Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | |
May 29, 2022 | Jun. 15, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Entity Central Index Key | 0000040704 | |
Document Annual Report | true | |
Document Period End Date | May 29, 2022 | |
Document Transition Report | false | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --05-29 | |
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 | $ 37,857.2 | |
Entity Common Stock, Shares Outstanding | 597,158,440 | |
Shares held in the treasury | 157,454,888 | |
Documents Incorporated By Reference | Portions of the registrant’s Proxy | |
Entity Listings [Line Items] | ||
Auditor Firm Id | 185 | |
Auditor Name | KPMG | |
Auditor Location | Minneapolis, Minnesota | |
Common Stock, $.10 par value [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | Common Stock, $.10 par value | |
Trading Symbol | GIS | |
Security Exchange Name | NYSE | |
1.000% Notes due 2023 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 1.000% Notes due 2023 | |
Trading Symbol | GIS23A | |
Security Exchange Name | NYSE | |
0.125% Notes due 2025 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 0.125% Notes due 2025 | |
Trading Symbol | GIS25A | |
Security Exchange Name | NYSE | |
0.450% Notes due 2026 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 0.450% Notes due 2026 | |
Trading Symbol | GIS26 | |
Security Exchange Name | NYSE | |
1.500% Notes due 2027 [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | 1.500% Notes due 2027 | |
Trading Symbol | GIS27 | |
Security Exchange Name | NYSE |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Consolidated Statements of Earnings [Abstract] | |||
Net sales | $ 18,992.8 | $ 18,127 | $ 17,626.6 |
Cost of sales | 12,590.6 | 11,678.7 | 11,496.7 |
Selling, general, and administrative expenses | 3,147 | 3,079.6 | 3,151.6 |
Divestitures (gain) loss | (194.1) | 53.5 | 0 |
Restructuring, impairment, and other exit (recoveries) costs | (26.5) | 170.4 | 24.4 |
Operating profit | 3,475.8 | 3,144.8 | 2,953.9 |
Benefit plan non-service income | (113.4) | (132.9) | (112.8) |
Interest, net | 379.6 | 420.3 | 466.5 |
Earnings before income taxes and after-tax earnings from joint ventures | 3,209.6 | 2,857.4 | 2,600.2 |
Income taxes | 586.3 | 629.1 | 480.5 |
After-tax earnings from joint ventures | 111.7 | 117.7 | 91.1 |
Net earnings, including earnings attributable to redeemable and noncontrolling interests | 2,735 | 2,346 | 2,210.8 |
Net earnings attributable to redeemable and noncontrolling interests | 27.7 | 6.2 | 29.6 |
Net earnings attributable to General Mills | $ 2,707.3 | $ 2,339.8 | $ 2,181.2 |
Earnings per share - basic | $ 4.46 | $ 3.81 | $ 3.59 |
Earnings per share - diluted | 4.42 | 3.78 | 3.56 |
Dividends per share | $ 2.04 | $ 2.02 | $ 1.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,735 | $ 2,346 | $ 2,210.8 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | (175.9) | 175.1 | (169.1) |
Net actuarial income (loss) | 101.6 | 353.4 | (224.6) |
Other fair value changes: | |||
Hedge derivatives | 7 | (20.7) | 3.2 |
Reclassification to earnings: | |||
Foreign currency translation | 342.2 | 0 | 0 |
Hedge derivatives | 35.1 | 13.5 | 4.1 |
Amortization of losses and prior service costs | 75.8 | 78.9 | 77.9 |
Other comprehensive income (loss), net of tax | 385.8 | 600.2 | (308.5) |
Total comprehensive income | 3,120.8 | 2,946.2 | 1,902.3 |
Comprehensive income (loss) attributable to redeemable and noncontrolling interests | (45.2) | 121.2 | 10.1 |
Comprehensive income attributable to General Mills | $ 3,166 | $ 2,825 | $ 1,892.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 569.4 | $ 1,505.2 |
Receivables | 1,692.1 | 1,638.5 |
Inventories | 1,867.3 | 1,820.5 |
Prepaid expenses and other current assets | 802.1 | 790.3 |
Assets held for sale | 158.9 | 0 |
Total current assets | 5,089.8 | 5,754.5 |
Land, buildings, and equipment | 3,393.8 | 3,606.8 |
Goodwill | 14,378.5 | 14,062.4 |
Other intangible assets | 6,999.9 | 7,150.6 |
Other assets | 1,228.1 | 1,267.6 |
Total assets | 31,090.1 | 31,841.9 |
Current liabilities: | ||
Accounts payable | 3,982.3 | 3,653.5 |
Current portion of long-term debt | 1,674.2 | 2,463.8 |
Notes payable | 811.4 | 361.3 |
Other current liabilities | 1,552 | 1,787.2 |
Total current liabilities | 8,019.9 | 8,265.8 |
Long-term debt | 9,134.8 | 9,786.9 |
Deferred income taxes | 2,218.3 | 2,118.4 |
Other liabilities | 929.1 | 1,292.7 |
Total liabilities | 20,302.1 | 21,463.8 |
Redeemable interest | 0 | 604.9 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,182.9 | 1,365.5 |
Retained earnings | 18,532.6 | 17,069.8 |
Common stock in treasury, at cost, shares of 155.7 and 146.9 | (7,278.1) | (6,611.2) |
Accumulated other comprehensive loss | (1,970.5) | (2,429.2) |
Total stockholders' equity | 10,542.4 | 9,470.4 |
Noncontrolling interests | 245.6 | 302.8 |
Total equity | 10,788 | 9,773.2 |
Total liabilities and equity | $ 31,090.1 | $ 31,841.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | May 29, 2022 | May 30, 2021 | May 31, 2020 |
Stockholders' equity: | |||
Common stock, shares issued | 754.6 | 754.6 | 754.6 |
Common stock, par value | $ 0.10 | $ 0.1 | $ 0.1 |
Common stock in treasury, shares | 155.7 | 146.9 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity and Redeemable Interest - USD ($) shares in Millions, $ in Millions | Total | Redeemable Interest [Member] | Parent [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, Treasury Stock, Shares at May. 26, 2019 | (152.7) | |||||||||
Stockholders' Equity, Number of Shares | ||||||||||
Shares purchased, shares | (0.1) | (0.1) | ||||||||
Stock compensation plans | 8 | |||||||||
Ending Balance, Treasury Stock, Shares at May. 31, 2020 | (144.8) | |||||||||
Ending Balance, Common Stock, Shares, Issued at May. 31, 2020 | 754.6 | |||||||||
Beginning Balance, equity at May. 26, 2019 | $ 7,367.7 | $ 1,386.7 | $ 14,996.7 | $ (6,779) | $ (2,625.4) | $ 313.2 | ||||
Beginning Balance, equity (Accounting Standards Update 2016-13 [Member]) at May. 26, 2019 | $ 0 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Shares issued, value | $ 75.5 | |||||||||
Stock compensation plans | (12.1) | 349.1 | ||||||||
Unearned compensation related to stock unit awards | (85.7) | |||||||||
Earned compensation | 92.8 | |||||||||
Comprehensive income (loss) | (289) | 10.3 | ||||||||
Decrease (increase) in redemption value of redeemable interest | $ 33.1 | (33.1) | ||||||||
Net earnings attributable to General Mills | 2,181.2 | $ 2,181.2 | 2,181.2 | |||||||
Shares purchased, value | (3.4) | (3.4) | ||||||||
Reclassification from Redeemable Interest | 0 | |||||||||
Reversal of Cumulative Redeemable Interest Value Adjustments | 0 | 0 | ||||||||
Divestiture | 0 | |||||||||
Acquisition of noncontrolling interest | 0 | |||||||||
Cash dividends declared ($2.04, $2.02 and $1.96 per share) | (1,195.8) | |||||||||
Distributions to redeemable interest holder | (40) | (32.5) | ||||||||
Reclassification to noncontrolling interest | 0 | |||||||||
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 2016-13 [Member]) at May. 31, 2020 | (5.7) | |||||||||
Beginning Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 26, 2019 | 551.7 | |||||||||
Redeemable Interest | ||||||||||
Total comprehensive income (loss) attributable to redeemable interests | (0.2) | |||||||||
Decrease (increase) in redemption value of redeemable interest | 33.1 | (33.1) | ||||||||
Distributions to redeemable interest holder | (40) | (32.5) | ||||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 31, 2020 | 544.6 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Net earnings attributable to General Mills | $ 638.9 | |||||||||
Ending Balance, equity (Accounting Standards Update 2016-13 [Member]) at Aug. 30, 2020 | (5.7) | |||||||||
Beginning Balance, Common Stock, Shares, Issued at May. 31, 2020 | 754.6 | |||||||||
Beginning Balance, Treasury Stock, Shares at May. 31, 2020 | (144.8) | |||||||||
Stockholders' Equity, Number of Shares | ||||||||||
Shares purchased, shares | (5) | (5) | ||||||||
Stock compensation plans | 2.9 | |||||||||
Ending Balance, Treasury Stock, Shares at May. 30, 2021 | (146.9) | (146.9) | ||||||||
Ending Balance, Common Stock, Shares, Issued at May. 30, 2021 | 754.6 | |||||||||
Beginning Balance, equity at May. 31, 2020 | $ 8,349.5 | 1,348.6 | 15,982.1 | $ (6,433.3) | (2,914.4) | 291 | ||||
Beginning Balance, equity (Accounting Standards Update 2016-13 [Member]) at May. 31, 2020 | (5.7) | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Shares issued, value | 75.5 | |||||||||
Stock compensation plans | 6.2 | 123.5 | ||||||||
Unearned compensation related to stock unit awards | (78) | |||||||||
Earned compensation | 88.5 | |||||||||
Comprehensive income (loss) | 485.2 | 38 | ||||||||
Decrease (increase) in redemption value of redeemable interest | (0.2) | 0.2 | ||||||||
Net earnings attributable to General Mills | 2,339.8 | 2,339.8 | 2,339.8 | |||||||
Shares purchased, value | (301.4) | (301.4) | ||||||||
Reclassification from Redeemable Interest | 0 | |||||||||
Reversal of Cumulative Redeemable Interest Value Adjustments | 0 | 0 | ||||||||
Divestiture | 0 | |||||||||
Acquisition of noncontrolling interest | 0 | |||||||||
Cash dividends declared ($2.04, $2.02 and $1.96 per share) | (1,246.4) | |||||||||
Distributions to redeemable interest holder | (22.7) | (26.2) | ||||||||
Reclassification to noncontrolling interest | 0 | |||||||||
Ending Balance, equity at May. 30, 2021 | 9,773.2 | 1,365.5 | 17,069.8 | $ (6,611.2) | (2,429.2) | 302.8 | ||||
Beginning Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 31, 2020 | 544.6 | |||||||||
Redeemable Interest | ||||||||||
Total comprehensive income (loss) attributable to redeemable interests | 83.2 | |||||||||
Decrease (increase) in redemption value of redeemable interest | (0.2) | 0.2 | ||||||||
Distributions to redeemable interest holder | (22.7) | (26.2) | ||||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 30, 2021 | $ 604.9 | 604.9 | ||||||||
Stockholders' Equity, Number of Shares | ||||||||||
Shares purchased, shares | (13.5) | (13.5) | ||||||||
Stock compensation plans | 4.7 | |||||||||
Ending Balance, Treasury Stock, Shares at May. 29, 2022 | (155.7) | (155.7) | ||||||||
Ending Balance, Common Stock, Shares, Issued at May. 29, 2022 | 754.6 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Shares issued, value | $ 75.5 | |||||||||
Stock compensation plans | 17.9 | $ 209.9 | ||||||||
Unearned compensation related to stock unit awards | (92.2) | |||||||||
Earned compensation | 104.5 | |||||||||
Comprehensive income (loss) | 458.7 | (16) | ||||||||
Decrease (increase) in redemption value of redeemable interest | (14.1) | 14.1 | ||||||||
Net earnings attributable to General Mills | $ 2,707.3 | $ 2,707.3 | 2,707.3 | |||||||
Shares purchased, value | (876.8) | (876.8) | ||||||||
Reclassification from Redeemable Interest | 561.6 | |||||||||
Reversal of Cumulative Redeemable Interest Value Adjustments | (207.4) | 207.4 | ||||||||
Divestiture | (680.4) | |||||||||
Acquisition of noncontrolling interest | (19.5) | |||||||||
Cash dividends declared ($2.04, $2.02 and $1.96 per share) | (1,244.5) | |||||||||
Distributions to redeemable interest holder | 0 | (129.8) | ||||||||
Reclassification to noncontrolling interest | (561.6) | |||||||||
Ending Balance, equity at May. 29, 2022 | 10,788 | 1,182.9 | $ 18,532.6 | $ (7,278.1) | $ (1,970.5) | 245.6 | ||||
Ending Balance, equity (Accounting Standards Update 2016-13 [Member]) at May. 29, 2022 | $ 0 | |||||||||
Redeemable Interest | ||||||||||
Total comprehensive income (loss) attributable to redeemable interests | (29.2) | |||||||||
Decrease (increase) in redemption value of redeemable interest | (14.1) | $ 14.1 | ||||||||
Distributions to redeemable interest holder | 0 | $ (129.8) | ||||||||
Ending Balance, Redeemable Noncontrolling Interest, Equity, Other, Fair Value at May. 29, 2022 | $ 0 | $ 0 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity and Redeemable Interest (Parenthetical) - $ / shares | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
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 | $ 2.04 | $ 2.02 | $ 1.96 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Cash Flows - Operating Activities | |||
Net earnings, including earnings attributable to redeemable and noncontrolling interests | $ 2,735 | $ 2,346 | $ 2,210.8 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 570.3 | 601.3 | 594.7 |
After-tax earnings from joint ventures | (111.7) | (117.7) | (91.1) |
Distributions of earnings from joint ventures | 107.5 | 95.2 | 76.5 |
Stock-based compensation | 98.7 | 89.9 | 94.9 |
Deferred income taxes | 62.2 | 118.8 | (29.6) |
Pension and other postretirement benefit plan contributions | (31.3) | (33.4) | (31.1) |
Pension and other postretirement benefit plan costs | (30.1) | (33.6) | (32.3) |
Divestitures (gain) loss | (194.1) | 53.5 | 0 |
Restructuring, impairment, and other exit (recoveries) costs | (117.1) | 150.9 | 43.6 |
Changes in current assets and liabilities, excluding the effects of acquisition and divestitures | 277.4 | (155.9) | 793.9 |
Other, net | (50.7) | (131.8) | 45.9 |
Net cash provided by operating activities | 3,316.1 | 2,983.2 | 3,676.2 |
Cash Flows - Investing Activities | |||
Purchases of land, buildings, and equipment | (568.7) | (530.8) | (460.8) |
Acquisition | (1,201.3) | 0 | 0 |
Investments in affiliates, net | 15.4 | 15.5 | (48) |
Proceeds from disposal of land, buildings, and equipment | 3.3 | 2.7 | 1.7 |
Proceeds from divestitures, net of cash divested | 74.1 | 2.9 | 0 |
Other, net | (13.5) | (3.1) | 20.9 |
Net cash used by investing activities | (1,690.7) | (512.8) | (486.2) |
Cash Flows - Financing Activities | |||
Change in notes payable | 551.4 | 71.7 | (1,158.6) |
Issuance of long-term debt | 2,203.7 | 1,576.5 | 1,638.1 |
Payment of long-term debt | (3,140.9) | (2,609) | (1,396.7) |
Debt exchange participation incentive cash payment | 0 | (201.4) | 0 |
Proceeds from common stock issued on exercised options | 161.7 | 74.3 | 263.4 |
Purchases of common stock for treasury | (876.8) | (301.4) | (3.4) |
Dividends paid | (1,244.5) | (1,246.4) | (1,195.8) |
Distributions to noncontrolling and redeemable interest holders | (129.8) | (48.9) | (72.5) |
Other, net | (28) | (30.9) | (16) |
Net cash used by financing activities | (2,503.2) | (2,715.5) | (1,941.5) |
Effect of exchange rate changes on cash and cash equivalents | (58) | 72.5 | (20.7) |
(Decrease) increase in cash and cash equivalents | (935.8) | (172.6) | 1,227.8 |
Cash and cash equivalents - beginning of year | 1,505.2 | 1,677.8 | 450 |
Cash and cash equivalents - end of year | 569.4 | 1,505.2 | 1,677.8 |
Cash flow from changes in current assets and liabilities, excluding the effects of acquisition and divestitures: | |||
Receivables | (166.3) | 27.9 | 37.9 |
Inventories | (85.8) | (354.7) | 103.1 |
Prepaid expenses and other current assets | (35.3) | (42.7) | 94.2 |
Accounts payable | 456.7 | 343.1 | 392.5 |
Other current liabilities | 108.1 | (129.5) | 166.2 |
Changes in current assets and liabilities | $ 277.4 | $ (155.9) | $ 793.9 |
Basis of Presentation and Recla
Basis of Presentation and Reclassifications | 12 Months Ended |
May 29, 2022 | |
Basis of Presentation and Reclassifications [Abstract] | |
Basis of Presentation and Reclassifications | NOTE 1. BASIS OF PRESENTATION Basis of Presentation Our Consolidated Financial financial transactions, are eliminated in consolidation. Our fiscal year ends on 52 53 Certain presentation. Change in Reporting Period As part of a long-term Pet segment include 13 12 to India business is on an April fiscal year end. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
May 29, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING Cash and Cash Equivalents We consider all investments Inventories All market. Grain inventories are all net changes in value recorded in earnings currently. Inventories realizable value. Shipping when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. at charged 40 depreciated over 3 10 retired, recognized in earnings. Long-lived assets asset flows from identifiable cash excess independent appraisals, as appropriate. Goodwill and Other Intangible Assets Goodwill indicate that impairment may have of the the liabilities reporting impairment charge goodwill allocated rates for sales and profits are determined using inputs from our long-range perpetuity growth assumptions, market comparables, and other factors. We evaluate the determination competition, other economic in an uncertain or expenditures, amortized on a straight-line basis, over their useful lives, generally ranging 4 30 Our indefinite-lived Blue Buffalo , , Totino’s , Old El Paso , Progresso , , Häagen-Dazs , and circumstances discounted could be payable if we did not own the brands, and a discount rate. Our whenever loss would be the Measurement of an measured using a discounted cash flow model or other similar valuation model, Leases We we account for lease and non-lease components (e.g. common area maintenance) Any recognize lease costs for these us with reasonably certain agreements do not include an option to purchase the leased asset, residual value guarantees, We include rental payments based on included recognized in the period in which the obligation is incurred. As information available at the commencement date of the lease arrangement Investments in Unconsolidated Joint Ventures Our undistributed and make goods, and finished goods to the joint ventures, generally at market prices. In addition, but not capital, profitability, nature, these projections the carrying value of investment to its fair value if we concluded the impairment is other than Revenue Recognition Our revenues primarily result – the has been satisfied and control of the our customer. consideration transaction and participation and the However, product interest. Payment terms and any significant financing components. our channel, and other specific written off into factors. We do Environmental Costs Environmental costs expensed. Liabilities estimable, generally no later than the completion of feasibility studies or our Advertising Production Costs We expense the Research and Development All expenditures for research and development for wages, consulting, and supplies including assets at facilities that are engaged in pilot plant activities. Foreign Currency Translation For translated during the period. Translation Gains investments instruments designated as net investment hedges. These gains and losses are recorded Derivative Instruments All derivatives are recognized fair value, derivatives are as reclassified associated amounts reported in AOCI are reclassified to earnings at that time. Stock-based Compensation We generally of stock-based selling, general each reportable segment in our segment results. Certain equity-based compensation plans contain provisions eligible award immediately eligibility is achieved, if less than the stated vesting period. We report the Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 In the fourth quarter of benefit pension statement users. not impact our results of operations or financial position. In accounting The new results of operations or financial position. In results in certain leases being this guidance utilizing the cumulative elected contain leases and initial term of permitted elections. our Consolidated Statements of Cash Flows. |
Acquisition and Divestitures
Acquisition and Divestitures | 12 Months Ended |
May 29, 2022 | |
Acquisition and Divestitures [Abstract] | |
Acquisition and Divestitures | NOTE 3. ACQUISITION AND DIVESTITURES In fiscal 2022, we sold our European dough businesses and recorded 30.4 During subsequent to the end of the fourth quarter of fiscal 2022. During the fourth quarter of dishes business to Eagle Family 610 fiscal 2023. We During Sodiaal International (Sodiaal) in Yoplait Liberté brands in the 163.7 these businesses including 14.9 fiscal 2022. During 1.2 transaction Consolidated 762.3 Nudges , Top Chews , and True 330.0 40.0 The goodwill is included in material. During 53.5 business in Brazil. |
Restructuring, impairment, and
Restructuring, impairment, and other exit costs | 12 Months Ended |
May 29, 2022 | |
Restructuring, impairment, and other exit costs [Abstract] | |
Restructuring, impairment, and other exit costs | NOTE 4. RESTRUCTURING, IMPAIRMENT, We view return and net major stage These activities fees, and decommissioning disclosures updating Any impairment of the asset is recognized immediately in the period Restructuring charges recorded in fiscal 2022 were Expense, in Millions International manufacturing and logistics operations $ 15.0 Net recoveries associated with restructuring actions previously announced (38.2) Total net restructuring $ (23.2) In operations. We 21 which 12 8 $ 10 3 recognized 7.9 7.1 end of fiscal 2024 . As a result resource realignment actions, we recorded a $ 34.0 to 125 135 million, 100 110 100 and approximately $ 30 fiscal 2023 . Certain actions are subject to union negotiations and works counsel consultations, We paid net 93.9 21.8 Restructuring charges recorded in fiscal 2021 were Fiscal Year In Millions 2022 2021 2020 Restructuring, impairment, and other exit (recoveries) costs $ (26.5) $ 170.4 $ 24.4 Cost of sales 3.3 2.3 25.8 Total restructuring (23.2) 172.7 50.2 Project-related costs classified in cost of sales $ - $ - $ 1.5 Expense, in Millions Global organizational structure and resource alignment $ 157.3 International route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously 2.4 Total restructuring $ 172.7 In fiscal 50.2 announced restructuring actions. Restructuring and impairment charges and project-related The roll forward of our restructuring and other exit cost reserves, included In Millions Severance Contract Termination Other Exit Costs Total 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 Fiscal 2022 charges, including foreign currency translation 2.2 - 1.2 3.4 Reserve adjustment (34.0) - - (34.0) Utilized in fiscal 2022 (80.1) (0.2) (1.1) (81.4) Reserve balance as of May 29, 2022 $ 35.4 $ - $ 1.4 $ 36.8 The charges to expense (e.g., asset impairment charges, periodic Consolidated Balance Sheets. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
May 29, 2022 | |
Investments in Unconsolidated Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures [Text Block] | NOTE 5. INVESTMENTS IN UNCONSOLIDATED We 50 more than 130 private label cereals the United Kingdom. We 50 Häagen-Dazs ice cream products and frozen novelties. Results from our CPW and HDJ joint ventures are reported for the 12 Joint venture related balance sheet activity is as follows: In Millions May 29, 2022 May 30, 2021 Cumulative investments $ 416.4 $ 486.2 Goodwill and other intangibles 444.9 505.7 Aggregate advances included in cumulative investments 254.4 294.2 Joint venture earnings and cash flow activity is as follows: Fiscal Year In Millions 2022 2021 2020 Sales to joint ventures $ 6.3 $ 6.7 $ 5.9 Net (repayments) advances (15.4) (15.5) 48.0 Dividends received 107.5 95.2 76.5 Summary combined financial information for the joint ventures on Fiscal Year In Millions 2022 2021 2020 Net sales: CPW $ 1,706.5 $ 1,766.8 $ 1,654.3 HDJ 427.8 422.4 391.3 Total net sales 2,134.3 2,189.2 2,045.6 Gross margin 803.1 882.9 785.3 Earnings before income taxes 249.9 247.8 214.0 Earnings after income taxes 201.0 201.7 176.5 In Millions May 29, 2022 May 30, 2021 Current assets $ 823.9 $ 877.4 Noncurrent assets 839.8 927.2 Current liabilities 1,298.8 1,424.4 Noncurrent liabilities 106.5 142.2 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
