: North America Retail $ 2,623.2 $ 2,627.0 $ 2,277.2 Europe & Australia 151.0 113.8 123.3 Convenience Stores & Foodservice 306.0 337.2 419.5 Pet 415.0 390.7 268.4 Asia & Latin America 85.6 18.7 72.4 Total segment operating profit $ 3,580.8 $ 3,487.4 $ 3,160.8 Unallocated corporate items 212.1 509.1 339.8 Divestitures loss 53.5 - 30.0 Restructuring, impairment, and other exit costs 170.4 24.4 275.1 Operating profit $ 3,144.8 $ 2,953.9 $ 2,515.9 Fiscal Year In Millions 2021 2020 2019 U.S. Meals & Baking $ 4,611.6 $ 4,408.5 $ 3,839.8 U.S. Cereal 2,455.2 2,434.1 2,255.4 U.S. Snacks 2,048.3 2,091.9 2,060.9 Canada 953.2 897.0 862.4 U.S. Yogurt and other 927.1 919.0 906.7 Total $ 10,995.4 $ 10,750.5 $ 9,925.2 |
Net sales by class of similar products [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Snacks $ 3,574.2 $ 3,529.7 $ 3,487.4 Convenient meals 3,030.2 2,814.3 2,538.6 Cereal 2,868.9 2,874.1 2,672.8 Yogurt 2,074.8 2,056.6 2,113.1 Dough 1,866.1 1,801.1 1,661.9 Pet 1,732.4 1,694.6 812.7 Baking mixes and ingredients 1,695.5 1,674.2 1,663.7 Super-premium ice cream 819.7 718.1 812.7 Vegetables and other 465.2 463.9 484.1 Total $ 18,127.0 $ 17,626.6 $ 16,865.2 |
Financial information by geographic area [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Net sales: United States $ 13,496.9 $ 13,364.5 $ 12,462.8 Non-United States 4,630.1 4,262.1 4,402.4 Total $ 18,127.0 $ 17,626.6 $ 16,865.2 In Millions May 30, 2021 May 31, 2020 Cash and cash equivalents: United States $ 817.9 $ 1,112.0 Non-United States 687.3 565.8 Total $ 1,505.2 $ 1,677.8 In Millions May 30, 2021 May 31, 2020 Land, buildings, and equipment: United States $ 2,714.7 $ 2,761.6 Non-United States 892.1 819.0 Total $ 3,606.8 $ 3,580.6 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
May 30, 2021 | |
Supplemental Information [Abstract] | |
Components of receivables [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Receivables: Customers $ 1,674.5 $ 1,648.3 Less allowance for doubtful accounts ( 36.0) ( 33.2) Total $ 1,638.5 $ 1,615.1 |
Components of inventories [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Inventories: Finished goods $ 1,506.9 $ 1,142.6 Raw materials and packaging 411.9 392.2 Grain 111.2 93.6 Excess of FIFO over LIFO cost (a) ( 209.5) ( 202.1) Total $ 1,820.5 $ 1,426.3 (a) Inventories of $ 1,139.7 million as of May 30, 2021, and $ 892.6 million as of May 31, 2020, 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 30, 2021 May 31, 2020 Prepaid expenses and other current assets: Marketable investments $ 360.0 $ - Prepaid expenses 221.7 194.5 Other receivables 139.1 85.2 Derivative receivables 37.5 70.6 Grain contracts 12.0 5.0 Miscellaneous 20.0 46.8 Total $ 790.3 $ 402.1 |
Components of land, buildings and equipment [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Land, buildings, and equipment: Equipment $ 6,732.7 $ 6,428.0 Buildings 2,542.7 2,412.6 Capitalized software 718.5 668.5 Construction in progress 395.7 373.5 Land 67.4 66.1 Equipment under finance lease 7.8 5.8 Buildings under finance lease 0.3 0.3 Total land, buildings, and equipment 10,465.1 9,954.8 Less accumulated depreciation ( 6,858.3) ( 6,374.2) Total $ 3,606.8 $ 3,580.6 |
Components of other assets [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Other assets: Investments in and advances to joint ventures $ 566.4 $ 566.7 Right of use operating lease assets 378.6 365.2 Pension assets 30.0 21.2 Life insurance 18.6 19.5 Miscellaneous 274.0 113.2 Total $ 1,267.6 $ 1,085.8 |
Components of other current liabilities [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Other current liabilities: Accrued trade and consumer promotions $ 580.9 $ 550.4 Accrued payroll 434.4 430.4 Restructuring and other exit costs reserve 148.8 17.8 Current portion of operating lease liabilities 111.2 102.0 Accrued interest, including interest rate swaps 80.0 92.8 Derivative payable, primarily commodity-related 39.2 39.2 Accrued taxes 37.4 80.3 Dividends payable 24.1 20.7 Grain contracts 0.9 1.2 Miscellaneous 330.3 298.5 Total $ 1,787.2 $ 1,633.3 |
Components of other noncurrent liabilities [Table Text Block] | In Millions May 30, 2021 May 31, 2020 Other noncurrent liabilities: Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans $ 707.7 $ 958.7 Noncurrent portion of operating lease liabilities 283.2 277.0 Accrued taxes 215.6 238.6 Miscellaneous 86.2 70.7 Total $ 1,292.7 $ 1,545.0 |
Consolidated statements of earnings amounts [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Depreciation and amortization $ 601.3 $ 594.7 $ 620.1 Research and development expense 239.3 224.4 221.9 Advertising and media expense (including production and communication costs) 736.3 691.8 601.6 |
Components of interest, net [Table Text Block] | Fiscal Year Expense (Income), in Millions 2021 2020 2019 Interest expense $ 430.9 $ 475.1 $ 530.2 Capitalized interest ( 3.2) ( 2.6) ( 2.8) Interest income ( 7.4) ( 6.0) ( 5.6) Interest, net $ 420.3 $ 466.5 $ 521.8 |
Consolidated statements of cash flows supplemental disclosures [Table Text Block] | Fiscal Year In Millions 2021 2020 2019 Cash interest payments $ 412.5 $ 418.5 $ 500.1 Cash paid for income taxes 636.1 403.3 440.8 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
May 30, 2021 | |
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 2021 2020 2021 2020 2021 2020 2021 2020 Net sales $ 4,364.0 $ 4,002.5 $ 4,719.4 $ 4,420.8 $ 4,520.0 $ 4,180.3 $ 4,523.6 $ 5,023.0 Gross margin 1,590.4 1,389.5 1,721.1 1,569.1 1,553.9 1,403.2 1,582.9 1,768.1 Net earnings attributable to General Mills 638.9 520.6 688.4 580.8 595.7 454.1 416.8 625.7 EPS: Basic $ 1.04 $ 0.86 $ 1.12 $ 0.96 $ 0.97 $ 0.75 $ 0.68 $ 1.03 Diluted $ 1.03 $ 0.85 $ 1.11 $ 0.95 $ 0.96 $ 0.74 $ 0.68 $ 1.02 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Annual Reporting Period | 364 days | 371 days | 364 days | ||
Pet Segment [Member] | |||||
Annual Reporting Period | 4 months | 3 months | 12 months | 13 months | 12 months |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
May 30, 2021 | 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 | $ 12.4 | $ 27.3 | $ 24.5 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity | (9,773.2) | (8,349.5) | (7,367.7) | $ (6,492.4) | |
Benefit plan non-service income | (132.9) | (112.8) | (87.9) | ||
Retained earnings | (17,069.8) | (15,982.1) | |||
Deferred income taxes | (2,118.4) | (1,947.1) | |||
Other current liabilities | 1,787.2 | 1,633.3 | |||
Retained Earnings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity | $ (17,069.8) | (15,982.1) | (14,996.7) | $ (14,459.6) | |
Building [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment Useful Life | 40 years | ||||
Yoplait SAS [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 51.00% | ||||
Yoplait SAS [Member] | Redeemable Interest [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. | ||||
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 | ||||
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 | ||||
Benefit plan non-service income | 87.9 | ||||
Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred income taxes | 11.4 | ||||
Other current liabilities | 45.3 | ||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | Cumulative Effect Period Of Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity | $ 0 | 0 | 33.9 | ||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Cumulative Effect Period Of Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity | $ 5.7 | $ 0 | $ 0 |
Acquisition and Divestitures (A
Acquisition and Divestitures (Acquisition Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
May 30, 2021 | May 26, 2019 | Feb. 24, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Business Acquisition [Line Items] | ||||||
Divestitures loss | $ 53.5 | $ 0 | $ 30 | |||
Tax Benefit | $ 72.9 | (629.1) | $ (480.5) | $ (367.8) | ||
Tyson Foods' pet treats business [Member] | Scenario Plan [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Consideration Transferred | $ 1,200 | |||||
Laticinios Carolina [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures loss | $ 53.5 | |||||
La Saltena [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures loss | $ 35.4 | |||||
Yogurt Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures loss | $ (5.4) |
Restructuring, Impairment, an_3
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 30, 2021 | May 31, 2020 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | $ 11.5 | $ 172.7 | $ 77.6 | ||
Impairment charge | 192.6 | ||||
Restructuring charges | 172.7 | $ 50.2 | 285 | ||
Global organizational structure and resource alignment [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | $ 157.3 | $ 157.3 | |||
Restructuring action completion date | May 28, 2023 | ||||
Global organizational structure and resource alignment [Member] | Minimum [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Cash payments for restructuring | $ 130 | ||||
Restructuring And Related Cost Expected Cost Remaining 1 | 170 | 170 | |||
Global organizational structure and resource alignment [Member] | Maximum [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Cash payments for restructuring | 180 | ||||
Restructuring And Related Cost Expected Cost Remaining 1 | 220 | 220 | |||
Global organizational structure and resource alignment [Member] | Severance [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges | 148.8 | ||||
Global organizational structure and resource alignment [Member] | Other Restructuring [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges | 8.5 | ||||
Charges associated with 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 | $ 21.8 | $ 6.6 | |||
Restructuring action completion date | May 28, 2023 | ||||
Targeted Actions In Global Supply Chain [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | 80.2 | ||||
Certain Brand Intangibles [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Impairment charge | 192.6 | ||||
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 | ||||
Asia Latin America Route To Market And Supply Chain Optimization [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring charges (recoveries), impairment, and other exit costs | $ 13 | ||||
Restructuring and Related Cost, Expected Cost | 17 | 17 | |||
Expected Total Payments for Restructuring | 10 | $ 10 | |||
Restructuring action completion date | Aug. 29, 2021 | ||||
Asia Latin America Route To Market And Supply Chain Optimization [Member] | Severance [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 9 | $ 9 | |||
Restructuring charges | 8.8 | ||||
Asia Latin America Route To Market And Supply Chain Optimization [Member] | Other Restructuring [Member] | |||||
Restructuring and Related Cost [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 8 | 8 | |||
Restructuring charges | $ 4.2 |
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 30, 2021 | May 31, 2020 | May 30, 2021 | May 26, 2019 | |
Restructuring and Related Cost [Line Items] | ||||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ 11.5 | $ 172.7 | $ 77.6 | |
Global organizational structure and resource alignment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ 157.3 | 157.3 | ||
Asia Latin America Route To Market And Supply Chain Optimization [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | 13 | |||
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 | $ 2.4 | $ (2.6) |
Restructuring, Impairment, an_5
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges classification) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Restructuring and Related Cost [Line Items] | |||
Restructuring charges | $ 172.7 | $ 50.2 | $ 285 |
Project-related costs classified in cost of sales | 0 | 1.5 | 1.3 |
Cost of Sales [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring charges | 2.3 | 25.8 | 9.9 |
