Cover Page
Cover Page - shares | 3 Months Ended | ||
Aug. 25, 2024 | Sep. 11, 2024 | May 26, 2024 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000040704 | ||
Document Period End Date | Aug. 25, 2024 | ||
Document Transition Report | false | ||
Document Fiscal Period Focus | Q1 | ||
Document Fiscal Year Focus | 2025 | ||
Current Fiscal Year End Date | --05-26 | ||
Entity File Number | 001-01185 | ||
Entity Registrant Name | GENERAL MILLS, INC. | ||
Entity Incorporation State Country Code | DE | ||
Entity Tax Identification Number | 41-0274440 | ||
Entity Address Address Line 1 | Number One General Mills Boulevard | ||
Entity Address City or Town | Minneapolis | ||
Entity Address State or Province | MN | ||
Entity Address Postal Zip Code | 55426 | ||
City Area Code | (763) | ||
Local Phone Number | 764-7600 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 555,158,898 | ||
Shares held in the treasury | 198,800,000 | 199,454,430 | 195,500,000 |
Common Stock, $.10 par value [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | Common Stock, $.10 par value | ||
Trading Symbol | GIS | ||
Security Exchange Name | NYSE | ||
0.125% Notes due 2025 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 0.125% Notes due 2025 | ||
Trading Symbol | GIS 25A | ||
Security Exchange Name | NYSE | ||
0.450% Notes due 2026 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 0.450% Notes due 2026 | ||
Trading Symbol | GIS 26 | ||
Security Exchange Name | NYSE | ||
1.500% Notes due 2027 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 1.500% Notes due 2027 | ||
Trading Symbol | GIS 27 | ||
Security Exchange Name | NYSE | ||
3.907% Notes due 2029 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 3.907% Notes due 2029 | ||
Trading Symbol | GIS 29 | ||
Security Exchange Name | NYSE | ||
3.650% Notes due 2030 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 3.650% Notes due 2030 | ||
Trading Symbol | GIS 30A | ||
Security Exchange Name | NYSE | ||
3.850% Notes due 2034 [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | 3.850% Notes due 2034 | ||
Trading Symbol | GIS 34 | ||
Security Exchange Name | NYSE |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Consolidated Statements of Earnings [Abstract] | ||
Net sales | $ 4,848.1 | $ 4,904.7 |
Cost of sales | 3,159.3 | 3,134.2 |
Selling, general, and administrative expenses | 855.1 | 839.3 |
Restructuring, impairment, and other exit costs | 2.2 | 1.2 |
Operating profit | 831.5 | 930 |
Benefit plan non-service income | (13.9) | (17) |
Interest, net | 123.6 | 117 |
Earnings before income taxes and after-tax earnings from joint ventures | 721.8 | 830 |
Income taxes | 157.4 | 173.2 |
After-tax earnings from joint ventures | 19.2 | 23.5 |
Net earnings, including earnings attributable to noncontrolling interests | 583.6 | 680.3 |
Net earnings attributable to noncontrolling interests | 3.7 | 6.8 |
Net earnings attributable to General Mills | $ 579.9 | $ 673.5 |
Earnings per share - basic | $ 1.03 | $ 1.15 |
Earnings per share - diluted | $ 1.03 | $ 1.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net earnings, including earnings attributable to noncontrolling interests | $ 583.6 | $ 680.3 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation | (61.9) | (18.1) |
Other fair value changes: | ||
Hedge derivatives | (6) | (2.3) |
Reclassification to earnings: | ||
Hedge derivatives | 0 | 0.2 |
Amortization of losses and prior service costs | 11.6 | 9.1 |
Other comprehensive loss, net of tax | (56.3) | (11.1) |
Total comprehensive income | 527.3 | 669.2 |
Comprehensive income attributable to noncontrolling interests | 4.2 | 6.9 |
Comprehensive income attributable to General Mills | $ 523.1 | $ 662.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 25, 2024 | May 26, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 468.1 | $ 418 |
Receivables | 1,843.8 | 1,696.2 |
Inventories | 1,996.4 | 1,898.2 |
Prepaid expenses and other current assets | 505.3 | 568.5 |
Total current assets | 4,813.6 | 4,580.9 |
Land, buildings, and equipment | 3,776.3 | 3,863.9 |
Goodwill | 14,787.7 | 14,750.7 |
Other intangible assets | 6,982.8 | 6,979.9 |
Other assets | 1,408.8 | 1,294.5 |
Total assets | 31,769.2 | 31,469.9 |
Current liabilities: | ||
Accounts payable | 3,823.4 | 3,987.8 |
Current portion of long-term debt | 1,640 | 1,614.1 |
Notes payable | 249.1 | 11.8 |
Other current liabilities | 1,576.9 | 1,419.4 |
Total current liabilities | 7,289.4 | 7,033.1 |
Long-term debt | 11,431.3 | 11,304.2 |
Deferred income taxes | 2,195.3 | 2,200.6 |
Other liabilities | 1,326.6 | 1,283.5 |
Total liabilities | 22,242.6 | 21,821.4 |
Stockholders' equity: | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,164.6 | 1,227 |
Retained earnings | 21,213.9 | 20,971.8 |
Common stock in treasury, at cost, shares of 198.8 and 195.5 | (10,601.9) | (10,357.9) |
Accumulated other comprehensive loss | (2,576.5) | (2,519.7) |
Total stockholders' equity | 9,275.6 | 9,396.7 |
Noncontrolling interests | 251 | 251.8 |
Total equity | 9,526.6 | 9,648.5 |
Total liabilities and equity | $ 31,769.2 | $ 31,469.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 11, 2024 | Aug. 25, 2024 | May 26, 2024 | Aug. 27, 2023 |
Stockholders' equity: | ||||
Common stock, shares issued | 754,600,000 | 754,600,000 | ||
Common stock, par value per share | $ 0.10 | $ 0.10 | $ 0.10 | |
Shares held in the treasury | 199,454,430 | 198,800,000 | 195,500,000 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - USD ($) shares in Millions, $ in Millions | Total | Parent [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Common Stock in Treasury [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] |
Beginning Balance, Treasury Stock, Shares at May. 28, 2023 | (168) | |||||||
Stockholders' Equity, Number of Shares | ||||||||
Shares purchased, including excise tax of $2.2 and $4.2 million, shares | (6.4) | (6.4) | ||||||
Stock compensation plans | 1 | |||||||
Ending Balance, Treasury Stock, Shares at Aug. 27, 2023 | (173.4) | |||||||
Ending Balance, Common Stock, Shares, Issued at Aug. 27, 2023 | 754.6 | |||||||
Beginning Balance, equity at May. 28, 2023 | $ 10,700 | $ 1,222.4 | $ 19,838.6 | $ (8,410) | $ (2,276.9) | $ 250.4 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares purchased, including excise tax of $2.2 and $4.2 million, value | (504.7) | (504.7) | ||||||
Stock compensation plans | 7.3 | 40.4 | ||||||
Unearned compensation related to stock unit awards | (79.4) | |||||||
Earned compensation | 35.4 | |||||||
Comprehensive income | (11.2) | 6.9 | ||||||
Net earnings attributable to General Mills | 673.5 | $ 673.5 | 673.5 | |||||
Distributions to noncontrolling interest holders | (4.3) | |||||||