May 29, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 6. GOODWILL AND OTHER INTANGIBLE The components of goodwill and other intangible assets are as follows: In Millions May 29, 2022 May 30, 2021 Goodwill $ 14,378.5 $ 14,062.4 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,725.8 6,628.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived 400.3 823.4 Less accumulated amortization (126.2) (300.9) Intangible assets subject to amortization 274.1 522.5 Other intangible assets 6,999.9 7,150.6 Total $ 21,378.4 $ 21,213.0 Based on years is estimated to be approximately $ 20 In changes, operating America Retail, International, Pet, and North America our operating segments. The changes in the carrying amount of goodwill for fiscal 2020, 2021, and 2022 In Millions North America Retail Pet North America Foodservice International Joint Ventures Total Balance as of May 26, 2019 $ 6,676.5 $ 5,300.5 $ 648.8 $ 960.6 $ 409.4 $ 13,995.8 Other activity, primarily (2.8) - - (66.1) (3.7) (72.6) Balance as of May 31, 2020 6,673.7 5,300.5 648.8 894.5 405.7 13,923.2 Divestiture - - - (1.2) - (1.2) Other activity, primarily 15.6 - - 84.9 39.9 140.4 Balance as of May 30, 2021 6,689.3 5,300.5 648.8 978.2 445.6 14,062.4 Acquisition - 762.3 - - - 762.3 Divestitures - - - (201.8) - (201.8) Reclassified to assets held for sale (130.0) - - - - (130.0) Other activity, primarily (6.4) - - (54.8) (53.2) (114.4) Balance as of May 29, 2022 $ 6,552.9 $ 6,062.8 $ 648.8 $ 721.6 $ 392.4 $ 14,378.5 The changes in the carrying amount of other intangible assets for fiscal 2020, 2021, and In Millions Total Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily (71.0) Balance as of May 31, 2020 7,095.8 Divestiture (5.3) Other activity, primarily 60.1 Balance as of May 30, 2021 7,150.6 Acquisition 370.0 Divestitures (621.8) Intellectual property intangible asset 210.4 Other activity, primarily (109.3) Balance as of May 29, 2022 $ 6,999.9 Our fiscal excess of the carrying values, Uncle Toby’s The excess fair value as of the fiscal 2022 test date of the Uncle Toby’s In Millions Carrying Value Intangible Asset Excess Fair Value Fiscal 2022 Test Uncle Toby's $ 55.0 7 % While Progresso , Green , EPIC assets had risk of decreasing coverage. We The organizational changes a impairment values. We did not |
Leases
Leases | 12 Months Ended |
May 29, 2022 | |
Lessee Disclosure [Abstract] | |
Leases, Commitments, and Other Contingencies | NOTE 7. LEASES Our lease portfolio primarily shops, associated with finance are not material to our Consolidated Financial Statements. Components of our lease cost are as follows: Fiscal Year In Millions 2022 2021 Operating lease cost $ 129.7 $ 132.7 Variable 8.5 21.8 Short-term lease cost 29.1 23.4 Rent expense under all operating leases from continuing operations was $ 171.2 Maturities of our operating and finance lease obligations by fiscal year are In Millions Operating Leases Finance Leases Fiscal 2023 $ 117.8 $ 0.8 Fiscal 2024 93.6 0.4 Fiscal 2025 64.4 - Fiscal 2026 45.2 - Fiscal 2027 24.1 - After fiscal 2027 40.7 - Total noncancelable $ 385.8 $ 1.2 Less: Interest (30.8) - Present value of lease obligations $ 355.0 $ 1.2 The 135.1 committed to but have not yet commenced as of May 29, 2022. The weighted-average remaining lease term and weighted-average May 29, 2022 May 30, 2021 Weighted-average 4.5 years 4.5 years Weighted-average 3.8 % 3.7 % Supplemental operating cash flow information and non-cash activity related Fiscal Year In Millions 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 128.7 $ 132.0 Right of use assets obtained in exchange for new lease liabilities $ 84.6 $ 120.2 |
Financial Instruments, Risk Man
Financial Instruments, Risk Management Activities, and Fair Values | 12 Months Ended |
May 29, 2022 | |
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, FINANCIAL INSTRUMENTS The approximate fair and market values of our marketable debt and equity securities is as follows: Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 Available for $ 2.3 $ 76.9 $ 2.3 $ 76.9 $ - $ - $ - $ - Equity securities 250.1 360.3 255.3 365.6 5.2 5.3 15.1 - Total $ 252.4 $ 437.2 $ 257.6 $ 442.5 $ 5.2 $ 5.3 $ 15.1 $ - As of May 29, 2022, the fair value and carrying value benefits were $ 249.8 There were no realized gains or specific identification. Classification maturity date. The within stockholders’ equity. Scheduled maturities of our marketable securities are as follows: Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 2.3 $ 2.3 Equity securities 250.1 255.3 Total $ 252.4 $ 257.6 As of May 29, 2022, we had $ 2.3 RISK MANAGEMENT ACTIVITIES As a and commodity and swaps) pursuant to our established policies. COMMODITY PRICE RISK Many commodities we to manage price risk for our principal dairy products, natural with combination of purchase orders, long-term and swaps. close as possible to or below our planned cost. We hedge currently in cost of sales in our Consolidated Statements of Earnings. Although we do objective of providing certainty measuring operating results unallocated derivative without experiencing any resulting mark-to-market volatility, Unallocated corporate items for fiscal 2022, 2021, and 2020 included: Fiscal Year In Millions 2022 2021 2020 Net gain (loss) on mark-to-market valuation of commodity positions $ 303.3 $ 138.2 $ (63.0) Net (gain) loss on commodity positions reclassified from unallocated corporate (188.0) (8.8) 35.6 Net mark-to-market revaluation of certain grain inventories 17.8 9.4 2.7 Net mark-to-market valuation of certain commodity positions recognized $ 133.1 $ 138.8 $ (24.7) As 490.1 355.4 agricultural inputs and $ 134.7 next 12 INTEREST RATE RISK We floating-rate and Europe. changes, based difference between fixed-rate and floating-rate Floating Interest forecasted changes in the into earnings over the life of the associated debt. Fixed assessed available on loans with similar terms and maturities. As of May 29, to earnings over the remaining term of the related underlying debt, follows: In Millions Gain/(Loss) 2.25 % notes due October 14, 2031 $ (18.4) 2.6 % notes due October 12, 2022 (0.3) 1.0 % notes due April 27, 2023 0.2 3.65 % notes due February 15, 2024 (3.0) 4.0 % notes due April 17, 2025 1.7 3.2 % notes due February 10, 2027 (8.0) 1.5 % notes due April 27, 2027 1.6 4.2 % notes due April 17, 2028 6.0 4.55 % notes due April 17, 2038 8.7 5.4 % notes due June 15, 2040 10.0 4.15 % notes due February 15, 2043 (8.2) 4.7 % notes due April 17, 2048 12.3 Net pre-tax hedge gain in AOCI $ 2.6 The floating rates are based on rates as of the end of the reporting period. In Millions May 29, 2022 May 30, 2021 Pay-floating swaps - notional amount $ 644.1 $ 731.5 Average receive 0.4 % 0.4 % Average pay rate 0.1 % 0.1 % The floating-rate swap contracts outstanding as of May 29, 2022, mature 2026 . FOREIGN EXCHANGE RISK Foreign currency purchases, currency Canadian contracts to selectively hedge our paper foreign exchange exposure. earnings on the associated borrowings. We As of May 29, 2022, the net notional value of foreign exchange derivatives 1,973.9 We issuing these net 2,223.5 transaction gains of $ 57.5 During the fourth quarter of fiscal 2022, we hedged 750 As of May 29, 2022, we had deferred net foreign currency transaction gains 20.9 EQUITY INSTRUMENTS Equity compensation plan swaps was $ 204.7 fiscal 2023 . FAIR VALUE The hierarchy as of May 29, 2022, and May 30, 2021, were as follows: May 29, 2022 May 29, 2022 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (29.8) $ - $ (29.8) Foreign exchange contracts (a) (c) - 26.9 - 26.9 - (4.7) - (4.7) Total - 26.9 - 26.9 - (34.5) - (34.5) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 8.4 - 8.4 - (15.1) - (15.1) Commodity contracts (a) (d) 10.7 96.9 - 107.6 - (0.2) - (0.2) Grain contracts (a) (d) - 28.7 - 28.7 - (3.0) - (3.0) Total 10.7 134.0 - 144.7 - (18.3) - (18.3) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 255.3 2.3 67.2 324.8 - - - - Total 255.3 2.3 67.2 324.8 - - - - Total assets, liabilities, and $ 266.0 $ 163.2 $ 67.2 $ 496.4 $ - $ (52.8) $ - $ (52.8) (a) other liabilities, and cash equivalents. (b) fair value 615.7 2022, the cumulative amount of fair value hedging basis adjustments was $ 28.4 (c) (d) (e) (f) recorded 34.0 revised projections of future operating results and observable transaction data May 30, 2021 May 30, 2021 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 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 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 $ 376.7 $ 143.0 $ - $ 519.7 $ (0.8) $ (39.3) $ - $ (40.1) (a) other liabilities, and cash equivalents. (b) value 736.9 2021, the cumulative amount of fair value hedging basis adjustments was $ 5.4 (c) (d) (e) We did not The prices are not available, fair value is estimated and including the 10,508.8 10,809.0 and fair value of our long-term debt, including the current portion, were 12,250.7 13,194.4 Information fiscal years ended May 29, 2022, and May 30, 2021, follows: Interest Rate Contracts Foreign Exchange Contracts Equity Contracts Commodity Contracts Total Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other $ (5.4) $ 31.2 $ 13.2 $ (58.7) $ - $ - $ - $ - $ 7.8 $ (27.5) Amount of net loss reclassified from (4.7) (9.4) (19.5) (9.8) - - - - (24.2) (19.2) Derivatives in Fair Value Relationships: Amount of net loss recognized (2.1) (0.3) - - - - - - (2.1) (0.3) Derivatives Not Designated as Amount of net (loss) gain recognized - - (32.8) 4.2 (8.0) 47.7 257.2 134.6 216.4 186.5 (a) expenses for foreign cost of 11.1 8.4 ended 9.3 reclassified from AOCI into SG&A was $ 0.5 (b) SG&A expenses for equity contracts and foreign exchange contracts. (c) foreign from the assessment of hedge effectiveness. The following Consolidated Balance Sheets to the net fair values that could be reported May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) 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 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) (a) (b) (c) (d) (e) AMOUNTS RECORDED IN ACCUMULATED As of May 29, 2022, the after-tax amounts of unrealized gains in In Millions After-Tax Unrealized gains from foreign currency cash flow hedges 23.3 After-tax gains in AOCI related to hedge derivatives $ 23.3 The net amount next 12 months is a $ 33.4 CREDIT-RISK-RELATED Certain of our each instruments derivative instruments with credit-risk-related 35.0 We have posted 10.6 CONCENTRATIONS OF During fiscal 2022, customer concentration was as follows: Percent of total Consolidated North America Retail North America Foodservice International Pet Walmart (a): Net sales 20 % 28 % 8 % 2 % 16 % Accounts receivable 23 % 6 % 3 % 23 % Five largest customers: Net sales 50 % 49 % 12 % 64 % (a) No customer other than Walmart 10 We highly rated limit nonperformance transactions through various regulated exchanges. The amount contracts, is 103.2 62.8 transactions counterparty access if the counterparty defaults. We services also We financial supplier agreements. 1,429.6 party services. 1,411.3 services. |
Debt
Debt | 12 Months Ended |
May 29, 2022 | |
Debt [Abstract] | |
Debt | NOTE 9. DEBT NOTES PAYABLE The components of notes payable and their respective weighted-average May 29, 2022 May 30, 2021 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 694.8 1.1 % $ - - % Financial institutions 116.6 4.4 % 361.3 3.4 % Total $ 811.4 5.5 % $ 361.3 3.4 % To ensure availability and Europe. We also The following table details the fee-paid committed and uncommitted credit In Billions Facility Amount Borrowed Amount Credit facility expiring: April 2026 $ 2.7 $ - Total committed 2.7 - Uncommitted credit facilities 0.6 0.1 Total committed $ 3.3 $ 0.1 The 2.5 We were in compliance with all credit facility covenants as of May 29, 2022. LONG-TERM DEBT In the fourth quarter of fiscal 2022, we repaid $ 850.0 3.7 October 17, 2023 the issuance of commercial paper. In the 250.0 0.0 November 11, 2022 . We proceeds for general corporate purposes. In the second 500.0 0.125 November 15, 2025 . We net proceeds to repay a portion of our € 500.0 0.0 November 16, 2021 . In the second quarter of fiscal 2022, we issued € 250.0 May 16, 2023 . We used the net proceeds repay a portion of our outstanding commercial paper and for general In the second 500.0 2.25 October 14, 2031 . We together 1,000.0 3.15 December 15, 2021 . In the first quarter of fiscal 2022, we issued € 500.0 July 27, 2023 . We used the net proceeds to € 500.0 0.0 August 21, 2021 . In the 500.0 2.2 November 29, 2021 . We proceeds, together with 200.0 2.2 June 24, 2021 . In the fourth 600.0 3.2 850.0 with cash on hand. In the issued notes 603.9 4.15 5.4 for 605.2 3.0 February 1, 2051 201.4 participation incentive. In 500.0 0.0 November 16, 2021 . We used the net proceeds to 200.0 0.0 In the first 500.0 0.0 August 21, 2021 . We used the net proceeds, together with cash on hand, to repay € 500.0 2.1 A summary of our long-term debt is as follows: In Millions May 29, 2022 May 30, 2021 4.2 % notes due April 17, 2028 $ 1,400.0 $ 1,400.0 3.15 % notes due December 15, 2021 - 1,000.0 3.7 % notes due October 17, 2023 - 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 644.1 731.5 Euro-denominated 1.0 % notes due April 27, 2023 536.8 609.6 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 605.2 605.2 2.6 % notes due October 12, 2022 500.0 500.0 3.65 % notes due February 15, 2024 500.0 500.0 Euro-denominated 1.5 % notes due April 27, 2027 429.4 487.7 4.7 % notes due April 17, 2048 446.2 446.2 4.15 % notes due February 15, 2043 434.9 434.9 Floating-rate notes due October 17, 2023 400.0 400.0 5.4 % notes due June 15, 2040 382.5 382.5 4.55 % notes due April 17, 2038 282.4 282.4 Euro-denominated 2.2 % notes due June 24, 2021 - 243.9 Medium-term notes, 0.56 % to 6.41 %, due fiscal 2023 103.9 104.0 2.25 % notes due October 14, 2031 500.0 - Euro-denominated 0.1 25% notes due November 15, 2025 536.7 - Euro-denominated 0.0 % notes due November 11, 2022 268.3 - Euro-denominated floating rate notes due May 16, 2023 268.3 - Euro-denominated floating rate notes due July 27, 2023 537.9 - Other, including debt issuance costs, debt (267.6) (246.4) 10,809.0 12,250.7 Less amount due within one year (1,674.2) (2,463.8) Total long-term debt $ 9,134.8 $ 9,786.9 Principal payments intent to redeem, or put rights of certain note holders are as follows: In Millions Fiscal 2023 $ 1,674.2 Fiscal 2024 1,442.3 Fiscal 2025 800.0 Fiscal 2026 1,180.9 Fiscal 2027 1,179.4 Certain of our As of May 29, 2022, we were in compliance with all of these covenants. As of May 29, 2022, 2.6 be reclassified to net interest in fiscal 2023 is a $ 2.5 |
Redeemable and Noncontrolling I
Redeemable and Noncontrolling Interests | 12 Months Ended |
May 29, 2022 | |
Redeemable and Noncontrolling Interests [Abstract] | |
Redeemable and Noncontrolling Interests | NOTE 10. REDEEMABLE AND NONCONTROLLING INTERESTS Our principal noncontrolling interest relates to our General Mills Cereals, LLC (GMC) subsidiar The holder of the of (currently 251.5 three-month LIBOR 160 three years the Class A Interest holder or through a remarketing auction. During Marques Yoplait Liberté brands in the United States and Canada, and cash. Please see Note 3 to the Consolidated Up to fair 49 Sheets. Sodiaal had quarter of value put feature were and the resulting carrying value of the noncontrolling interests were included We 105.1 40.3 Yoplait A subsidiary of 2021. Net purchases totaled $ 99.5 212.1 For subsidiaries subsidiaries Earnings. Our noncontrolling interests contain restrictive covenants. As of May 29, 2022, we were in compliance with all of these covenants. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
May 29, 2022 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 11. STOCKHOLDERS’ Cumulative preference stock of 5.0 On June 27, 2022, our Board of Directors authorized the 100 the authorization derivative termination date. Share repurchases were as follows: Fiscal Year In Millions 2022 2021 2020 Shares of common stock 13.5 5.0 0.1 Aggregate purchase price $ 876.8 $ 301.4 $ 3.4 The following tables provide details of total comprehensive income: Fiscal 2022 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,707.3 $ 10.2 $ 17.5 Other comprehensive income (loss): Foreign currency translation $ (188.5) $ 85.8 (102.7) (26.2) (47.0) Net actuarial gain 132.4 (30.8) 101.6 - - Other fair value changes: Hedge derivatives 30.1 (23.6) 6.5 - 0.5 Reclassification to earnings: Foreign currency translation (a) 342.2 - 342.2 - - Hedge derivatives (b) 23.7 11.6 35.3 - (0.2) Amortization of losses and prior service costs (c) 97.4 (21.6) 75.8 - - Other comprehensive income (loss) 437.3 21.4 458.7 (26.2) (46.7) Total comprehensive $ 3,166.0 $ (16.0) $ (29.2) Loss reclassified from AOCI into earnings is reported in divestitures gain related Yoplait (b) Loss (gain) reclassified expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,339.8 $ 6.5 $ (0.3) Other comprehensive income (loss): Foreign currency translation $ (6.1) $ 64.9 58.8 31.5 84.8 Net actuarial loss 464.9 (111.5) 353.4 - - Other fair value changes: Hedge derivatives (25.8) 6.5 (19.3) - (1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 (5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 (23.6) 78.9 - - Other comprehensive income 554.6 (69.4) 485.2 31.5 83.5 Total comprehensive $ 2,825.0 $ 38.0 $ 83.2 Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2020 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 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 $ 1,892.2 $ 10.3 $ (0.2) Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service In primarily non-cash items. Accumulated other comprehensive loss balances, net of tax effects, In Millions May 29, 2022 May 30, 2021 Foreign currency translation adjustments $ (590.7) $ (830.2) Unrealized loss from hedge derivatives 23.3 (18.5) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,513.4) (1,718.4) Prior service credits 110.3 137.9 Accumulated other comprehensive loss $ (1,970.5) $ (2,429.2) |
Stock Plans
Stock Plans | 12 Months Ended |
May 29, 2022 | |
Stock Plans [Abstract] | |
Stock Plans | NOTE 12. STOCK PLANS We 2022, 20.7 shares cash-settled include some granted accelerated vesting of awards upon retirement, termination, or death of Stock Options The follows: Fiscal Year 2022 2021 2020 Estimated fair values of stock options granted $ 8.77 $ 8.03 $ 7.10 Assumptions: Risk-free interest rate 1.5 % 0.7 % 2.0 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 20.2 % 19.5 % 17.4 % Dividend yield 3.4 % 3.3 % 3.6 % We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our estimate option exercises and employee exercise behavior and therefore employee groups is presented in the table on the U.S. Treasury zero-coupon yield curve in Any corporate (referred to windfall Consolidated Consolidated Statements of Earnings of $ 18.4 12.4 27.3 Options may be priced 100 four years of grant. Options generally expire within 10 years and one month Information on stock option activity follows: Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 30, 2021 17,397.5 $ 53.29 5.26 $ 174.4 Granted 1,485.4 60.03 Exercised (3,564.6) 47.03 Forfeited or expired (312.8) 55.79 Outstanding as of May 29, 2022 15,005.5 $ 55.39 5.36 $ 217.5 Exercisable as of May 29, 2022 7,960.9 $ 57.10 3.58 $ 101.8 Stock-based compensation 12.1 11.2 $ 13.4 Net options exercised were as follows: Fiscal Year In Millions 2022 2021 2020 Net cash proceeds $ 161.7 $ 74.3 $ 263.4 Intrinsic value of options exercised $ 74.0 $ 44.8 $ 132.9 Restricted Stock, Restricted Stock Units, and Performance Share Units Stock Committee units generally four years our units three-year these awards is share units, are the date of grant, but participants only receive payment if the awards vest. Information on restricted stock unit and performance share unit activity Equity Classified Liability Classified Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Share-Settled Units (Thousands) Weighted-Average Grant-Date Fair Value Non-vested as of May 30, 2021 5,072.8 $ 53.84 97.6 $ 54.26 Granted 1,958.1 60.01 30.9 60.23 Vested (1,532.9) 52.48 (42.0) 53.95 Forfeited or expired (344.6) 57.10 (9.2) 57.49 Non-vested as of May 29, 2022 5,153.4 $ 56.37 77.3 $ 56.43 Fiscal Year 2022 2021 2020 Number of units granted (thousands) 1,989.0 1,529.0 1,947.6 Weighted-average $ 60.02 $ 61.24 $ 53.28 The total 82.7 74.4 2021. As of May share units was $ 101.9 18 months , on average. Stock-based 94.2 $ 78.7 81.5 our 2022. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
May 29, 2022 | |
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 2022 2021 2020 Net earnings attributable to General Mills $ 2,707.3 $ 2,339.8 $ 2,181.2 Average number 607.5 614.1 608.1 Incremental share effect from: (a) Stock options 2.5 2.5 2.7 Restricted stock units and performance share units 2.6 2.5 2.5 Average number 612.6 619.1 613.3 Earnings per share — basic $ 4.46 $ 3.81 $ 3.59 Earnings per share — diluted $ 4.42 $ 3.78 $ 3.56 Incremental method. Stock options, restricted stock units, and performance they were not dilutive were as follows: Fiscal Year In Millions 2022 2021 2020 Anti-dilutive stock options, restricted stock units, 4.4 3.4 8.4 |
Retirement Benefits and Postemp
Retirement Benefits and Postemployment Benefits | 12 Months Ended |
May 29, 2022 | |
Retirement Benefits and Postemployment Benefits [Abstract] | |
