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STOCKHOLDERS' EQUITY

12 Months Ended

May 29, 2011

May 30, 2010

Notes To Consolidated Financial Statements

NOTE 10. STOCKHOLDERS' EQUITY

Cumulative preference stock of 5.0 million shares, without par value, is authorized but unissued.

During fiscal 2011, we repurchased 31.8 million shares of common stock for an aggregate purchase price of $1,163.5 million. During fiscal 2010, we repurchased 21.3 million shares of common stock for an aggregate purchase price of $691.8 million. During fiscal 2009, we repurchased 40.4 million shares of common stock for an aggregate purchase price of $1,296.4 million.

On June 28, 2010, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock. Purchases under the authorization can be made in the open market or in privately negotiated transactions, including the use of call options and other derivative instruments, Rule 10b5-1 trading plans, and accelerated repurchase programs. The authorization has no specified termination date.

The following table provides details of total comprehensive income:

	Fiscal 2011
In Millions		Pretax		Tax		Net
Net earnings attributable to General Mills					$	1,798.3
Net earnings attributable to noncontrolling interests						5.2
Net earnings, including earnings attributable to noncontrolling interests					$	1,803.5
Other comprehensive income (loss):
Foreign currency translation	$	358.3	$	-	$	358.3
Net actuarial gain		93.5		(32.4)		61.1
Other fair value changes:
Securities		(5.8)		2.2		(3.6)
Hedge derivatives		(39.8)		14.4		(25.4)
Reclassification to earnings:
Hedge derivatives		29.8		(11.3)		18.5
Amortization of losses and prior service costs		108.7		(41.5)		67.2
Other comprehensive income (loss) in accumulated other comprehensive loss		544.7		(68.6)		476.1
Other comprehensive income attributable to noncontrolling interests		0.7		-		0.7
Other comprehensive income (loss)	$	545.4	$	(68.6)	$	476.8
Total comprehensive income					$	2,280.3

	Fiscal 2010
In Millions		Pretax		Tax		Net
Net earnings attributable to General Mills					$	1,530.5
Net earnings attributable to noncontrolling interests						4.5
Net earnings, including earnings attributable to noncontrolling interests					$	1,535.0
Other comprehensive income (loss):
Foreign currency translation	$	(163.3)	$	-	$	(163.3)
Net actuarial loss		(786.3)		314.8		(471.5)
Other fair value changes:
Securities		1.9		(0.7)		1.2
Hedge derivatives		(25.0)		10.6		(14.4)
Reclassification to earnings:
Hedge derivatives		44.4		(17.0)		27.4
Amortization of losses and prior service costs		19.1		(7.6)		11.5
Other comprehensive income (loss) in accumulated other comprehensive loss		(909.2)		300.1		(609.1)
Other comprehensive loss attributable to noncontrolling interests		0.2		-		0.2
Other comprehensive income (loss)	$	(909.0)	$	300.1	$	(608.9)
Total comprehensive income					$	926.1

	Fiscal 2009
In Millions		Pretax		Tax		Net
Net earnings attributable to General Mills					$	1,304.4
Net earnings attributable to noncontrolling interests						9.3
Net earnings, including earnings attributable to noncontrolling interests					$	1,313.7
Other comprehensive income (loss):
Foreign currency translation	$	(286.6)	$	-	$	(286.6)
Net actuarial loss		(1,254.0)		477.8		(776.2)
Other fair value changes:
Securities		(0.6)		0.2		(0.4)
Hedge derivatives		8.0		(3.4)		4.6
Reclassification to earnings:
Hedge derivatives		(11.9)		4.6		(7.3)
Amortization of losses and prior service costs		24.2		(9.2)		15.0
Other comprehensive income (loss) in accumulated other comprehensive loss		(1,520.9)		470.0		(1,050.9)
Other comprehensive income attributable to noncontrolling interests		(1.2)		-		(1.2)
Other comprehensive income (loss)	$	(1,522.1)	$	470.0	$	(1,052.1)
Total comprehensive income					$	261.6

During fiscal 2009, we incurred unrecognized losses in excess of $1.1 billion on assets, primarily equity securities, in our defined benefit pension and other postretirement benefit plans. These losses were recognized in other comprehensive income. In fiscal 2010 and future years, the losses are reflected in pension expense using the market-related value of the plan assets over a five year period and amortized using a declining balance method over the average remaining service period of active plan participants.

In fiscal 2011, 2010, and 2009, except for reclassifications to earnings, changes in other comprehensive income (loss) were primarily non-cash items.

Accumulated other comprehensive loss balances, net of tax effects, were as follows:

In Millions		May 29, 2011		May 30, 2010
Foreign currency translation adjustments	$	553.2	$	194.9
Unrealized gain (loss) from:
Securities		2.0		5.6
Hedge derivatives		(35.8)		(28.9)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss		(1,509.5)		(1,611.0)
Prior service costs		(20.7)		(47.5)
Accumulated other comprehensive loss	$	(1,010.8)	$	(1,486.9)

	Fiscal 2010
In Millions		Pretax		Tax		Net
Net earnings attributable to General Mills					$	1,530.5
Net earnings attributable to noncontrolling interests						4.5
Net earnings, including earnings attributable to noncontrolling interests					$	1,535.0
Other comprehensive income (loss):
Foreign currency translation	$	(163.3)	$	-	$	(163.3)
Net actuarial loss		(786.3)		314.8		(471.5)
Other fair value changes:
Securities		1.9		(0.7)		1.2
Hedge derivatives		(25.0)		10.6		(14.4)
Reclassification to earnings:
Hedge derivatives		44.4		(17.0)		27.4
Amortization of losses and prior service costs		19.1		(7.6)		11.5
Other comprehensive income (loss) in accumulated other comprehensive loss		(909.2)		300.1		(609.1)
Other comprehensive loss attributable to noncontrolling interests		0.2		-		0.2
Other comprehensive income (loss)	$	(909.0)	$	300.1	$	(608.9)
Total comprehensive income					$	926.1

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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