Cash dividends declared ($0.60 and $0.59 per share) | (348.5) | |||||||
Ending Balance, equity at Aug. 27, 2023 | $ 10,515.4 | $ 75.5 | 1,185.7 | 20,163.6 | $ (8,874.3) | (2,288.1) | 253 | |
Beginning Balance, Common Stock, Shares, Issued at May. 26, 2024 | 754.6 | |||||||
Beginning Balance, Treasury Stock, Shares at May. 26, 2024 | (195.5) | (195.5) | ||||||
Stockholders' Equity, Number of Shares | ||||||||
Shares purchased, including excise tax of $2.2 and $4.2 million, shares | (4.5) | (4.5) | ||||||
Stock compensation plans | 1.2 | |||||||
Ending Balance, Treasury Stock, Shares at Aug. 25, 2024 | (198.8) | (198.8) | ||||||
Ending Balance, Common Stock, Shares, Issued at Aug. 25, 2024 | 754.6 | 754.6 | ||||||
Beginning Balance, equity at May. 26, 2024 | $ 9,648.5 | 1,227 | 20,971.8 | $ (10,357.9) | (2,519.7) | 251.8 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Shares purchased, including excise tax of $2.2 and $4.2 million, value | (302.2) | (302.2) | ||||||
Stock compensation plans | (5.2) | 58.2 | ||||||
Unearned compensation related to stock unit awards | (77.1) | |||||||
Earned compensation | 19.9 | |||||||
Comprehensive income | (56.8) | 4.2 | ||||||
Net earnings attributable to General Mills | 579.9 | $ 579.9 | 579.9 | |||||
Distributions to noncontrolling interest holders | (5) | |||||||
Cash dividends declared ($0.60 and $0.59 per share) | (337.8) | |||||||
Ending Balance, equity at Aug. 25, 2024 | $ 9,526.6 | $ 75.5 | $ 1,164.6 | $ 21,213.9 | $ (10,601.9) | $ (2,576.5) | $ 251 |
Consolidated Statements of To_2
Consolidated Statements of Total Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Consolidated Statements of Total Equity [Abstract] | ||
Common stock, par value per share | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Shares purchased, excise tax | $ 2.2 | $ 4.2 |
Cash dividends declared per share | $ 0.60 | $ 0.59 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Cash Flows - Operating Activities | ||
Net earnings, including earnings attributable to noncontrolling interests | $ 583.6 | $ 680.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 139.6 | 137.2 |
After-tax earnings from joint ventures | (19.2) | (23.5) |
Distributions of earnings from joint ventures | 23.1 | 15.8 |
Stock-based compensation | 20.3 | 35.3 |
Deferred income taxes | 16.2 | (14.5) |
Pension and other postretirement benefit plan contributions | (7.5) | (7.4) |
Pension and other postretirement benefit plan costs | (3.2) | (5.3) |
Restructuring, impairment, and other exit costs | 0.2 | 2.4 |
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures | (107.6) | (457.4) |
Other, net | (21.3) | 15.2 |
Net cash provided by operating activities | 624.2 | 378.1 |
Cash Flows - Investing Activities | ||
Purchases of land, buildings, and equipment | (140.3) | (141.7) |
Acquisition, net of cash acquired | (7.7) | 0 |
Proceeds from disposal of land, buildings, and equipment | 0.6 | 0 |
Other, net | (0.6) | 6.2 |
Net cash used by investing activities | (148) | (135.5) |
Cash Flows - Financing Activities | ||
Change in notes payable | 238 | 551.8 |
Proceeds from common stock issued on exercised options | 9.4 | 4.5 |
Purchases of common stock for treasury | (300) | (500.5) |
Dividends paid | (337.8) | (348.5) |
Distributions to noncontrolling interest holders | (5) | (4.3) |
Other, net | (34) | (37.2) |
Net cash used by financing activities | (429.4) | (334.2) |
Effect of exchange rate changes on cash and cash equivalents | 3.3 | (3) |
Increase (decrease) in cash and cash equivalents | 50.1 | (94.6) |
Cash and cash equivalents - beginning of year | 418 | 585.5 |
Cash and cash equivalents - end of period | 468.1 | 490.9 |
Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
Receivables | (145.6) | (104.4) |
Inventories | (95.7) | (54.3) |
Prepaid expenses and other current assets | 59.7 | 140.9 |
Accounts payable | (76.4) | (443.8) |
Other current liabilities | 150.4 | 4.2 |
Changes in current assets and liabilities | $ (107.6) | $ (457.4) |
Background
Background | 3 Months Ended |
Aug. 25, 2024 | |
Background [Abstract] | |
Background | (1) Background The accompanying prepared in and with required presentation have any necessarily indicative of the results that may be expected for the fiscal year ending These Report on Form Statements are the same as those described in Note 2 to the Consolidated Financial Certain terms used throughout this report are defined in the “Glossary” section below. |
Acquisition And Divestiture
Acquisition And Divestiture | 3 Months Ended |
Aug. 25, 2024 | |
Acquisition And Divestiture [Abstract] | |
Acquisition And Divestiture | (2) Acquisition and Divestiture During the fourth quarter 434.1 acquired. 7.7 conditions We financed Sheets 317.7 118.4 customer 14.2 purposes. The pro forma effects the acquired new revised International operating segment on a one-month lag beginning in fiscal 2025. On North approximately 2.1 customary closing conditions. |
Restructuring, Impairment, And
Restructuring, Impairment, And Other Exit Costs | 3 Months Ended |
Aug. 25, 2024 | |
Restructuring, Impairment, And Other Exit Costs [Abstract] | |
Restructuring, Impairment, And Other Exit Costs | (3) Restructuring, Impairment, and Other Exit Costs In 2.9 charges 9.8 restructuring actions previously announced. We 2.7 7.4 the same period of fiscal 2024. Restructuring and impairment charges and project-related Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Restructuring, impairment, and other exit costs $ 2.2 $ 1.2 Cost of sales 0.7 8.6 Total restructuring $ 2.9 $ 9.8 Project-related costs classified in cost of sales $ 0.1 $ 0.8 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 3 Months Ended |
Aug. 25, 2024 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | In Millions Aug. 25, 2024 May 26, 2024 Goodwill $ 14,787.7 $ 14,750.7 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,735.9 6,728.6 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 402.9 402.2 Less accumulated amortization (156.0) (150.9) Intangible assets subject to amortization, net 246.9 251.3 Other intangible assets 6,982.8 6,979.9 Total $ 21,770.5 $ 21,730.6 In Millions North America Retail North America Pet North America Foodservice International (a) Corporate and Joint Ventures Total Balance as of May 26, 2024 $ 6,541.9 $ 6,062.8 $ 805.5 $ 917.1 $ 423.4 $ 14,750.7 Other activity, primarily 1.4 - - 23.0 12.6 37.0 Balance as of Aug. 25, 2024 $ 6,543.3 $ 6,062.8 $ 805.5 $ 940.1 $ 436.0 $ 14,787.7 In Millions Total Balance as of May 26, 2024 $ 6,979.9 Foreign currency translation, net of amortization 2.9 Balance as of Aug. 25, 2024 $ 6,982.8 (4) Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: Based on five fiscal years is estimated to be approximately $ 20 The changes in the carrying amount of goodwill during the first quarter of fiscal 2025 The changes in the carrying amount of other intangible assets during the first quarter Our fiscal 2024. As a of the 117.1 during the which resulted in Top , True Chews , and EPIC brand intangible assets. 26, 2024, assets, resulting in $ 103.1 other exit cash flow model cost of capital rates, and tax rates. These fair values are Level 3 assets in the fair value hierarchy. All other intangible Uncle Toby’s asset. In Progresso , Nudges , and True brand intangible assets had risk of decreasing coverage. We The carrying amounts of goodwill within the International segment as of accumulated impairment losses of $ 117.1 |
