STOCKHOLDERS' EQUITY

12 Months Ended

May 25, 2014

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 10. STOCKHOLDERS' EQUITY

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

On June 28, 2010, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock. The Board terminated this authorization on May 6, 2014, and 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.

During fiscal 2014, we repurchased 35.6 million shares of common stock for an aggregate purchase price of $1,774.4 million. During fiscal 2013, we repurchased 24.2 million shares of common stock for an aggregate purchase price of $1,014.9 million. During fiscal 2012, we repurchased 8.3 million shares of common stock for an aggregate purchase price of $313.0 million.

During the fourth quarter of fiscal 2013, we entered into an Accelerated Share Repurchase (ASR) agreement with an unrelated third party financial institution to repurchase an aggregate of $300.0 million of our outstanding common stock. Under the ASR agreement, we paid $300.0 million to the financial institution and received 5.5 million shares of common stock with a fair value of $270.0 million during the fourth quarter of 2013. We received an additional 0.6 million shares of common stock upon completion of the ASR agreement during the first quarter of fiscal 2014. As of May 26, 2013, we recorded this transaction as an increase in treasury stock of $270.0 million, and recorded the remaining $30.0 million as a decrease to additional paid-in capital on our Consolidated Balance Sheets. Upon completion of the ASR agreement in the first quarter of fiscal 2014, we reclassified the $30.0 million to treasury stock from additional paid-in capital on our Consolidated Balance Sheets.

The following table provides details of total comprehensive income:

	Fiscal 2014
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	1,824.4	$	5.8	$	31.1
Other comprehensive income (loss):
Foreign currency translation	$	(71.8)	$	-		(71.8)		19.1		41.4
Net actuarial income		327.2		(121.2)		206.0		-		-
Other fair value changes:
Securities		0.5		(0.2)		0.3		-		-
Hedge derivatives		14.4		(7.0)		7.4		-		(2.4)
Reclassification to earnings:
Hedge derivatives (a)		(4.7)		0.2		(4.5)		-		(0.1)
Amortization of losses and prior service costs (b)		172.7		(65.1)		107.6		-		-
Other comprehensive income		438.3		(193.3)		245.0		19.1		38.9
Total comprehensive income					$	2,069.4	$	24.9	$	70.0

(a) Gainreclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.

(b) Loss reclassified from AOCI into earnings is reported in SG&A expense.

	Fiscal 2013
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	1,855.2	$	8.0	$	29.3
Other comprehensive income (loss):
Foreign currency translation	$	(19.8)	$	-		(19.8)		10.3		10.3
Net actuarial loss		76.3		(31.3)		45.0		-		-
Other fair value changes:
Securities		1.2		(0.4)		0.8		-		-
Hedge derivatives		33.5		(10.4)		23.1		-		1.5
Reclassification to earnings:
Hedge derivatives (a)		15.0		(4.5)		10.5		-		1.7
Amortization of losses and prior service costs (b)		159.9		(61.1)		98.8		-		-
Other comprehensive income		266.1		(107.7)		158.4		10.3		13.5
Total comprehensive income					$	2,013.6	$	18.3	$	42.8

(a) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales

and SG&A expenses for foreign exchange contracts.

(b) Loss reclassified from AOCI into earnings is reported in SG&A expense.

	Fiscal 2012
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	1,567.3	$	6.8	$	15.0
Other comprehensive income (loss):
Foreign currency translation	$	(270.3)	$	-		(270.3)		(51.1)		(98.7)
Net actuarial gain		(813.1)		308.5		(504.6)		-		-
Other fair value changes:
Securities		(0.3)		0.1		(0.2)		-		-
Hedge derivatives		(80.8)		31.2		(49.6)		-		(3.8)
Reclassification to earnings:
Hedge derivatives (a)		16.3		(6.2)		10.1		-		1.4
Amortization of losses and prior service costs (b)		131.6		(49.9)		81.7		-		-
Other comprehensive loss		(1,016.6)		283.7		(732.9)		(51.1)		(101.1)
Total comprehensive income (loss)					$	834.4	$	(44.3)	$	(86.1)

(a) Loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales

and SG&A expenses for foreign exchange contracts.

(b) Loss reclassified from AOCI into earnings is reported in SG&A expense.

In fiscal 2014, 2013, and 2012, 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 25, 2014		May 26, 2013
Foreign currency translation adjustments	$	191.3	$	263.1
Unrealized gain (loss) from:
Securities		2.9		2.6
Hedge derivatives		(38.8)		(41.7)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss		(1,469.2)		(1,801.5)
Prior service costs		(26.5)		(7.8)
Accumulated other comprehensive loss	$	(1,340.3)	$	(1,585.3)