Retirement Benefits and Postemployment Benefits | NOTE 14. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS Defined Benefit Pension Plans We have Benefits for salaried various monthly We made no any provision that any excess pension assets would be allocated to active participants five years in control. benefit pension plan. Other Postretirement Benefit Plans We salaried related trusts no or fiscal 2021. We In fiscal 2021, we approved Health participants age 65 and over covered by The General Mills Retiree Health Plan the General policies on Mills participants of were assets facilitate targeted investment strategies that reflect each In purchase certain eligible retirees with greater flexibility in choosing health care coverage Health Care Cost Trend Assumed health care cost trends are as follows: Fiscal Year 2022 2021 Health care cost trend rate for next year 5.9 % and 6.0 % 6.0 % and 6.3 % Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year 2031 2029 We and information and projections, and remain consistent is 6.0 5.9 annually until 4.5 2031 only if approximate trend rates for health care costs have an important effect on the Postemployment Benefit Plans Under certain States, Postemployment benefits of service) are charged to expense when incurred. Our postemployment Summarized presented below: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 Change in Plan Assets: Fair value at beginning of year $ 7,460.2 $ 6,993.2 $ 519.4 $ 793.5 Actual return on assets (618.7) 716.3 (18.0) 108.1 Employer contributions 31.2 33.8 0.1 (359.9) Plan participant contributions 3.8 4.1 9.6 13.0 Benefits payments (346.2) (315.1) (31.9) (35.3) Foreign currency (20.0) 27.9 - - Fair value at end of year (a) $ 6,510.3 $ 7,460.2 $ 479.2 $ 519.4 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 7,714.4 $ 7,640.2 $ 600.0 $ 773.7 $ 151.7 $ 150.3 Service cost 93.5 104.4 7.6 8.5 10.0 9.3 Interest cost 184.3 192.1 12.6 18.0 1.5 1.7 Plan amendment 3.7 1.1 (16.1) (138.7) - - Curtailment/other (29.4) (5.8) (3.2) - 12.0 5.1 Plan participant contributions 3.8 4.1 9.6 13.0 - - Medicare Part D reimbursements - - 1.7 2.5 - - Actuarial (gain) loss (1,089.7) 67.4 (86.0) (15.8) (18.7) 7.2 Benefits payments (334.7) (315.7) (56.9) (61.9) (17.7) (22.5) Foreign currency (17.6) 26.6 0.3 0.7 (0.3) 0.6 Projected benefit obligation at end of year (a) $ 6,528.3 $ 7,714.4 $ 469.6 $ 600.0 $ 138.5 $ 151.7 Plan assets (less) more than benefit obligation as of $ (18.0) $ (254.2) $ 9.6 $ (80.6) $ (138.5) $ (151.7) (a) May 31, 2022 May 31, 2021 . During driven by actuarial gains due to an increase in the discount rate. During decrease U.S. retiree health and welfare benefit plans. As 332.4 $ 279.6 412.4 assets 310.1 138.5 $ 151.7 The 6,330.0 $ 7,402.1 Amounts recognized in AOCI as of May 29, 2022 and May 30, 2021, 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 2022 2021 2022 2021 2022 2021 2022 2021 Net actuarial (loss) gain $ (1,720.3) $ (1,897.2) $ 208.5 $ 200.8 $ (1.6) $ (22.0) $ (1,513.4) $ (1,718.4) Prior service (costs) credits (7.6) 5.8 118.9 133.7 (1.0) (1.6) 110.3 137.9 Amounts recorded in accumulated $ (1,727.9) $ (1,891.4) $ 327.4 $ 334.5 $ (2.6) $ (23.6) $ (1,403.1) $ (1,580.5) Plans with accumulated benefit obligations in excess of plan assets as of May Defined Benefit Pension Plans Fiscal Year In Millions 2022 2021 Projected benefit obligation $ 508.2 $ 615.3 Accumulated benefit obligation 479.6 556.2 Plan assets at fair value 20.5 26.7 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 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ 93.5 $ 104.4 $ 92.7 $ 7.6 $ 8.5 $ 9.4 $ 10.0 $ 9.3 $ 8.3 Interest cost 184.3 192.1 230.5 12.6 18.0 27.1 1.5 1.7 2.6 Expected return on (411.1) (420.9) (449.9) (26.7) (34.7) (42.1) - - - Amortization of losses 140.5 108.3 106.0 (10.9) (5.1) (2.1) 3.0 2.6 0.4 Amortization of prior 1.0 1.3 1.6 (20.9) (5.5) (5.5) 0.4 0.9 0.9 Other adjustments 0.1 - - (0.1) - - 12.9 8.4 17.7 Settlement or (18.4) 14.9 - (5.5) - - - - - Net (income) expense $ (10.1) $ 0.1 $ (19.1) $ (43.9) $ (18.8) $ (13.2) $ 27.8 $ 22.9 $ 29.9 Assumptions Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2022 2021 2022 2021 Discount rate 4.39 % 3.17 % 4.36 % 3.03 % 3.62 % 2.04 % Rate of salary increases 4.34 4.39 - - 4.46 4.46 Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate 3.17 % 3.20 % 3.91 % 3.03 % 3.02 % 3.79 % 2.04 % 1.86 % 3.10 % Service cost 3.56 3.58 4.19 3.34 3.40 4.04 2.46 3.51 3.51 Interest cost 2.42 2.55 3.47 2.08 2.29 3.28 1.48 2.83 2.84 Rate of 4.39 4.44 4.17 - - - 4.46 4.47 4.47 Expected long-term 5.85 5.72 6.95 6.09 4.57 5.67 - - - Discount Rates We international approach cash flows. Our benefit, and other outside actuaries Median corporate forward interest rate curve is applied to our expected future cash outflows Fair Value The fair category were as follows: May 31, 2022 May 31, 2021 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) $ 623.4 $ 442.3 $ 66.3 $ 1,132.0 $ 838.3 $ 697.2 $ - $ 1,535.5 Fixed income (b) 1,958.7 1,723.4 - 3,682.1 1,993.5 1,936.3 - 3,929.8 Real asset investments (c) 159.8 - - 159.8 277.9 0.2 - 278.1 Other investments (d) - - 0.1 0.1 - - 0.1 0.1 Cash and accruals 133.6 0.3 - 133.9 180.0 - - 180.0 Fair value measurement of pension $ 2,875.5 $ 2,166.0 $ 66.4 $ 5,107.9 $ 3,289.7 $ 2,633.7 $ 0.1 $ 5,923.5 Assets measured at net asset value (e) 1,402.4 1,536.7 Total pension plan $ 6,510.3 $ 7,460.2 Fair value measurement of postretirement benefit plan assets: Equity (a) $ - $ - $ - $ - $ 0.2 $ - $ - $ 0.2 Fixed income (b) 120.8 - - 120.8 117.3 - - 117.3 Cash and accruals 6.6 - - 6.6 14.8 - - 14.8 Fair value measurement of $ 127.4 $ - $ - $ 127.4 $ 132.3 $ - $ - $ 132.3 Assets measured at net asset value (e) 351.8 387.1 Total postretirement $ 479.2 $ 519.4 (a) allocations. Investments at closing prices from national exchanges, commingled funds valued managers, information available. (b) policy allocations, and prices from funds valued at unit values provided by the investment managers, which (c) energy, funds valued at unit values provided by the investment managers, which (d) of the underlying investments and contract fair values established by the providers (e) measured at fair value using fair value hierarchy. During fiscal $ 66.3 no Expected Rate of Return on Plan Assets Our expected estimate of future long-term returns long-term inflation one particular year does not, by itself, significantly influence our evaluation. Weighted-average Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2022 2021 2022 2021 Asset category: United States equities 12.1 % 15.4 % 27.9 % 28.0 % International equities 7.8 9.9 13.5 13.9 Private equities 10.4 9.3 15.2 15.1 Fixed income 58.3 54.6 43.4 43.0 Real assets 11.4 10.8 - - Total 100.0 % 100.0 % 100.0 % 100.0 % The investment participants defined benefit classes, pension 13 8 equities; 7 62 10 For other U.S. postretirement benefit plans, the long-term investment 27 13 15 45 asset classes may vary tactically around the long-term policy allocations based Contributions and Future Benefit Payments We postemployment benefit our decision payments, which reflect expected future service, as appropriate, In Millions Defined Benefit Pension Plans Other Postretirement Benefit Plans Gross Payments Postemployment Benefit Plans Fiscal 2023 $ 349.9 $ 36.9 $ 25.4 Fiscal 2024 347.9 36.3 20.3 Fiscal 2025 354.3 35.6 18.2 Fiscal 2026 361.7 35.4 16.8 Fiscal 2027 369.1 34.9 16.0 Fiscal 2028-2032 1,945.3 162.4 68.3 Defined Contribution Plans The employees. Employee Stock assets of $ 20.6 22.5 of 90.1 $ 76.1 90.1 We options 4.0 million as 4.3 balances. The Company stock fund and the ESOP collectively held 443.8 433.0 2022, and May 30, 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
May 29, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 15. INCOME TAXES The thereon are as follows: Fiscal Year In Millions 2022 2021 2020 Earnings before income taxes and after-tax earnings United States $ 2,652.3 $ 2,567.1 $ 2,402.1 Foreign 557.3 290.3 198.1 Total earnings $ 3,209.6 $ 2,857.4 $ 2,600.2 Income taxes: Currently payable: Federal $ 384.2 $ 369.8 $ 381.0 State and local 60.8 47.5 55.3 Foreign 79.1 93.0 73.8 Total current 524.1 510.3 510.1 Deferred: Federal 75.0 117.9 67.8 State and local 18.3 13.6 (56.6) Foreign (31.1) (12.7) (40.8) Total deferred 62.2 118.8 (29.6) Total income $ 586.3 $ 629.1 $ 480.5 The following table reconciles the United States statutory income tax rate Fiscal Year 2022 2021 2020 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 2.1 1.7 2.0 Foreign rate differences (1.1) 0.3 (0.8) Stock based compensation (0.6) (0.4) (1.1) Subsidiary reorganization (a) - - (2.0) Capital loss (b) (1.7) - - Divestitures, net (c) (1.2) - - Other, net (0.2) (0.6) (0.6) Effective income tax rate 18.3 % 22.0 % 18.5 % During 53.1 reorganization of certain wholly owned subsidiaries. (b) During fiscal 2022, we released a 50.7 be used against divestiture gains. (c) During fiscal 2022, we included certain Marques SNC and Liberté Marques Sàrl. The tax effects of temporary differences that In Millions May 29, 2022 May 30, 2021 Accrued liabilities $ 46.2 $ 58.5 Compensation and employee benefits 146.7 198.7 Unrealized hedges - 16.3 Pension 1.5 61.4 Tax credit carryforwards 34.9 22.7 Stock, partnership, and miscellaneous investments 17.9 46.3 Capital losses 61.9 67.3 Net operating losses 178.0 160.5 Other 96.3 93.4 Gross deferred tax assets 583.4 725.1 Valuation 185.1 229.2 Net deferred tax assets 398.3 495.9 Brands 1,415.2 1,413.8 Fixed assets 392.6 412.7 Intangible assets 201.0 256.2 Tax lease transactions 14.9 18.8 Inventories 27.1 36.2 Stock, partnership, and miscellaneous investments 357.7 364.0 Unrealized hedges 98.7 - Other 109.4 112.6 Gross deferred tax liabilities 2,616.6 2,614.3 Net deferred tax liability $ 2,218.3 $ 2,118.4 We does income) within the carryforward period to allow us to realize these deferred tax Information about our valuation allowance follows: In Millions May 29, 2022 Pillsbury acquisition losses $ 107.6 State and foreign loss carryforwards 25.3 Capital loss carryforwards 11.0 Other 41.2 Total $ 185.1 As of May 29, 2022, we believe it is more-likely-than-not that the remainder Information about our tax loss carryforwards follows In Millions May 29, 2022 Foreign loss carryforwards $ 179.2 State operating loss carryforwards 8.7 Total tax loss carryforwards $ 187.9 Our foreign loss carryforwards expire as follows: In Millions May 29, 2022 Expire in fiscal 2023 and 2024 $ 3.1 Expire in fiscal 2025 and beyond 12.6 Do not expire 163.5 Total foreign loss carryforwards $ 179.2 On limitations on the ARPA to have On March 27, 2020, the Coronavirus Aid, Relief, and related 2023. As of no t recognized 2.3 foreign operations will be remitted reinvested earnings. longer indefinitely reinvested. All not permanently reinvested and local country withholding taxes are We are may elapse before an uncertain tax position is audited and finally resolved. timing outcome. particular position would usually require the use of cash. The number (federal and state). Various vary by jurisdiction, but are generally from 3 5 The 2016, 2018, and 2019 . foreign operations or financial position. We The Brazilian years. These Alimentos transaction. We We the amount of judgment related to the expected ultimate resolution of uncertain tax positions The following table sets forth and 81 effective income tax rate in future periods. certain taxes upon recognition of the state tax benefits included therein. Fiscal Year In Millions 2022 2021 Balance, beginning of year $ 145.3 $ 147.9 Tax positions related Additions 21.6 20.1 Tax positions related Additions 10.4 6.3 Reductions (5.5) (7.2) Settlements (2.4) (2.1) Lapses in statutes of limitations (8.5) (19.7) Balance, end of year $ 160.9 $ 145.3 As of no t expect are not outcomes. Our unrecognized tax benefit liability was classified in other We recognized $ 2.0 26.6 2022. For 2.9 24.9 and penalties as of May 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
May 29, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 16. COMMITMENTS AND CONTINGENCIES As 147.2 consolidated affiliates, mainly CPW. During state sales tax requirements. have meritorious May 29, 2022 , we 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 29, 2022 | |
Business Segment and Geographic Information [Abstract] | |
Business Segment and Geographic Information | NOTE 17. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operations. chief operating decision maker assesses performance follows: North America Retail; International; Pet; and North America We changes earnings per share. Our Foodservice operating operating unit The operating International operating segment is unchanged. Our North America Retail stores, categories products, organic products yogurt. Our product categories include super-premium and shops. Our American markets, as well as reported in the region or country where the end customer is located. Our Pet operating segment includes e-commerce retailers, categories include dog and cat food (dry natural product types, diet types, breed sizes for dogs, lifestages, flavors, product Our categories unbaked and and nearly vending, and supermarket bakeries. Operating profit and employee corporate investments, and commodity positions corporate chain organization, our manufacturing, to maximize nor available by operating segment. Our operating segment results were as follows: Fiscal Year In Millions 2022 2021 2020 Net sales: North America Retail $ 11,572.0 $ 11,250.0 $ 10,978.1 International 3,315.7 3,656.8 3,365.1 Pet 2,259.4 1,732.4 1,694.6 North America Foodservice 1,845.7 1,487.8 1,588.8 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 Operating profit: North America Retail $ 2,699.7 $ 2,725.9 $ 2,708.9 International 232.0 236.6 132.5 Pet 470.6 415.0 390.7 North America Foodservice 255.5 203.3 255.3 Total segment operating $ 3,657.8 $ 3,580.8 $ 3,487.4 Unallocated corporate items 402.6 212.1 509.1 Divestitures (gain) loss (194.1) 53.5 - Restructuring, impairment, and other exit (recoveries) costs (26.5) 170.4 24.4 Operating profit $ 3,475.8 $ 3,144.8 $ 2,953.9 Net sales for our North America Retail operating units were as follows: Fiscal Year In Millions 2022 2021 2020 U.S. Meals & Baking Solutions $ 4,023.8 $ 4,042.2 $ 3,869.3 U.S. Morning Foods 3,370.9 3,314.0 3,292.0 U.S. Snacks 3,191.4 2,940.5 2,919.7 Canada 985.9 953.3 897.1 Total $ 11,572.0 $ 11,250.0 $ 10,978.1 Net sales by class of similar products were as follows: Fiscal Year In Millions 2022 2021 2020 Snacks $ 3,960.9 $ 3,574.2 $ 3,529.7 Cereal 2,998.1 2,868.9 2,874.1 Convenient meals 2,988.5 3,030.2 2,814.3 Pet 2,260.1 1,732.4 1,694.6 Dough 1,986.3 1,866.1 1,801.1 Baking mixes and ingredients 1,843.6 1,695.5 1,674.2 Yogurt 1,714.9 2,074.8 2,056.6 Super-premium ice cream 782.2 819.7 718.1 Other 458.2 465.2 463.9 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 The following tables provide financial information by geographic area: Fiscal Year In Millions 2022 2021 2020 Net sales: United States $ 14,691.2 $ 13,496.9 $ 13,364.5 Non-United States 4,301.6 4,630.1 4,262.1 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 In Millions May 29, 2022 May 30, 2021 Cash and cash equivalents: United States $ 46.0 $ 817.9 Non-United States 523.4 687.3 Total $ 569.4 $ 1,505.2 In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: United States $ 2,675.2 $ 2,714.7 Non-United States 718.6 892.1 Total $ 3,393.8 $ 3,606.8 |
Supplemental Information
Supplemental Information | 12 Months Ended |
May 29, 2022 | |
Supplemental Information [Abstract] | |
Supplemental Information | NOTE 18. SUPPLEMENTAL The components of certain Consolidated Balance Sheet accounts are as follows: In Millions May 29, 2022 May 30, 2021 Receivables: Customers $ 1,720.4 $ 1,674.5 Less allowance for doubtful accounts (28.3) (36.0) Total $ 1,692.1 $ 1,638.5 In Millions May 29, 2022 May 30, 2021 Inventories: Finished goods $ 1,634.7 $ 1,506.9 Raw materials and packaging 532.0 411.9 Grain 164.0 111.2 Excess of FIFO over LIFO cost (a) (463.4) (209.5) Total $ 1,867.3 $ 1,820.5 (a) 1,127.1 1,139.7 difference between replacement valuation method. In Millions May 29, 2022 May 30, 2021 Prepaid expenses and other current assets: Marketable investments $ 249.8 $ 360.0 Prepaid expenses 213.5 221.7 Other receivables 182.8 139.1 Derivative receivables 86.1 37.5 Grain contracts 28.7 12.0 Miscellaneous 41.2 20.0 Total $ 802.1 $ 790.3 In Millions May 29, 2022 May 30, 2021 Assets held for sale: Goodwill $ 130.0 $ - Inventories 22.9 - Equipment 6.0 - Total $ 158.9 $ - In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: Equipment $ 6,491.7 $ 6,732.7 Buildings 2,444.8 2,542.7 Capitalized software 717.8 718.5 Construction in progress 492.8 395.7 Land 55.1 67.4 Equipment under finance lease 7.8 7.8 Buildings under finance lease 0.3 0.3 Total land, buildings, 10,210.3 10,465.1 Less accumulated depreciation (6,816.5) (6,858.3) Total $ 3,393.8 $ 3,606.8 In Millions May 29, 2022 May 30, 2021 Other assets: Investments in and advances to joint ventures $ 513.8 $ 566.4 Right of use operating lease assets 336.8 378.6 Pension assets 52.6 30.0 Life insurance 17.5 18.6 Miscellaneous 307.4 274.0 Total $ 1,228.1 $ 1,267.6 In Millions May 29, 2022 May 30, 2021 Other current liabilities: Accrued trade and consumer promotions $ 474.4 $ 580.9 Accrued payroll 435.6 434.4 Current portion of operating lease liabilities 106.7 111.2 Accrued interest, including interest rate swaps 70.1 80.0 Restructuring and other exit costs reserve 36.8 148.8 Accrued taxes 31.4 37.4 Dividends payable 25.3 24.1 Derivative payable, primarily commodity-related 19.9 39.2 Grain contracts 3.0 0.9 Miscellaneous 348.8 330.3 Total $ 1,552.0 $ 1,787.2 In Millions May 29, 2022 May 30, 2021 Other non-current liabilities: Accrued compensation and benefits, including obligations for underfunded $ 360.8 $ 707.7 Non-current portion of operating lease liabilities 248.3 283.2 Accrued taxes 233.0 215.6 Miscellaneous 87.0 86.2 Total $ 929.1 $ 1,292.7 Certain Consolidated Statements of Earnings amounts are as follows: Fiscal Year In Millions 2022 2021 2020 Depreciation and amortization $ 570.3 $ 601.3 $ 594.7 Research and development expense 243.1 239.3 224.4 Advertising and media expense (including production and 690.1 736.3 691.8 The components of interest, net are as follows: Fiscal Year Expense (Income), in Millions 2022 2021 2020 Interest expense $ 387.2 $ 430.9 $ 475.1 Capitalized interest (3.8) (3.2) (2.6) Interest income (3.8) (7.4) (6.0) Interest, net $ 379.6 $ 420.3 $ 466.5 Certain Consolidated Statements of Cash Flows amounts are as follows: Fiscal Year In Millions 2022 2021 2020 Cash interest payments $ 357.8 $ 412.5 $ 418.5 Cash paid for income taxes 545.3 636.1 403.3 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
May 29, 2022 | |
Quarterly Data (Unaudited) [Abstract] | |
Quarterly Data (Unaudited) [Text Block] | NOTE 19. QUARTERLY Summarized quarterly data for fiscal 2022 and fiscal 2021 follows: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions, Except Per 2022 2021 2022 2021 2022 2021 2022 2021 Net sales $ 4,539.9 $ 4,364.0 $ 5,024.0 $ 4,719.4 $ 4,537.7 $ 4,520.0 $ 4,891.2 $ 4,523.6 Gross margin 1,597.4 1,590.4 1,631.2 1,721.1 1,403.7 1,553.9 1,769.9 1,582.9 Net earnings attributable to 627.0 638.9 597.2 688.4 660.3 595.7 822.8 416.8 EPS: Basic $ 1.03 $ 1.04 $ 0.98 $ 1.12 $ 1.09 $ 0.97 $ 1.36 $ 0.68 Diluted $ 1.02 $ 1.03 $ 0.97 $ 1.11 $ 1.08 $ 0.96 $ 1.35 $ 0.68 In the fourth and Liberté 14.9 9.2 also recorded 16.0 and Suddenly 34.0 associated with the 34.0 reserve. In resources with 157.3 business in Brazil of $ 53.5 9.5 transaction SNC, and 8.8 gain 11.2 retiree health and welfare benefit plans. |
Schedule II - Valuation of Qual
Schedule II - Valuation of Qualifying Accounts | 12 Months Ended |
May 29, 2022 | |
Schedule II - Valuation of Qualifying Accounts [Abstract] | |
Schedule II - Valuation of Qualifying Accounts | General Mills, Inc. and Subsidiaries Schedule II - Valuation Fiscal Year In Millions 2022 2021 2020 Allowance for doubtful accounts: Balance at beginning of year $ 36.0 $ 33.2 $ 28.8 Additions charged to expense 23.0 25.7 25.9 Bad debt write-offs (26.4) (29.9) (22.9) Other adjustments and reclassifications (4.3) 7.0 1.4 Balance at end of year $ 28.3 $ 36.0 $ 33.2 Valuation Balance at beginning of year $ 229.2 $ 214.2 $ 213.7 (Benefits) additions charged to expense (41.6) 9.1 4.2 Adjustments due to acquisitions, translation of amounts, and other (2.5) 5.9 (3.7) Balance at end of year $ 185.1 $ 229.2 $ 214.2 Reserve for restructuring and other exit charges: Balance at beginning of year $ 148.8 $ 17.8 $ 36.5 Additions charged to expense, including translation amounts 3.4 143.9 (2.5) Reserve adjustment (34.0) - - Net amounts utilized for restructuring activities (81.4) (12.9) (16.2) Balance at end of year $ 36.8 $ 148.8 $ 17.8 Reserve for LIFO valuation: Balance at beginning of year $ 209.5 $ 202.1 $ 213.5 Increase (decrease) 253.9 7.4 (11.4) Balance at end of year $ 463.4 $ 209.5 $ 202.1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
May 29, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all investments |
Inventories | Inventories All market. Grain inventories are all net changes in value recorded in earnings currently. Inventories realizable value. Shipping when the related finished product is shipped to and accepted by the customer. |
Land, Buildings, Equipment, and Depreciation | Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. at charged 40 depreciated over 3 10 retired, recognized in earnings. Long-lived assets asset flows from identifiable cash excess independent appraisals, as appropriate. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill indicate that impairment may have of the the liabilities reporting impairment charge goodwill allocated rates for sales and profits are determined using inputs from our long-range perpetuity growth assumptions, market comparables, and other factors. We evaluate the determination competition, other economic in an uncertain or expenditures, amortized on a straight-line basis, over their useful lives, generally ranging 4 30 Our indefinite-lived Blue Buffalo , , Totino’s , Old El Paso , Progresso , , Häagen-Dazs , and circumstances discounted could be payable if we did not own the brands, and a discount rate. Our whenever loss would be the Measurement of an measured using a discounted cash flow model or other similar valuation model, |
Leases | Leases We we account for lease and non-lease components (e.g. common area maintenance) Any recognize lease costs for these us with reasonably certain agreements do not include an option to purchase the leased asset, residual value guarantees, We include rental payments based on included recognized in the period in which the obligation is incurred. As information available at the commencement date of the lease arrangement |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures Our undistributed and make goods, and finished goods to the joint ventures, generally at market prices. In addition, but not capital, profitability, nature, these projections the carrying value of investment to its fair value if we concluded the impairment is other than |
Revenue Recognition | Revenue Recognition Our revenues primarily result – the has been satisfied and control of the our customer. consideration transaction and participation and the However, product interest. Payment terms and any significant financing components. our channel, and other specific written off into factors. We do |
Environmental costs | Environmental Costs Environmental costs expensed. Liabilities estimable, generally no later than the completion of feasibility studies or our |
Advertising Production Costs | Advertising Production Costs We expense the |
Research and Development | Research and Development All expenditures for research and development for wages, consulting, and supplies including assets at facilities that are engaged in pilot plant activities. |
Foreign Currency Translation | Foreign Currency Translation For translated during the period. Translation Gains investments instruments designated as net investment hedges. These gains and losses are recorded |
Derivative Instruments | Derivative Instruments All derivatives are recognized fair value, derivatives are as reclassified associated amounts reported in AOCI are reclassified to earnings at that time. |
Stock-based Compensation | Stock-based Compensation We generally of stock-based selling, general each reportable segment in our segment results. Certain equity-based compensation plans contain provisions eligible award immediately eligibility is achieved, if less than the stated vesting period. We report the Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 In the fourth quarter of benefit pension statement users. not impact our results of operations or financial position. In accounting The new results of operations or financial position. In results in certain leases being this guidance utilizing the cumulative elected contain leases and initial term of permitted elections. our Consolidated Statements of Cash Flows. |
Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit Plans | Defined Benefit Pension, Other Postretirement Benefit, and Postemployment We employees. Under the Postemployment benefits of service) are charged to expense when incurred. Our postemployment We the funded status in the year in which the changes occur through AOCI. |
Use of Estimates | Use of Estimates Preparing requires and liabilities These compensation, results could differ from our estimates. |
New Accounting Standards | New Accounting Standards In the we adopted instruments, including with a for doubtful based on similar risk characteristics, for reasonable and amount retrospective transition approach, and recorded a decrease to retained 5.7 In the fourth quarter of benefit pension statement users. not impact our results of operations or financial position. In accounting The new results of operations or financial position. In results in certain leases being this guidance utilizing the cumulative elected contain leases and initial term of permitted elections. our Consolidated Statements of Cash Flows. |
Restructuring, Impairment, an_2
Restructuring, Impairment, and Other Exit Costs (Tables) | 12 Months Ended |
May 29, 2022 | |
Restructuring, impairment, and other exit costs [Abstract] | |
Restructuring and Impairment Charges and Project-Related Costs | Expense, in Millions International manufacturing and logistics operations $ 15.0 Net recoveries associated with restructuring actions previously announced (38.2) Total net restructuring $ (23.2) Expense, in Millions Global organizational structure and resource alignment $ 157.3 International route-to-market and supply chain optimization 13.0 Charges associated with restructuring actions previously 2.4 Total restructuring $ 172.7 |
Schedule of restructuring charges and project-related costs presentation [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Restructuring, impairment, and other exit (recoveries) costs $ (26.5) $ 170.4 $ 24.4 Cost of sales 3.3 2.3 25.8 Total restructuring (23.2) 172.7 50.2 Project-related costs classified in cost of sales $ - $ - $ 1.5 |