Inventories
Inventories | 3 Months Ended |
Aug. 25, 2024 | |
Inventories [Abstract] | |
Inventories | (5) Inventories The components of inventories were as follows: In Millions Aug. 25, 2024 May 26, 2024 Finished goods $ 1,975.1 $ 1,827.7 Raw materials and packaging 488.4 500.5 Grain 79.3 111.1 Excess of FIFO over LIFO cost (546.4) (541.1) Total $ 1,996.4 $ 1,898.2 |
Risk Management Activities
Risk Management Activities | 3 Months Ended |
Aug. 25, 2024 | |
Risk Management Activities [Abstract] | |
Risk Management Activities | (6) Risk Management Activities 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 the quarters ended August 25, 2024, and Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net (loss) gain on mark-to-market valuation of certain $ (37.7) $ 28.4 Net loss on commodity positions reclassified from 17.2 3.2 Net mark-to-market revaluation of certain grain inventories (8.3) 13.3 Net mark-to-market valuation of certain commodity $ (28.8) $ 44.9 As 233.4 118.6 agricultural inputs and $ 114.8 next 12 We these investments with € 3,979.4 The material as of change our valuation techniques from prior periods. We services also We financial institutions the third agreements. As 1,421.6 party services. 1,404.4 party services. |
Debt
Debt | 3 Months Ended |
Aug. 25, 2024 | |
Debt [Abstract] | |
Debt | (7) Debt The components of notes payable were as follows: To ensure availability and Europe. The following table details the fee-paid committed and uncommitted credit In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.7 - Total committed $ 3.4 $ - The 2.5 We were in compliance with all credit facility covenants as of August 25, 2024. Long-Term The fair values 12,653.5 13,071.3 respectively, flows based fair value hierarchy. In the 500.0 3.65 October 23, 2030 . We proceeds for general corporate purposes. In 500.0 3.85 April 23, 2034 . proceeds for general corporate purposes. In 500.0 4.7 January 30, 2027 . We proceeds to repay $ 500.0 3.65 February 15, 2024 . In the second 250.0 November 8, 2024 . We to repay € 250.0 November 10, 2023 . In the 500.0 5.5 October 17, 2028 . We proceeds to repay $ 400.0 October 17, 2023 , and for general corporate purposes. In the first 500.0 November 8, 2024 . We repay € 500.0 July 27, 2023 . Certain As of August 25, 2024, we were in compliance with all of these covenants. Aug. 25, 2024 May 26, 2024 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 205.0 5.4 % $ - - % Financial institutions 44.1 7.7 11.8 8.8 Total $ 249.1 5.8 % $ 11.8 8.8 % |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Aug. 25, 2024 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | (8) Noncontrolling Interests The available net the 251.5 Class A Interests was reset to the sum of the three-month Term SOFR 261 three years Our noncontrolling interests contain restrictive covenants. As of August 25, 2024, we were in compliance with all of these covenants. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Aug. 25, 2024 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Quarter Ended Quarter Ended Aug. 25, 2024 Aug. 27, 2023 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 579.9 $ 3.7 $ 673.5 $ 6.8 Other comprehensive (loss) income: Foreign currency translation $ (93.9) $ 31.5 (62.4) 0.5 $ (22.0) $ 3.8 (18.2) 0.1 Other fair value changes: Hedge derivatives (7.5) 1.5 (6.0) - (2.7) 0.4 (2.3) - Reclassification to earnings: Hedge derivatives (a) (0.4) 0.4 - - (1.3) 1.5 0.2 - Amortization of losses and 14.5 (2.9) 11.6 - 11.5 (2.4) 9.1 - Other comprehensive (loss) income $ (87.3) $ 30.5 (56.8) 0.5 $ (14.5) $ 3.3 (11.2) 0.1 Total comprehensive income $ 523.1 $ 4.2 $ 662.3 $ 6.9 In Millions Aug. 25, 2024 May 26, 2024 Foreign currency translation adjustments $ (857.7) $ (795.3) Unrealized (loss) gain from hedge derivatives (5.8) 0.2 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,790.8) (1,806.3) Prior service credits 77.8 81.7 Accumulated other comprehensive loss $ (2,576.5) $ (2,519.7) (9) Stockholders’ Equity The following tables provide details of total comprehensive income: (a) (b) Accumulated other comprehensive loss balances, net of tax effects, |
Stock Plans
Stock Plans | 3 Months Ended |
Aug. 25, 2024 | |
Stock Plans [Abstract] | |
Stock Plans | (10) Stock Plans We units, and performance described in Note May 26, 2024. Compensation expense related to stock-based payments recognized Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Compensation expense related to stock-based payments $ 20.3 $ 35.3 Windfall tax benefits from stock-based payments Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Windfall tax benefits from stock-based payments $ 2.8 $ 8.4 As performance share units was $ 185.9 26 Net cash proceeds from the exercise of stock options were as follows: Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net cash proceeds $ 9.4 $ 4.5 Intrinsic value of options exercised $ 1.9 $ 2.1 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 method of selecting the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024. The follows: Quarter Ended Aug. 25, 2024 Aug. 27, 2023 Estimated fair values of stock options granted $ 13.20 $ 17.47 Assumptions: Risk-free interest rate 4.5 % 4.0 % Expected term 8.5 years 8.5 years Expected volatility 21.6 % 21.4 % Dividend yield 3.8 % 2.8 % The total grant date fair value of restricted stock unit awards that vested during Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Total grant date fair $ 90.8 $ 104.8 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Aug. 25, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share Basic and diluted earnings per share (EPS) were calculated using the following: Quarter Ended In Millions, Except per Share Data Aug. 25, 2024 Aug. 27, 2023 Net earnings attributable to General Mills $ 579.9 $ 673.5 Average number 560.5 586.3 Incremental share effect from: (a) Stock options 1.5 2.8 Restricted stock units and performance share units 1.8 2.3 Average number 563.8 591.4 Earnings per share – basic $ 1.03 $ 1.15 Earnings per share – diluted $ 1.03 $ 1.14 (a) method . Stock options, restricted stock they were not dilutive were as follows Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Anti-dilutive stock options, restricted stock units, and 4.4 1.6 |