Restructuring, Impairment, and Other Exit Costs [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring charges | $ 170.4 | $ 24.4 | $ 275.1 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | $ 17.8 | $ 36.5 | $ 66.8 |
Restructuring charges paid out of reserve, including foreign currency translation | 143.9 | (2.5) | 11.6 |
Restructuring reserve utilized | (12.9) | (16.2) | (41.9) |
Reserve ending balance | 148.8 | 17.8 | 36.5 |
Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 17.8 | 36.5 | 66 |
Restructuring charges paid out of reserve, including foreign currency translation | 142.3 | (5) | 7.7 |
Restructuring reserve utilized | (12.8) | (13.7) | (37.2) |
Reserve ending balance | 147.3 | 17.8 | 36.5 |
Contract Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 0 | 0 | 0.1 |
Restructuring charges paid out of reserve, including foreign currency translation | 0.3 | 0.8 | 2.5 |
Restructuring reserve utilized | (0.1) | (0.8) | (2.6) |
Reserve ending balance | 0.2 | 0 | 0 |
Other Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 0 | 0 | 0.7 |
Restructuring charges paid out of reserve, including foreign currency translation | 1.3 | 1.7 | 1.4 |
Restructuring reserve utilized | 0 | (1.7) | (2.1) |
Reserve ending balance | $ 1.3 | $ 0 | $ 0 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Narrative) (Details) - country | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Annual reporting period ended March 31 | 364 days | 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 | 120 | ||
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 30, 2021 | May 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Goodwill and other intangibles | $ 21,213 | $ 21,019 |
Corporate Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cumulative investments | 486.2 | 481.4 |
Goodwill and other intangibles | 505.7 | 460.5 |
Aggregate advances included in cumulative investments | $ 294.2 | $ 279.5 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Net advances (repayments) | $ (15.5) | $ 48 | $ (0.1) |
Dividends received | 95.2 | 76.5 | 86.7 |
Corporate Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to joint ventures | 6.7 | 5.9 | 4.2 |
Net advances (repayments) | (15.5) | 48 | (0.1) |
Dividends received | $ 95.2 | $ 76.5 | $ 86.7 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | $ 2,189.2 | $ 2,045.6 | $ 2,043.9 | ||||||||
Gross Margin | $ 1,582.9 | $ 1,553.9 | $ 1,721.1 | $ 1,590.4 | $ 1,768.1 | $ 1,403.2 | $ 1,569.1 | $ 1,389.5 | |||
Earnings before income taxes | 247.8 | 214 | 155.4 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,346 | 2,210.8 | 1,786.2 | ||||||||
Total current assets | 5,754.5 | 5,121.3 | 5,754.5 | 5,121.3 | |||||||
Total current liabilities | 8,265.8 | 7,491.5 | 8,265.8 | 7,491.5 | |||||||
Equity Method Investments [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Gross Margin | 882.9 | 785.3 | 744.4 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 201.7 | 176.5 | 111.9 | ||||||||
Total current assets | 877.4 | 870 | 877.4 | 870 | |||||||
Noncurrent assets | 927.2 | 781.4 | 927.2 | 781.4 | |||||||
Total current liabilities | 1,424.4 | 1,365.6 | 1,424.4 | 1,365.6 | |||||||
Noncurrent liabilities | $ 142.2 | $ 104.2 | 142.2 | 104.2 | |||||||
Cereal Partners Worldwide [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | 1,766.8 | 1,654.3 | 1,647.7 | ||||||||
Haagen Dazs Japan [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | $ 422.4 | $ 391.3 | $ 396.2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 26, 2019 | May 30, 2021 | |
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 | $ 192.6 | |
Certain Brand Intangibles [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Impairment charge | $ 192.6 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 | May 26, 2019 | May 27, 2018 |
Goodwill and Other Intangible Assets [Abstract] | ||||
Goodwill | $ 14,062.4 | $ 13,923.2 | $ 13,995.8 | $ 14,065 |
Intangible assets not subject to amortization: | ||||
Brands and other indefinite-lived intangibles | 6,628.1 | 6,561.4 | ||
Intangible assets subject to amortization: | ||||
Franchise agreements, customer relationships and other finite-lived intangibles | 823.4 | 777.8 | ||
Less accumulated amortization | (300.9) | (243.4) | ||
Intangible assets subject to amortization | 522.5 | 534.4 | ||
Other intangible assets | 7,150.6 | 7,095.8 | $ 7,166.8 | $ 7,445.1 |
Total goodwill and intangible assets | $ 21,213 | $ 21,019 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Goodwill [Line Items] | |||
Beginning balance | $ 13,923.2 | $ 13,995.8 | $ 14,065 |
Divestitures | (1.2) | (0.5) | |
Purchase accounting adjustment | 5.6 | ||
Other activity, primarily foreign currency translation | 140.4 | (72.6) | (74.3) |
Ending balance | 14,062.4 | 13,923.2 | 13,995.8 |
North America Retail Segment [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 6,403.7 | 6,406.5 | 6,410.6 |
Divestitures | 0 | 0 | |
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | 15.6 | (2.8) | (4.1) |
Ending balance | 6,419.3 | 6,403.7 | 6,406.5 |
Pet [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 5,300.5 | 5,300.5 | 5,294.9 |
Divestitures | 0 | 0 | |
Purchase accounting adjustment | 5.6 | ||
Other activity, primarily foreign currency translation | 0 | 0 | 0 |
Ending balance | 5,300.5 | 5,300.5 | 5,300.5 |
Convenience Stores and Foodservice [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 918.8 | 918.8 | 918.8 |
Divestitures | 0 | 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 | 690.7 | 700.4 | 729.9 |
Divestitures | 0 | 0 | |
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | 74.8 | (9.7) | (29.5) |
Ending balance | 765.5 | 690.7 | 700.4 |
Asia and Latin America [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 203.8 | 260.2 | 285 |
Divestitures | (1.2) | (0.5) | |
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | 10.1 | (56.4) | (24.3) |
Ending balance | 212.7 | 203.8 | 260.2 |
Joint Ventures [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 405.7 | 409.4 | 425.8 |
Divestitures | 0 | 0 | |
Purchase accounting adjustment | 0 | ||
Other activity, primarily foreign currency translation | 39.9 | (3.7) | (16.4) |
Ending balance | $ 445.6 | $ 405.7 | $ 409.4 |
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 | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Goodwill and Other Intangible Assets [Abstract] | |||
Beginning balance - carrying value | $ 7,095.8 | $ 7,166.8 | $ 7,445.1 |
Impairment charge | (192.6) | ||
Divestiture | (5.3) | ||
Other activity, primarily amortization and foreign currency translation | 60.1 | (71) | (85.7) |
Ending balance - carrying value | $ 7,150.6 | $ 7,095.8 | $ 7,166.8 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 26, 2019 | May 30, 2021 | |
Lessee Disclosure [Abstract] | ||
Operating leases, rent expense, net | $ 184.9 | |
Lessee Operating Lease Signed Not Yet Commenced Amount | $ 87.8 |
Leases (Schedule of components
Leases (Schedule of components of lease cost ) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 30, 2021 | May 31, 2020 | |
Lessee Disclosure [Abstract] | ||
Operating Lease Cost | $ 132.7 | $ 133.5 |
Variable Lease Cost | 21.8 | 14.4 |
Short Term Lease Cost | $ 15.4 | $ 23.3 |
Leases (Schedule of maturities
Leases (Schedule of maturities of operating lease liabilities ) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Fiscal 2022 | $ 123.3 | |
Fiscal 2023 | 103.5 | |
Fiscal 2024 | 80.9 | |
Fiscal 2025 | 50.2 | |
Fiscal 2026 | 32.6 | |
After fiscal 2026 | 36.7 | |
Total lease payments | $ 427.2 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease Liabilities Payments Due [Abstract] | ||
Fiscal 2022 | $ 0.7 | |
Fiscal 2023 | 0.7 | |
Fiscal 2024 | 0.4 | |
Fiscal 2025 | 0 | |
Fiscal 2026 | 0 | |
After fiscal 2026 | 0 | |
Finance Lease Liability Payments Due | $ 1.8 |
Leases (Schedule of maturitie_2
Leases (Schedule of maturities of operating lease liabilities - Present value of lease liabilities) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Less: Interest | $ (32.8) | |
Present value of lease liabilities | 394.4 | |
Total lease payments | $ 427.2 | |
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 | 1.8 | |
Total finance lease payments | $ 1.8 |
Leases (Schedule of weighted-av
Leases (Schedule of weighted-average remaining lease term and weighted-average discount rate for operating leases) (Details) | May 30, 2021 | May 31, 2020 |
Lessee Disclosure [Abstract] | ||
Weighted-average remaining lease term | 4 years 6 months | 4 years 7 months 6 days |
Weighted-average discount rate | 3.70% | 4.10% |
Leases (Schedule of supplementa
Leases (Schedule of supplemental operating cash flow information and non-cash activity related to our operating leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
May 30, 2021 | May 31, 2020 | |
Lessee Disclosure [Abstract] | ||
Operating Lease Payments | $ 132 | $ 131 |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 120.2 | $ 46.3 |
Financial Instruments, Risk M_3
Financial Instruments, Risk Management Activities, and Fair Values (Narrative) (Details) € in Millions | 3 Months Ended | 12 Months Ended | |||||
May 31, 2020USD ($) | Feb. 23, 2020EUR (€) | Nov. 24, 2019USD ($) | May 30, 2021USD ($) | May 31, 2020USD ($) | May 26, 2019USD ($) | May 30, 2021EUR (€) | |
Derivative [Line Items] | |||||||
Long-term debt, fair value | $ 13,194,400,000 | ||||||
Long-term debt, carrying value | $ 13,260,500,000 | 12,250,700,000 | $ 13,260,500,000 | ||||
Hedged Liability Fair Value Hedge Cumulative Increase Decrease | 4,800,000 | 5,400,000 | 4,800,000 | ||||
Issuance of long-term debt | 1,576,500,000 | 1,638,100,000 | $ 339,100,000 | ||||
Cost of sales | (11,678,700,000) | (11,496,700,000) | (11,108,400,000) | ||||
Selling, general, and administrative expenses | (3,079,600,000) | (3,151,600,000) | $ (2,935,800,000) | ||||
Foreign Exchange Risk [Abstract] | |||||||
Deferred Net Foreign Currency Transaction Gains (Losses) AfterTax Accumulated Other Comprehensive Income | 216,600,000 | ||||||
Accounts payable to suppliers who utilize third party service | 1,328,900,000 | 1,411,300,000 | 1,328,900,000 | ||||
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 | 12,500,000 | ||||||
Financial Instruments Owned At Fair Value [Abstract] | |||||||
Equity Securities, FV-NI, Restricted | 0 | $ 360,000,000 | 0 | ||||
Equity Securities, FV-NI, Restriction Type [Extensible Enumeration] | us-gaap:AssetHeldInTrustMember | us-gaap:AssetHeldInTrustMember | |||||
Marketable Securities, Realized Gain (Loss) | $ 0 | 4,000,000 | |||||
Marketable Securities Pledged as Collateral | 2,400,000 | ||||||
Cash and cash equivalents pledged as collateral | 15,900,000 | 0 | 15,900,000 | ||||
Accounts receivable pledged as collateral | 28,200,000 | ||||||
Derivative, Collateral, Obligation to Return Cash | $ 0 | 9,100,000 | 0 | ||||
Proceeds from Sale and Maturity of Marketable Securities | 16,000,000 | ||||||
Credit Risk Related Contingent Features [Abstract] | |||||||
Aggregate fair value of derivative instruments in liability position | 11,000,000 | ||||||
Additional collateral required to be posted under specific circumstances | 11,000,000 | ||||||
Counterparty Credit Risk [Abstract] | |||||||
Concentration Risk Credit Risk Financial Instrument Maximum Exposure | 55,800,000 | ||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | |||||||
Derivative [Line Items] | |||||||
Cost of sales | (9,300,000) | (5,100,000) | |||||
Selling, general, and administrative expenses | $ 500,000 | $ 500,000 | |||||
Interest Rate Swap [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | € | € 600 | ||||||
Derivative, Maturity Date | May 29, 2022 | ||||||
Debt Instrument, Maturity Date | Jan. 15, 2026 | ||||||
Face Amount | € | € 600 | ||||||
Swap [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 500,000,000 | ||||||
Derivative, Maturity Date | May 31, 2026 | ||||||
Debt Instrument, Maturity Date | Apr. 16, 2021 | ||||||
Face Amount | $ 850,000,000 | ||||||