Rollforward of Restructuring and Other Exit Cost Reserves | In Millions Severance Contract Termination Other Exit Costs Total 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 Fiscal 2022 charges, including foreign currency translation 2.2 - 1.2 3.4 Reserve adjustment (34.0) - - (34.0) Utilized in fiscal 2022 (80.1) (0.2) (1.1) (81.4) Reserve balance as of May 29, 2022 $ 35.4 $ - $ 1.4 $ 36.8 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
May 29, 2022 | |
Investments in Unconsolidated Joint Ventures [Abstract] | |
Joint Venture Related Financial Statement Activity [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Cumulative investments $ 416.4 $ 486.2 Goodwill and other intangibles 444.9 505.7 Aggregate advances included in cumulative investments 254.4 294.2 Fiscal Year In Millions 2022 2021 2020 Sales to joint ventures $ 6.3 $ 6.7 $ 5.9 Net (repayments) advances (15.4) (15.5) 48.0 Dividends received 107.5 95.2 76.5 |
Summarized Joint Venture Financial Statement Activity on 100% Basis [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net sales: CPW $ 1,706.5 $ 1,766.8 $ 1,654.3 HDJ 427.8 422.4 391.3 Total net sales 2,134.3 2,189.2 2,045.6 Gross margin 803.1 882.9 785.3 Earnings before income taxes 249.9 247.8 214.0 Earnings after income taxes 201.0 201.7 176.5 In Millions May 29, 2022 May 30, 2021 Current assets $ 823.9 $ 877.4 Noncurrent assets 839.8 927.2 Current liabilities 1,298.8 1,424.4 Noncurrent liabilities 106.5 142.2 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
May 29, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Components of goodwill and other intangible assets [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Goodwill $ 14,378.5 $ 14,062.4 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,725.8 6,628.1 Intangible assets subject to amortization: Franchise agreements, customer relationships, and other finite-lived 400.3 823.4 Less accumulated amortization (126.2) (300.9) Intangible assets subject to amortization 274.1 522.5 Other intangible assets 6,999.9 7,150.6 Total $ 21,378.4 $ 21,213.0 |
Changes in the carrying amount of goodwill [Table Text Block] | In Millions North America Retail Pet North America Foodservice International Joint Ventures Total Balance as of May 26, 2019 $ 6,676.5 $ 5,300.5 $ 648.8 $ 960.6 $ 409.4 $ 13,995.8 Other activity, primarily (2.8) - - (66.1) (3.7) (72.6) Balance as of May 31, 2020 6,673.7 5,300.5 648.8 894.5 405.7 13,923.2 Divestiture - - - (1.2) - (1.2) Other activity, primarily 15.6 - - 84.9 39.9 140.4 Balance as of May 30, 2021 6,689.3 5,300.5 648.8 978.2 445.6 14,062.4 Acquisition - 762.3 - - - 762.3 Divestitures - - - (201.8) - (201.8) Reclassified to assets held for sale (130.0) - - - - (130.0) Other activity, primarily (6.4) - - (54.8) (53.2) (114.4) Balance as of May 29, 2022 $ 6,552.9 $ 6,062.8 $ 648.8 $ 721.6 $ 392.4 $ 14,378.5 |
Changes in the carrying amount of other intangible assets [Table Text Block] | In Millions Total Balance as of May 26, 2019 $ 7,166.8 Other activity, primarily (71.0) Balance as of May 31, 2020 7,095.8 Divestiture (5.3) Other activity, primarily 60.1 Balance as of May 30, 2021 7,150.6 Acquisition 370.0 Divestitures (621.8) Intellectual property intangible asset 210.4 Other activity, primarily (109.3) Balance as of May 29, 2022 $ 6,999.9 In Millions Carrying Value Intangible Asset Excess Fair Value Fiscal 2022 Test Uncle Toby's $ 55.0 7 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
May 29, 2022 | |
Lessee Disclosure [Abstract] | |
Lease Cost [TableText Block] | Fiscal Year In Millions 2022 2021 Operating lease cost $ 129.7 $ 132.7 Variable 8.5 21.8 Short-term lease cost 29.1 23.4 |
Lessee Operating Lease Liability Maturity [Table Text Block] | In Millions Operating Leases Finance Leases Fiscal 2023 $ 117.8 $ 0.8 Fiscal 2024 93.6 0.4 Fiscal 2025 64.4 - Fiscal 2026 45.2 - Fiscal 2027 24.1 - After fiscal 2027 40.7 - Total noncancelable $ 385.8 $ 1.2 Less: Interest (30.8) - Present value of lease obligations $ 355.0 $ 1.2 |
Lessee Operating Lease Weighted Averages [TableText Block] | May 29, 2022 May 30, 2021 Weighted-average 4.5 years 4.5 years Weighted-average 3.8 % 3.7 % |
Supplemental Cash Flow Information Related To Leases [Table Text Block] | Fiscal Year In Millions 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 128.7 $ 132.0 Right of use assets obtained in exchange for new lease liabilities $ 84.6 $ 120.2 |
Financial Instruments, Risk M_2
Financial Instruments, Risk Management Activities, and Fair Values (Tables) | 12 Months Ended |
May 29, 2022 | |
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 Unrealized Gains Gross Unrealized Losses Fiscal Year Fiscal Year Fiscal Year Fiscal Year In Millions 2022 2021 2022 2021 2022 2021 2022 2021 Available for $ 2.3 $ 76.9 $ 2.3 $ 76.9 $ - $ - $ - $ - Equity securities 250.1 360.3 255.3 365.6 5.2 5.3 15.1 - Total $ 252.4 $ 437.2 $ 257.6 $ 442.5 $ 5.2 $ 5.3 $ 15.1 $ - Marketable Securities In Millions Cost Fair Value Under 1 year (current) $ 2.3 $ 2.3 Equity securities 250.1 255.3 Total $ 252.4 $ 257.6 |
Schedule of Unallocated Corporate items [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net gain (loss) on mark-to-market valuation of commodity positions $ 303.3 $ 138.2 $ (63.0) Net (gain) loss on commodity positions reclassified from unallocated corporate (188.0) (8.8) 35.6 Net mark-to-market revaluation of certain grain inventories 17.8 9.4 2.7 Net mark-to-market valuation of certain commodity positions recognized $ 133.1 $ 138.8 $ (24.7) |
Schedule of Pre-tax Amounts of Cash-Settled Interest Rate Hedges in AOCI [Table Text Block] | In Millions Gain/(Loss) 2.25 % notes due October 14, 2031 $ (18.4) 2.6 % notes due October 12, 2022 (0.3) 1.0 % notes due April 27, 2023 0.2 3.65 % notes due February 15, 2024 (3.0) 4.0 % notes due April 17, 2025 1.7 3.2 % notes due February 10, 2027 (8.0) 1.5 % notes due April 27, 2027 1.6 4.2 % notes due April 17, 2028 6.0 4.55 % notes due April 17, 2038 8.7 5.4 % notes due June 15, 2040 10.0 4.15 % notes due February 15, 2043 (8.2) 4.7 % notes due April 17, 2048 12.3 Net pre-tax hedge gain in AOCI $ 2.6 |
Schedule of Interest Rate Swaps [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Pay-floating swaps - notional amount $ 644.1 $ 731.5 Average receive 0.4 % 0.4 % Average pay rate 0.1 % 0.1 % |
Schedule of Fair Value Measurement Inputs [Table Text Block] | May 29, 2022 May 29, 2022 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ - $ - $ - $ - $ (29.8) $ - $ (29.8) Foreign exchange contracts (a) (c) - 26.9 - 26.9 - (4.7) - (4.7) Total - 26.9 - 26.9 - (34.5) - (34.5) Derivatives not designated as hedging Foreign exchange contracts (a) (c) - 8.4 - 8.4 - (15.1) - (15.1) Commodity contracts (a) (d) 10.7 96.9 - 107.6 - (0.2) - (0.2) Grain contracts (a) (d) - 28.7 - 28.7 - (3.0) - (3.0) Total 10.7 134.0 - 144.7 - (18.3) - (18.3) Other assets and liabilities reported at fair value: Marketable investments (a) (e) (f) 255.3 2.3 67.2 324.8 - - - - Total 255.3 2.3 67.2 324.8 - - - - Total assets, liabilities, and $ 266.0 $ 163.2 $ 67.2 $ 496.4 $ - $ (52.8) $ - $ (52.8) (a) other liabilities, and cash equivalents. (b) fair value 615.7 2022, the cumulative amount of fair value hedging basis adjustments was $ 28.4 (c) (d) (e) (f) recorded 34.0 revised projections of future operating results and observable transaction data May 30, 2021 May 30, 2021 Fair Values Fair Values In Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives designated as hedging instruments: Interest rate contracts (a) (b) $ - $ 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 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 $ 376.7 $ 143.0 $ - $ 519.7 $ (0.8) $ (39.3) $ - $ (40.1) (a) other liabilities, and cash equivalents. (b) value 736.9 2021, the cumulative amount of fair value hedging basis adjustments was $ 5.4 (c) (d) (e) |
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 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Derivatives in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in other $ (5.4) $ 31.2 $ 13.2 $ (58.7) $ - $ - $ - $ - $ 7.8 $ (27.5) Amount of net loss reclassified from (4.7) (9.4) (19.5) (9.8) - - - - (24.2) (19.2) Derivatives in Fair Value Relationships: Amount of net loss recognized (2.1) (0.3) - - - - - - (2.1) (0.3) Derivatives Not Designated as Amount of net (loss) gain recognized - - (32.8) 4.2 (8.0) 47.7 257.2 134.6 216.4 186.5 (a) expenses for foreign cost of 11.1 8.4 ended 9.3 reclassified from AOCI into SG&A was $ 0.5 (b) SG&A expenses for equity contracts and foreign exchange contracts. (c) foreign from the assessment of hedge effectiveness. |
Reconciliation of Net Fair Values of Assets Subject to Offsetting Arrangements [Table Text Block] | May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) 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 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) (a) (b) (c) (d) (e) |
Reconciliation of Net Fair Values of Liabilities Subject to Offsetting Arrangements [Table Text Block] | May 29, 2022 Assets Liabilities Gross Amounts Not Offset in the Balance Sheet (e) Gross Amounts Not Offset in the Balance Sheet (e) In Millions Gross Amounts of Recognized Assets Gross Liabilities Offset in the Balance Sheet (a) Net Amounts of Assets Financial Instruments Cash Collateral Received Net Amount (c) Gross Amounts of Recognized Liabilities Gross Assets Offset in the Balance Sheet (a) Net Amounts of Liabilities (b) Financial Instruments Cash Collateral Pledged Net Amount (d) Commodity contracts $ 107.5 $ - $ 107.5 $ (0.2) $ (62.8) $ 44.5 $ (0.2) $ - $ (0.2) $ 0.2 $ - $ - Interest rate contracts - - - - - - (30.7) - (30.7) - 10.6 (20.1) Foreign exchange contracts 35.3 - 35.3 (6.4) - 28.9 (19.7) - (19.7) 6.4 - (13.3) Equity contracts 0.4 - 0.4 (0.3) - 0.1 (4.0) - (4.0) 0.3 - (3.7) Total $ 143.2 $ - $ 143.2 $ (6.9) $ (62.8) $ 73.5 $ (54.6) $ - $ (54.6) $ 6.9 $ 10.6 $ (37.1) 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 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) (a) (b) (c) (d) (e) |
Schedule of After-tax Amounts of Cash Flow Hedges in AOCI [Table Text Block] | In Millions After-Tax Unrealized gains from foreign currency cash flow hedges 23.3 After-tax gains in AOCI related to hedge derivatives $ 23.3 |
Customer Concentractions [Table Text Block] | Percent of total Consolidated North America Retail North America Foodservice International Pet Walmart (a): Net sales 20 % 28 % 8 % 2 % 16 % Accounts receivable 23 % 6 % 3 % 23 % Five largest customers: Net sales 50 % 49 % 12 % 64 % (a) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
May 29, 2022 | |
Debt [Abstract] | |
Schedule of Components of Notes Payable [Table Text Block] | May 29, 2022 May 30, 2021 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 694.8 1.1 % $ - - % Financial institutions 116.6 4.4 % 361.3 3.4 % Total $ 811.4 5.5 % $ 361.3 3.4 % |
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 $ - Total committed 2.7 - Uncommitted credit facilities 0.6 0.1 Total committed $ 3.3 $ 0.1 |
Schedule of Long-term Debt Instruments [Table Text Block] | In Millions May 29, 2022 May 30, 2021 4.2 % notes due April 17, 2028 $ 1,400.0 $ 1,400.0 3.15 % notes due December 15, 2021 - 1,000.0 3.7 % notes due October 17, 2023 - 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 644.1 731.5 Euro-denominated 1.0 % notes due April 27, 2023 536.8 609.6 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 605.2 605.2 2.6 % notes due October 12, 2022 500.0 500.0 3.65 % notes due February 15, 2024 500.0 500.0 Euro-denominated 1.5 % notes due April 27, 2027 429.4 487.7 4.7 % notes due April 17, 2048 446.2 446.2 4.15 % notes due February 15, 2043 434.9 434.9 Floating-rate notes due October 17, 2023 400.0 400.0 5.4 % notes due June 15, 2040 382.5 382.5 4.55 % notes due April 17, 2038 282.4 282.4 Euro-denominated 2.2 % notes due June 24, 2021 - 243.9 Medium-term notes, 0.56 % to 6.41 %, due fiscal 2023 103.9 104.0 2.25 % notes due October 14, 2031 500.0 - Euro-denominated 0.1 25% notes due November 15, 2025 536.7 - Euro-denominated 0.0 % notes due November 11, 2022 268.3 - Euro-denominated floating rate notes due May 16, 2023 268.3 - Euro-denominated floating rate notes due July 27, 2023 537.9 - Other, including debt issuance costs, debt (267.6) (246.4) 10,809.0 12,250.7 Less amount due within one year (1,674.2) (2,463.8) Total long-term debt $ 9,134.8 $ 9,786.9 |
Schedule Of Long-term Debt And Capital Leases [Table Text Block] | In Millions Fiscal 2023 $ 1,674.2 Fiscal 2024 1,442.3 Fiscal 2025 800.0 Fiscal 2026 1,180.9 Fiscal 2027 1,179.4 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
May 29, 2022 | |
Stockholders' Equity [Abstract] | |
Share Repurchases [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Shares of common stock 13.5 5.0 0.1 Aggregate purchase price $ 876.8 $ 301.4 $ 3.4 |
Schedule of Total Comprehensive Income (Loss) [Table Text Block] | Fiscal 2022 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,707.3 $ 10.2 $ 17.5 Other comprehensive income (loss): Foreign currency translation $ (188.5) $ 85.8 (102.7) (26.2) (47.0) Net actuarial gain 132.4 (30.8) 101.6 - - Other fair value changes: Hedge derivatives 30.1 (23.6) 6.5 - 0.5 Reclassification to earnings: Foreign currency translation (a) 342.2 - 342.2 - - Hedge derivatives (b) 23.7 11.6 35.3 - (0.2) Amortization of losses and prior service costs (c) 97.4 (21.6) 75.8 - - Other comprehensive income (loss) 437.3 21.4 458.7 (26.2) (46.7) Total comprehensive $ 3,166.0 $ (16.0) $ (29.2) Loss reclassified from AOCI into earnings is reported in divestitures gain related Yoplait (b) Loss (gain) reclassified expenses for foreign exchange contracts. (c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2021 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 2,339.8 $ 6.5 $ (0.3) Other comprehensive income (loss): Foreign currency translation $ (6.1) $ 64.9 58.8 31.5 84.8 Net actuarial loss 464.9 (111.5) 353.4 - - Other fair value changes: Hedge derivatives (25.8) 6.5 (19.3) - (1.4) Reclassification to earnings: Hedge derivatives (a) 19.1 (5.7) 13.4 - 0.1 Amortization of losses and prior service costs (b) 102.5 (23.6) 78.9 - - Other comprehensive income 554.6 (69.4) 485.2 31.5 83.5 Total comprehensive $ 2,825.0 $ 38.0 $ 83.2 Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service Fiscal 2020 General Mills Noncontrolling Interests Redeemable Interest In Millions Pretax Tax Net Net Net Net earnings, including earnings attributable to $ 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 $ 1,892.2 $ 10.3 $ (0.2) Loss expenses for foreign exchange contracts. (b) Loss reclassified from AOCI into earnings is reported in benefit plan non-service |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Foreign currency translation adjustments $ (590.7) $ (830.2) Unrealized loss from hedge derivatives 23.3 (18.5) Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,513.4) (1,718.4) Prior service credits 110.3 137.9 Accumulated other comprehensive loss $ (1,970.5) $ (2,429.2) |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
May 29, 2022 | |
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 2022 2021 2020 Estimated fair values of stock options granted $ 8.77 $ 8.03 $ 7.10 Assumptions: Risk-free interest rate 1.5 % 0.7 % 2.0 % Expected term 8.5 years 8.5 years 8.5 years Expected volatility 20.2 % 19.5 % 17.4 % Dividend yield 3.4 % 3.3 % 3.6 % |
Information on stock option activity [Table Text Block] | Options Outstanding (Thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (Millions) Balance as of May 30, 2021 17,397.5 $ 53.29 5.26 $ 174.4 Granted 1,485.4 60.03 Exercised (3,564.6) 47.03 Forfeited or expired (312.8) 55.79 Outstanding as of May 29, 2022 15,005.5 $ 55.39 5.36 $ 217.5 Exercisable as of May 29, 2022 7,960.9 $ 57.10 3.58 $ 101.8 |
Net cash proceeds and intrinsic value of options exercised [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net cash proceeds $ 161.7 $ 74.3 $ 263.4 Intrinsic value of options exercised $ 74.0 $ 44.8 $ 132.9 |
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 30, 2021 5,072.8 $ 53.84 97.6 $ 54.26 Granted 1,958.1 60.01 30.9 60.23 Vested (1,532.9) 52.48 (42.0) 53.95 Forfeited or expired (344.6) 57.10 (9.2) 57.49 Non-vested as of May 29, 2022 5,153.4 $ 56.37 77.3 $ 56.43 Fiscal Year 2022 2021 2020 Number of units granted (thousands) 1,989.0 1,529.0 1,947.6 Weighted-average $ 60.02 $ 61.24 $ 53.28 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
May 29, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year In Millions, Except per Share Data 2022 2021 2020 Net earnings attributable to General Mills $ 2,707.3 $ 2,339.8 $ 2,181.2 Average number 607.5 614.1 608.1 Incremental share effect from: (a) Stock options 2.5 2.5 2.7 Restricted stock units and performance share units 2.6 2.5 2.5 Average number 612.6 619.1 613.3 Earnings per share — basic $ 4.46 $ 3.81 $ 3.59 Earnings per share — diluted $ 4.42 $ 3.78 $ 3.56 Incremental method. Stock options, restricted stock units, and performance 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 2022 2021 2020 Anti-dilutive stock options, restricted stock units, 4.4 3.4 8.4 |
Retirement Benefits and Poste_2
Retirement Benefits and Postemployment Benefits (Tables) | 12 Months Ended |
May 29, 2022 | |
Retirement Benefits and Postemployment Benefits [Abstract] | |
Health Care Cost Trend Rates [Table Text Block] | Fiscal Year 2022 2021 Health care cost trend rate for next year 5.9 % and 6.0 % 6.0 % and 6.3 % Rate to which the cost trend rate is assumed to decline (ultimate rate) 4.5 % 4.5 % Year 2031 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 2022 2021 2022 2021 2022 2021 Change in Plan Assets: Fair value at beginning of year $ 7,460.2 $ 6,993.2 $ 519.4 $ 793.5 Actual return on assets (618.7) 716.3 (18.0) 108.1 Employer contributions 31.2 33.8 0.1 (359.9) Plan participant contributions 3.8 4.1 9.6 13.0 Benefits payments (346.2) (315.1) (31.9) (35.3) Foreign currency (20.0) 27.9 - - Fair value at end of year (a) $ 6,510.3 $ 7,460.2 $ 479.2 $ 519.4 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 7,714.4 $ 7,640.2 $ 600.0 $ 773.7 $ 151.7 $ 150.3 Service cost 93.5 104.4 7.6 8.5 10.0 9.3 Interest cost 184.3 192.1 12.6 18.0 1.5 1.7 Plan amendment 3.7 1.1 (16.1) (138.7) - - Curtailment/other (29.4) (5.8) (3.2) - 12.0 5.1 Plan participant contributions 3.8 4.1 9.6 13.0 - - Medicare Part D reimbursements - - 1.7 2.5 - - Actuarial (gain) loss (1,089.7) 67.4 (86.0) (15.8) (18.7) 7.2 Benefits payments (334.7) (315.7) (56.9) (61.9) (17.7) (22.5) Foreign currency (17.6) 26.6 0.3 0.7 (0.3) 0.6 Projected benefit obligation at end of year (a) $ 6,528.3 $ 7,714.4 $ 469.6 $ 600.0 $ 138.5 $ 151.7 Plan assets (less) more than benefit obligation as of $ (18.0) $ (254.2) $ 9.6 $ (80.6) $ (138.5) $ (151.7) (a) May 31, 2022 May 31, 2021 . |
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 2022 2021 2022 2021 2022 2021 2022 2021 Net actuarial (loss) gain $ (1,720.3) $ (1,897.2) $ 208.5 $ 200.8 $ (1.6) $ (22.0) $ (1,513.4) $ (1,718.4) Prior service (costs) credits (7.6) 5.8 118.9 133.7 (1.0) (1.6) 110.3 137.9 Amounts recorded in accumulated $ (1,727.9) $ (1,891.4) $ 327.4 $ 334.5 $ (2.6) $ (23.6) $ (1,403.1) $ (1,580.5) |
Accumulated Benefit Obligations in Excess of Plan Assets [Table Text Block] | Defined Benefit Pension Plans Fiscal Year In Millions 2022 2021 Projected benefit obligation $ 508.2 $ 615.3 Accumulated benefit obligation 479.6 556.2 Plan assets at fair value 20.5 26.7 |
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 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ 93.5 $ 104.4 $ 92.7 $ 7.6 $ 8.5 $ 9.4 $ 10.0 $ 9.3 $ 8.3 Interest cost 184.3 192.1 230.5 12.6 18.0 27.1 1.5 1.7 2.6 Expected return on (411.1) (420.9) (449.9) (26.7) (34.7) (42.1) - - - Amortization of losses 140.5 108.3 106.0 (10.9) (5.1) (2.1) 3.0 2.6 0.4 Amortization of prior 1.0 1.3 1.6 (20.9) (5.5) (5.5) 0.4 0.9 0.9 Other adjustments 0.1 - - (0.1) - - 12.9 8.4 17.7 Settlement or (18.4) 14.9 - (5.5) - - - - - Net (income) expense $ (10.1) $ 0.1 $ (19.1) $ (43.9) $ (18.8) $ (13.2) $ 27.8 $ 22.9 $ 29.9 |
Weighted-Average Assumptions [Table Text Block] | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2022 2021 2022 2021 Discount rate 4.39 % 3.17 % 4.36 % 3.03 % 3.62 % 2.04 % Rate of salary increases 4.34 4.39 - - 4.46 4.46 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate 3.17 % 3.20 % 3.91 % 3.03 % 3.02 % 3.79 % 2.04 % 1.86 % 3.10 % Service cost 3.56 3.58 4.19 3.34 3.40 4.04 2.46 3.51 3.51 Interest cost 2.42 2.55 3.47 2.08 2.29 3.28 1.48 2.83 2.84 Rate of 4.39 4.44 4.17 - - - 4.46 4.47 4.47 Expected long-term 5.85 5.72 6.95 6.09 4.57 5.67 - - - |
Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] | May 31, 2022 May 31, 2021 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) $ 623.4 $ 442.3 $ 66.3 $ 1,132.0 $ 838.3 $ 697.2 $ - $ 1,535.5 Fixed income (b) 1,958.7 1,723.4 - 3,682.1 1,993.5 1,936.3 - 3,929.8 Real asset investments (c) 159.8 - - 159.8 277.9 0.2 - 278.1 Other investments (d) - - 0.1 0.1 - - 0.1 0.1 Cash and accruals 133.6 0.3 - 133.9 180.0 - - 180.0 Fair value measurement of pension $ 2,875.5 $ 2,166.0 $ 66.4 $ 5,107.9 $ 3,289.7 $ 2,633.7 $ 0.1 $ 5,923.5 Assets measured at net asset value (e) 1,402.4 1,536.7 Total pension plan $ 6,510.3 $ 7,460.2 Fair value measurement of postretirement benefit plan assets: Equity (a) $ - $ - $ - $ - $ 0.2 $ - $ - $ 0.2 Fixed income (b) 120.8 - - 120.8 117.3 - - 117.3 Cash and accruals 6.6 - - 6.6 14.8 - - 14.8 Fair value measurement of $ 127.4 $ - $ - $ 127.4 $ 132.3 $ - $ - $ 132.3 Assets measured at net asset value (e) 351.8 387.1 Total postretirement $ 479.2 $ 519.4 (a) allocations. Investments at closing prices from national exchanges, commingled funds valued managers, information available. (b) policy allocations, and prices from funds valued at unit values provided by the investment managers, which (c) energy, funds valued at unit values provided by the investment managers, which (d) of the underlying investments and contract fair values established by the providers (e) measured at fair value using fair value hierarchy. Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2022 2021 2022 2021 Asset category: United States equities 12.1 % 15.4 % 27.9 % 28.0 % International equities 7.8 9.9 13.5 13.9 Private equities 10.4 9.3 15.2 15.1 Fixed income 58.3 54.6 43.4 43.0 Real assets 11.4 10.8 - - 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 Postemployment Benefit Plans Fiscal 2023 $ 349.9 $ 36.9 $ 25.4 Fiscal 2024 347.9 36.3 20.3 Fiscal 2025 354.3 35.6 18.2 Fiscal 2026 361.7 35.4 16.8 Fiscal 2027 369.1 34.9 16.0 Fiscal 2028-2032 1,945.3 162.4 68.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 29, 2022 | |
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 2022 2021 2020 Earnings before income taxes and after-tax earnings United States $ 2,652.3 $ 2,567.1 $ 2,402.1 Foreign 557.3 290.3 198.1 Total earnings $ 3,209.6 $ 2,857.4 $ 2,600.2 Income taxes: Currently payable: Federal $ 384.2 $ 369.8 $ 381.0 State and local 60.8 47.5 55.3 Foreign 79.1 93.0 73.8 Total current 524.1 510.3 510.1 Deferred: Federal 75.0 117.9 67.8 State and local 18.3 13.6 (56.6) Foreign (31.1) (12.7) (40.8) Total deferred 62.2 118.8 (29.6) Total income $ 586.3 $ 629.1 $ 480.5 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2022 2021 2020 United States statutory rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal tax benefits 2.1 1.7 2.0 Foreign rate differences (1.1) 0.3 (0.8) Stock based compensation (0.6) (0.4) (1.1) Subsidiary reorganization (a) - - (2.0) Capital loss (b) (1.7) - - Divestitures, net (c) (1.2) - - Other, net (0.2) (0.6) (0.6) Effective income tax rate 18.3 % 22.0 % 18.5 % During 53.1 reorganization of certain wholly owned subsidiaries. (b) During fiscal 2022, we released a 50.7 be used against divestiture gains. (c) During fiscal 2022, we included certain Marques SNC and Liberté Marques Sàrl. |
Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Accrued liabilities $ 46.2 $ 58.5 Compensation and employee benefits 146.7 198.7 Unrealized hedges - 16.3 Pension 1.5 61.4 Tax credit carryforwards 34.9 22.7 Stock, partnership, and miscellaneous investments 17.9 46.3 Capital losses 61.9 67.3 Net operating losses 178.0 160.5 Other 96.3 93.4 Gross deferred tax assets 583.4 725.1 Valuation 185.1 229.2 Net deferred tax assets 398.3 495.9 Brands 1,415.2 1,413.8 Fixed assets 392.6 412.7 Intangible assets 201.0 256.2 Tax lease transactions 14.9 18.8 Inventories 27.1 36.2 Stock, partnership, and miscellaneous investments 357.7 364.0 Unrealized hedges 98.7 - Other 109.4 112.6 Gross deferred tax liabilities 2,616.6 2,614.3 Net deferred tax liability $ 2,218.3 $ 2,118.4 In Millions May 29, 2022 Pillsbury acquisition losses $ 107.6 State and foreign loss carryforwards 25.3 Capital loss carryforwards 11.0 Other 41.2 Total $ 185.1 In Millions May 29, 2022 Foreign loss carryforwards $ 179.2 State operating loss carryforwards 8.7 Total tax loss carryforwards $ 187.9 In Millions May 29, 2022 Expire in fiscal 2023 and 2024 $ 3.1 Expire in fiscal 2025 and beyond 12.6 Do not expire 163.5 Total foreign loss carryforwards $ 179.2 |
Schedule of Changes in Total Gross Unrecognized Tax Benefit Liabilities [Table Text Block] | Fiscal Year In Millions 2022 2021 Balance, beginning of year $ 145.3 $ 147.9 Tax positions related Additions 21.6 20.1 Tax positions related Additions 10.4 6.3 Reductions (5.5) (7.2) Settlements (2.4) (2.1) Lapses in statutes of limitations (8.5) (19.7) Balance, end of year $ 160.9 $ 145.3 |
Business Segment and Geograph_2
Business Segment and Geographic Information (Tables) | 12 Months Ended |
May 29, 2022 | |
Business Segment and Geographic Information [Abstract] | |
Operating Segment Results [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net sales: North America Retail $ 11,572.0 $ 11,250.0 $ 10,978.1 International 3,315.7 3,656.8 3,365.1 Pet 2,259.4 1,732.4 1,694.6 North America Foodservice 1,845.7 1,487.8 1,588.8 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 Operating profit: North America Retail $ 2,699.7 $ 2,725.9 $ 2,708.9 International 232.0 236.6 132.5 Pet 470.6 415.0 390.7 North America Foodservice 255.5 203.3 255.3 Total segment operating $ 3,657.8 $ 3,580.8 $ 3,487.4 Unallocated corporate items 402.6 212.1 509.1 Divestitures (gain) loss (194.1) 53.5 - Restructuring, impairment, and other exit (recoveries) costs (26.5) 170.4 24.4 Operating profit $ 3,475.8 $ 3,144.8 $ 2,953.9 Fiscal Year In Millions 2022 2021 2020 U.S. Meals & Baking Solutions $ 4,023.8 $ 4,042.2 $ 3,869.3 U.S. Morning Foods 3,370.9 3,314.0 3,292.0 U.S. Snacks 3,191.4 2,940.5 2,919.7 Canada 985.9 953.3 897.1 Total $ 11,572.0 $ 11,250.0 $ 10,978.1 |
Net sales by class of similar products [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Snacks $ 3,960.9 $ 3,574.2 $ 3,529.7 Cereal 2,998.1 2,868.9 2,874.1 Convenient meals 2,988.5 3,030.2 2,814.3 Pet 2,260.1 1,732.4 1,694.6 Dough 1,986.3 1,866.1 1,801.1 Baking mixes and ingredients 1,843.6 1,695.5 1,674.2 Yogurt 1,714.9 2,074.8 2,056.6 Super-premium ice cream 782.2 819.7 718.1 Other 458.2 465.2 463.9 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 |
Financial information by geographic area [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Net sales: United States $ 14,691.2 $ 13,496.9 $ 13,364.5 Non-United States 4,301.6 4,630.1 4,262.1 Total $ 18,992.8 $ 18,127.0 $ 17,626.6 In Millions May 29, 2022 May 30, 2021 Cash and cash equivalents: United States $ 46.0 $ 817.9 Non-United States 523.4 687.3 Total $ 569.4 $ 1,505.2 In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: United States $ 2,675.2 $ 2,714.7 Non-United States 718.6 892.1 Total $ 3,393.8 $ 3,606.8 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
May 29, 2022 | |
Supplemental Information [Abstract] | |
Components of receivables [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Receivables: Customers $ 1,720.4 $ 1,674.5 Less allowance for doubtful accounts (28.3) (36.0) Total $ 1,692.1 $ 1,638.5 |
Components of inventories [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Inventories: Finished goods $ 1,634.7 $ 1,506.9 Raw materials and packaging 532.0 411.9 Grain 164.0 111.2 Excess of FIFO over LIFO cost (a) (463.4) (209.5) Total $ 1,867.3 $ 1,820.5 (a) 1,127.1 1,139.7 difference between replacement valuation method. |
Components of prepaid expenses and other current assets [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Prepaid expenses and other current assets: Marketable investments $ 249.8 $ 360.0 Prepaid expenses 213.5 221.7 Other receivables 182.8 139.1 Derivative receivables 86.1 37.5 Grain contracts 28.7 12.0 Miscellaneous 41.2 20.0 Total $ 802.1 $ 790.3 |
Components of assets held for sale [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Assets held for sale: Goodwill $ 130.0 $ - Inventories 22.9 - Equipment 6.0 - Total $ 158.9 $ - |
Components of land, buildings and equipment [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Land, buildings, and equipment: Equipment $ 6,491.7 $ 6,732.7 Buildings 2,444.8 2,542.7 Capitalized software 717.8 718.5 Construction in progress 492.8 395.7 Land 55.1 67.4 Equipment under finance lease 7.8 7.8 Buildings under finance lease 0.3 0.3 Total land, buildings, 10,210.3 10,465.1 Less accumulated depreciation (6,816.5) (6,858.3) Total $ 3,393.8 $ 3,606.8 |
Components of other assets [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Other assets: Investments in and advances to joint ventures $ 513.8 $ 566.4 Right of use operating lease assets 336.8 378.6 Pension assets 52.6 30.0 Life insurance 17.5 18.6 Miscellaneous 307.4 274.0 Total $ 1,228.1 $ 1,267.6 |
Components of other current liabilities [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Other current liabilities: Accrued trade and consumer promotions $ 474.4 $ 580.9 Accrued payroll 435.6 434.4 Current portion of operating lease liabilities 106.7 111.2 Accrued interest, including interest rate swaps 70.1 80.0 Restructuring and other exit costs reserve 36.8 148.8 Accrued taxes 31.4 37.4 Dividends payable 25.3 24.1 Derivative payable, primarily commodity-related 19.9 39.2 Grain contracts 3.0 0.9 Miscellaneous 348.8 330.3 Total $ 1,552.0 $ 1,787.2 |
Components of other noncurrent liabilities [Table Text Block] | In Millions May 29, 2022 May 30, 2021 Other non-current liabilities: Accrued compensation and benefits, including obligations for underfunded $ 360.8 $ 707.7 Non-current portion of operating lease liabilities 248.3 283.2 Accrued taxes 233.0 215.6 Miscellaneous 87.0 86.2 Total $ 929.1 $ 1,292.7 |
Consolidated statements of earnings amounts [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Depreciation and amortization $ 570.3 $ 601.3 $ 594.7 Research and development expense 243.1 239.3 224.4 Advertising and media expense (including production and 690.1 736.3 691.8 |
Components of interest, net [Table Text Block] | Fiscal Year Expense (Income), in Millions 2022 2021 2020 Interest expense $ 387.2 $ 430.9 $ 475.1 Capitalized interest (3.8) (3.2) (2.6) Interest income (3.8) (7.4) (6.0) Interest, net $ 379.6 $ 420.3 $ 466.5 |
Consolidated statements of cash flows supplemental disclosures [Table Text Block] | Fiscal Year In Millions 2022 2021 2020 Cash interest payments $ 357.8 $ 412.5 $ 418.5 Cash paid for income taxes 545.3 636.1 403.3 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
May 29, 2022 | |
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 2022 2021 2022 2021 2022 2021 2022 2021 Net sales $ 4,539.9 $ 4,364.0 $ 5,024.0 $ 4,719.4 $ 4,537.7 $ 4,520.0 $ 4,891.2 $ 4,523.6 Gross margin 1,597.4 1,590.4 1,631.2 1,721.1 1,403.7 1,553.9 1,769.9 1,582.9 Net earnings attributable to 627.0 638.9 597.2 688.4 660.3 595.7 822.8 416.8 EPS: Basic $ 1.03 $ 1.04 $ 0.98 $ 1.12 $ 1.09 $ 0.97 $ 1.36 $ 0.68 Diluted $ 1.02 $ 1.03 $ 0.97 $ 1.11 $ 1.08 $ 0.96 $ 1.35 $ 0.68 |
Basis of Presentation and Rec_2
Basis of Presentation and Reclassifications (Details) | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Annual Reporting Period | 364 days | 364 days | 371 days |
Pet Segment [Member] | |||
Annual Reporting Period | 12 months | 12 months | 13 months |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
May 29, 2022 | May 30, 2021 | Aug. 30, 2020 | May 31, 2020 | May 26, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity | $ (10,788) | $ (9,773.2) | $ (8,349.5) | $ (7,367.7) | |
Retained Earnings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity | $ (18,532.6) | $ (17,069.8) | (15,982.1) | (14,996.7) | |
Building [Member] | |||||
Useful lives of assets [Line Items] | |||||
Property, Plant and Equipment Useful Life | 40 years | ||||
Minimum [Member] | |||||
Useful lives of assets [Line Items] | |||||
Finite-Lived Intangible Assets Useful Life | 4 years | ||||
Minimum [Member] | Equipment, Furniture and Software [Member] | |||||
Useful lives of assets [Line Items] | |||||
Property, Plant and Equipment Useful Life | 3 years | ||||
Maximum [Member] | |||||
Useful lives of assets [Line Items] | |||||
Finite-Lived Intangible Assets Useful Life | 30 years | ||||
Maximum [Member] | Equipment, Furniture and Software [Member] | |||||
Useful lives of assets [Line Items] | |||||
Property, Plant and Equipment Useful Life | 10 years | ||||
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 | $ 0 | $ 5.7 | $ 5.7 | $ 0 |
Acquisition and Divestitures (A
Acquisition and Divestitures (Acquisition Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
May 29, 2022 | Feb. 27, 2022 | Aug. 29, 2021 | May 30, 2021 | May 29, 2022 | May 30, 2021 | May 31, 2020 | Aug. 28, 2022 | May 26, 2019 | |
Business Acquisition [Line Items] | |||||||||
Pre-tax gain (loss) on sale of business | $ 194.1 | $ (53.5) | $ 0 | ||||||
Aggregate purchase price in cash | 1,201.3 | 0 | 0 | ||||||
Goodwill | $ 14,378.5 | $ 14,062.4 | 14,378.5 | $ 14,062.4 | $ 13,923.2 | $ 13,995.8 | |||
Tyson Foods' pet treats business [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Aggregate purchase price in cash | $ 1,200 | ||||||||
Goodwill | 762.3 | ||||||||
Tyson Foods' pet treats business [Member] | Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Indefinite-Lived Intangible Assets | 40 | ||||||||
Tyson Foods' pet treats business [Member] | Nudges Top Chews And True Chews Brands [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Indefinite-Lived Intangible Assets | $ 330 | ||||||||
Laticinios Carolina [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Pre-tax gain (loss) on sale of business | $ (53.5) | ||||||||
European dough businesses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Pre-tax gain (loss) on sale of business | 9.2 | $ 30.4 | |||||||
Helper main meals and Suddenly Salad side dishes businesses [Member] | Scenario, Forecast [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Sale price of business | $ 610 | ||||||||
Yoplait SAS, Yoplait Marques SNC, and Liberte Marques Sarl [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Pre-tax gain (loss) on sale of business | $ 14.9 | $ 163.7 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries), impairment, and other exit costs | $ (23.2) | $ 172.7 | $ 50.2 | |
Restructuring charges, cash | 93.9 | 21.8 | ||
Reduction to restructuring reserve | (34) | |||
Severance [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Reduction to restructuring reserve | (34) | |||
International manufacturing and logistics operations [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries), impairment, and other exit costs | 15 | |||
Restructuring and Related Cost, Expected Cost | 21 | |||
Restructuring charges, cash | $ 12 | |||
Restructuring action completion date | May 26, 2024 | |||
International manufacturing and logistics operations [Member] | Severance [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 8 | |||
Restructuring charges recognized | 7.9 | |||
International manufacturing and logistics operations [Member] | Other Restructuring [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 10 | |||
Restructuring charges recognized | 7.1 | |||
International manufacturing and logistics operations [Member] | Project-related costs [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 3 | |||
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 | |||
Reduction to restructuring reserve | $ 34 | |||
Global organizational structure and resource alignment [Member] | Minimum [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 125 | |||
Expected Total Payments for Restructuring | 100 | |||
Global organizational structure and resource alignment [Member] | Maximum [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 135 | |||
Expected Total Payments for Restructuring | 110 | |||
Global organizational structure and resource alignment [Member] | Severance [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 100 | |||
Global organizational structure and resource alignment [Member] | Other Restructuring [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 30 | |||
Charges associated with restructuring actions previously announced [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries), impairment, and other exit costs | $ 50.2 |
Restructuring, Impairment, an_4
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 30, 2021 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries) | $ (23.2) | $ 172.7 | $ 50.2 | |
International manufacturing and logistics operations [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries) | 15 | |||
Global organizational structure and resource alignment [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries) | $ 157.3 | 157.3 | ||
International route-to-market and supply chain optimization [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries) | 13 | |||
Net (recoveries) charges associated with restructuring actions previously announced [Member] | ||||
Restructuring and Related Cost [Line Items] | ||||
Restructuring charges (recoveries) | $ (38.2) | $ 2.4 |
Restructuring, Impairment, an_5
Restructuring, Impairment, and Other Exit Costs (Schedule of restructuring and impairment charges and project-related costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Restructuring and Related Cost [Line Items] | |||
Restructuring charges (recoveries), impairment, and other exit costs | $ (23.2) | $ 172.7 | $ 50.2 |
Project-related costs classified in cost of sales | 0 | 0 | 1.5 |
Restructuring, impairment, and other exit costs (recoveries) [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring charges (recoveries), impairment, and other exit costs | (26.5) | 170.4 | 24.4 |
Cost of Sales [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring charges (recoveries), impairment, and other exit costs | $ 3.3 | $ 2.3 | $ 25.8 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | $ 148.8 | $ 17.8 | $ 36.5 |
Restructuring charges paid out of reserve, including foreign currency translation | 3.4 | 143.9 | (2.5) |
Reserve adjustment | (34) | ||
Restructuring reserve utilized | (81.4) | (12.9) | (16.2) |
Reserve ending balance | 36.8 | 148.8 | 17.8 |
Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 147.3 | 17.8 | 36.5 |
Restructuring charges paid out of reserve, including foreign currency translation | 2.2 | 142.3 | (5) |
Reserve adjustment | (34) | ||
Restructuring reserve utilized | (80.1) | (12.8) | (13.7) |
Reserve ending balance | 35.4 | 147.3 | 17.8 |
Contract Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 0.2 | 0 | 0 |
Restructuring charges paid out of reserve, including foreign currency translation | 0 | 0.3 | 0.8 |
Reserve adjustment | 0 | ||
Restructuring reserve utilized | (0.2) | (0.1) | (0.8) |
Reserve ending balance | 0 | 0.2 | 0 |
Other Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Reserve beginning balance | 1.3 | 0 | 0 |
Restructuring charges paid out of reserve, including foreign currency translation | 1.2 | 1.3 | 1.7 |
Reserve adjustment | 0 | ||
Restructuring reserve utilized | (1.1) | 0 | (1.7) |
Reserve ending balance | $ 1.4 | $ 1.3 | $ 0 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Narrative) (Details) - country | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Annual reporting period ended March 31 | 364 days | 364 days | 371 days |
Cereal Partners Worldwide [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50% | ||
Annual reporting period ended March 31 | 12 months | ||
Cereal Partners Worldwide [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of countries in which entity operates | 130 | ||
Haagen Dazs Japan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 50% |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures (Schedule of joint venture related balance sheet activity) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Goodwill and other intangibles | $ 21,378.4 | $ 21,213 |
Corporate Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cumulative investments | 416.4 | 486.2 |
Goodwill and other intangibles | 444.9 | 505.7 |
Aggregate advances included in cumulative investments | $ 254.4 | $ 294.2 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Net (repayments) advances | $ (15.4) | $ (15.5) | $ 48 |
Dividends received | 107.5 | 95.2 | 76.5 |
Corporate Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales to joint ventures | 6.3 | 6.7 | 5.9 |
Net (repayments) advances | (15.4) | (15.5) | 48 |
Dividends received | $ 107.5 | $ 95.2 | $ 76.5 |
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 29, 2022 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | $ 2,134.3 | $ 2,189.2 | $ 2,045.6 | ||||||||
Gross Margin | $ 1,769.9 | $ 1,403.7 | $ 1,631.2 | $ 1,597.4 | $ 1,582.9 | $ 1,553.9 | $ 1,721.1 | $ 1,590.4 | |||
Earnings before income taxes | 249.9 | 247.8 | 214 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,735 | 2,346 | 2,210.8 | ||||||||
Total current assets | 5,089.8 | 5,754.5 | 5,089.8 | 5,754.5 | |||||||
Total current liabilities | 8,019.9 | 8,265.8 | 8,019.9 | 8,265.8 | |||||||
Equity Method Investments [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Gross Margin | 803.1 | 882.9 | 785.3 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 201 | 201.7 | 176.5 | ||||||||
Total current assets | 823.9 | 877.4 | 823.9 | 877.4 | |||||||
Noncurrent assets | 839.8 | 927.2 | 839.8 | 927.2 | |||||||
Total current liabilities | 1,298.8 | 1,424.4 | 1,298.8 | 1,424.4 | |||||||
Noncurrent liabilities | $ 106.5 | $ 142.2 | 106.5 | 142.2 | |||||||
Cereal Partners Worldwide [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | 1,706.5 | 1,766.8 | 1,654.3 | ||||||||
Haagen Dazs Japan [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net sales | $ 427.8 | $ 422.4 | $ 391.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions | May 29, 2022 USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
Future amortization expense, year one | $ 20 |
Future amortization expense, year two | 20 |
Future amortization expense, year three | 20 |
Future amortization expense, year four | 20 |
Future amortization expense, year five | $ 20 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of goodwill and other intangible assets) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 | May 31, 2020 | May 26, 2019 |
Goodwill and Other Intangible Assets [Abstract] | ||||
Goodwill | $ 14,378.5 | $ 14,062.4 | $ 13,923.2 | $ 13,995.8 |
Intangible assets not subject to amortization: | ||||
Brands and other indefinite-lived intangibles | 6,725.8 | 6,628.1 | ||
Intangible assets subject to amortization: | ||||
Franchise agreements, customer relationships and other finite-lived intangibles | 400.3 | 823.4 | ||
Less accumulated amortization | (126.2) | (300.9) | ||
Intangible assets subject to amortization | 274.1 | 522.5 | ||
Other intangible assets | 6,999.9 | 7,150.6 | $ 7,095.8 | $ 7,166.8 |
Total goodwill and intangible assets | $ 21,378.4 | $ 21,213 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Goodwill [Line Items] | |||
Beginning balance | $ 14,062.4 | $ 13,923.2 | $ 13,995.8 |
Acquisitions | 762.3 | ||
Divestitures | (201.8) | (1.2) | |
Reclassified to assets held for sale | (130) | ||
Other activity, primarily foreign currency translation | (114.4) | 140.4 | (72.6) |
Ending balance | 14,378.5 | 14,062.4 | 13,923.2 |
North America Retail Segment [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 6,689.3 | 6,673.7 | 6,676.5 |
Acquisitions | 0 | ||
Divestitures | 0 | 0 | |
Reclassified to assets held for sale | (130) | ||
Other activity, primarily foreign currency translation | (6.4) | 15.6 | (2.8) |
Ending balance | 6,552.9 | 6,689.3 | 6,673.7 |
Pet [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 5,300.5 | 5,300.5 | 5,300.5 |
Acquisitions | 762.3 | ||
Divestitures | 0 | 0 | |
Reclassified to assets held for sale | 0 | ||
Other activity, primarily foreign currency translation | 0 | 0 | 0 |
Ending balance | 6,062.8 | 5,300.5 | 5,300.5 |
North America Foodservice [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 648.8 | 648.8 | 648.8 |
Acquisitions | 0 | ||
Divestitures | 0 | 0 | |
Reclassified to assets held for sale | 0 | ||
Other activity, primarily foreign currency translation | 0 | 0 | 0 |
Ending balance | 648.8 | 648.8 | 648.8 |
International [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 978.2 | 894.5 | 960.6 |
Acquisitions | 0 | ||
Divestitures | (201.8) | (1.2) | |
Reclassified to assets held for sale | 0 | ||
Other activity, primarily foreign currency translation | (54.8) | 84.9 | (66.1) |
Ending balance | 721.6 | 978.2 | 894.5 |
Joint Ventures [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 445.6 | 405.7 | 409.4 |
Acquisitions | 0 | ||
Divestitures | 0 | 0 | |
Reclassified to assets held for sale | 0 | ||
Other activity, primarily foreign currency translation | (53.2) | 39.9 | (3.7) |
Ending balance | $ 392.4 | $ 445.6 | $ 405.7 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Beginning balance - carrying value | $ 7,150.6 | $ 7,095.8 | $ 7,166.8 |
Acquisitions | 370 | ||
Divestiture | (621.8) | (5.3) | |
Other activity, primarily amortization and foreign currency translation | (109.3) | 60.1 | (71) |
Ending balance - carrying value | 6,999.9 | $ 7,150.6 | $ 7,095.8 |
Intellectual property [Member] | |||
Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Acquisitions | $ 210.4 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Uncle Toby's brand intangible asset) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
May 29, 2022 | May 30, 2021 | May 31, 2020 | May 26, 2019 | |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Carrying Value of Intangible Asset | $ 6,999.9 | $ 7,150.6 | $ 7,095.8 | $ 7,166.8 |
Uncle Toby's [Member] | ||||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Carrying Value of Intangible Asset | $ 55 | |||
Excess Fair Value as of Fiscal 2022 Test Date | 7% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 31, 2020 | May 29, 2022 | |
Lessee Disclosure [Abstract] | ||
Operating leases, rent expense, net | $ 171.2 | |
Lessee Operating Lease Signed Not Yet Commenced Amount | $ 135.1 |
Leases (Schedule of components
Leases (Schedule of components of lease cost ) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 29, 2022 | May 30, 2021 | |
Lessee Disclosure [Abstract] | ||
Operating Lease Cost | $ 129.7 | $ 132.7 |
Variable Lease Cost | 8.5 | 21.8 |
Short Term Lease Cost | $ 29.1 | $ 23.4 |
Leases (Schedule of maturities
Leases (Schedule of maturities of operating lease liabilities ) (Details) $ in Millions | May 29, 2022 USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Fiscal 2023 | $ 117.8 |
Fiscal 2024 | 93.6 |
Fiscal 2025 | 64.4 |
Fiscal 2026 | 45.2 |
Fiscal 2027 | 24.1 |
After fiscal 2027 | 40.7 |
Total lease payments | 385.8 |
Finance Lease Liabilities Payments Due [Abstract] | |
Fiscal 2023 | 0.8 |
Fiscal 2024 | 0.4 |
Fiscal 2025 | 0 |
Fiscal 2026 | 0 |
Fiscal 2027 | 0 |
After fiscal 2027 | 0 |
Finance Lease Liability Payments Due | $ 1.2 |
Leases (Schedule of maturitie_2
Leases (Schedule of maturities of operating lease liabilities - Present value of lease liabilities) (Details) $ in Millions | May 29, 2022 USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Less: Interest | $ (30.8) |
Present value of lease liabilities | 355 |
Total lease payments | 385.8 |
Finance Lease Liabilities Payments Due [Abstract] | |
Less: Interest | 0 |
Finance Lease Liability | 1.2 |
Total finance lease payments | $ 1.2 |
Leases (Schedule of weighted-av
Leases (Schedule of weighted-average remaining lease term and weighted-average discount rate for operating leases) (Details) | May 29, 2022 | May 30, 2021 |