Share Repurchases
Share Repurchases | 3 Months Ended |
Aug. 25, 2024 | |
Share Repurchases [Abstract] | |
Share Repurchases | (12) Share Repurchases Share repurchases were as follows: Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Shares of common stock 4.5 6.4 Aggregate purchase price $ 302.2 $ 504.7 |
Statements Of Cash Flows
Statements Of Cash Flows | 3 Months Ended |
Aug. 25, 2024 | |
Statements Of Cash Flows [Abstract] | |
Statements Of Cash Flows | (13) Statements of Cash Flows Our Consolidated Statements of Cash Flows include the following: Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net cash interest payments $ 83.7 $ 83.9 Net income tax payments $ 18.7 $ 13.7 |
Retirement And Postemployment B
Retirement And Postemployment Benefits | 3 Months Ended |
Aug. 25, 2024 | |
Retirement And Postemployment Benefits [Abstract] | |
Retirement And Postemployment Benefits | (14) Retirement and Postemployment Benefits Components of net periodic benefit expense (income) are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Aug. 25, 2024 Aug. 27, 2023 Aug. 25, 2024 Aug. 27, 2023 Service cost $ 13.0 $ 14.2 $ 1.1 $ 1.2 $ 1.8 $ 1.8 Interest cost 76.7 74.2 5.3 5.3 1.0 1.0 Expected return on plan assets (105.0) (102.9) (9.0) (8.7) - - Amortization of losses (gains) 25.1 21.5 (5.2) (5.1) 0.1 - Amortization of prior service costs (credits) 0.3 0.4 (5.5) (5.4) (0.3) 0.1 Other adjustments - - - - 2.6 2.6 Net expense (income) $ 10.1 $ 7.4 $ (13.3) $ (12.7) $ 5.2 $ 5.5 |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 25, 2024 | |
Income Taxes [Abstract] | |
Income Taxes | (15) Income Taxes During the with a capital loss our liquidity. In Pillar jurisdiction beginning statements. legislation guidance and evaluate potential impact on our consolidated financial |
Contingencies
Contingencies | 3 Months Ended |
Aug. 25, 2024 | |
Contingencies [Abstract] | |
Contingencies | (16) Contingencies During state sales tax requirements. have meritorious defenses against this claim and will vigorously defend any possible loss and have not recorded a loss contingency for this matter. |
Business Segment And Geographic
Business Segment And Geographic Information | 3 Months Ended |
Aug. 25, 2024 | |
Business Segment And Geographic Information [Abstract] | |
Business Segment And Geographic Information | (17) Business Segment and Geographic Information We America Pet, Pet segment to reflect that the historical segment operating results. Our North America Retail stores, categories products, organic products including ready-to-eat cereal, frozen Our product categories include super-premium shelf-stable through owned Caribbean and Latin American markets, as well as products we export activities are reported in the region or country where the end customer Our North superstore hospitals. vegetables, stage needs cuts for wet foods. Our categories unbaked and and nearly vending, and supermarket bakeries. Operating profit and other other net expenses, initiative segment operating performance. losses affecting reviewed are depreciation and amortization expenses are neither maintained nor available Our operating segment results were as follows: Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net sales: North America Retail $ 3,016.6 $ 3,073.0 International 717.0 715.8 North America Pet 576.1 579.9 North America Foodservice 536.2 536.0 Total segment net $ 4,845.9 $ 4,904.7 Corporate and other 2.2 - Total net sales $ 4,848.1 $ 4,904.7 Operating profit: North America Retail $ 745.7 $ 798.2 International 20.9 50.0 North America Pet 119.4 111.2 North America Foodservice 71.5 59.1 Total segment operating $ 957.5 $ 1,018.5 Unallocated corporate items 123.8 87.3 Restructuring, impairment, and other exit costs 2.2 1.2 Operating profit $ 831.5 $ 930.0 Net sales for our North America Retail operating units were as follows: Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 U.S. Meals & Baking Solutions $ 946.3 $ 941.9 U.S. Snacks 910.5 954.5 U.S. Morning Foods 902.9 927.8 Canada 256.9 248.8 Total $ 3,016.6 $ 3,073.0 Net sales by class of similar products were as follows: Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Snacks $ 1,106.8 $ 1,136.7 Cereal 793.1 817.9 Convenient meals 678.9 665.5 Pet 604.6 579.9 Dough 517.8 534.9 Baking mixes and ingredients 457.1 466.5 Yogurt 371.9 368.4 Super-premium ice cream 212.9 224.0 Other 105.0 110.9 Total $ 4,848.1 $ 4,904.7 |
Restructuring, Impairment, An_2
Restructuring, Impairment, And Other Exit Costs (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Restructuring, Impairment, And Other Exit Costs [Abstract] | |
Restructuring, Impairment Charges And Project-Related Costs | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Restructuring, impairment, and other exit costs $ 2.2 $ 1.2 Cost of sales 0.7 8.6 Total restructuring $ 2.9 $ 9.8 Project-related costs classified in cost of sales $ 0.1 $ 0.8 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Goodwill And Other Intangible Assets [Abstract] | |
Components Of Goodwill And Other Intangible Assets | In Millions Aug. 25, 2024 May 26, 2024 Goodwill $ 14,787.7 $ 14,750.7 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,735.9 6,728.6 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 402.9 402.2 Less accumulated amortization (156.0) (150.9) Intangible assets subject to amortization, net 246.9 251.3 Other intangible assets 6,982.8 6,979.9 Total $ 21,770.5 $ 21,730.6 |
Changes In Carrying Amount Of Goodwill | In Millions North America Retail North America Pet North America Foodservice International (a) Corporate and Joint Ventures Total Balance as of May 26, 2024 $ 6,541.9 $ 6,062.8 $ 805.5 $ 917.1 $ 423.4 $ 14,750.7 Other activity, primarily 1.4 - - 23.0 12.6 37.0 Balance as of Aug. 25, 2024 $ 6,543.3 $ 6,062.8 $ 805.5 $ 940.1 $ 436.0 $ 14,787.7 The carrying amounts of goodwill within the International segment as of accumulated impairment losses of $ 117.1 |
Changes In Carrying Amount Of Other Intangible Assets | In Millions Total Balance as of May 26, 2024 $ 6,979.9 Foreign currency translation, net of amortization 2.9 Balance as of Aug. 25, 2024 $ 6,982.8 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Inventories [Abstract] | |