2.875% Fixed Rate Notes Due April 15, 2030 [Member] | |||||||
Derivative [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.875% | 2.875% | |||||
Debt Instrument Term | 10 years | ||||||
Debt Instrument, Maturity Date | Apr. 15, 2030 | ||||||
Issuance of long-term debt | $ 750,000,000 | $ 750,000,000 | |||||
Euro Denominated Bonds Used For Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Long-term debt, carrying value | € | € 2,510.4 | ||||||
Commodity Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 337,000,000 | ||||||
Commodity Price Risk [Abstract] | |||||||
Derivative Contacts Inputs, Average Period of Utilization | P12M | ||||||
Financial Instruments Owned At Fair Value [Abstract] | |||||||
Cash and cash equivalents pledged as collateral | 15,900,000 | $ 0 | 15,900,000 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | 9,100,000 | 0 | ||||
Agricultural Related Derivative [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 276,100,000 | ||||||
Energy Related Derivative [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 60,900,000 | ||||||
Treasury Lock Due April 2, 2020 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 750,000,000 | $ 750,000,000 | |||||
Derivative, Average Fixed Interest Rate | 0.67% | 0.67% | |||||
Derivative, Maturity Date | Apr. 2, 2020 | ||||||
Pre-tax amount of cash-settled interest rate hedge gain (loss) | $ 1,400,000 | ||||||
Treasury Lock Due January 13, 2022 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 300,000,000 | $ 300,000,000 | |||||
Derivative, Average Fixed Interest Rate | 0.85% | 0.85% | |||||
Derivative, Maturity Date | Jan. 13, 2022 | ||||||
Foreign Exchange Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 1,176,800,000 | ||||||
Financial Instruments Owned At Fair Value [Abstract] | |||||||
Cash and cash equivalents pledged as collateral | $ 0 | 0 | $ 0 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | 0 | ||||
Equity Swap [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 201,100,000 | ||||||
Equity Swap [Member] | Mature in fiscal 2022 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 191,200,000 | ||||||
Equity Swap [Member] | Mature in fiscal 2023 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | 9,900,000 | ||||||
Hedged Debt Designated as Hedged Item [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 670,900,000 | $ 736,900,000 | $ 670,900,000 |
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 30, 2021 | May 31, 2020 | |
Financial Instruments, Risk Management Activities, and Fair Values [Abstract] | ||
Cost | $ 76.9 | $ 56.7 |
Cost | 360.3 | 0.3 |
Cost, Total | 437.2 | 57 |
Fair Value | 76.9 | 56.7 |
Fair Value | 365.6 | 4.9 |
Fair Value, Total | 442.5 | 61.6 |
Gross Gains | 0 | 0 |
Gross Gains | 5.3 | 4.6 |
Gross Gains, Total | 5.3 | 4.6 |
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 30, 2021USD ($) |
Schedule of Available-for-Sale Securities [Line Items] | |
Cost | $ 437.2 |
Fair Value | 442.5 |
Debt Securities [Member] | Under 1 year (current) [Member] | |
Schedule of Available-for-Sale Securities [Line Items] | |
Cost | 76.9 |
Fair Value | 76.9 |
Equity Securities [Member] | |
Schedule of Available-for-Sale Securities [Line Items] | |
Cost | 360.3 |
Fair Value | $ 365.6 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Commodity Price Risk [Abstract] | |||
Net gain (loss) on mark-to-market valuation of commodity positions | $ 138.2 | $ (63) | $ (39) |
Net gain (loss) on commodity positions reclassified from unallocated corporate items to segment operating profit | (8.8) | 35.6 | 10 |
Net mark-to-market revaluation of certain grain inventories | 9.4 | 2.7 | (7) |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 138.8 | $ (24.7) | $ (36) |
Financial Instruments, Risk M_7
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of interest rate hedge in AOCI) (Details) $ in Millions | 12 Months Ended |
May 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (26.3) |
3.15% notes due December 15, 2021 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (5.3) |
Derivative, Maturity Date | Dec. 15, 2021 |
Debt Instrument, Interest Rate, Stated Percentage | 3.15% |
2.6% notes due October 12, 2022 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 1 |
Derivative, Maturity Date | Oct. 12, 2022 |
Debt Instrument, Interest Rate, Stated Percentage | 2.60% |
1.0% notes due April 27, 2023 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (0.5) |
Derivative, Maturity Date | Apr. 27, 2023 |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
3.7% notes due October 17, 2023 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (0.8) |
Derivative, Maturity Date | Oct. 17, 2023 |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% |
3.65% notes due February 15, 2024 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 4.9 |
Derivative, Maturity Date | Feb. 15, 2024 |
Debt Instrument, Interest Rate, Stated Percentage | 3.65% |
4.0% notes due April 17, 2025 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (2.3) |
Derivative, Maturity Date | Apr. 17, 2025 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
3.2% notes due February 10, 2027 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 9.7 |
Derivative, Maturity Date | Feb. 10, 2027 |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% |
1.5% notes due April 27, 2027 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (1.9) |
Derivative, Maturity Date | Apr. 27, 2027 |
Debt Instrument, Interest Rate, Stated Percentage | 1.50% |
4.2% notes due April 17, 2028 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (7) |
Derivative, Maturity Date | Apr. 17, 2028 |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% |
4.55% notes due April 17, 2038 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (9.2) |
Derivative, Maturity Date | Apr. 17, 2038 |
Debt Instrument, Interest Rate, Stated Percentage | 4.55% |
5.4% notes due June 15, 2040 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (10.6) |
Derivative, Maturity Date | Jun. 15, 2040 |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% |
4.15% notes due February 15, 2043 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 8.5 |
Derivative, Maturity Date | Feb. 15, 2043 |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% |
4.7% notes due April 17, 2048 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (12.8) |
Derivative, Maturity Date | Apr. 17, 2048 |
Debt Instrument, Interest Rate, Stated Percentage | 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 30, 2021 | May 31, 2020 |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Pay-floating/fixed swaps - notional amount | $ 731.5 | $ 666.1 |
Average Receive Rate | 0.40% | 0.40% |
Average Pay Rate | 0.10% | 0.30% |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Pay-floating/fixed swaps - notional amount | $ 0 | $ 500 |
Average Receive Rate | 0.00% | 1.70% |
Average Pay Rate | 0.00% | 2.10% |
Financial Instruments, Risk M_9
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | $ 68.4 | $ 59.4 |
Other Assets, Fair Value Disclosure | 442.5 | 61.6 |
Total Assets, Fair Value Disclosure | 519.7 | 117 |
Derivative Liability, Fair Value | (39.2) | (42.1) |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (40.1) | (43.1) |
Book value of long-lived assets | 3,606.8 | 3,580.6 |
Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 31.1 | 25.4 |
Derivative Liability, Fair Value | (36.3) | (11.6) |
Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 46.1 | 30 |
Derivative Liability, Fair Value | (3.8) | (31.5) |
Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 365.6 | 4.9 |
Total Assets, Fair Value Disclosure | 376.7 | 9.5 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (0.8) | (3.4) |
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 | 11.1 | 4.6 |
Derivative Liability, Fair Value | (0.8) | (3.4) |
Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 76.9 | 56.7 |
Total Assets, Fair Value Disclosure | 143 | 107.5 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (39.3) | (39.7) |
Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 31.1 | 25.4 |
Derivative Liability, Fair Value | (36.3) | (11.6) |
Level 2 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 35 | 25.4 |
Derivative Liability, Fair Value | (3) | (28.1) |
Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 0 | 0 |
Total Assets, Fair Value Disclosure | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | 0 | 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 | 442.5 | 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 | 365.6 | 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 | 76.9 | 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 | 29.8 | 6 |
Derivative Liability, Fair Value | 0 | (8) |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 28.8 | 5.6 |
Derivative Liability, Fair Value | 0 | (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 | 28.8 | 5.6 |
Derivative Liability, Fair Value | 0 | (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 | 4.8 | 38.6 |
Derivative Liability, Fair Value | (37.9) | (4) |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 2.3 | 19.8 |
Derivative Liability, Fair Value | (36.3) | (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 | 2.5 | 18.8 |
Derivative Liability, Fair Value | (1.6) | (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 | 2.3 | 19.8 |
Derivative Liability, Fair Value | (36.3) | (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 | 2.5 | 18.8 |
Derivative Liability, Fair Value | (1.6) | (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 | 31.6 | 6.2 |
Derivative Liability, Fair Value | (1.3) | (30.1) |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 31.6 | 6.2 |
Derivative Liability, Fair Value | (1.3) | (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 | 11.1 | 4.6 |
Derivative Liability, Fair Value | (0.8) | (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 | 20.5 | 1.6 |
Derivative Liability, Fair Value | (0.5) | (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 | 12 | 5 |
Derivative Liability, Fair Value | (0.9) | (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 | 12 | 5 |
Derivative Liability, Fair Value | (0.9) | (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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | $ (20.7) | $ 3.2 | $ 12.1 |
Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | (27.5) | 4.4 | |
Amount of net gain (loss) reclassified from AOCI into earnings | (19.2) | (4.9) | |
Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (0.3) | (4.9) | |
Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 186.5 | (32.7) | |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | 31.2 | (6.9) | |
Amount of net gain (loss) reclassified from AOCI into earnings | (9.4) | (9.5) | |
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (0.3) | (4.9) | |
Interest Rate Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 0 | (1.4) | |
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | (58.7) | 11.3 | |
Amount of net gain (loss) reclassified from AOCI into earnings | (9.8) | 4.6 | |
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 | 4.2 | 15.7 | |
Equity Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | 0 | 0 | |
Amount of net gain (loss) reclassified from AOCI into 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 | 47.7 | 8.6 | |
Commodity Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | 0 | 0 | |
Amount of net gain (loss) reclassified from AOCI into 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 | $ 134.6 | $ (55.6) |
Financial Instruments, Risk _11
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of offsetting assets and liabilities) (Details) - USD ($) | May 30, 2021 | May 31, 2020 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 68,400,000 | $ 59,400,000 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 68,400,000 | 59,400,000 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (5,400,000) | (8,700,000) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | (9,100,000) | 0 |