Lessee Disclosure [Abstract] | ||
Weighted-average remaining lease term | 4 years 6 months | 4 years 6 months |
Weighted-average discount rate | 3.80% | 3.70% |
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 30, 2021 | |
Lessee Disclosure [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 128.7 | $ 132 |
Right of use assets obtained in exchange for new lease liabilities | $ 84.6 | $ 120.2 |
Financial Instruments, Risk M_3
Financial Instruments, Risk Management Activities, and Fair Values (Narrative) (Details) € in Millions, $ in Millions | 12 Months Ended | |||
May 29, 2022 USD ($) | May 30, 2021 USD ($) | May 31, 2020 USD ($) | May 29, 2022 EUR (€) | |
Derivative [Line Items] | ||||
Long-term debt, fair value | $ 10,508.8 | $ 13,194.4 | ||
Long-term debt, carrying value | 10,809 | 12,250.7 | ||
Hedged Liability Fair Value Hedge Cumulative Increase Decrease | 28.4 | 5.4 | ||
Cost of sales | (12,590.6) | (11,678.7) | $ (11,496.7) | |
Selling, general, and administrative expenses | (3,147) | (3,079.6) | $ (3,151.6) | |
Foreign Exchange Risk [Abstract] | ||||
Accounts payable to suppliers who utilize third party service | 1,429.6 | 1,411.3 | ||
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 | 33.4 | |||
Financial Instruments Owned At Fair Value [Abstract] | ||||
Equity Securities, FV-NI, Restricted | 249.8 | 360 | ||
Cash and cash equivalents pledged as collateral | 10.6 | 0 | ||
Derivative, Collateral, Obligation to Return Cash | 62.8 | 9.1 | ||
Impairment related to equity securities investment | (34) | |||
Credit Risk Related Contingent Features [Abstract] | ||||
Aggregate fair value of derivative instruments in liability position | 35 | |||
Aggregate fair value of collateral already posted | 10.6 | |||
Counterparty Credit Risk [Abstract] | ||||
Concentration Risk Credit Risk Financial Instrument Maximum Exposure | 103.2 | |||
Asset Pledged as Collateral [Member] | ||||
Financial Instruments Owned At Fair Value [Abstract] | ||||
Financial Instruments Owned At Fair Value | 2.3 | |||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Cost of sales | (11.1) | (9.3) | ||
Selling, general, and administrative expenses | $ (8.4) | 0.5 | ||
Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Maturity Date | May 31, 2026 | |||
Euro Denominated Bonds Used For Hedging [Member] | ||||
Derivative [Line Items] | ||||
Long-term debt, carrying value | € | € 2,223.5 | |||
Foreign Exchange Risk [Abstract] | ||||
Deferred Net Foreign Currency Transaction Gains (Losses) Aftertax Accumulated Other Comprehensive Income | $ 57.5 | |||
Commodity Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 490.1 | |||
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 | $ 0 | 0 | ||
Derivative, Collateral, Obligation to Return Cash | 62.8 | 9.1 | ||
Agricultural Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 355.4 | |||
Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 134.7 | |||
Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 1,973.9 | |||
Financial Instruments Owned At Fair Value [Abstract] | ||||
Cash and cash equivalents pledged as collateral | 0 | 0 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ||
Foreign Exchange Contracts [Member] | Euro Denominated Bonds Used For Hedging [Member] | ||||
Derivative [Line Items] | ||||
Long-term debt, carrying value | € | € 750 | |||
Foreign Exchange Risk [Abstract] | ||||
Deferred Net Foreign Currency Transaction Gains (Losses) Aftertax Accumulated Other Comprehensive Income | 20.9 | |||
Equity Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 204.7 | |||
Derivative, Maturity Date | May 28, 2023 | |||
Hedged Debt Designated as Hedged Item [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 615.7 | $ 736.9 | ||
Level 3 [Member] | ||||
Financial Instruments Owned At Fair Value [Abstract] | ||||
Impairment related to equity securities investment | $ 34 |
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 29, 2022 | May 30, 2021 | |
Financial Instruments, Risk Management Activities, and Fair Values [Abstract] | ||
Cost | $ 2.3 | $ 76.9 |
Cost | 250.1 | 360.3 |
Cost, Total | 252.4 | 437.2 |
Fair Value | 2.3 | 76.9 |
Fair Value | 255.3 | 365.6 |
Fair Value, Total | 257.6 | 442.5 |
Gross Gains | 0 | 0 |
Gross Gains | 5.2 | 5.3 |
Gross Gains, Total | 5.2 | 5.3 |
Gross Losses | 0 | 0 |
Gross Losses | 15.1 | 0 |
Gross Losses, Total | $ 15.1 | $ 0 |
Financial Instruments, Risk M_5
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of maturities of available for sale securities) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Schedule of Available-for-Sale Securities [Line Items] | ||
Marketable Securities, Cost Total | $ 252.4 | $ 437.2 |
Marketable Securities Fair Value, Total | 257.6 | $ 442.5 |
Debt Securities [Member] | Under 1 year (current) [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Marketable Securities, Cost Total | 2.3 | |
Marketable Securities Fair Value, Total | 2.3 | |
Equity Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Marketable Securities, Cost Total | 250.1 | |
Marketable Securities Fair Value, Total | $ 255.3 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Commodity Price Risk [Abstract] | |||
Net gain (loss) on mark-to-market valuation of commodity positions | $ 303.3 | $ 138.2 | $ (63) |
Net (gain) loss on commodity positions reclassified from unallocated corporate items to segment operating profit | (188) | (8.8) | 35.6 |
Net mark-to-market revaluation of certain grain inventories | 17.8 | 9.4 | 2.7 |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ 133.1 | $ 138.8 | $ (24.7) |
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 29, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ 2.6 |
2.25 percent notes due October 14, 2031 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (18.4) |
Derivative, Maturity Date | Oct. 14, 2031 |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
2.6% notes due October 12, 2022 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (0.3) |
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 | $ 0.2 |
Derivative, Maturity Date | Apr. 27, 2023 |
Debt Instrument, Interest Rate, Stated Percentage | 1% |
3.65% notes due February 15, 2024 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (3) |
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 | $ 1.7 |
Derivative, Maturity Date | Apr. 17, 2025 |
Debt Instrument, Interest Rate, Stated Percentage | 4% |
3.2% notes due February 10, 2027 [Member] | |
Debt Instrument [Line Items] | |
Pre-tax hedge gain (loss) in AOCI | $ (8) |
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 | $ 1.6 |
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 | $ 6 |
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 | $ 8.7 |
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 |
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 | $ (8.2) |
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 | $ 12.3 |
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) - Interest Rate Contracts [Member] - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Derivative [Line Items] | ||
Pay-floating/fixed swaps - notional amount | $ 644.1 | $ 731.5 |
Average Receive Rate | 0.40% | 0.40% |
Average Pay Rate | 0.10% | 0.10% |
Financial Instruments, Risk M_9
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of fair value measurement inputs) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | $ 143.2 | $ 68.4 |
Other Assets, Fair Value Disclosure | 324.8 | 442.5 |
Total Assets, Fair Value Disclosure | 496.4 | 519.7 |
Derivative Liability, Fair Value | (54.6) | (39.2) |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (52.8) | (40.1) |
Book value of long-lived assets | 3,393.8 | 3,606.8 |
Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 26.9 | 31.1 |
Derivative Liability, Fair Value | (34.5) | (36.3) |
Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 144.7 | 46.1 |
Derivative Liability, Fair Value | (18.3) | (3.8) |
Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 255.3 | 365.6 |
Total Assets, Fair Value Disclosure | 266 | 376.7 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | 0 | (0.8) |
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 | 10.7 | 11.1 |
Derivative Liability, Fair Value | 0 | (0.8) |
Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 2.3 | 76.9 |
Total Assets, Fair Value Disclosure | 163.2 | 143 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Total Liabilities, Fair Value Disclosure | (52.8) | (39.3) |
Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 26.9 | 31.1 |
Derivative Liability, Fair Value | (34.5) | (36.3) |
Level 2 [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 134 | 35 |
Derivative Liability, Fair Value | (18.3) | (3) |
Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other Assets, Fair Value Disclosure | 67.2 | 0 |
Total Assets, Fair Value Disclosure | 67.2 | 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 | 324.8 | 442.5 |
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 | 255.3 | 365.6 |
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 | 2.3 | 76.9 |
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 | 67.2 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Interest Rate Contracts [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 29.8 |
Derivative Liability, Fair Value | (30.7) | 0 |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 28.8 |
Derivative Liability, Fair Value | (29.8) | 0 |
Interest Rate Contracts [Member] | Level 1 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 0 |
Derivative Liability, Fair Value | 0 | 0 |
Interest Rate Contracts [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 0 | 28.8 |
Derivative Liability, Fair Value | (29.8) | 0 |
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 | 35.3 | 4.8 |
Derivative Liability, Fair Value | (19.7) | (37.9) |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 26.9 | 2.3 |
Derivative Liability, Fair Value | (4.7) | (36.3) |
Foreign Exchange Contracts [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 8.4 | 2.5 |
Derivative Liability, Fair Value | (15.1) | (1.6) |
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 | 26.9 | 2.3 |
Derivative Liability, Fair Value | (4.7) | (36.3) |
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 | 8.4 | 2.5 |
Derivative Liability, Fair Value | (15.1) | (1.6) |
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 | 107.5 | 31.6 |
Derivative Liability, Fair Value | (0.2) | (1.3) |
Commodity Contracts [Member] | Not Designated as Hedging [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Derivative Asset, Fair Value | 107.6 | 31.6 |
Derivative Liability, Fair Value | (0.2) | (1.3) |
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 | 10.7 | 11.1 |
Derivative Liability, Fair Value | 0 | (0.8) |
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 | 96.9 | 20.5 |
Derivative Liability, Fair Value | (0.2) | (0.5) |
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 | 28.7 | 12 |
Derivative Liability, Fair Value | (3) | (0.9) |
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 | 28.7 | 12 |
Derivative Liability, Fair Value | (3) | (0.9) |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | $ 7 | $ (20.7) | $ 3.2 |
Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | 7.8 | (27.5) | |
Amount of net gain (loss) reclassified from AOCI into earnings | (24.2) | (19.2) | |
Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (2.1) | (0.3) | |
Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 216.4 | 186.5 | |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | (5.4) | 31.2 | |
Amount of net gain (loss) reclassified from AOCI into earnings | (4.7) | (9.4) | |
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | (2.1) | (0.3) | |
Interest Rate Contracts [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of net gain (loss) recognized in earnings | 0 | 0 | |
Foreign Exchange Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in other comprehensive income (OCI) | 13.2 | (58.7) | |
Amount of net gain (loss) reclassified from AOCI into earnings | (19.5) | (9.8) | |
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 | (32.8) | 4.2 | |
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 | (8) | 47.7 | |
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 | $ 257.2 | $ 134.6 |
Financial Instruments, Risk _11
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of offsetting assets and liabilities) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 143.2 | $ 68.4 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 143.2 | 68.4 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (6.9) | (5.4) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | (62.8) | (9.1) |
Net Amount | 73.5 | 53.9 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (54.6) | (39.2) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (54.6) | (39.2) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 6.9 | 5.4 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 10.6 | 0 |
Net Amount | (37.1) | (33.8) |
Commodity Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 107.5 | 31.6 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 107.5 | 31.6 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (0.2) | (1.3) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | (62.8) | (9.1) |
Net Amount | 44.5 | 21.2 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (0.2) | (1.3) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (0.2) | (1.3) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0.2 | 1.3 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 0 | 0 |
Interest Rate Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | 29.8 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 0 | 29.8 |
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 | 0 | 29.8 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (30.7) | 0 |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (30.7) | 0 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 10.6 | 0 |
Net Amount | (20.1) | 0 |
Foreign Exchange Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 35.3 | 4.8 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 35.3 | 4.8 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (6.4) | (4.1) |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 28.9 | 0.7 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (19.7) | (37.9) |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (19.7) | (37.9) |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 6.4 | 4.1 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | (13.3) | (33.8) |
Equity Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 0.4 | 2.2 |
Gross Liabilities Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets | 0.4 | 2.2 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | (0.3) | 0 |
Cash Collateral Received, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | 0.1 | 2.2 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | (4) | 0 |
Gross Assets Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities | (4) | 0 |
Financial Instruments, Gross Amounts Not Offset in the Balance Sheet | 0.3 | 0 |
Cash Collateral Pledged, Gross Amounts Not Offset in the Balance Sheet | 0 | 0 |
Net Amount | $ (3.7) | $ 0 |
Financial Instruments, Risk _12
Financial Instruments, Risk Management Activities, and Fair Values (Schedule of cashflow hedge in AOCI) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ 23.3 | $ (18.5) |
Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
After-tax gain (loss) in AOCI related to hedge derivatives | $ 23.3 |
Financial Instruments, Risk _13
Financial Instruments, Risk Management Activities, and Fair Values (Concentrations table) (Details) - Customer Concentration Risk [Member] | 12 Months Ended |
May 29, 2022 | |
Net Sales [Member] | Walmart [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 20% |
Net Sales [Member] | Walmart [Member] | North America Retail Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 28% |
Net Sales [Member] | Walmart [Member] | North America Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 8% |
Net Sales [Member] | Walmart [Member] | International [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 2% |
Net Sales [Member] | Walmart [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 16% |
Net Sales [Member] | Five Largest Customers [Member] | North America Retail Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 50% |
Net Sales [Member] | Five Largest Customers [Member] | North America Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 49% |
Net Sales [Member] | Five Largest Customers [Member] | International [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 12% |
Net Sales [Member] | Five Largest Customers [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 64% |
Net Sales [Member] | No Customer Other Than Walmart [Member] | Maximum [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 10% |
Accounts Receivable [Member] | Walmart [Member] | North America Retail Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 23% |
Accounts Receivable [Member] | Walmart [Member] | North America Foodservice Segment [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 6% |
Accounts Receivable [Member] | Walmart [Member] | International [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 3% |
Accounts Receivable [Member] | Walmart [Member] | Pet [Member] | |
Product Information [Line Items] | |
Concentration Risk Percentage | 23% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2022 EUR (€) | Nov. 28, 2021 USD ($) | Nov. 28, 2021 EUR (€) | Aug. 29, 2021 EUR (€) | May 30, 2021 USD ($) | Feb. 28, 2021 USD ($) | Nov. 29, 2020 EUR (€) | Aug. 30, 2020 EUR (€) | May 29, 2022 USD ($) | May 30, 2021 USD ($) | May 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Long-term debt, fair value | $ 13,194.4 | $ 10,508.8 | $ 13,194.4 | ||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 2.5 | ||||||||||
Long-term debt, carrying value | 12,250.7 | 10,809 | 12,250.7 | ||||||||
Issuance of long-term debt | 2,203.7 | 1,576.5 | $ 1,638.1 | ||||||||
Repayment of long-term debt | 3,140.9 | 2,609 | 1,396.7 | ||||||||
Facility Amount | 3,300 | ||||||||||
Debt exchange participation incentive cash payment | $ 201.4 | 0 | $ 201.4 | $ 0 | |||||||
Pre-tax hedge gain (loss) in AOCI | 2.6 | ||||||||||
Committed Credit Facilities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Facility Amount | $ 2,700 | ||||||||||
Minimum fixed charge coverage ratio | 2.5 | ||||||||||
Line Of Credit Expiring April 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Facility Amount | $ 2,700 | ||||||||||
3.7% notes due October 17, 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | $ 850 | ||||||||||
Fixed interest rate percentage | 3.70% | ||||||||||
Maturity date | Oct. 17, 2023 | ||||||||||
0.0 percent fixed-rate notes due November 11, 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € 250 | $ 500 | |||||||||
Fixed interest rate percentage | 2.25% | 2.25% | 0% | ||||||||
Maturity date | Nov. 11, 2022 | Oct. 14, 2031 | Oct. 14, 2031 | ||||||||
Euro-denominated 0.0% notes due May 16, 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 250 | ||||||||||
Maturity date | May 16, 2023 | May 16, 2023 | May 16, 2023 | ||||||||
2.25 percent notes due October 14, 2031 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 2.25% | ||||||||||
Pre-tax hedge gain (loss) in AOCI | $ (18.4) | ||||||||||
0.125% notes due November 15, 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Repayment of long-term debt | $ 600 | ||||||||||
Fixed interest rate percentage | 0.125% | 0.125% | 3.20% | 0.10% | 3.20% | ||||||
Maturity date | Nov. 15, 2025 | Nov. 15, 2025 | Nov. 15, 2025 | ||||||||
0.00% Fixed Rate Notes Due Nov. 16 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Repayment of long-term debt | € | € 500 | ||||||||||
Fixed interest rate percentage | 0% | 0% | 0% | ||||||||
Maturity date | Nov. 16, 2021 | Nov. 16, 2021 | Nov. 16, 2021 | ||||||||
3.15 percent fixed-rate notes due December 15, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | $ 1,000 | ||||||||||
Fixed interest rate percentage | 3.15% | 3.15% | |||||||||
Maturity date | Dec. 15, 2021 | Dec. 15, 2021 | |||||||||
Floating-rate notes due July 27, 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Maturity date | Jul. 27, 2023 | ||||||||||
0.00% Fixed Rate Notes Due Aug.21, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Repayment of long-term debt | € | € 500 | ||||||||||
Fixed interest rate percentage | 0% | 0% | |||||||||
Maturity date | Aug. 21, 2021 | Aug. 21, 2021 | |||||||||
Euro-denominated 2.2% notes due June 24, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | € | € 200 | ||||||||||
Fixed interest rate percentage | 2.20% | 2.20% | 2.20% | ||||||||
Maturity date | Jun. 24, 2021 | Jun. 24, 2021 | Jun. 24, 2021 | ||||||||
2.2 percent fixed-rate notes due November 29, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of long-term debt | € | € 500 | ||||||||||
Fixed interest rate percentage | 2.20% | 2.20% | |||||||||
Maturity date | Nov. 29, 2021 | Nov. 29, 2021 | |||||||||
Notes due 14 October 2031 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 2.25% | ||||||||||
Maturity date | Oct. 14, 2031 | ||||||||||
Medium-term Notes [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 0.56% | ||||||||||
Maturity date | May 28, 2023 | ||||||||||
Medium-term Notes [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate percentage | 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% | ||||||||||
Maturity date | Feb. 01, 2051 | ||||||||||
0.00% Fixed Rate Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | € | € 200 | ||||||||||
Fixed interest rate percentage | 0% | ||||||||||
2.1 % Fixed Rate Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | € | € 500 | ||||||||||
Fixed interest rate percentage | 2.10% | ||||||||||
Floating Rate Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of long-term debt | $ 850 | ||||||||||
Certain Long Term Debt Agreements Containing Restrictive Covenants [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant Compliance | As of May 29, 2022, we were in compliance with all of these covenants. |
Debt (Schedule of long-term deb
Debt (Schedule of long-term debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Nov. 28, 2021 | May 29, 2022 | May 30, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt, including current portion | $ 10,809 | $ 12,250.7 | |
Other, including debt issuance costs, debt exchange participation premium, and finance leases | (267.6) | (246.4) | |
Current portion of long-term debt | (1,674.2) | (2,463.8) | |
Total long-term debt | $ 9,134.8 | 9,786.9 | |
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 | $ 0 | 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 | $ 0 | 850 | |
4.0% notes due April 17, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||
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 | $ 644.1 | 731.5 | |
Euro-denominated 1.0% notes due April 27, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1% | ||
Maturity date | Apr. 27, 2023 | ||
Long-term Debt, Gross | $ 536.8 | 609.6 | |
Euro-denominated 0.0% notes due August 21, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0% | ||
Maturity date | Aug. 21, 2021 | ||
Long-term Debt, Gross | $ 0 | 609.6 | |
Euro-denominated 0.0% notes due November 16, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0% | ||
Maturity date | Nov. 16, 2021 | ||
Long-term Debt, Gross | $ 0 | 609.6 | |
3.0% notes, due February 1, 2051 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||
Maturity date | Feb. 01, 2051 | ||
Long-term Debt, Gross | $ 605.2 | 605.2 | |
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 | |
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 | $ 429.4 | 487.7 | |
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 | 446.2 | |
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 | 434.9 | |
Floating-rate notes due October 17, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Oct. 17, 2023 | ||
Long-term Debt, Gross | $ 400 | 400 | |
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 | 382.5 | |