Schedule Of Components Of Inventories | In Millions Aug. 25, 2024 May 26, 2024 Finished goods $ 1,975.1 $ 1,827.7 Raw materials and packaging 488.4 500.5 Grain 79.3 111.1 Excess of FIFO over LIFO cost (546.4) (541.1) Total $ 1,996.4 $ 1,898.2 |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Risk Management Activities [Abstract] | |
Schedule of Unallocated Corporate items | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net (loss) gain on mark-to-market valuation of certain $ (37.7) $ 28.4 Net loss on commodity positions reclassified from 17.2 3.2 Net mark-to-market revaluation of certain grain inventories (8.3) 13.3 Net mark-to-market valuation of certain commodity $ (28.8) $ 44.9 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Debt [Abstract] | |
Schedule Of Components Of Notes Payable | Aug. 25, 2024 May 26, 2024 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 205.0 5.4 % $ - - % Financial institutions 44.1 7.7 11.8 8.8 Total $ 249.1 5.8 % $ 11.8 8.8 % |
Schedule Of Fee-Paid Committed and Uncommitted Credit Lines | In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.7 - Total committed $ 3.4 $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Stockholders' Equity [Abstract] | |
Schedule of Total Comprehensive Income (Loss) | Quarter Ended Quarter Ended Aug. 25, 2024 Aug. 27, 2023 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings $ 579.9 $ 3.7 $ 673.5 $ 6.8 Other comprehensive (loss) income: Foreign currency translation $ (93.9) $ 31.5 (62.4) 0.5 $ (22.0) $ 3.8 (18.2) 0.1 Other fair value changes: Hedge derivatives (7.5) 1.5 (6.0) - (2.7) 0.4 (2.3) - Reclassification to earnings: Hedge derivatives (a) (0.4) 0.4 - - (1.3) 1.5 0.2 - Amortization of losses and 14.5 (2.9) 11.6 - 11.5 (2.4) 9.1 - Other comprehensive (loss) income $ (87.3) $ 30.5 (56.8) 0.5 $ (14.5) $ 3.3 (11.2) 0.1 Total comprehensive income $ 523.1 $ 4.2 $ 662.3 $ 6.9 (a) (b) |
Schedule Of Accumulated Other Comprehensive Income (Loss) | In Millions Aug. 25, 2024 May 26, 2024 Foreign currency translation adjustments $ (857.7) $ (795.3) Unrealized (loss) gain from hedge derivatives (5.8) 0.2 Pension, other postretirement, and postemployment benefits: Net actuarial loss (1,790.8) (1,806.3) Prior service credits 77.8 81.7 Accumulated other comprehensive loss $ (2,576.5) $ (2,519.7) |
Stock Plans (Tables)
Stock Plans (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Stock Plans [Abstract] | |
Schedule Of Compensation Expense Related To Stock-Based Payments | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Compensation expense related to stock-based payments $ 20.3 $ 35.3 Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Windfall tax benefits from stock-based payments $ 2.8 $ 8.4 |
Net Cash Proceeds And Intrinsic Value Of Options Exercised | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net cash proceeds $ 9.4 $ 4.5 Intrinsic value of options exercised $ 1.9 $ 2.1 |
Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model | Quarter Ended Aug. 25, 2024 Aug. 27, 2023 Estimated fair values of stock options granted $ 13.20 $ 17.47 Assumptions: Risk-free interest rate 4.5 % 4.0 % Expected term 8.5 years 8.5 years Expected volatility 21.6 % 21.4 % Dividend yield 3.8 % 2.8 % |
Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Total grant date fair $ 90.8 $ 104.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted EPS | Quarter Ended In Millions, Except per Share Data Aug. 25, 2024 Aug. 27, 2023 Net earnings attributable to General Mills $ 579.9 $ 673.5 Average number 560.5 586.3 Incremental share effect from: (a) Stock options 1.5 2.8 Restricted stock units and performance share units 1.8 2.3 Average number 563.8 591.4 Earnings per share – basic $ 1.03 $ 1.15 Earnings per share – diluted $ 1.03 $ 1.14 (a) method |
Stock Options And Restricted Units Not Dilutive | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Anti-dilutive stock options, restricted stock units, and 4.4 1.6 |
Share Repurchases (Tables)
Share Repurchases (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Share Repurchases [Abstract] | |
Share Repurchases | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Shares of common stock 4.5 6.4 Aggregate purchase price $ 302.2 $ 504.7 |
Statements Of Cash Flows (Table
Statements Of Cash Flows (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Statements Of Cash Flows [Abstract] | |
Consolidated Statements Of Cash Flows Supplemental Disclosures | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net cash interest payments $ 83.7 $ 83.9 Net income tax payments $ 18.7 $ 13.7 |
Retirement And Postemployment_2
Retirement And Postemployment Benefits (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Retirement And Postemployment Benefits [Abstract] | |
Components Of Net Periodic Benefit Expense (Income) | Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Aug. 25, 2024 Aug. 27, 2023 Aug. 25, 2024 Aug. 27, 2023 Service cost $ 13.0 $ 14.2 $ 1.1 $ 1.2 $ 1.8 $ 1.8 Interest cost 76.7 74.2 5.3 5.3 1.0 1.0 Expected return on plan assets (105.0) (102.9) (9.0) (8.7) - - Amortization of losses (gains) 25.1 21.5 (5.2) (5.1) 0.1 - Amortization of prior service costs (credits) 0.3 0.4 (5.5) (5.4) (0.3) 0.1 Other adjustments - - - - 2.6 2.6 Net expense (income) $ 10.1 $ 7.4 $ (13.3) $ (12.7) $ 5.2 $ 5.5 |
Business Segment And Geograph_2
Business Segment And Geographic Information (Tables) | 3 Months Ended |
Aug. 25, 2024 | |
Business Segment And Geographic Information [Abstract] | |
Operating Segment Results | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Net sales: North America Retail $ 3,016.6 $ 3,073.0 International 717.0 715.8 North America Pet 576.1 579.9 North America Foodservice 536.2 536.0 Total segment net $ 4,845.9 $ 4,904.7 Corporate and other 2.2 - Total net sales $ 4,848.1 $ 4,904.7 Operating profit: North America Retail $ 745.7 $ 798.2 International 20.9 50.0 North America Pet 119.4 111.2 North America Foodservice 71.5 59.1 Total segment operating $ 957.5 $ 1,018.5 Unallocated corporate items 123.8 87.3 Restructuring, impairment, and other exit costs 2.2 1.2 Operating profit $ 831.5 $ 930.0 Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 U.S. Meals & Baking Solutions $ 946.3 $ 941.9 U.S. Snacks 910.5 954.5 U.S. Morning Foods 902.9 927.8 Canada 256.9 248.8 Total $ 3,016.6 $ 3,073.0 |
Net Sales By Class Of Similar Products | Quarter Ended In Millions Aug. 25, 2024 Aug. 27, 2023 Snacks $ 1,106.8 $ 1,136.7 Cereal 793.1 817.9 Convenient meals 678.9 665.5 Pet 604.6 579.9 Dough 517.8 534.9 Baking mixes and ingredients 457.1 466.5 Yogurt 371.9 368.4 Super-premium ice cream 212.9 224.0 Other 105.0 110.9 Total $ 4,848.1 $ 4,904.7 |
Acquisition And Divestiture (Na
Acquisition And Divestiture (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Aug. 25, 2024 | May 26, 2024 | Sep. 12, 2024 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 14,787.7 | $ 14,750.7 | |