Net Amount | 53,900,000 | 50,700,000 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (39,200,000) | (42,100,000) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (39,200,000) | (42,100,000) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 5,400,000 | 8,700,000 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 15,900,000 |
Net Amount | (33,800,000) | (17,500,000) |
Commodity Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 31,600,000 | 6,200,000 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 31,600,000 | 6,200,000 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (1,300,000) | (4,200,000) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | (9,100,000) | 0 |
Net Amount | 21,200,000 | 2,000,000 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (1,300,000) | (30,100,000) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (1,300,000) | (30,100,000) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 1,300,000 | 4,200,000 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 15,900,000 |
Net Amount | 0 | (10,000,000) |
Interest Rate Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 29,800,000 | 6,000,000 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 29,800,000 | 6,000,000 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0 | (800,000) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 29,800,000 | 5,200,000 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 0 | (8,000,000) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | 0 | (8,000,000) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0 | 800,000 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 0 | (7,200,000) |
Foreign Exchange Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 4,800,000 | 38,600,000 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 4,800,000 | 38,600,000 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (4,100,000) | (3,700,000) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 700,000 | 34,900,000 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (37,900,000) | (4,000,000) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (37,900,000) | (4,000,000) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 4,100,000 | 3,700,000 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | (33,800,000) | (300,000) |
Equity Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 2,200,000 | 8,600,000 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 2,200,000 | 8,600,000 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 2,200,000 | 8,600,000 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 0 | 0 |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | 0 | 0 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | $ 0 | $ 0 |
Financial Instruments, Risk _12
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of cashflow hedge in AOCI) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ (18.5) | $ (12.6) |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | 0.4 | |
Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ (18.9) |
Financial Instruments, Risk _13
Financial Instruments, Risk Management Activities, and Fair Values (Concentrations table) (Details) - Customer Concentration Risk [Member] | 12 Months Ended |
May 30, 2021 | |
Net Sales [Member] | Walmart [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 20.00% |
Net Sales [Member] | Walmart [Member] | North America Retail Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 29.00% |
Net Sales [Member] | Walmart [Member] | Convenience Stores and Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 7.00% |
Net Sales [Member] | Walmart [Member] | Europe and Australia [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 0.00% |
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 | 13.00% |
Net Sales [Member] | Five Largest Customers [Member] | North America Retail Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 53.00% |
Net Sales [Member] | Five Largest Customers [Member] | Convenience Stores and Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 42.00% |
Net Sales [Member] | Five Largest Customers [Member] | Europe and Australia [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 32.00% |
Net Sales [Member] | Five Largest Customers [Member] | Asia and Latin America [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 11.00% |
Net Sales [Member] | Five Largest Customers [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 71.00% |
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 Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 28.00% |
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 | 0.00% |
Accounts Receivable [Member] | Walmart [Member] | Asia and Latin America [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 5.00% |
Accounts Receivable [Member] | Walmart [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 14.00% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | Jun. 24, 2021EUR (€) | May 30, 2021USD ($) | Feb. 28, 2021USD ($) | Nov. 29, 2020USD ($) | Nov. 29, 2020EUR (€) | Aug. 30, 2020EUR (€) | May 31, 2020USD ($) | Feb. 23, 2020EUR (€) | May 30, 2021USD ($) | May 31, 2020USD ($) | May 26, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||
Long-term debt, fair value | $ 13,194.4 | $ 13,194.4 | |||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 4.8 | 4.8 | |||||||||
Long-term debt, carrying value | 12,250.7 | $ 13,260.5 | 12,250.7 | $ 13,260.5 | |||||||
Issuance of long-term debt | 1,576.5 | 1,638.1 | $ 339.1 | ||||||||
Repayment of long-term debt | 2,609 | 1,396.7 | 1,493.8 | ||||||||
Facility Amount | 3,500 | 3,500 | |||||||||
Debt exchange participation incentive cash payment | $ 201.4 | 201.4 | 0 | $ 0 | |||||||
Pre-tax hedge gain (loss) in AOCI | (26.3) | (26.3) | |||||||||
Committed Credit Facilities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Facility Amount | $ 2,900 | $ 2,900 | |||||||||
Minimum fixed charge coverage ratio | 2.5 | 2.5 | |||||||||
Line Of Credit Expiring April 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Facility Amount | $ 2,700 | $ 2,700 | |||||||||
Line of Credit Facility, Description | fee-paid committed credit facility that is scheduled to expire in April 2026 | ||||||||||
Line Of Credit Expiring September 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Facility Amount | $ 200 | 200 | |||||||||
Line Of Credit Expiring May 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Facility Amount | $ 2,700 | $ 2,700 | |||||||||
2.20% Fixed Rate Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | $ 500 | ||||||||||
Fixed interest rate percentage | 2.20% | 2.20% | |||||||||
Floating-rate notes due April 16, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date | Apr. 16, 2021 | ||||||||||
Medium-term Notes [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 0.56% | 0.56% | |||||||||
Maturity date | May 28, 2023 | ||||||||||
Medium-term Notes [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 6.41% | 6.41% | |||||||||
Notes previously issued [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Modification of Debt | $ 603.9 | ||||||||||
Notes previously issued [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 4.15% | ||||||||||
Notes previously issued [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 5.40% | ||||||||||
3.0 percent fixed-rate notes due February 1, 2051 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | $ 605.2 | ||||||||||
Fixed interest rate percentage | 3.00% | ||||||||||
Maturity date | Feb. 1, 2051 | ||||||||||
0.00% Fixed Rate Notes Due Nov. 16 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Fixed interest rate percentage | 0.00% | 0.00% | |||||||||
Maturity date | Nov. 16, 2021 | Nov. 16, 2021 | |||||||||
0.00% Fixed Rate Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | € | € 200 | € 300 | |||||||||
Fixed interest rate percentage | 0.00% | 0.00% | 0.00% | ||||||||
0.00% Fixed Rate Notes Due Aug.21, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Fixed interest rate percentage | 0.00% | ||||||||||
Maturity date | Aug. 21, 2021 | ||||||||||
2.1 % Fixed Rate Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | € | € 500 | ||||||||||
Fixed interest rate percentage | 2.10% | ||||||||||
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% | 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 | ||||||||||
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 | ||||||||||
Floating Rate Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | $ 850 | € 500 | |||||||||
2.2% Fixed Rate Note [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 2.20% | ||||||||||
Maturity date | Nov. 29, 2021 | ||||||||||
Proceeds from Short-term Debt | € | € 50 | ||||||||||
Certain Long Term Debt Agreements Containing Restrictive Covenants [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant Compliance | As of May 30, 2021, we were in compliance with all of these covenants. | ||||||||||
Euro-denominated 2.2% notes due June 24, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 2.20% | 2.20% | |||||||||
Maturity date | Jun. 24, 2021 | ||||||||||
Euro-denominated 2.2% notes due June 24, 2021 [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | € | € 200 | ||||||||||
Fixed interest rate percentage | 2.20% | ||||||||||
Maturity date | Jun. 24, 2021 | ||||||||||
3.2% notes due April 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | $ 600 | ||||||||||
Fixed interest rate percentage | 3.20% | 3.20% | |||||||||
Maturity date | Apr. 16, 2021 |
Debt (Schedule of short-term de
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Short-term Debt [Line Items] | ||
Notes payable | $ 361.3 | $ 279 |
Weighted Average Interest Rate | 3.40% | 4.60% |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 0 | $ 99.9 |
Weighted Average Interest Rate | 0.00% | 3.60% |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 361.3 | $ 179.1 |
Weighted Average Interest Rate | 3.40% | 5.10% |
Debt (Schedule of credit facili
Debt (Schedule of credit facilities) (Details) $ in Billions | 12 Months Ended |
May 30, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 3.5 |
Borrowed Amount | 0.4 |
Committed Credit Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 2.9 |
Borrowed Amount | $ 0 |
Compliance with credit facility covenants | We were in compliance with all credit facility covenants as of May 30, 2021. |
Line Of Credit Expiring April 2026 [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 2.7 |
Borrowed Amount | $ 0 |
Expiration date of credit facility | Apr. 30, 2026 |
Line Of Credit Expiring September 2022 [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 0.2 |
Borrowed Amount | $ 0 |
Expiration date of credit facility | Sep. 17, 2022 |
Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 0.6 |
Borrowed Amount | $ 0.4 |
Debt (Schedule of long-term deb
Debt (Schedule of long-term debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 30, 2021 | May 31, 2020 | |
Debt Instrument [Line Items] | ||
Long-term debt, including current portion | $ 12,250.7 | $ 13,260.5 |
Other, including debt issuance costs, debt exchange participation premium, and finance leases | (246.4) | (58) |
Current portion of long-term debt | (2,463.8) | (2,331.5) |
Total long-term debt | $ 9,786.9 | 10,929 |
4.2% notes due April 17, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |
Maturity date | Apr. 17, 2028 | |
Long-term Debt, 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% | |
Maturity date | 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% | |
Maturity date | 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 | |
Long-term Debt, Gross | $ 0 | 850 |
4.0% notes due April 17, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Maturity date | Apr. 17, 2025 | |
Long-term Debt, Gross | $ 800 | 800 |