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 | 282.4 | |
Euro-denominated 2.2% notes due June 24, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | 2.20% | |
Maturity date | Jun. 24, 2021 | Jun. 24, 2021 | |
Long-term Debt, Gross | $ 0 | 243.9 | |
Medium-term notes, 0.56% to 6.41%, due fiscal 2023 or later [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 103.9 | 104 | |
Maturity date description | 2023 | ||
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% | ||
2.25% notes due October 14, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||
Maturity date | Oct. 14, 2031 | ||
Long-term Debt, Gross | $ 500 | $ 0 | |
Euro-denominated 0.125% notes due November 15, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.125% | 0.10% | 3.20% |
Maturity date | Nov. 15, 2025 | Nov. 15, 2025 | |
Long-term Debt, Gross | $ 536.7 | $ 0 | |
Euro-denominated 0.0% notes due November 11, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0% | ||
Maturity date | Nov. 11, 2022 | ||
Long-term Debt, Gross | $ 268.3 | 0 | |
Euro-denominated 0.0% notes due May 16, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | May 16, 2023 | May 16, 2023 | |
Long-term Debt, Gross | $ 268.3 | ||
Euro-denominated 0.0% notes due July 07, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0% | ||
Maturity date | Jul. 27, 2023 | ||
Long-term Debt, Gross | $ 537.9 | $ 0 |
Debt (Schedule of credit facili
Debt (Schedule of credit facilities) (Details) $ in Billions | 12 Months Ended |
May 29, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 3.3 |
Borrowed Amount | 0.1 |
Committed Credit Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 2.7 |
Borrowed Amount | $ 0 |
Compliance with credit facility covenants | We were in compliance with all credit facility covenants as of May 29, 2022. |
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 |
Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 0.6 |
Borrowed Amount | $ 0.1 |
Debt (Schedule of short-term de
Debt (Schedule of short-term debt) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Short-term Debt [Line Items] | ||
Notes payable | $ 811.4 | $ 361.3 |
Weighted Average Interest Rate | 5.50% | 3.40% |
U.S. commercial paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 694.8 | $ 0 |
Weighted Average Interest Rate | 1.10% | 0% |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 116.6 | $ 361.3 |
Weighted Average Interest Rate | 4.40% | 3.40% |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt and Capital Lease Obligations) (Details) $ in Millions | May 29, 2022 USD ($) |
Debt [Abstract] | |
Fiscal 2023 | $ 1,674.2 |
Fiscal 2024 | 1,442.3 |
Fiscal 2025 | 800 |
Fiscal 2026 | 1,180.9 |
Fiscal 2027 | $ 1,179.4 |
Redeemable and Noncontrolling_2
Redeemable and Noncontrolling Interests (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Nov. 28, 2021 | May 29, 2022 | May 30, 2021 | May 31, 2020 | May 26, 2019 | Jul. 01, 2011 | |
Noncontrolling Interest [Line Items] | ||||||
Redeemable interest value | $ 0 | $ 604.9 | ||||
Noncontrolling interests | 245.6 | 302.8 | ||||
Dividends paid under the terms of shareholder agreements | $ 129.8 | 48.9 | $ 72.5 | |||
Noncontrolling interests covenant compliancee | Our noncontrolling interests contain restrictive covenants. As of May 29, 2022, we were in compliance with all of these covenants. | |||||
Sodiaal International Redeemable Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable interest value | $ 0 | 604.9 | $ 544.6 | $ 551.7 | ||
Yoplait SAS Subsidiary [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net purchases from related party | 212.1 | |||||
Yoplait Marques SNC and Liberte Marques Sarl [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable interest percentage | 49% | |||||
Yoplait SAS [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net purchases from related party | $ 99.5 | |||||
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 | $ 105.1 | $ 40.3 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | May 29, 2022 shares |
Cummulative preference stock, shared authorized | 5,000,000 |
Number of shares of common stock authorized for repurchase | 100,000,000 |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchase) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Share repurchases | |||
Shares of common stock | 13.5 | 5 | 0.1 |
Aggregate purchase price | $ 876.8 | $ 301.4 | $ 3.4 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of total comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2022 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Reclassification to earnings: | |||||||||||
Foreign currency translation | $ 342.2 | $ 0 | $ 0 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | (175.9) | 175.1 | (169.1) | ||||||||
Net actuarial gain (loss) | 101.6 | 353.4 | (224.6) | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | 7 | (20.7) | 3.2 | ||||||||
Reclassification to earnings: | |||||||||||
Hedge derivatives | 35.1 | 13.5 | 4.1 | ||||||||
Amortization of losses and prior service costs | 75.8 | 78.9 | 77.9 | ||||||||
Other comprehensive income (loss), net of tax | 385.8 | 600.2 | (308.5) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to General Mills | $ 822.8 | $ 660.3 | $ 597.2 | $ 627 | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | 2,707.3 | 2,339.8 | 2,181.2 |
Net earnings attributable to redeemable and noncontrolling interests | 27.7 | 6.2 | 29.6 | ||||||||
Total comprehensive income (loss) attributable to General Mills | 3,166 | 2,825 | 1,892.2 | ||||||||
General Mills [Member] | |||||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Foreign currency translation | (188.5) | (6.1) | (149.1) | ||||||||
Net actuarial gain (loss) | 132.4 | 464.9 | (290.2) | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | 30.1 | (25.8) | 4.4 | ||||||||
Reclassification to earnings: | |||||||||||
Foreign currency translation | (342.2) | ||||||||||
Hedge derivatives | 23.7 | 19.1 | 4.3 | ||||||||
Amortization of losses and prior service costs | 97.4 | 102.5 | 101.3 | ||||||||
Other comprehensive income (loss), before tax | 437.3 | 554.6 | (329.3) | ||||||||
Other comprehensive income (loss), tax: | |||||||||||
Foreign currency translation | 85.8 | 64.9 | 0 | ||||||||
Net actuarial gain (loss) | (30.8) | (111.5) | 65.6 | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | (23.6) | 6.5 | (1.2) | ||||||||
Reclassification to earnings: | |||||||||||
Foreign currency translation | 0 | ||||||||||
Hedge derivatives | 11.6 | (5.7) | (0.7) | ||||||||
Amortization of losses and prior service costs | (21.6) | (23.6) | (23.4) | ||||||||
Other comprehensive income (loss), tax | 21.4 | (69.4) | 40.3 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | (102.7) | 58.8 | (149.1) | ||||||||
Net actuarial gain (loss) | 101.6 | 353.4 | (224.6) | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | 6.5 | (19.3) | 3.2 | ||||||||
Reclassification to earnings: | |||||||||||
Foreign currency translation | 342.2 | ||||||||||
Hedge derivatives | 35.3 | 13.4 | 3.6 | ||||||||
Amortization of losses and prior service costs | 75.8 | 78.9 | 77.9 | ||||||||
Other comprehensive income (loss), net of tax | 458.7 | 485.2 | (289) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to General Mills | 2,707.3 | 2,339.8 | 2,181.2 | ||||||||
Total comprehensive income (loss) attributable to General Mills | 3,166 | 2,825 | 1,892.2 | ||||||||
Noncontrolling Interests [Member] | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | (26.2) | 31.5 | (2.6) | ||||||||
Net actuarial gain (loss) | 0 | 0 | 0 | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | 0 | 0 | 0 | ||||||||
Reclassification to earnings: | |||||||||||
Hedge derivatives | 0 | 0 | 0 | ||||||||
Amortization of losses and prior service costs | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of tax | (26.2) | 31.5 | (2.6) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to redeemable and noncontrolling interests | 10.2 | 6.5 | 12.9 | ||||||||
Total comprehensive income (loss) attributable to noncontrolling interests | (16) | 38 | 10.3 | ||||||||
Redeemable Interest [Member] | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation | (47) | 84.8 | (17.4) | ||||||||
Net actuarial gain (loss) | 0 | 0 | 0 | ||||||||
Other fair value changes: | |||||||||||
Hedge derivatives | 0.5 | (1.4) | 0 | ||||||||
Reclassification to earnings: | |||||||||||
Hedge derivatives | (0.2) | 0.1 | 0.5 | ||||||||
Amortization of losses and prior service costs | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of tax | (46.7) | 83.5 | (16.9) | ||||||||
Comprehensive Income: | |||||||||||
Net earnings attributable to redeemable and noncontrolling interests | 17.5 | (0.3) | 16.7 | ||||||||
Total comprehensive income (loss) attributable to redeemable interests | $ (29.2) | $ 83.2 | $ (0.2) |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of accumulated other comprehensive loss balances, net of taxes) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation adjustments | $ (590.7) | $ (830.2) |
Unrealized gain (loss) from: | ||
Hedge derivatives | 23.3 | (18.5) |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial (loss) gain | (1,513.4) | (1,718.4) |
Prior service (costs) credits | 110.3 | 137.9 |
Accumulated other comprehensive loss | $ (1,970.5) | $ (2,429.2) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant under stock compensation plan | 20.7 | ||
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 | $ 82.7 | $ 74.4 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Recognized tax windfall benefits related to the exercise of stock-based awards | 18.4 | 12.4 | $ 27.3 |
Unrecognized compensation expense related to non-vested stock options and restricted stock units | $ 101.9 | ||
Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 18 months | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum option pricing percentage of market price | 100% | ||
Award vesting period | 4 years | ||
Expiration period | 10 years 1 month | ||
Compensation expense related to stock-based payments | $ 12.1 | 11.2 | 13.4 |
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 | $ 94.2 | $ 78.7 | $ 81.5 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Stock Plans [Abstract] | |||
Estimated fair values of stock options granted | $ 8.77 | $ 8.03 | $ 7.10 |
Assumptions: | |||
Risk-free interest rate | 1.50% | 0.70% | 2% |
Expected term | 8 years 6 months | 8 years 6 months | 8 years 6 months |
Expected volatility | 20.20% | 19.50% | 17.40% |
Dividend yield | 3.40% | 3.30% | 3.60% |
Stock Plans (Schedule of inform
Stock Plans (Schedule of information on stock option activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
May 29, 2022 | May 30, 2021 | |
Options Outstanding [Abstract] | ||
Balance Outstanding Beginning Balance | 17,397,500 | |
Granted | 1,485,400 | |
Exercised | (3,564,600) | |
Forfeited or expired | (312,800) | |
Ending Balance, Outstanding | 15,005,500 | 17,397,500 |
Ending Balance, Exercisable | 7,960,900 | |
Weighted Average Exercise Price [Abstract] | ||
Balance Exercisable Beginning Balance | $ 53.29 | |
Granted | 60.03 | |
Exercised | 47.03 | |
Forfeited or expired | 55.79 | |
Balance Outstanding Ending Balance | 55.39 | |
Ending Balance, Exercisable | $ 57.10 | $ 53.29 |
Weighted Average Remaining Contractual Term [Abstract] | ||
Ending Balance, Outstanding | 5 years 4 months 9 days | 5 years 3 months 3 days |
Ending Balance, Exercisable | 3 years 6 months 29 days | |
Aggregate Intrinsic Value [Abstract] | ||
Ending Balance, Outstanding | $ 217.5 | $ 174.4 |
Ending Balance, Exercisable | $ 101.8 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Stock Plans [Abstract] | |||
Net cash proceeds | $ 161.7 | $ 74.3 | $ 263.4 |
Intrinsic value of options exercised | $ 74 | $ 44.8 | $ 132.9 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Share Settled Units (Thousands) [Abstract] | |||
Granted | 1,989,000 | 1,529,000 | 1,947,600 |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 61.24 | $ 53.28 | |
Non-vested Ending Balance | $ 60.02 | $ 61.24 | $ 53.28 |
Number of units granted | 1,989,000 | 1,529,000 | 1,947,600 |
Weighted average price per unit | $ 60.02 | $ 61.24 | $ 53.28 |
Equity Classified [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 5,072,800 | ||
Granted | 1,958,100 | ||
Vested | (1,532,900) | ||
Forfeited or expired | (344,600) | ||
Non-vested Ending Balance | 5,153,400 | 5,072,800 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 53.84 | ||
Granted | 60.01 | ||
Vested | 52.48 | ||
Forfeited or expired | 57.10 | ||
Non-vested Ending Balance | $ 56.37 | $ 53.84 | |
Number of units granted | 1,958,100 | ||
Weighted average price per unit | $ 56.37 | $ 53.84 | |
Liability Classified Share Settled [Member] | |||
Share Settled Units (Thousands) [Abstract] | |||
Non-vested Beginning Balance | 97,600 | ||
Granted | 30,900 | ||
Vested | (42,000) | ||
Forfeited or expired | (9,200) | ||
Non-vested Ending Balance | 77,300 | 97,600 | |
Weighted Average Grant-Date Fair Value [Abstract] | |||
Non-vested Beginning Balance | $ 54.26 | ||
Granted | 60.23 | ||
Vested | 53.95 | ||
Forfeited or expired | 57.49 | ||
Non-vested Ending Balance | $ 56.43 | $ 54.26 | |
Number of units granted | 30,900 | ||
Weighted average price per unit | $ 56.43 | $ 54.26 |
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 29, 2022 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings attributable to General Mills | $ 822.8 | $ 660.3 | $ 597.2 | $ 627 | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | $ 2,707.3 | $ 2,339.8 | $ 2,181.2 |
Average number of common shares - basic EPS | 607.5 | 614.1 | 608.1 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Average number of common shares - diluted EPS | 612.6 | 619.1 | 613.3 | ||||||||
Earnings per share - basic | $ 1.36 | $ 1.09 | $ 0.98 | $ 1.03 | $ 0.68 | $ 0.97 | $ 1.12 | $ 1.04 | $ 4.46 | $ 3.81 | $ 3.59 |
Earnings per share - diluted | $ 1.35 | $ 1.08 | $ 0.97 | $ 1.02 | $ 0.68 | $ 0.96 | $ 1.11 | $ 1.03 | $ 4.42 | $ 3.78 | $ 3.56 |
Other Disclosures [Abstract] | |||||||||||
Anti-dilutive stock options, restricted stock units, and performance share units | 4.4 | 3.4 | 8.4 | ||||||||
Stock options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Incremental share effect | 2.5 | 2.5 | 2.7 | ||||||||
Restricted stock units and performance share units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Incremental share effect | 2.6 | 2.5 | 2.5 |
Retirement Benefits and Poste_3
Retirement Benefits and Postemployment Benefits (Narrative) (Details) - USD ($) shares in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | $ 6,330,000,000 | $ 7,402,100,000 | |
Rate to which the cost trend rate is assumed to decline (ultimate rate) | 4.50% | 4.50% | |
Year that Rate Reaches Ultimate Trend Rate | 2031 | 2029 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Net assets of money purchase plan | $ 20,600,000 | $ 22,500,000 | |
Recognized expense | 90,100,000 | 76,100,000 | $ 90,100,000 |
Level 3 [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Change in the observable inputs | $ 66,300,000 | $ 0 | |
Under Age 65 [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Health care cost trend rate for next year | 5.90% | 6% | |
Over Age 65 [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Health care cost trend rate for next year | 6% | 6.30% | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 31,200,000 | $ 33,800,000 | |
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | 479,600,000 | 556,200,000 | |
Projected benefit obligation at end of year | 6,528,300,000 | 7,714,400,000 | 7,640,200,000 |
Plan assets at fair value | 20,500,000 | 26,700,000 | |
Projected benefit obligation | $ 508,200,000 | 615,300,000 | |
Defined Benefit Pension Plans [Member] | United States Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 13% | ||
Defined Benefit Pension Plans [Member] | International Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 8% | ||
Defined Benefit Pension Plans [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 7% | ||
Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 62% | ||
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 10% | ||
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 Gross Payments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 100,000 | ||
Defined Benefit Plan, Information About Plan Assets | |||
Accumulated benefit obligation | 332,400,000 | 412,400,000 | |
Projected benefit obligation at end of year | 469,600,000 | 600,000,000 | 773,700,000 |
Plan assets at fair value | $ 279,600,000 | 310,100,000 | |
Other Postretirement Benefit Plans Gross Payments [Member] | United States Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 27% | ||
Other Postretirement Benefit Plans Gross Payments [Member] | International Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 13% | ||
Other Postretirement Benefit Plans Gross Payments [Member] | Private Equities [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 15% | ||
Other Postretirement Benefit Plans Gross Payments [Member] | Fixed income [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Target Allocation, Percentage of Assets Equity Securities | 45% | ||
Other Postretirement Benefit Plans Gross Payments [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 0 | ||
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan, Information About Plan Assets | |||
Projected benefit obligation at end of year | $ 138,500,000 | $ 151,700,000 | $ 150,300,000 |
General Mills Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
ESOP number of allocated shares | 4 | 4.3 | |
Common stock held by ESOP and company stock fund | $ 443,800,000 | $ 433,000,000 |
Retirement Benefits and Poste_4
Retirement Benefits and Postemployment Benefits (Schedule of assumed health care trend costs) (Details) | 12 Months Ended | |
May 29, 2022 | May 30, 2021 | |
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 | 2031 | 2029 |
Under Age 65 [Member] | ||
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate for next year | 5.90% | 6% |
Over Age 65 [Member] | ||
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate for next year | 6% | 6.30% |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | $ 7,460.2 | $ 6,993.2 | |
Actual return on assets | (618.7) | 716.3 | |
Employer contributions | 31.2 | 33.8 | |
Plan participant contributions | 3.8 | 4.1 | |
Benefits payments | (346.2) | (315.1) | |
Foreign currency | (20) | 27.9 | |
Fair value at end of year | 6,510.3 | 7,460.2 | $ 6,993.2 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 7,714.4 | 7,640.2 | |
Service cost | 93.5 | 104.4 | 92.7 |
Interest cost | 184.3 | 192.1 | 230.5 |
Plan amendment | 3.7 | 1.1 | |
Curtailment/other | (29.4) | (5.8) | |
Plan participant contributions | 3.8 | 4.1 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial (gain) loss | (1,089.7) | 67.4 | |
Benefits payments | (334.7) | (315.7) | |
Foreign currency | (17.6) | 26.6 | |
Projected benefit obligation at end of year | 6,528.3 | 7,714.4 | 7,640.2 |
Plan assets (less) more than benefit obligation as of fiscal year end | (18) | (254.2) | |
Other Postretirement Benefit Plans Gross Payments [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets Roll Forward [Abstract] | |||
Fair value at beginning of year | 519.4 | 793.5 | |
Actual return on assets | (18) | 108.1 | |
Employer contributions | 0.1 | ||
Employer contributions | (359.9) | ||
Plan participant contributions | 9.6 | 13 | |
Benefits payments | (31.9) | (35.3) | |
Foreign currency | 0 | 0 | |
Fair value at end of year | 479.2 | 519.4 | 793.5 |
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 600 | 773.7 | |
Service cost | 7.6 | 8.5 | 9.4 |
Interest cost | 12.6 | 18 | 27.1 |
Plan amendment | (16.1) | (138.7) | |
Curtailment/other | (3.2) | 0 | |
Plan participant contributions | 9.6 | 13 | |
Medicare Part D reimbursements | 1.7 | 2.5 | |
Actuarial (gain) loss | (86) | (15.8) | |
Benefits payments | (56.9) | (61.9) | |
Foreign currency | 0.3 | 0.7 | |
Projected benefit obligation at end of year | 469.6 | 600 | 773.7 |
Plan assets (less) more than benefit obligation as of fiscal year end | 9.6 | (80.6) | |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan, Change in Projected Benefit Obligation Roll Forward [Abstract] | |||
Benefit obligation at beginning of year | 151.7 | 150.3 | |
Service cost | 10 | 9.3 | 8.3 |
Interest cost | 1.5 | 1.7 | 2.6 |
Plan amendment | 0 | 0 | |
Curtailment/other | 12 | 5.1 | |
Plan participant contributions | 0 | 0 | |
Medicare Part D reimbursements | 0 | 0 | |
Actuarial (gain) loss | (18.7) | 7.2 | |
Benefits payments | (17.7) | (22.5) | |
Foreign currency | (0.3) | 0.6 | |
Projected benefit obligation at end of year | 138.5 | 151.7 | $ 150.3 |
Plan assets (less) more than benefit obligation as of fiscal year end | $ (138.5) | $ 151.7 |
Retirement Benefits and Poste_6
Retirement Benefits and Postemployment Benefits (Schedule of summarized financial information about benefit plans) (Parenthetical) (Details) | 12 Months Ended | |
May 29, 2022 | May 30, 2021 | |
Retirement Benefits and Postemployment Benefits [Abstract] | ||
Defined Benefit Plan, Plan Assets, Accounting Policy Election, Measurement Date | May 31, 2022 | May 31, 2021 |
Retirement Benefits and Poste_7
Retirement Benefits and Postemployment Benefits (Schedule of amounts recognized in AOCI) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (1,513.4) | $ (1,718.4) |
Prior service (costs) credits | 110.3 | 137.9 |
Amounts recorded in accumulated other comprehensive loss | (1,403.1) | (1,580.5) |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (1,720.3) | (1,897.2) |
Prior service (costs) credits | (7.6) | 5.8 |
Amounts recorded in accumulated other comprehensive loss | (1,727.9) | (1,891.4) |
Other Postretirement Benefit Plans Gross Payments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 208.5 | 200.8 |
Prior service (costs) credits | 118.9 | 133.7 |
Amounts recorded in accumulated other comprehensive loss | 327.4 | 334.5 |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (1.6) | (22) |
Prior service (costs) credits | (1) | (1.6) |
Amounts recorded in accumulated other comprehensive loss | $ (2.6) | $ (23.6) |
Retirement Benefits and Poste_8
Retirement Benefits and Postemployment Benefits (Schedule of plans with accumulated benefit obligations in excess of plan assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 508.2 | $ 615.3 |
Accumulated benefit obligation | 479.6 | 556.2 |
Plan assets at fair value | $ 20.5 | $ 26.7 |
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 93.5 | $ 104.4 | $ 92.7 |
Interest cost | 184.3 | 192.1 | 230.5 |
Expected return on plan assets | (411.1) | (420.9) | (449.9) |
Amortization of losses (gains) | 140.5 | 108.3 | 106 |
Amortization of prior service costs (credits) | 1 | 1.3 | 1.6 |
Other adjustments | 0.1 | 0 | 0 |
Settlement or curtailment (gains) losses | (18.4) | 14.9 | 0 |
Net (income) expense | (10.1) | 0.1 | (19.1) |
Other Postretirement Benefit Plans Gross Payments [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 7.6 | 8.5 | 9.4 |
Interest cost | 12.6 | 18 | 27.1 |
Expected return on plan assets | (26.7) | (34.7) | (42.1) |
Amortization of losses (gains) | (10.9) | (5.1) | (2.1) |
Amortization of prior service costs (credits) | (20.9) | (5.5) | (5.5) |
Other adjustments | (0.1) | 0 | 0 |
Settlement or curtailment (gains) losses | (5.5) | 0 | 0 |
Net (income) expense | (43.9) | (18.8) | (13.2) |
Postemployment Benefit Plans [Member] | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 10 | 9.3 | 8.3 |
Interest cost | 1.5 | 1.7 | 2.6 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of losses (gains) | 3 | 2.6 | 0.4 |
Amortization of prior service costs (credits) | 0.4 | 0.9 | 0.9 |
Other adjustments | 12.9 | 8.4 | 17.7 |
Settlement or curtailment (gains) losses | 0 | 0 | 0 |
Net (income) expense | $ 27.8 | $ 22.9 | $ 29.9 |
Retirement Benefits and Post_10
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine benefit obligations) (Details) | May 29, 2022 | May 30, 2021 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.39% | 3.17% |
Rate of salary increases | 4.34% | 4.39% |