European Pet Business [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 434.1 | ||
Payment of acquisition amount heldback | 7.7 | ||
Goodwill | 317.7 | ||
Indefinite-Lived Intangible Assets | 118.4 | ||
Finite-Lived Intangibles | $ 14.2 | ||
North American Yogurt Businesses [Member] | Subsequent Event [Member] | |||
Business Acquisition [Line Items] | |||
Sale price of businesses | $ 2,100 |
Restructuring, Impairment, an_3
Restructuring, Impairment, and Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | May 26, 2024 | |
Restructuring and Related Cost [Line Items] | |||
Restructuring (recoveries) charges | $ 2.9 | $ 9.8 | |
Goodwill impairment | $ 117.1 | ||
Restructuring charges, cash | 2.7 | 7.4 | |
Charges associated with restructuring actions previously announced [Member] | |||
Restructuring and Related Cost [Line Items] | |||
Restructuring (recoveries) charges | $ 2.9 | $ 9.8 |
Restructuring, Impairment, an_4
Restructuring, Impairment, and Other Exit Costs (Restructuring, Impairment Charges And Project-Related Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Restructuring and Related Cost [Line Items] | ||
Restructuring and impairment charges | $ 2.9 | $ 9.8 |
Project-related costs classified in cost of sales | 0.1 | 0.8 |
Restructuring, Impairment and Other Exit Costs [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring and impairment charges | 2.2 | 1.2 |
Cost of Sales [Member] | ||
Restructuring and Related Cost [Line Items] | ||
Restructuring and impairment charges | $ 0.7 | $ 8.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 26, 2024 | Aug. 25, 2024 | |
Goodwill and Intangible Assets [Line Items] | ||
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 impairment | $ 117.1 | |
Impairment of intangible assets | $ 103.1 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Components Of Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Millions | Aug. 25, 2024 | May 26, 2024 |
Goodwill And Other Intangible Assets [Abstract] | ||
Goodwill | $ 14,787.7 | $ 14,750.7 |
Intangible assets not subject to amortization: | ||
Brands and other indefinite-lived intangibles | 6,735.9 | 6,728.6 |
Intangible assets subject to amortization: | ||
Customer relationships and other finite-lived intangibles | 402.9 | 402.2 |
Less accumulated amortization | (156) | (150.9) |
Intangible assets subject to amortization, net | 246.9 | 251.3 |
Other intangible assets | 6,982.8 | 6,979.9 |
Total | $ 21,770.5 | $ 21,730.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Aug. 25, 2024 | May 26, 2024 | |
Goodwill [Line Items] | ||
Beginning balance | $ 14,750.7 | |
Impairment charge | $ (117.1) | |
Other activity, primarily foreign currency translation | 37 | |
Ending balance | 14,787.7 | 14,750.7 |
North America Retail Segment [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 6,541.9 | |
Other activity, primarily foreign currency translation | 1.4 | |
Ending balance | 6,543.3 | 6,541.9 |
North America Pet [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 6,062.8 | |
Other activity, primarily foreign currency translation | 0 | |
Ending balance | 6,062.8 | 6,062.8 |
North America Foodservice [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 805.5 | |
Other activity, primarily foreign currency translation | 0 | |
Ending balance | 805.5 | 805.5 |
International [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 917.1 | |
Other activity, primarily foreign currency translation | 23 | |
Ending balance | 940.1 | 917.1 |
Accumulated impairment losses | 117.1 | 117.1 |
Corporate and Joint Ventures [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 423.4 | |
Other activity, primarily foreign currency translation | 12.6 | |
Ending balance | $ 436 | $ 423.4 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Changes In Carrying Amount Of Other Intangible Assets) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2024 USD ($) | |
Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Beginning balance - carrying value | $ 6,979.9 |
Foreign currency translation, net of amortization | 2.9 |
Ending balance - carrying value | $ 6,982.8 |
Inventories (Schedule Of Compon
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Millions | Aug. 25, 2024 | May 26, 2024 |
Inventories [Abstract] | ||
Finished goods | $ 1,975.1 | $ 1,827.7 |
Raw materials and packaging | 488.4 | 500.5 |
Grain | 79.3 | 111.1 |
Excess of FIFO over LIFO cost | (546.4) | (541.1) |
Total | $ 1,996.4 | $ 1,898.2 |
Risk Management Activities (Nar
Risk Management Activities (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Aug. 25, 2024 USD ($) | Feb. 25, 2024 USD ($) | Aug. 25, 2024 EUR (€) | May 26, 2024 USD ($) | |
Derivative [Line Items] | ||||
Accounts payable to suppliers who utilize third party service | $ 1,421.6 | $ 1,404.4 | ||
Long-term debt, carrying value | 13,071.3 | |||
Euro Denominated Bonds Used For Hedging [Member] | ||||
Derivative [Line Items] | ||||
Long-term debt, carrying value | € | € 3,979.4 | |||
4.7% Fixed Rate Note [Member] | ||||
Derivative [Line Items] | ||||
Issuance of long-term debt | $ 500 | |||
Commodity Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 233.4 | |||
Average period of utilization | 12 months | |||
Agricultural Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 118.6 | |||
Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 114.8 |
Risk Management Activities (Sch
Risk Management Activities (Schedule Of Unallocated Corporate items) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Commodity Price Risk [Abstract] | ||
Net (loss) gain on mark-to-market valuation of certain commodity positions | $ (37.7) | $ 28.4 |
Net loss on commodity positions reclassified from unallocated corporate items to segment operating profit | 17.2 | 3.2 |
Net mark-to-market revaluation of certain grain inventories | (8.3) | 13.3 |
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items | $ (28.8) | $ 44.9 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | |||||
Aug. 25, 2024 USD ($) | May 26, 2024 EUR (€) | Feb. 25, 2024 USD ($) | Nov. 26, 2023 EUR (€) | Nov. 26, 2023 USD ($) | Aug. 27, 2023 EUR (€) | |
Debt Instrument [Line Items] | ||||||
Long-term debt, carrying value | $ 13,071.3 | |||||
Committed Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum fixed charge coverage ratio | 2.5 | |||||
Level 2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, fair value | $ 12,653.5 | |||||
3.650% Notes due 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | € | € 500 | |||||
Fixed interest rate percentage | 3.65% | |||||
Maturity date | Oct. 23, 2030 | |||||
3.850% Notes due 2034 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | € | € 500 | |||||