3.2% notes due February 10, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |
Maturity date | Feb. 10, 2027 | |
Long-term Debt, 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 | 750 |
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 | $ 731.5 | 666.1 |
4.7% notes due April 17, 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |
Maturity date | Apr. 17, 2048 | |
Long-term Debt, Gross | $ 446.2 | 650 |
3.2% notes due April 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |
Maturity date | Apr. 16, 2021 | |
Long-term Debt, Gross | $ 0 | 600 |
Euro-denominated 2.1% notes due November 16, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | |
Maturity date | Nov. 16, 2020 | |
Long-term Debt, Gross | $ 0 | 555.1 |
Euro-denominated 1.0% notes due April 27, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |
Maturity date | Apr. 27, 2023 | |
Long-term Debt, Gross | $ 609.6 | 555.1 |
4.55% notes due April 17, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |
Maturity date | Apr. 17, 2038 | |
Long-term Debt, Gross | $ 282.4 | 500 |
2.6% notes due October 12, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | |
Maturity date | Oct. 12, 2022 | |
Long-term Debt, Gross | $ 500 | 500 |
5.4% notes due June 15, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |
Maturity date | Jun. 15, 2040 | |
Long-term Debt, Gross | $ 382.5 | 500 |
4.15% notes due February 15, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |
Maturity date | Feb. 15, 2043 | |
Long-term Debt, Gross | $ 434.9 | 500 |
3.65% notes due February 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |
Maturity date | Feb. 15, 2024 | |
Long-term Debt, Gross | $ 500 | 500 |
Euro-denominated 1.5% notes due April 27, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |
Maturity date | Apr. 27, 2027 | |
Long-term Debt, Gross | $ 487.7 | 444 |
Floating-rate notes due October 17, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Oct. 17, 2023 | |
Long-term Debt, Gross | $ 400 | 400 |
Euro-denominated 2.2% notes due June 24, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |
Maturity date | Jun. 24, 2021 | |
Long-term Debt, Gross | $ 243.9 | 222 |
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 | $ 0 | 222 |
Medium-term notes, 0.56% to 6.41%, due fiscal 2023 or later [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 104 | 104.2 |
Medium-term notes, 0.56% to 6.41%, due fiscal 2023 or later [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.56% | |
Maturity date | May 28, 2023 | |
Medium-term notes, 0.56% to 6.41%, due fiscal 2023 or later [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.41% | |
Euro-denominated 0.0% notes due August 21, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Maturity date | Aug. 21, 2021 | |
Long-term Debt, Gross | $ 609.6 | 0 |
Euro-denominated 0.0% notes due November 16, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Maturity date | Nov. 16, 2021 | |
Long-term Debt, Gross | $ 609.6 | 0 |
3.0% notes, due February 1, 2051 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Maturity date | Feb. 1, 2051 | |
Long-term Debt, Gross | $ 605.2 | $ 0 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt and Capital Lease Obligations) (Details) $ in Millions | May 30, 2021USD ($) |
Debt [Abstract] | |
Fiscal 2022 | $ 2,463.8 |
Fiscal 2023 | 1,210.3 |
Fiscal 2024 | 1,754.4 |
Fiscal 2025 | 800 |
Fiscal 2026 | $ 731.5 |
Redeemable and Noncontrolling_2
Redeemable and Noncontrolling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
May 30, 2021 | May 31, 2020 | May 26, 2019 | May 27, 2018 | Jul. 01, 2011 | |
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | $ 604.9 | $ 544.6 | |||
Noncontrolling interests | 302.8 | 291 | |||
Dividends paid under the terms of shareholder agreements | $ 48.9 | 72.5 | $ 38.5 | ||
Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of May 30, 2021, we were in compliance with all of these covenants. | ||||
Investment in redeemable interest | $ 0 | 0 | 55.7 | ||
Sodiaal International Redeemable Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | 604.9 | 544.6 | 551.7 | $ 776.2 | |
Investment in redeemable interest | 0 | 0 | $ 55.7 | ||
Yoplait SAS Subsidiary [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net purchases from related party | $ 212.1 | 201.8 | |||
Yoplait Marques SNC and Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 50.00% | ||||
Yoplait Marques SNC and Liberte Marques Sarl [Member] | Sodiaal International Redeemable Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interests | $ 281.4 | ||||
Yoplait Marques SNC [Member] | Sodiaal International Redeemable Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
Liberte Marques Sarl [Member] | Sodiaal International Redeemable Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage held by noncontrolling owners | 50.00% | ||||
Yoplait SAS [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership interest percentage in consolidated subsidiary | 51.00% | ||||
Yoplait SAS [Member] | Sodiaal International Redeemable Interest [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable interest value | $ 604.9 | $ 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. | ||||
Third Party Interest Holder [Member] | General Mills Cereals LLC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest holders capital account, General Mills Cereals, LLC | $ 251.5 | ||||
Preferred distributions, variable rate | three-month LIBOR | ||||
Preferred distributions, basis spread on variable rate | 1.60% | ||||
Preferred return rate adjustment period | 3 years | ||||
Yoplait SAS, Yoplait Marques SNC, and Liberte Marques Sarl [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Dividends paid under the terms of shareholder agreements | $ 40.3 | $ 56.9 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Cummulative preference stock, shared authorized | 5,000,000 | ||
Number of shares of common stock authorized for repurchase | 100,000,000 | ||
Common stock, par value | $ 0.10 | $ 0.1 | $ 0.1 |
Shares purchased | 5,000,000 | 100,000 | 0 |
Aggregate purchase price | $ 301.4 | $ 3.4 | $ 1.1 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of total comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | $ 175.1 | $ (169.1) | $ (82.8) | ||||||||
Net actuarial gain (loss) | 353.4 | (224.6) | (253.4) | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | (20.7) | 3.2 | 12.1 | ||||||||
Reclassification to earnings: | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 2 | ||||||||
Hedge derivatives | 13.5 | 4.1 | 0.9 | ||||||||
Amortization of losses and prior service costs | 78.9 | 77.9 | 84.6 | ||||||||
Other comprehensive income (loss), net of tax | 600.2 | (308.5) | (240.6) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to General Mills | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | 2,339.8 | 2,181.2 | 1,752.7 |
Net earnings attributable to redeemable and noncontrolling interests | 6.2 | 29.6 | 33.5 | ||||||||
Total comprehensive income (loss) attributable to General Mills | 2,825 | 1,892.2 | 1,556.3 | ||||||||
General Mills [Member] | |||||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Foreign currency translation | (6.1) | (149.1) | (38.3) | ||||||||
Net actuarial gain (loss) | 464.9 | (290.2) | (325.6) | ||||||||
Other fair value chages: | |||||||||||
Hedge derivaties | (25.8) | 4.4 | 15.9 | ||||||||
Reclassification to earnings: | |||||||||||
Securities | (2.6) | ||||||||||
Hedge derivatives | 19.1 | 4.3 | 0.1 | ||||||||
Amortization of losses and prior service costs | 102.5 | 101.3 | 107.5 | ||||||||
Other comprehensive income (loss), before tax | 554.6 | (329.3) | (243) | ||||||||
Other comprehensive income (loss), tax: | |||||||||||
Foreign currency translation | 64.9 | 0 | 0 | ||||||||
Net actuarial gain (loss) | (111.5) | 65.6 | 72.2 | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | 6.5 | (1.2) | (3.7) | ||||||||
Reclassification to earnings: | |||||||||||
Securities | 0.6 | ||||||||||
Hedge derivatives | (5.7) | (0.7) | 0.4 | ||||||||
Amortization of losses and prior service costs | (23.6) | (23.4) | (22.9) | ||||||||
Other comprehensive income (loss), tax | (69.4) | 40.3 | 46.6 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | 58.8 | (149.1) | (38.3) | ||||||||
Net actuarial gain (loss) | 353.4 | (224.6) | (253.4) | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | (19.3) | 3.2 | 12.2 | ||||||||
Reclassification to earnings: | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (2) | ||||||||||
Hedge derivatives | 13.4 | 3.6 | 0.5 | ||||||||
Amortization of losses and prior service costs | 78.9 | 77.9 | 84.6 | ||||||||
Other comprehensive income (loss), net of tax | 485.2 | (289) | (196.4) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to General Mills | 2,339.8 | 2,181.2 | 1,752.7 | ||||||||
Total comprehensive income (loss) attributable to General Mills | 2,825 | 1,892.2 | 1,556.3 | ||||||||
Noncontrolling Interests [Member] | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | 31.5 | (2.6) | (13.5) | ||||||||
Net actuarial gain (loss) | 0 | 0 | 0 | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | 0 | 0 | 0 | ||||||||
Reclassification to earnings: | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | ||||||||||
Hedge derivatives | 0 | 0 | 0 | ||||||||
Amortization of losses and prior service costs | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of tax | 31.5 | (2.6) | (13.5) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to redeemable and noncontrolling interests | 6.5 | 12.9 | 13.9 | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | 38 | 10.3 | 0.4 | ||||||||
Redeemable Interest [Member] | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | 84.8 | (17.4) | (31) | ||||||||
Net actuarial gain (loss) | 0 | 0 | 0 | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | (1.4) | 0 | (0.1) | ||||||||
Reclassification to earnings: | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | ||||||||||
Hedge derivatives | 0.1 | 0.5 | 0.4 | ||||||||
Amortization of losses and prior service costs | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of tax | 83.5 | (16.9) | (30.7) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to redeemable and noncontrolling interests | (0.3) | 16.7 | 19.6 | ||||||||
Total comprehensive income (loss) attributable to redeemable interests | $ 83.2 | $ (0.2) | $ (11.1) |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of taxes) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation adjustments | $ (830.2) | $ (889) |
Unrealized gain (loss) from: | ||
Hedge derivatives | (18.5) | (12.6) |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial gain (loss) | (1,718.4) | (2,022.5) |
Prior service (costs) credits | 137.9 | 9.7 |
Accumulated other comprehensive loss | $ (2,429.2) | $ (2,914.4) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant under stock compensation plan | 23.5 | ||
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 | $ 74.4 | $ 59.7 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Recognized tax windfall benefits related to the exercise of stock-based awards | 12.4 | 27.3 | $ 24.5 |
Unrecognized compensation expense related to non-vested stock options and restricted stock units | $ 103 | ||
Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 19 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 | $ 11.2 | 13.4 | 14.7 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
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 | $ 78.7 | $ 81.5 | $ 70.2 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Stock Plans [Abstract] | |||
Estimated fair values of stock options granted | $ 8.03 | $ 7.10 | $ 5.35 |
Assumptions: | |||
Risk-free interest rate | 0.70% | 2.00% | 2.90% |
Expected term | 8 years 6 months | 8 years 6 months | 8 years 6 months |
Expected volatility | 19.50% | 17.40% | 16.30% |
Dividend yield | 3.30% | 3.60% | 4.30% |
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 30, 2021 | May 31, 2020 | |