Other Postretirement Benefit Plans Gross Payments [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.36% | 3.03% |
Rate of salary increases | 0% | 0% |
Postemployment Benefit Plans [Member] | ||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.62% | 2.04% |
Rate of salary increases | 4.46% | 4.46% |
Retirement Benefits and Post_11
Retirement Benefits and Postemployment Benefits (Schedule of assumptions used to determine net periodic expense) (Details) | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.17% | 3.20% | 3.91% |
Service cost effective rate | 3.56% | 3.58% | 4.19% |
Interest cost effective rate | 2.42% | 2.55% | 3.47% |
Rate of salary increases | 4.39% | 4.44% | 4.17% |
Expected long-term rate of return on plan assets | 5.85% | 5.72% | 6.95% |
Other Postretirement Benefit Plans Gross Payments [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.03% | 3.02% | 3.79% |
Service cost effective rate | 3.34% | 3.40% | 4.04% |
Interest cost effective rate | 2.08% | 2.29% | 3.28% |
Rate of salary increases | 0% | 0% | 0% |
Expected long-term rate of return on plan assets | 6.09% | 4.57% | 5.67% |
Postemployment Benefit Plans [Member] | |||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.04% | 1.86% | 3.10% |
Service cost effective rate | 2.46% | 3.51% | 3.51% |
Interest cost effective rate | 1.48% | 2.83% | 2.84% |
Rate of salary increases | 4.46% | 4.47% | 4.47% |
Expected long-term rate of return on plan assets | 0% | 0% | 0% |
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 hierarchy) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 | May 31, 2020 |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | $ 6,510.3 | $ 7,460.2 | $ 6,993.2 |
Defined Benefit Pension Plans [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,132 | 1,535.5 | |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 3,682.1 | 3,929.8 | |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 159.8 | 278.1 | |
Defined Benefit Pension Plans [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0.1 | 0.1 | |
Defined Benefit Pension Plans [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 133.9 | 180 | |
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 | 1,402.4 | 1,536.7 | |
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 | 5,107.9 | 5,923.5 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 2,875.5 | 3,289.7 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 623.4 | 838.3 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,958.7 | 1,993.5 | |
Defined Benefit Pension Plans [Member] | Level 1 [Member] | Real asset investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 159.8 | 277.9 | |
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 | 133.6 | 180 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 2,166 | 2,633.7 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 442.3 | 697.2 | |
Defined Benefit Pension Plans [Member] | Level 2 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 1,723.4 | 1,936.3 | |
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 | 0.2 | |
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 | 0.3 | 0 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 66.4 | 0.1 | |
Defined Benefit Pension Plans [Member] | Level 3 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 66.3 | 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 | 0.1 | |
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 Gross Payments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 479.2 | 519.4 | $ 793.5 |
Other Postretirement Benefit Plans Gross Payments [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0.2 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 120.8 | 117.3 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 6.6 | 14.8 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Assets measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 351.8 | 387.1 | |
Other Postretirement Benefit Plans Gross Payments [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 | 127.4 | 132.3 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 127.4 | 132.3 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Level 1 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0.2 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Level 1 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 120.8 | 117.3 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Level 1 [Member] | Cash and accruals [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 6.6 | 14.8 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Level 2 [Member] | Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans Gross Payments [Member] | Level 2 [Member] | Fixed income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans Gross Payments [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 Gross Payments [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value measurement of pension plan assets | 0 | 0 | |
Other Postretirement Benefit Plans Gross Payments [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 Gross Payments [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 Gross Payments [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 29, 2022 | May 30, 2021 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 100% | 100% |
Defined Benefit Pension Plans [Member] | United States Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 12.10% | 15.40% |
Defined Benefit Pension Plans [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 7.80% | 9.90% |
Defined Benefit Pension Plans [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 10.40% | 9.30% |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 58.30% | 54.60% |
Defined Benefit Pension Plans [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 11.40% | 10.80% |
Other Postretirement Benefit Plans Gross Payments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 100% | 100% |
Other Postretirement Benefit Plans Gross Payments [Member] | United States Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 27.90% | 28% |
Other Postretirement Benefit Plans Gross Payments [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 13.50% | 13.90% |
Other Postretirement Benefit Plans Gross Payments [Member] | Private Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 15.20% | 15.10% |
Other Postretirement Benefit Plans Gross Payments [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 43.40% | 43% |
Other Postretirement Benefit Plans Gross Payments [Member] | Real asset investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Weighted-Average Asset Allocations | 0% | 0% |
Retirement Benefits and Post_14
Retirement Benefits and Postemployment Benefits (Schedule of estimated benefit payments) (Details) $ in Millions | May 29, 2022 USD ($) |
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Fiscal 2023 | $ 349.9 |
Fiscal 2024 | 347.9 |
Fiscal 2025 | 354.3 |
Fiscal 2026 | 361.7 |
Fiscal 2027 | 369.1 |
Fiscal 2028-2032 | 1,945.3 |
Other Postretirement Benefit Plans Gross Payments [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Fiscal 2023 | 36.9 |
Fiscal 2024 | 36.3 |
Fiscal 2025 | 35.6 |
Fiscal 2026 | 35.4 |
Fiscal 2027 | 34.9 |
Fiscal 2028-2032 | 162.4 |
Postemployment Benefit Plans [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
Fiscal 2023 | 25.4 |
Fiscal 2024 | 20.3 |
Fiscal 2025 | 18.2 |
Fiscal 2026 | 16.8 |
Fiscal 2027 | 16 |
Fiscal 2028-2032 | $ 68.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Tax Credit Carryforward [Line Items] | |||
Deferred Other Tax Expense Benefit | $ 53,100,000 | ||
Unremitted foreign earnings | $ 2,300,000,000 | ||
Unrecognized tax benefits that would affect effective tax rate | 81,000,000 | ||
Unrecognized tax benefits and accrued interest expected to be paid within the next 12 months | 0 | ||
Tax-related net interest and penalties benefits recognized | 2,000,000 | $ 2,900,000 | |
Tax-related net interest and penalties accrued | 26,600,000 | $ 24,900,000 | |
Deferred tax liability not recognzied for unremitted earnings of foreign subsidiaries | 0 | ||
Capital Loss Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 50,700,000 | ||
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 29, 2022 | May 30, 2021 | May 31, 2020 | |
Earnings before income taxes and after-tax earnings from joint ventures: | ||||
United States | $ 2,652.3 | $ 2,567.1 | $ 2,402.1 | |
Foreign | 557.3 | 290.3 | 198.1 | |
Earnings before income taxes and after-tax earnings from joint ventures | 3,209.6 | 2,857.4 | 2,600.2 | |
Income taxes currently payable: | ||||
Federal | 384.2 | 369.8 | 381 | |
State and local | 60.8 | 47.5 | 55.3 | |
Foreign | 79.1 | 93 | 73.8 | |
Total current | 524.1 | 510.3 | 510.1 | |
Income taxes deferred: | ||||
Federal | 75 | 117.9 | 67.8 | |
State and local | 18.3 | 13.6 | (56.6) | |
Foreign | (31.1) | (12.7) | (40.8) | |
Total deferred | $ 11.2 | 62.2 | 118.8 | (29.6) |
Total income taxes | $ 586.3 | $ 629.1 | $ 480.5 |
Income Taxes (Schedule of the r
Income Taxes (Schedule of the reconciliation of the effective income tax rate) (Details) | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
United States statutory rate | 21% | 21% | 21% |
State and local income taxes, net of federal tax benefits | 2.10% | 1.70% | 2% |
Foreign rate differences | (1.10%) | 0.30% | (0.80%) |
Stock based compensation | (0.60%) | (0.40%) | (1.10%) |
GMC subsidiary restructure | 0% | 0% | (2.00%) |
Capital Loss | (1.70%) | 0% | 0% |
Divestitures, net | (1.20%) | 0% | 0% |
Other, net | (0.20%) | (0.60%) | (0.60%) |
Effective income tax rate | 18.30% | 22% | 18.50% |
Income Taxes (Schedule of defer
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Tax effects of temporary differences that give rise to deferred tax assets and liabilities [Abstract] | ||
Accrued liabilities | $ 46.2 | $ 58.5 |
Compensation and employee benefits | 146.7 | 198.7 |
Unrealized hedges | 0 | 16.3 |
Pension | 1.5 | 61.4 |
Tax credit carryforwards | 34.9 | 22.7 |
Stock, partnership, and miscellaneous investments | 17.9 | 46.3 |
Capital losses | 61.9 | 67.3 |
Net operating losses | 178 | 160.5 |
Other | 96.3 | 93.4 |
Gross deferred tax assets | 583.4 | 725.1 |
Valuation allowance | 185.1 | 229.2 |
Net deferred tax assets | 398.3 | 495.9 |
Brands | 1,415.2 | 1,413.8 |
Fixed assets | 392.6 | 412.7 |
Intangible assets | 201 | 256.2 |
Tax lease transactions | 14.9 | 18.8 |
Inventories | 27.1 | 36.2 |
Stock, partnership, and miscellaneous investments | 357.7 | 364 |
Unrealized hedges | 98.7 | 0 |
Other | 109.4 | 112.6 |
Gross deferred tax liabilities | 2,616.6 | 2,614.3 |
Net deferred tax liability | $ 2,218.3 | $ 2,118.4 |
Income Taxes - Operating Loss c
Income Taxes - Operating Loss carryforward (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 185.1 | $ 229.2 |
Operating loss carryforwards valuation allowance | 187.9 | |
Pillsbury acquisition losses [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 107.6 | |
State and foreign loss carryforwards [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 25.3 | |
Capital Loss Carryforward [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 11 | |
Other [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 41.2 | |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 179.2 | |
Foreign [Member] | Do not expire [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 163.5 | |
Foreign [Member] | Expire in fiscal 2023 and 2024 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 3.1 | |
Foreign [Member] | Expire in fiscal 2025 and beyond [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | 12.6 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards valuation allowance | $ 8.7 |
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 29, 2022 | May 30, 2021 | |
Changes in total gross unrecognized tax benefit liabilities [Roll Forward] | ||
Balance, beginning of year | $ 145.3 | $ 147.9 |
Tax positions related to current year: Additions | 21.6 | 20.1 |
Tax positions related to prior years: Additions | 10.4 | 6.3 |
Tax positions related to prior years: Reductions | (5.5) | (7.2) |
Tax positions related to prior years: Settlements | (2.4) | (2.1) |
Lapses in statutes of limitations | (8.5) | (19.7) |
Balance, end of year | $ 160.9 | $ 145.3 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | May 29, 2022 USD ($) |
Financial Guarantee [Member] | Non-consolidated Affiliates [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligations and comfort letters | $ 147.2 |
Business Segment Information (S
Business Segment Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2022 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 4,891.2 | $ 4,537.7 | $ 5,024 | $ 4,539.9 | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 18,992.8 | $ 18,127 | $ 17,626.6 |
Divestitures (gain) loss | (194.1) | 53.5 | 0 | ||||||||
Restructuring, impairment, and other exit (recoveries) costs | (26.5) | 170.4 | 24.4 | ||||||||
Operating profit | 3,475.8 | 3,144.8 | 2,953.9 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 18,992.8 | 18,127 | 17,626.6 | ||||||||
Operating profit | 3,657.8 | 3,580.8 | 3,487.4 | ||||||||
Unallocated Corporate Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | 402.6 | 212.1 | 509.1 | ||||||||
Significant Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Divestitures (gain) loss | (194.1) | 53.5 | 0 | ||||||||
Restructuring, impairment, and other exit (recoveries) costs | (26.5) | 170.4 | 24.4 | ||||||||
North America Retail Segment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 11,572 | 11,250 | 10,978.1 | ||||||||
Operating profit | 2,699.7 | 2,725.9 | 2,708.9 | ||||||||
U.S. Meals & Baking Solutions [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,023.8 | 4,042.2 | 3,869.3 | ||||||||
U.S. Morning Foods [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,370.9 | 3,314 | 3,292 | ||||||||
U.S. Snacks [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,191.4 | 2,940.5 | 2,919.7 | ||||||||
Canada [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 985.9 | 953.3 | 897.1 | ||||||||
International [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,315.7 | 3,656.8 | 3,365.1 | ||||||||
Operating profit | 232 | 236.6 | 132.5 | ||||||||
North America Foodservice [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,845.7 | 1,487.8 | 1,588.8 | ||||||||
Operating profit | 255.5 | 203.3 | 255.3 | ||||||||
Pet Segment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,259.4 | 1,732.4 | 1,694.6 | ||||||||
Operating profit | $ 470.6 | $ 415 | $ 390.7 |
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 29, 2022 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Product Information [Line Items] | |||||||||||
Net sales | $ 4,891.2 | $ 4,537.7 | $ 5,024 | $ 4,539.9 | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 18,992.8 | $ 18,127 | $ 17,626.6 |
Snacks [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 3,960.9 | 3,574.2 | 3,529.7 | ||||||||
Convenient meals [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,988.5 | 3,030.2 | 2,814.3 | ||||||||
Cereal [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,998.1 | 2,868.9 | 2,874.1 | ||||||||
Yogurt [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,714.9 | 2,074.8 | 2,056.6 | ||||||||
Dough [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,986.3 | 1,866.1 | 1,801.1 | ||||||||
Pet [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 2,260.1 | 1,732.4 | 1,694.6 | ||||||||
Baking mixes and ingredients [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,843.6 | 1,695.5 | 1,674.2 | ||||||||
Super-premium ice cream [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 782.2 | 819.7 | 718.1 | ||||||||
Other [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | $ 458.2 | $ 465.2 | $ 463.9 |
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 29, 2022 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 4,891.2 | $ 4,537.7 | $ 5,024 | $ 4,539.9 | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 18,992.8 | $ 18,127 | $ 17,626.6 |
Cash and cash equivalents | 569.4 | 1,505.2 | 569.4 | 1,505.2 | |||||||
Land, buildings, and equipment | 3,393.8 | 3,606.8 | 3,393.8 | 3,606.8 | |||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 14,691.2 | 13,496.9 | 13,364.5 | ||||||||
Cash and cash equivalents | 46 | 817.9 | 46 | 817.9 | |||||||
Land, buildings, and equipment | 2,675.2 | 2,714.7 | 2,675.2 | 2,714.7 | |||||||
Non-United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,301.6 | 4,630.1 | $ 4,262.1 | ||||||||
Cash and cash equivalents | 523.4 | 687.3 | 523.4 | 687.3 | |||||||
Land, buildings, and equipment | $ 718.6 | $ 892.1 | $ 718.6 | $ 892.1 |
Supplemental Information (Sched
Supplemental Information (Schedule of certain Consolidated Balance Sheet accounts) (Details) - USD ($) $ in Millions | May 29, 2022 | May 30, 2021 | May 31, 2020 | May 26, 2019 |
Receivables [Abstract] | ||||
Customers | $ 1,720.4 | $ 1,674.5 | ||
Less allowance for doubtful accounts | (28.3) | (36) | ||
Total | 1,692.1 | 1,638.5 | ||
Inventories [Abstract] | ||||
Finished goods | 1,634.7 | 1,506.9 | ||
Raw materials and packaging | 532 | 411.9 | ||
Grain | 164 | 111.2 | ||
Excess of FIFO over LIFO cost | (463.4) | (209.5) | ||
Total | 1,867.3 | 1,820.5 | ||
LIFO Inventory Amount | 1,127.1 | 1,139.7 | ||
Prepaid Expenses and Other Current Assets [Abstract] | ||||
Marketable investments | 249.8 | 360 | ||
Prepaid expenses | 213.5 | 221.7 | ||
Other receivables | 182.8 | 139.1 | ||
Derivative receivables | 86.1 | 37.5 | ||
Grain contracts | 28.7 | 12 | ||
Miscellaneous | 41.2 | 20 | ||
Total | 802.1 | 790.3 | ||
Assets held for sale: | ||||
Goodwill | 130 | 0 | ||
Inventories | 22.9 | 0 | ||
Equipment | 6 | 0 | ||
Total | 158.9 | 0 | ||
Land, Buildings and Equipment [Abstract] | ||||
Equipment | 6,491.7 | 6,732.7 | ||
Buildings | 2,444.8 | 2,542.7 | ||
Capitalized software | 717.8 | 718.5 | ||
Construction in progress | 492.8 | 395.7 | ||
Land | 55.1 | 67.4 | ||
Total land, buildings, and equipment | 10,210.3 | 10,465.1 | ||
Less accumulated depreciation | (6,816.5) | (6,858.3) | ||
Total | 3,393.8 | 3,606.8 | ||
Other Assets [Abstract] | ||||
Investments in and advances to joint ventures | 513.8 | 566.4 | ||
Right of use operating lease assets | 336.8 | 378.6 | ||
Pension assets | 52.6 | 30 | ||
Life insurance | 17.5 | 18.6 | ||
Miscellaneous | 307.4 | 274 | ||
Total | 1,228.1 | 1,267.6 | ||
Other Current Liabilities [Abstract] | ||||
Accrued trade and consumer promotions | 474.4 | 580.9 | ||
Accrued payroll | 435.6 | 434.4 | ||
Restructuring and other exit costs reserve | 36.8 | 148.8 | $ 17.8 | $ 36.5 |
Current portion of operating lease liabilities | 106.7 | 111.2 | ||
Accrued interest, including interest rate swaps | 70.1 | 80 | ||
Derivative payable, primarily commodity-related | 19.9 | 39.2 | ||
Accrued taxes | 31.4 | 37.4 | ||
Dividends payable | 25.3 | 24.1 | ||
Grains contracts | 3 | 0.9 | ||
Miscellaneous | 348.8 | 330.3 | ||
Total | 1,552 | 1,787.2 | ||
Other Noncurrent Liabilities [Abstract] | ||||
Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans | 360.8 | 707.7 | ||
Non-current portion of operating lease liabilities | 248.3 | 283.2 | ||
Accrued taxes | 233 | 215.6 | ||
Miscellaneous | 87 | 86.2 | ||
Total | 929.1 | 1,292.7 | ||
Buildings [Member] | ||||
Land, Buildings and Equipment [Abstract] | ||||
Finance Lease, Right-of-Use Asset | 0.3 | 0.3 | ||
Equipment [Member] | ||||
Land, Buildings and Equipment [Abstract] | ||||
Finance Lease, Right-of-Use Asset | $ 7.8 | $ 7.8 |
Supplemental Information (Sch_2
Supplemental Information (Schedule of certain Consolidated Statement of Earnings amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Supplemental Information [Abstract] | |||
Depreciation and amortization | $ 570.3 | $ 601.3 | $ 594.7 |
Research and development expense | 243.1 | 239.3 | 224.4 |
Advertising and media expense (including production and communication costs) | $ 690.1 | $ 736.3 | $ 691.8 |
Supplemental Information (Sch_3
Supplemental Information (Schedule of the components of interest, net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Supplemental Information [Abstract] | |||
Interest expense | $ 387.2 | $ 430.9 | $ 475.1 |
Capitalized interest | (3.8) | (3.2) | (2.6) |
Interest income | (3.8) | (7.4) | (6) |
Interest, net | $ 379.6 | $ 420.3 | $ 466.5 |
Supplemental Information (Sch_4
Supplemental Information (Schedule of certain Consolidated Statement of Cash Flows amounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Supplemental Information [Abstract] | |||
Cash interest payments | $ 357.8 | $ 412.5 | $ 418.5 |
Cash paid for income taxes | $ 545.3 | $ 636.1 | $ 403.3 |
Quarterly Data (Narrative) (Det
Quarterly Data (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
May 29, 2022 | Feb. 27, 2022 | May 30, 2021 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Business Acquisition [Line Items] | ||||||
Restructuring Charges (Reversal), Including Restructuring Charges Associated with Cost of Goods Sold | $ (23.2) | $ 172.7 | $ 50.2 | |||
Business Acquisition and Divestiture, Transaction Costs | $ 9.5 | |||||
Deferred income taxes | 11.2 | 62.2 | 118.8 | (29.6) | ||
Divestitures (gain) loss | (194.1) | 53.5 | $ 0 | |||
(Loss) associated with the valuation of a corporate investment | (34) | |||||
Reduction to restructuring reserve | (34) | |||||
Brazil | ||||||
Business Acquisition [Line Items] | ||||||
Gain on indirect Taxes | 8.8 | |||||
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 | ||||
Reduction to restructuring reserve | 34 | |||||
Laticinios Carolina [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures (gain) loss | $ 53.5 | |||||
Yoplait SAS, Yoplait Marques SNC, and Liberte Marques Sarl [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition and Divestiture, Transaction Costs | $ 16 | |||||
Divestitures (gain) loss | (14.9) | $ (163.7) | ||||
European dough businesses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures (gain) loss | $ (9.2) | $ (30.4) |
Quarterly Data (Schedule of sum
Quarterly Data (Schedule of summarized quarterly data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
May 29, 2022 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Quarterly Data (Unaudited) [Abstract] | |||||||||||
Net sales | $ 4,891.2 | $ 4,537.7 | $ 5,024 | $ 4,539.9 | $ 4,523.6 | $ 4,520 | $ 4,719.4 | $ 4,364 | $ 18,992.8 | $ 18,127 | $ 17,626.6 |
Gross Margin | 1,769.9 | 1,403.7 | 1,631.2 | 1,597.4 | 1,582.9 | 1,553.9 | 1,721.1 | 1,590.4 | |||
Net earnings attributable to General Mills | $ 822.8 | $ 660.3 | $ 597.2 | $ 627 | $ 416.8 | $ 595.7 | $ 688.4 | $ 638.9 | $ 2,707.3 | $ 2,339.8 | $ 2,181.2 |
Earnings per share - basic | $ 1.36 | $ 1.09 | $ 0.98 | $ 1.03 | $ 0.68 | $ 0.97 | $ 1.12 | $ 1.04 | $ 4.46 | $ 3.81 | $ 3.59 |
Earnings per share - diluted | $ 1.35 | $ 1.08 | $ 0.97 | $ 1.02 | $ 0.68 | $ 0.96 | $ 1.11 | $ 1.03 | $ 4.42 | $ 3.78 | $ 3.56 |
Schedule II - Valuation of Qu_2
Schedule II - Valuation of Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Reserve adjustment | $ (34) | ||
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 36 | $ 33.2 | $ 28.8 |
(Benefits) additions charged to expense, including translation amounts | 23 | 25.7 | 25.9 |
Deductions for bad debt write-offs and amounts utilized for restructuring activities | (26.4) | (29.9) | (22.9) |
Adjustments | (4.3) | 7 | 1.4 |
Balance at end of year | 28.3 | 36 | 33.2 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 229.2 | 214.2 | 213.7 |
(Benefits) additions charged to expense, including translation amounts | (41.6) | 9.1 | 4.2 |
Adjustments | (2.5) | 5.9 | (3.7) |
Balance at end of year | 185.1 | 229.2 | 214.2 |
Reserve for Restructuring and Other Exit Costs [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 148.8 | 17.8 | 36.5 |
(Benefits) additions charged to expense, including translation amounts | 3.4 | 143.9 | (2.5) |
Deductions for bad debt write-offs and amounts utilized for restructuring activities | (81.4) | (12.9) | (16.2) |
Reserve adjustment | (34) | 0 | 0 |
Balance at end of year | 36.8 | 148.8 | 17.8 |
Reserve for LIFO Valuation [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 209.5 | 202.1 | 213.5 |
Increase (decrease) | 253.9 | 7.4 | (11.4) |
Balance at end of year | $ 463.4 | $ 209.5 | $ 202.1 |