Fixed interest rate percentage | 3.85% | |||||
Maturity date | Apr. 23, 2034 | |||||
Floating-rate notes due November 8, 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | € | € 250 | € 500 | ||||
Maturity date | Nov. 08, 2024 | Nov. 08, 2024 | Nov. 08, 2024 | |||
Floating-rate notes due July 27, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of long-term debt | € | € 500 | |||||
Maturity date | Jul. 27, 2023 | |||||
Floating-rate notes due November 10, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of long-term debt | € | € 250 | |||||
Maturity date | Nov. 10, 2023 | Nov. 10, 2023 | ||||
Long-Term Debt Agreements Containing Restrictive Covenants [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant Compliance | We were in compliance with all credit facility covenants as of August 25, 2024. | |||||
Certain Long Term Debt Agreements Containing Restrictive Covenants [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Covenant Compliance | As of August 25, 2024, we were in compliance with all of these covenants. | |||||
5.5% Fixed-rate notes due October 17, 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | $ 500 | |||||
Fixed interest rate percentage | 5.50% | 5.50% | ||||
Maturity date | Oct. 17, 2028 | Oct. 17, 2028 | ||||
Floating-rate notes due October 17, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of long-term debt | $ 400 | |||||
Maturity date | Oct. 17, 2023 | Oct. 17, 2023 | ||||
4.7% Fixed Rate Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of long-term debt | $ 500 | |||||
Fixed interest rate percentage | 4.70% | |||||
Maturity date | Jan. 30, 2027 | |||||
3.65% Fixed Rate Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of long-term debt | $ 500 | |||||
Fixed interest rate percentage | 3.65% | |||||
Maturity date | Feb. 15, 2024 |
Debt (Schedule Of Components Of
Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($) $ in Millions | Aug. 25, 2024 | May 26, 2024 |
Short-term Debt [Line Items] | ||
Notes payable | $ 249.1 | $ 11.8 |
Weighted Average Interest Rate | 5.80% | 8.80% |
U.S. commercial paper [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 205 | $ 0 |
Weighted Average Interest Rate | 5.40% | 0% |
Financial Institutions [Member] | ||
Short-term Debt [Line Items] | ||
Notes payable | $ 44.1 | $ 11.8 |
Weighted Average Interest Rate | 7.70% | 8.80% |
Debt (Schedule Of Fee-Paid Comm
Debt (Schedule Of Fee-Paid Committed And Uncommitted Credit Lines) (Details) $ in Billions | Aug. 25, 2024 USD ($) |
Line of Credit Facility [Line Items] | |
Facility Amount | $ 3.4 |
Borrowed Amount | 0 |
Line Of Credit Expiring April 2026 [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 2.7 |
Borrowed Amount | 0 |
Uncommitted Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Facility Amount | 0.7 |
Borrowed Amount | $ 0 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 01, 2024 | Aug. 25, 2024 | |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests covenant compliance | Our noncontrolling interests contain restrictive covenants. As of August 25, 2024, we were in compliance with all of these covenants. | |
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 Term SOFR | |
Preferred distributions, basis spread on variable rate | 2.61% | |
Preferred return rate adjustment period | 3 years |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Total Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation | $ (61.9) | $ (18.1) |
Other fair value changes: | ||
Hedge derivatives | (6) | (2.3) |
Reclassification to earnings: | ||
Hedge derivatives | 0 | 0.2 |
Amortization of losses and prior service costs | 11.6 | 9.1 |
Other comprehensive (loss) income, net of tax | (56.3) | (11.1) |
Comprehensive Income: | ||
Net earnings, including earnings attributable to noncontrolling interests | 579.9 | 673.5 |
Net earnings attributable to noncontrolling interests | 3.7 | 6.8 |
Total comprehensive income attributable to General Mills | 523.1 | 662.3 |
General Mills [Member] | ||
Other comprehensive income (loss), before tax: | ||
Foreign currency translation | (93.9) | (22) |
Other fair value changes: | ||
Hedge derivatives | (7.5) | (2.7) |
Reclassification to earnings: | ||
Hedge derivatives | (0.4) | (1.3) |
Amortization of losses and prior service costs | 14.5 | 11.5 |
Other comprehensive (loss) income, before tax | (87.3) | (14.5) |
Other comprehensive (loss) income, tax: | ||
Foreign currency translation | 31.5 | 3.8 |
Other fair value changes: | ||
Hedge derivatives | 1.5 | 0.4 |
Reclassification to earnings: | ||
Hedge derivatives | 0.4 | 1.5 |
Amortization of losses and prior service costs | (2.9) | (2.4) |
Other comprehensive (loss) income, tax | 30.5 | 3.3 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation | (62.4) | (18.2) |
Other fair value changes: | ||
Hedge derivatives | (6) | (2.3) |
Reclassification to earnings: | ||
Hedge derivatives | 0 | 0.2 |
Amortization of losses and prior service costs | 11.6 | 9.1 |
Other comprehensive (loss) income, net of tax | (56.8) | (11.2) |
Comprehensive Income: | ||
Net earnings, including earnings attributable to noncontrolling interests | 579.9 | 673.5 |
Total comprehensive income attributable to General Mills | 523.1 | 662.3 |
Noncontrolling Interests [Member] | ||
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation | 0.5 | 0.1 |
Other fair value changes: | ||
Hedge derivatives | 0 | 0 |
Reclassification to earnings: | ||
Hedge derivatives | 0 | 0 |
Amortization of losses and prior service costs | 0 | 0 |
Other comprehensive (loss) income, net of tax | 0.5 | 0.1 |
Comprehensive Income: | ||
Net earnings attributable to noncontrolling interests | 3.7 | 6.8 |
Total comprehensive income attributable to noncontrolling interests | $ 4.2 | $ 6.9 |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Aug. 25, 2024 | May 26, 2024 |
Accumulated Other Comprehensive Income (Loss), Net of Tax: | ||
Foreign currency translation adjustments | $ (857.7) | $ (795.3) |
Unrealized (loss) gain from hedge derivatives | (5.8) | 0.2 |
Pension, other postretirement, and postemployment benefits: | ||
Net actuarial loss | (1,790.8) | (1,806.3) |
Prior service credits | 77.8 | 81.7 |
Accumulated other comprehensive loss | $ (2,576.5) | $ (2,519.7) |
Stock Plans (Narrative) (Detail
Stock Plans (Narrative) (Details) $ in Millions | 3 Months Ended |
Aug. 25, 2024 USD ($) | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units | $ 185.9 |
Unrecognized compensation expense on non-vested awards, weighted average period of recognition | 26 months |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
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. Our method of selecting the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024. |