Options Outstanding [Abstract] | ||
Balance Outstanding Beginning Balance | 18,164,600 | |
Granted | 1,366,000 | |
Exercised | (1,910,600) | |
Forfeited or expired | (222,500) | |
Ending Balance, Outstanding | 17,397,500 | 18,164,600 |
Ending Balance, Exercisable | 9,018,700 | |
Weighted Average Exercise Price [Abstract] | ||
Balance Exercisable Beginning Balance | $ 51.21 | |
Granted | 61.65 | |
Exercised | 39.15 | |
Forfeited or expired | 55.80 | |
Balance Outstanding Ending Balance | 53.29 | |
Ending Balance, Exercisable | $ 53.60 | $ 51.21 |
Weighted Average Remaining Contractual Term [Abstract] | ||
Ending Balance, Outstanding | 5 years 3 months 3 days | 5 years 6 months 10 days |
Ending Balance, Exercisable | 3 years 3 months 10 days | |
Aggregate Intrinsic Value [Abstract] | ||
Ending Balance, Outstanding | $ 174.4 | $ 222.6 |
Ending Balance, Exercisable | $ 91.4 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Stock Plans [Abstract] | |||
Net cash proceeds | $ 74.3 | $ 263.4 | $ 241.4 |
Intrinsic value of options exercised | $ 44.8 | $ 132.9 | $ 126.7 |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Share Settled Units (Thousands) [Abstract] | |||
Granted | 1,529,000 | 1,947,600 | 1,848,200 |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 53.28 | $ 46.14 | |
Non-vested Ending Balance | $ 61.24 | $ 53.28 | $ 46.14 |
Number of units granted | 1,529,000 | 1,947,600 | 1,848,200 |
Weighted average price per unit | $ 61.24 | $ 53.28 | $ 46.14 |
Equity Classified [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 4,925,500 | ||
Granted | 1,501,800 | ||
Vested | (1,199,300) | ||
Forfeited or expired | (155,200) | ||
Non-vested Ending Balance | 5,072,800 | 4,925,500 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 53.26 | ||
Granted | 61.23 | ||
Vested | 60.54 | ||
Forfeited or expired | 55.47 | ||
Non-vested Ending Balance | $ 53.84 | $ 53.26 | |
Number of units granted | 1,501,800 | ||
Weighted average price per unit | $ 53.84 | $ 53.26 | |
Liability Classified Share Settled [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 103,300 | ||
Granted | 27,200 | ||
Vested | (28,000) | ||
Forfeited or expired | (4,900) | ||
Non-vested Ending Balance | 97,600 | 103,300 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 54.75 | ||
Granted | 61.59 | ||
Vested | 62.88 | ||
Forfeited or expired | 55.82 | ||
Non-vested Ending Balance | $ 54.26 | $ 54.75 | |
Number of units granted | 27,200 | ||
Weighted average price per unit | $ 54.26 | $ 54.75 |
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 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings attributable to General Mills | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | $ 2,339.8 | $ 2,181.2 | $ 1,752.7 |
Average number of common shares - basic EPS | 614.1 | 608.1 | 600.4 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Average number of common shares - diluted EPS | 619.1 | 613.3 | 605.4 | ||||||||
Earnings per share - basic | $ 0.68 | $ 0.97 | $ 1.12 | $ 1.04 | $ 1.03 | $ 0.75 | $ 0.96 | $ 0.86 | $ 3.81 | $ 3.59 | $ 2.92 |
Earnings per share - diluted | $ 0.68 | $ 0.96 | $ 1.11 | $ 1.03 | $ 1.02 | $ 0.74 | $ 0.95 | $ 0.85 | $ 3.78 | $ 3.56 | $ 2.90 |
Other Disclosures [Abstract] | |||||||||||
Anti-dilutive stock options, restricted stock units, and performance share units | 3.4 | 8.4 | 14.1 | ||||||||
Stock options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Incremental share effect | 2.5 | 2.7 | 3.1 | ||||||||
Restricted stock units and performance share units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Incremental share effect | 2.5 | 2.5 | 1.9 |
Retirement Benefits and Poste_3
Retirement Benefits and Postemployment Benefits (Narrative) (Details) - USD ($) shares in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | $ 7,402,100,000 | $ 7,285,200,000 | |
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] | |||
Recognized expense | $ 76,100,000 | $ 90,100,000 | $ 52,700,000 |
Under Age 65 [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Health care cost trend rate for next year | 6.00% | 6.20% | |
Over Age 65 [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Health care cost trend rate for next year | 6.30% | 6.50% | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 33,800,000 | $ 32,900,000 | |
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | 556,200,000 | 3,200,100,000 | |
Projected benefit obligation at end of year | 7,714,400,000 | 7,640,200,000 | 6,750,700,000 |
Plan assets at fair value | 26,700,000 | 2,569,900,000 | |
Projected benefit obligation | $ 615,300,000 | 3,512,900,000 | |
Defined Benefit Pension Plans [Member] | United States Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 15.00% | ||
Defined Benefit Pension Plans [Member] | International Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 9.00% | ||
Defined Benefit Pension Plans [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 8.00% | ||
Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 57.00% | ||
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 12.00% | ||
Defined Benefit Pension Plans [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 0 | ||
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 | 100,000 | ||
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | $ 412,400,000 | 479,400,000 | |
Projected benefit obligation at end of year | 600,000,000 | 773,700,000 | 824,100,000 |
Plan assets at fair value | 310,100,000 | 248,000,000 | |
Other Postretirement Benefit Plans [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 0 | ||
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | 151,700,000 | ||
Projected benefit obligation at end of year | $ 151,700,000 | 150,300,000 | $ 128,000,000 |
Postemployment Benefit Plans [Member] | United States Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 28.00% | ||
Postemployment Benefit Plans [Member] | International Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 14.00% | ||
Postemployment Benefit Plans [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 14.00% | ||
Postemployment Benefit Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 44.00% | ||
General Mills Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Net assets of money purchase plan | $ 22,500,000 | $ 20,600,000 | |
ESOP number of allocated shares | 4.3 | 4.6 | |
Common stock held by ESOP and company stock fund | $ 433,000,000 | $ 464,800,000 |
Retirement Benefits and Poste_4
Retirement Benefits and Postemployment Benefits (Schedule of assumed health care trend costs) (Details) | 12 Months Ended | |
May 30, 2021 | May 31, 2020 | |
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 | 6.00% | 6.20% |
Over Age 65 [Member] | ||
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate for next year | 6.30% | 6.50% |
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 30, 2021 | May 31, 2020 | May 26, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | $ 6,993.2 | $ 6,291.6 | |
Actual return on assets | 716.3 | 983.7 | |
Employer contributions | 33.8 | 32.9 | |
Plan participant contributions | 4.1 | 6.7 | |
Benefits payments | (315.1) | (317.2) | |
Foreign currency | 27.9 | (4.5) | |
Fair value at end of year | 7,460.2 | 6,993.2 | $ 6,291.6 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 7,640.2 | 6,750.7 | |
Service cost | 104.4 | 92.7 | 94.6 |
Interest cost | 192.1 | 230.5 | 248 |
Plan amendment | 1.1 | 1.2 | |
Curtailment/other | (5.8) | (1.2) | |
Plan participant contributions | 4.1 | 6.7 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial loss (gain) | 67.4 | 881.8 | |
Benefits payments | (315.7) | (317.7) | |
Foreign currency | 26.6 | (4.5) | |
Projected benefit obligation at end of year | 7,714.4 | 7,640.2 | 6,750.7 |
Plan assets less than benefit obligation as of fiscal year end | (254.2) | (647) | |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | 793.5 | 753.8 | |
Actual return on assets | 108.1 | 65 | |
Employer contributions | 0.1 | ||
Employee contributions | (359.9) | ||
Plan participant contributions | 13 | 13.8 | |
Benefits payments | (35.3) | (39.2) | |
Foreign currency | 0 | 0 | |
Fair value at end of year | 519.4 | 793.5 | 753.8 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 773.7 | 824.1 | |
Service cost | 8.5 | 9.4 | 9.9 |
Interest cost | 18 | 27.1 | 33.1 |
Plan amendment | (138.7) | 0 | |
Curtailment/other | 0 | 0 | |
Plan participant contributions | 13 | 13.8 | |
Medicare Part D reimbursements | 2.5 | 2.7 | |
Actuarial loss (gain) | (15.8) | (38.3) | |
Benefits payments | (61.9) | (63.5) | |
Foreign currency | 0.7 | (1.6) | |
Projected benefit obligation at end of year | 600 | 773.7 | 824.1 |
Plan assets less than benefit obligation as of fiscal year end | (80.6) | 19.8 | |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 150.3 | 128 | |
Service cost | 9.3 | 8.3 | 7.6 |
Interest cost | 1.7 | 2.6 | 3 |
Plan amendment | 0 | 0 | |
Curtailment/other | 5.1 | 0 | |
Plan participant contributions | 0 | 0 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial loss (gain) | 7.2 | 17.7 | |
Benefits payments | (22.5) | (6.2) | |
Foreign currency | 0.6 | (0.1) | |
Projected benefit obligation at end of year | 151.7 | 150.3 | $ 128 |
Plan assets less than benefit obligation as of fiscal year end | $ (151.7) | $ 150.3 |
Retirement Benefits and Poste_6
Retirement Benefits and Postemployment Benefits (Schedule of summarized financial information about benefit plans) (Parenthetical) (Details) | 12 Months Ended | |
May 30, 2021 | May 31, 2020 | |
Retirement Benefits and Postemployment Benefits [Abstract] | ||
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date | May 31, 2021 | May 31, 2020 |
Retirement Benefits and Poste_7
Retirement Benefits and Postemployment Benefits (Schedule of amounts recognized in AOCI) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | $ (1,718.4) | $ (2,022.5) |
Prior service (costs) credits | 137.9 | 9.7 |
Amounts recorded in accumulated other comprehensive loss | (1,580.5) | (2,012.8) |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (1,897.2) | (2,136.6) |
Prior service (costs) credits | 5.8 | (6) |
Amounts recorded in accumulated other comprehensive loss | (1,891.4) | (2,142.6) |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | 200.8 | 129.5 |
Prior service (costs) credits | 133.7 | 21 |
Amounts recorded in accumulated other comprehensive loss | 334.5 | 150.5 |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | (22) | (15.4) |
Prior service (costs) credits | (1.6) | (5.3) |
Amounts recorded in accumulated other comprehensive loss | $ (23.6) | $ (20.7) |
Retirement Benefits and Poste_8
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 30, 2021 | May 31, 2020 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 615.3 | $ 3,512.9 |
Accumulated benefit obligation | 556.2 | 3,200.1 |
Plan assets at fair value | $ 26.7 | $ 2,569.9 |
Retirement Benefits and Poste_9
Retirement Benefits and Postemployment Benefits (Schedule of components of net periodic benefit expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 104.4 | $ 92.7 | $ 94.6 |
Interest cost | 192.1 | 230.5 | 248 |
Expected return on plan assets | (420.9) | (449.9) | (445.8) |
Amortization of losses (gains) | 108.3 | 106 | 109.8 |
Amortization of prior service costs (credits) | 1.3 | 1.6 | 1.5 |
Other adjustments | 0 | 0 | 0 |
Settlement or curtailment losses | 14.9 | 0 | 0.3 |
Net expense (income) | 0.1 | (19.1) | 8.4 |
Other Postretirement Benefit Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 8.5 | 9.4 | 9.9 |
Interest cost | 18 | 27.1 | 33.1 |
Expected return on plan assets | (34.7) | (42.1) | (40.4) |
Amortization of losses (gains) | (5.1) | (2.1) | 0.6 |
Amortization of prior service costs (credits) | (5.5) | (5.5) | (5.5) |
Other adjustments | 0 | 0 | 0 |
Settlement or curtailment losses | 0 | 0 | 0 |
Net expense (income) | (18.8) | (13.2) | (2.3) |