Stock Plans (Schedule Of Compen
Stock Plans (Schedule Of Compensation Expense Related To Stock-Based Payments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to stock-based payments | $ 20.3 | $ 35.3 |
Windfall tax benefits from stock-based payments | $ 2.8 | $ 8.4 |
Stock Plans (Net Cash Proceeds
Stock Plans (Net Cash Proceeds And Intrinsic Value Of Options Exercised) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Stock Plans [Abstract] | ||
Net cash proceeds | $ 9.4 | $ 4.5 |
Intrinsic value of options exercised | $ 1.9 | $ 2.1 |
Stock Plans (Schedule Of Estima
Stock Plans (Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model) (Details) - $ / shares | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Stock Plans [Abstract] | ||
Estimated fair values of stock options granted | $ 13.20 | $ 17.47 |
Assumptions: | ||
Risk-free interest rate | 4.50% | 4% |
Expected term | 8 years 6 months | 8 years 6 months |
Expected volatility | 21.60% | 21.40% |
Dividend yield | 3.80% | 2.80% |
Stock Plans (Schedule Of Grant
Stock Plans (Schedule Of Grant Date Fair Value Of Restricted Stock Unit Awards Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Stock Plans [Abstract] | ||
Total grant date fair value | $ 90.8 | $ 104.8 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted EPS And Stock Options And Restricted Units Not Dilutive) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Net earnings attributable to General Mills | $ 579.9 | $ 673.5 |
Average number of common shares - basic EPS | 560.5 | 586.3 |
Average number of common shares - diluted EPS | 563.8 | 591.4 |
Earnings per share - basic | $ 1.03 | $ 1.15 |
Earnings per share - diluted | $ 1.03 | $ 1.14 |
Other Disclosures [Abstract] | ||
Anti-dilutive stock options, restricted stock units, and performance share units | 4.4 | 1.6 |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental share effect | 1.5 | 2.8 |
Restricted stock units and performance share units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental share effect | 1.8 | 2.3 |
Share Repurchases (Share Repurc
Share Repurchases (Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Share Repurchases [Abstract] | ||
Shares of common stock | 4.5 | 6.4 |
Aggregate purchase price | $ 302.2 | $ 504.7 |
Statements of Cash Flows (Conso
Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Statements Of Cash Flows [Abstract] | ||
Net cash interest payments | $ 83.7 | $ 83.9 |
Net income tax payments | $ 18.7 | $ 13.7 |
Retirement And Postemployment_3
Retirement And Postemployment Benefits (Components Of Net Periodic Benefit Expense(Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Defined Benefit Pension Plans [Member] | ||
Components of Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 13 | $ 14.2 |
Interest cost | 76.7 | 74.2 |
Expected return on plan assets | (105) | (102.9) |
Amortization of losses (gains) | 25.1 | 21.5 |
Amortization of prior service costs (credits) | 0.3 | 0.4 |
Other adjustments | 0 | 0 |
Net expense (income) | 10.1 | 7.4 |
Other Postretirement Benefit Plans [Member] | ||
Components of Net Periodic Benefit Cost [Abstract] | ||
Service cost | 1.1 | 1.2 |
Interest cost | 5.3 | 5.3 |
Expected return on plan assets | (9) | (8.7) |
Amortization of losses (gains) | (5.2) | (5.1) |
Amortization of prior service costs (credits) | (5.5) | (5.4) |
Other adjustments | 0 | 0 |
Net expense (income) | (13.3) | (12.7) |
Postemployment Benefit Plans [Member] | ||
Components of Net Periodic Benefit Cost [Abstract] | ||
Service cost | 1.8 | 1.8 |
Interest cost | 1 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization of losses (gains) | 0.1 | 0 |
Amortization of prior service costs (credits) | (0.3) | 0.1 |
Other adjustments | 2.6 | 2.6 |
Net expense (income) | $ 5.2 | $ 5.5 |
Business Segment And Geograph_3
Business Segment And Geographic Information (Operating Segment Results) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 4,848.1 | $ 4,904.7 |
Restructuring, impairment, and other exit costs | 2.2 | 1.2 |
Operating profit | 831.5 | 930 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 4,845.9 | 4,904.7 |
Operating profit | 957.5 | 1,018.5 |
Unallocated Corporate Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating profit | 123.8 | 87.3 |
North America Retail [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,016.6 | 3,073 |
Operating profit | 745.7 | 798.2 |
U.S. Meals & Baking Solutions [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 946.3 | 941.9 |
U.S. Snacks [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 910.5 | 954.5 |
U.S. Morning Foods [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 902.9 | 927.8 |
Canada [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 256.9 | 248.8 |
International [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 717 | 715.8 |
Operating profit | 20.9 | 50 |
North America Pet [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 576.1 | 579.9 |
Operating profit | 119.4 | 111.2 |
North America Foodservice [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 536.2 | 536 |
Operating profit | 71.5 | 59.1 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 2.2 | $ 0 |
Business Segment And Geograph_4
Business Segment And Geographic Information (Net Sales By Class Of Similar Products) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Aug. 25, 2024 | Aug. 27, 2023 | |
Product Information [Line Items] | ||
Net sales | $ 4,848.1 | $ 4,904.7 |
Snacks [Member] | ||
Product Information [Line Items] | ||
Net sales | 1,106.8 | 1,136.7 |
Cereal [Member] | ||
Product Information [Line Items] | ||
Net sales | 793.1 | 817.9 |
Convenient meals [Member] | ||
Product Information [Line Items] | ||
Net sales | 678.9 | 665.5 |
Dough [Member] | ||
Product Information [Line Items] | ||
Net sales | 517.8 | 534.9 |
Pet [Member] | ||
Product Information [Line Items] | ||
Net sales | 604.6 | 579.9 |
Baking mixes and ingredients [Member] | ||
Product Information [Line Items] | ||
Net sales | 457.1 | 466.5 |
Yogurt [Member] | ||
Product Information [Line Items] | ||
Net sales | 371.9 | 368.4 |
Super-premium ice cream [Member] | ||
Product Information [Line Items] | ||
Net sales | 212.9 | 224 |
Other [Member] | ||
Product Information [Line Items] | ||
Net sales | $ 105 | $ 110.9 |
Insider Trading Arrangements (D
Insider Trading Arrangements (Details) | 3 Months Ended |
Aug. 25, 2024 shares | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | true |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Name | Jeffrey L. Harmening |
Title | Chairman and Chief Executive Officer |
Adoption Date | July 24, 2024 |
Aggregate Available | 57,879 |