Postemployment Benefit Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 9.3 | 8.3 | 7.6 |
Interest cost | 1.7 | 2.6 | 3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of losses (gains) | 2.6 | 0.4 | 0.1 |
Amortization of prior service costs (credits) | 0.9 | 0.9 | 0.7 |
Other adjustments | 8.4 | 17.7 | 6.7 |
Settlement or curtailment losses | 0 | 0 | 0 |
Net expense (income) | $ 22.9 | $ 29.9 | $ 18.1 |
Retirement Benefits and Post_10
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine benefit obligations) (Details) | May 30, 2021 | May 31, 2020 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.17% | 3.20% |
Rate of salary increases | 4.39% | 4.44% |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.03% | 3.02% |
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 | 2.04% | 1.85% |
Rate of salary increases | 4.46% | 4.51% |
Retirement Benefits and Post_11
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine net periodic expense) (Details) | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.20% | 3.91% | 4.20% |
Service cost effective rate | 3.58% | 4.19% | 4.34% |
Interest cost effective rate | 2.55% | 3.47% | 3.92% |
Rate of salary increases | 4.44% | 4.17% | 4.27% |
Expected long-term rate of return on plan assets | 5.72% | 6.95% | 7.25% |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.02% | 3.79% | 4.17% |
Service cost effective rate | 3.40% | 4.04% | 4.27% |
Interest cost effective rate | 2.29% | 3.28% | 3.80% |
Rate of salary increases | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on plan assets | 4.57% | 5.67% | 5.67% |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 1.86% | 3.10% | 3.60% |
Service cost effective rate | 3.51% | 3.51% | 3.99% |
Interest cost effective rate | 2.83% | 2.84% | 3.37% |
Rate of salary increases | 4.47% | 4.47% | 4.44% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Retirement Benefits and Post_12
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 30, 2021 | May 31, 2020 | May 26, 2019 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | $ 7,460.2 | $ 6,993.2 | $ 6,291.6 |
Defined Benefit Pension Plans [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,535.5 | 1,817.3 | |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 3,929.8 | 3,500.7 | |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 278.1 | 223.5 | |
Defined Benefit Pension Plans [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.1 | 0.2 | |
Defined Benefit Pension Plans [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 180 | 180.3 | |
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 | 1,536.7 | 1,271.2 | |
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 | 5,923.5 | 5,722 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 3,289.7 | 3,276.6 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 838.3 | 1,039.6 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,993.5 | 1,833.3 | |
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 | 277.9 | 223.4 | |
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 | 180.3 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 2,633.7 | 2,445.2 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 697.2 | 777.7 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,936.3 | 1,667.4 | |
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 | 0.2 | 0.1 | |
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 | 0.1 | 0.2 | |
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 | 0.1 | 0.2 | |
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 | 519.4 | 793.5 | $ 753.8 |
Other Postretirement Benefit Plans [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.2 | 46.9 | |
Other Postretirement Benefit Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 117.3 | 425.9 | |
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0.1 | |
Other Postretirement Benefit Plans [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 14.8 | 16.7 | |
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 | 387.1 | 303.9 | |
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 | 132.3 | 489.6 | |
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 132.3 | 174.3 | |
Other Postretirement Benefit Plans [Member] | Level 1 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.2 | 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 | 117.3 | 157.5 | |
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 | 0.1 | |
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 | 14.8 | 16.7 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 315.3 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 46.9 | |
Other Postretirement Benefit Plans [Member] | Level 2 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 268.4 | |
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_13
Retirement Benefits and Postemployment Benefits (Schedule of asset allocations for benefit plans) (Details) | May 30, 2021 | May 31, 2020 |
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 | 15.40% | 19.70% |
Defined Benefit Pension Plans [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 9.90% | 11.00% |
Defined Benefit Pension Plans [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 9.30% | 6.20% |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 54.60% | 52.80% |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 10.80% | 10.30% |
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 | 28.00% | 18.10% |
Other Postretirement Benefit Plans [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 13.90% | 9.80% |
Other Postretirement Benefit Plans [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 15.10% | 4.40% |
Other Postretirement Benefit Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 43.00% | 64.80% |
Other Postretirement Benefit Plans [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 0.00% | 2.90% |
Retirement Benefits and Post_14
Retirement Benefits and Postemployment Benefits (Schedule of estimated benefit payments) (Details) $ in Millions | May 30, 2021USD ($) |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Fiscal 2022 | $ 1.9 |
Fiscal 2023 | 0 |
Fiscal 2024 | 0 |
Fiscal 2025 | 0 |
Fiscal 2026 | 0 |
Fiscal 2027-2031 | 0 |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Fiscal 2022 | 332.6 |
Fiscal 2023 | 339.6 |
Fiscal 2024 | 347.1 |
Fiscal 2025 | 355.7 |
Fiscal 2026 | 364.5 |
Fiscal 2027-2031 | 1,944 |
Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Fiscal 2022 | 40.2 |
Fiscal 2023 | 36.6 |
Fiscal 2024 | 36.9 |
Fiscal 2025 | 37.3 |
Fiscal 2026 | 37.7 |
Fiscal 2027-2031 | 168 |
Postemployment Benefit Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Fiscal 2022 | 29 |
Fiscal 2023 | 21 |
Fiscal 2024 | 19.3 |
Fiscal 2025 | 17.8 |
Fiscal 2026 | 16.5 |
Fiscal 2027-2031 | $ 66.8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 26, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Tax Credit Carryforward [Line Items] | ||||
Deferred Other Tax Expense Benefit | $ 53.1 | |||
Tax Benefit | $ 72.9 | $ (629.1) | (480.5) | $ (367.8) |
Unremitted foreign earnings | 2,300 | |||
Unrecognized tax benefits that would affect effective tax rate | 75.6 | |||
Unrecognized tax benefits and accrued interest expected to be paid within the next 12 months | 1.1 | |||
Tax-related net interest and penalties benefits recognized | 2.9 | 3.2 | ||
Tax-related net interest and penalties accrued | $ 24.9 | $ 27.9 | ||
Internal Revenue Service (IRS) [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Income Tax Examination, Year under Examination | 2016 2018 2019 | |||
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 30, 2021 | May 26, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Earnings before income taxes and after-tax earnings from joint ventures: | |||||
United States | $ 2,567.1 | $ 2,402.1 | $ 1,788.2 | ||
Foreign | 290.3 | 198.1 | 293.8 | ||
Earnings before income taxes and after-tax earnings from joint ventures | 2,857.4 | 2,600.2 | 2,082 | ||
Income taxes currently payable: | |||||
Federal | 369.8 | 381 | 151.9 | ||
State and local | 47.5 | 55.3 | 35.3 | ||
Foreign | 93 | 73.8 | 84.6 | ||
Total current | 510.3 | 510.1 | 271.8 | ||
Income taxes deferred: | |||||
Federal | 117.9 | 67.8 | 86.7 | ||
State and local | 13.6 | (56.6) | 21.6 | ||
Foreign | (12.7) | (40.8) | (12.3) | ||
Total deferred | $ 11.2 | 118.8 | (29.6) | 96 | |
Total income taxes | $ (72.9) | $ 629.1 | $ 480.5 | $ 367.8 |
Income Taxes (Schedule of the r
Income Taxes (Schedule of the reconcilation of the effective income tax rate) (Details) | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
United States statutory rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal tax benefits | 1.70% | 2.00% | 2.50% |
Foreign rate differences | 0.30% | (0.80%) | 0.00% |
Provisional net tax benefit | 0.00% | 0.00% | (0.40%) |
Stock based compensation | (0.40%) | (1.10%) | (1.20%) |
GMC subsidiary restructure | 0.00% | (2.00%) | 0.00% |
Capital Loss | 0.00% | 0.00% | (3.70%) |
Other, net | (0.60%) | (0.60%) | (0.50%) |
Effective income tax rate | 22.00% | 18.50% | 17.70% |
Income Taxes (Schedule of defer
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Abstract] | ||
Accrued liabilities | $ 58.5 | $ 61.8 |
Compensation and employee benefits | 198.7 | 171.4 |
Unrealized hedges | 16.3 | 0 |
Pension | 61.4 | 148.2 |
Tax credit carryforwards | 22.7 | 12.5 |
Stock, partnership, and miscellaneous investments | 46.3 | 80.2 |
Capital losses | 67.3 | 65.9 |
Net operating losses | 160.5 | 146.6 |
Other | 93.4 | 87 |
Gross deferred tax assets | 725.1 | 773.6 |
Valuation allowance | 229.2 | 214.2 |
Net deferred tax assets | 495.9 | 559.4 |
Brands | 1,413.8 | 1,415 |
Fixed assets | 412.7 | 378.3 |
Intangible assets | 256.2 | 246.8 |
Tax lease transactions | 18.8 | 21.5 |
Inventories | 36.2 | 33 |
Stock, partnership, and miscellaneous investments | 364 | 338.1 |
Unrealized hedges | 0 | 22.4 |
Other | 112.6 | 51.4 |
Gross deferred tax liabilities | 2,614.3 | 2,506.5 |
Net deferred tax liability | $ 2,118.4 | $ 1,947.1 |
Income Taxes - Operating Loss c
Income Taxes - Operating Loss carryforward (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 229.2 | $ 214.2 |
Operating loss carryforwards valuation allowance | 171.1 | |
Pillsbury acquisition losses | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 107.9 | |
State and foreign loss carryforwards | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 29.1 | |
Capital Loss Carryforward [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 67.3 | |
Other | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 24.9 | |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 162.9 | |
Foreign [Member] | State and foreign loss carryforwards | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 162.9 | |
Foreign [Member] | Do not expire | State and foreign loss carryforwards | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 140 | |
Foreign [Member] | Expire in fiscal 2022 and 2023 | State and foreign loss carryforwards | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 2.2 | |
Foreign [Member] | Expire in fiscal 2024 and beyond | State and foreign loss carryforwards | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 20.7 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | $ 8.2 |
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 30, 2021 | May 31, 2020 | |
Changes in total gross unrecognized tax benefit liabilities [Roll Forward] | ||
Balance, beginning of year | $ 147.9 | $ 139.1 |
Tax positions related to current year: Additions | 20.1 | 18.7 |
Tax positions related to prior years: Additions | 6.3 | 2.3 |
Tax positions related to prior years: Reductions | (7.2) | (6) |
Tax positions related to prior years: Settlements | (2.1) | (2.9) |
Lapses in statutes of limitations | (19.7) | (3.3) |
Balance, end of year | $ 145.3 | $ 147.9 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | May 30, 2021USD ($) |
Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligations and comfort letters | $ 146.6 |
Business Segment Information (S
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 18,127 | $ 17,626.6 | $ 16,865.2 |
Operating profit | 3,144.8 | 2,953.9 | 2,515.9 | ||||||||
Divestitures loss | 53.5 | 0 | 30 | ||||||||
Restructuring, impairment, and other exit costs | 170.4 | 24.4 | 275.1 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 18,127 | 17,626.6 | 16,865.2 | ||||||||
Operating profit | 3,580.8 | 3,487.4 | 3,160.8 | ||||||||
Unallocated Corporate Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | 212.1 | 509.1 | 339.8 | ||||||||
Significant Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Divestitures loss | (53.5) | 0 | (30) | ||||||||
Restructuring, impairment, and other exit costs | 170.4 | 24.4 | 275.1 | ||||||||
North America Retail Segment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 10,995.4 | 10,750.5 | 9,925.2 | ||||||||
Operating profit | 2,623.2 | 2,627 | 2,277.2 | ||||||||
U.S. Meals & Baking [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,611.6 | 4,408.5 | 3,839.8 | ||||||||
U.S. Cereal [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,455.2 | 2,434.1 | 2,255.4 | ||||||||
U.S. Snacks [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,048.3 | 2,091.9 | 2,060.9 | ||||||||
Canada [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 953.2 | 897 | 862.4 | ||||||||
U.S. Yogurt & Other [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 927.1 | 919 | 906.7 | ||||||||
Europe and Australia [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,981.5 | 1,838.9 | 1,886.7 | ||||||||
Operating profit | 151 | 113.8 | 123.3 | ||||||||
Convenience Stores and Foodservice [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,742.4 | 1,816.4 | 1,969.1 | ||||||||
Operating profit | 306 | 337.2 | 419.5 | ||||||||
Pet Segment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,732.4 | 1,694.6 | 1,430.9 | ||||||||
Operating profit | 415 | 390.7 | 268.4 | ||||||||
Asia and Latin America [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,675.3 | 1,526.2 | 1,653.3 | ||||||||
Operating profit | $ 85.6 | $ 18.7 | $ 72.4 |
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 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Product Information [Line Items] | |||||||||||
Net sales | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 18,127 | $ 17,626.6 | $ 16,865.2 |
Snacks [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 3,574.2 | 3,529.7 | 3,487.4 | ||||||||
Convenient meals [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 3,030.2 | 2,814.3 | 2,538.6 | ||||||||
Cereal [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,868.9 | 2,874.1 | 2,672.8 | ||||||||
Yogurt [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,074.8 | 2,056.6 | 2,113.1 | ||||||||
Dough [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,866.1 | 1,801.1 | 1,661.9 | ||||||||
Pet [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,732.4 | 1,694.6 | 812.7 | ||||||||
Baking mixes and ingredients [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,695.5 | 1,674.2 | 1,663.7 | ||||||||
Super-premium ice cream [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 819.7 | 718.1 | 812.7 | ||||||||
Vegetables and Other [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | $ 465.2 | $ 463.9 | $ 484.1 |
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 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | May 27, 2018 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 18,127 | $ 17,626.6 | $ 16,865.2 | |
Cash and cash equivalents | 1,505.2 | 1,677.8 | 1,505.2 | 1,677.8 | 450 | $ 399 | ||||||
Land, buildings, and equipment | 3,606.8 | 3,580.6 | 3,606.8 | 3,580.6 | ||||||||
United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 13,496.9 | 13,364.5 | 12,462.8 | |||||||||
Cash and cash equivalents | 817.9 | 1,112 | 817.9 | 1,112 | ||||||||
Land, buildings, and equipment | 2,714.7 | 2,761.6 | 2,714.7 | 2,761.6 | ||||||||
Non-United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 4,630.1 | 4,262.1 | $ 4,402.4 | |||||||||
Cash and cash equivalents | 687.3 | 565.8 | 687.3 | 565.8 | ||||||||
Land, buildings, and equipment | $ 892.1 | $ 819 | $ 892.1 | $ 819 |
Supplemental Information (Sched
Supplemental Information (Schedule of certain Consolidated Balance Sheet accounts) (Details) - USD ($) $ in Millions | May 30, 2021 | May 31, 2020 | May 26, 2019 | May 27, 2018 |
Receivables [Abstract] | ||||
Customers | $ 1,674.5 | $ 1,648.3 | ||
Less allowance for doubtful accounts | (36) | (33.2) | ||
Total | 1,638.5 | 1,615.1 | ||
Inventories [Abstract] | ||||
Finished goods | 1,506.9 | 1,142.6 | ||
Raw materials and packaging | 411.9 | 392.2 | ||
Grain | 111.2 | 93.6 | ||
Excess of FIFO over LIFO cost | (209.5) | (202.1) | ||
Total | 1,820.5 | 1,426.3 | ||
LIFO Inventory Amount | 1,139.7 | 892.6 | ||
Prepaid Expenses and Other Current Assets [Abstract] | ||||
Marketable investments | 360 | 0 | ||
Prepaid expenses | 221.7 | 194.5 | ||
Other receivables | 139.1 | 85.2 | ||
Derivative receivables | 37.5 | 70.6 | ||
Grain contracts | 12 | 5 | ||
Miscellaneous | 20 | 46.8 | ||
Total | 790.3 | 402.1 | ||
Land, Buildings and Equipment [Abstract] | ||||
Equipment | 6,732.7 | 6,428 | ||
Buildings | 2,542.7 | 2,412.6 | ||
Capitalized software | 718.5 | 668.5 | ||
Construction in progress | 395.7 | 373.5 | ||
Land | 67.4 | 66.1 | ||
Total land, buildings, and equipment | 10,465.1 | 9,954.8 | ||
Less accumulated depreciation | (6,858.3) | (6,374.2) | ||
Total | 3,606.8 | 3,580.6 | ||
Other Assets [Abstract] | ||||
Investments in and advances to joint ventures | 566.4 | 566.7 | ||
Right of use operating lease assets | $ 378.6 | $ 365.2 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | ||
Pension assets | $ 30 | $ 21.2 | ||
Life insurance | 18.6 | 19.5 | ||
Miscellaneous | 274 | 113.2 | ||
Total | 1,267.6 | 1,085.8 | ||
Other Current Liabilities [Abstract] | ||||
Accrued trade and consumer promotions | 580.9 | 550.4 | ||
Accrued payroll | 434.4 | 430.4 | ||
Restructuring and other exit costs reserve | 148.8 | 17.8 | $ 36.5 | $ 66.8 |
Current portion of operating lease liabilities | $ 111.2 | $ 102 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total | ||
Accrued interest, including interest rate swaps | $ 80 | $ 92.8 | ||
Derivative payable, primarily commodity-related | 39.2 | 39.2 | ||
Accrued taxes | 37.4 | 80.3 | ||
Dividends payable | 24.1 | 20.7 | ||
Grains contracts | 0.9 | 1.2 | ||
Miscellaneous | 330.3 | 298.5 | ||
Total | 1,787.2 | 1,633.3 | ||
Other Noncurrent Liabilities [Abstract] | ||||
Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans | 707.7 | 958.7 | ||
Operating Lease Liability Noncurrent | $ 283.2 | $ 277 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | ||
Accrued taxes | $ 215.6 | $ 238.6 | ||
Miscellaneous | 86.2 | 70.7 | ||
Total | 1,292.7 | 1,545 | ||
Buildings [Member] | ||||
Land, Buildings and Equipment [Abstract] | ||||
Capital leased assets | 0.3 | 0.3 | ||
Equipment [Member] | ||||
Land, Buildings and Equipment [Abstract] | ||||
Capital leased assets | $ 7.8 | $ 5.8 |
Supplemental Information (Sch_2
Supplemental Information (Schedule of certain Consolidated Statement of Earnings amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Supplemental Information [Abstract] | |||
Depreciation and amortization | $ 601.3 | $ 594.7 | $ 620.1 |
Research and development expense | 239.3 | 224.4 | 221.9 |
Advertising and media expense (including production and communication costs) | $ 736.3 | $ 691.8 | $ 601.6 |
Supplemental Information (Sch_3
Supplemental Information (Schedule of the components of interest, net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Supplemental Information [Abstract] | |||
Interest expense | $ 430.9 | $ 475.1 | $ 530.2 |
Capitalized interest | (3.2) | (2.6) | (2.8) |
Interest income | (7.4) | (6) | (5.6) |
Interest, net | $ 420.3 | $ 466.5 | $ 521.8 |
Supplemental Information (Sch_4
Supplemental Information (Schedule of certain Consolidated Statement of Cash Flows amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Supplemental Information [Abstract] | |||
Cash interest payments | $ 412.5 | $ 418.5 | $ 500.1 |
Cash paid for income taxes | $ 636.1 | $ 403.3 | $ 440.8 |
Quarterly Data (Unaudited) (Nar
Quarterly Data (Unaudited) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
May 30, 2021 | May 31, 2020 | May 26, 2019 | Feb. 24, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Business Acquisition [Line Items] | |||||||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ 11.5 | $ 172.7 | $ 77.6 | ||||
Business Acquisition and Divestiture, Transaction Costs | $ 9.5 | ||||||
Deferred income taxes | 11.2 | $ 118.8 | $ (29.6) | $ 96 | |||
Fiscal Period Duration | 364 days | 371 days | 364 days | ||||
Divestitures loss | $ 53.5 | $ 0 | $ 30 | ||||
Pet Segment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Fiscal Period Duration | 4 months | 3 months | 12 months | 13 months | 12 months | ||
Brazil | |||||||
Business Acquisition [Line Items] | |||||||
Gain on indirect Taxes | $ 8.8 | ||||||
Yoplait SAS [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Minority Interest, Ownership Percentage by Parent | 51.00% | 51.00% | |||||
Global organizational structure and resource alignment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ 157.3 | $ 157.3 | |||||
Green Giant International Business [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Product Recall Expense | $ 19.3 | ||||||
Laticinios Carolina [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Divestitures loss | $ 53.5 | ||||||
La Saltena [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Divestitures loss | $ 35.4 |
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 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 23, 2020 | Nov. 24, 2019 | Aug. 25, 2019 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Quarterly Data (Unaudited) [Abstract] | |||||||||||
Net sales | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 5,023 | $ 4,180.3 | $ 4,420.8 | $ 4,002.5 | $ 18,127 | $ 17,626.6 | $ 16,865.2 |
Gross Margin | 1,582.9 | 1,553.9 | 1,721.1 | 1,590.4 | 1,768.1 | 1,403.2 | 1,569.1 | 1,389.5 | |||
Net earnings attributable to General Mills | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | $ 625.7 | $ 454.1 | $ 580.8 | $ 520.6 | $ 2,339.8 | $ 2,181.2 | $ 1,752.7 |
Earnings per share - basic | $ 0.68 | $ 0.97 | $ 1.12 | $ 1.04 | $ 1.03 | $ 0.75 | $ 0.96 | $ 0.86 | $ 3.81 | $ 3.59 | $ 2.92 |
Earnings per share - diluted | $ 0.68 | $ 0.96 | $ 1.11 | $ 1.03 | $ 1.02 | $ 0.74 | $ 0.95 | $ 0.85 | 3.78 | 3.56 | 2.90 |
Dividends per share | $ 2.02 | $ 1.96 | $ 1.96 |
Schedule II - Valuation of Qu_2
Schedule II - Valuation of Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 33.2 | $ 28.8 | $ 28.4 |
Additions charged to expense, including translation amounts | 25.7 | 25.9 | 23.9 |
Deductions for bad debt write-offs and amounts utilized for restructuring activities | (29.9) | (22.9) | (22.7) |
Adjustments | 7 | 1.4 | (0.8) |
Balance at end of year | 36 | 33.2 | 28.8 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 214.2 | 213.7 | 176 |
Additions charged to expense, including translation amounts | 9.1 | 4.2 | (5.2) |
Adjustments | 5.9 | (3.7) | 42.9 |
Balance at end of year | 229.2 | 214.2 | 213.7 |
Reserve for Restructuring and Other Exit Costs [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 17.8 | 36.5 | 66.8 |
Additions charged to expense, including translation amounts | 143.9 | (2.5) | 11.6 |
Deductions for bad debt write-offs and amounts utilized for restructuring activities | (12.9) | (16.2) | (41.9) |
Balance at end of year | 148.8 | 17.8 | 36.5 |
Reserve for LIFO Valuation [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 202.1 | 213.5 | 213.2 |
Increase (decrease) | 7.4 | (11.4) | 0.3 |
Balance at end of year | $ 209.5 | $ 202.1 | $ 213.5 |