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STOCKHOLDERS' EQUITY
 6 Months Ended
Nov. 23, 2014
Stockholders' Equity [Abstract]  
Stockholders' Equity

(9) Stockholders' Equity

 

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 fiscal 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 tables provide details of total comprehensive income (loss):

                      
  Quarter Ended  Quarter Ended
  Nov. 23, 2014  Nov. 24, 2013
  General Mills Noncontrolling Interests Redeemable Interest  General Mills Noncontrolling Interests Redeemable Interest
                      
In Millions Pretax Tax Net Net Net  Pretax Tax Net Net Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests     $346.1$4.0$5.3     $549.9$2.0$ 8.9
Other comprehensive income (loss):                     
Foreign currency translation$ (221.7)$ -  (221.7)  (26.0)  (49.6) $ 43.0$ -  43.0  5.3  13.8
Other fair value changes:                     
Securities  0.4  (0.2)  0.2  -  -   0.8  (0.3)  0.5  -  -
Hedge derivatives  7.9  (1.7)  6.2  -  (0.4)   (8.8)  1.8  (7.0)  -  (1.2)
Reclassification to earnings:                     
Hedge derivatives (a)  1.4  (0.3)  1.1  -  0.7   (0.8)  (0.3)  (1.1)  -  (0.4)
Amortization of losses and prior service costs (b)  47.4  (17.9)  29.5  -  -   44.6  (16.3)  28.3  -  -
Other comprehensive income (loss):$ (164.6)$ (20.1)  (184.7)  (26.0)  (49.3) $ 78.8$ (15.1)  63.7  5.3  12.2
Total comprehensive income (loss)    $161.4$(22.0)$(44.0)     $613.6$7.3$ 21.1

(a)       (Gain) 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 expenses.

 

                      
  Six-Month Period Ended  Six-Month Period Ended
  Nov. 23, 2014  Nov. 24, 2013
  General Mills Noncontrolling Interests Redeemable Interest  General Mills Noncontrolling Interests Redeemable Interest
                      
In Millions Pretax Tax Net Net Net  Pretax Tax Net Net Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests     $691.3$5.6$10.9     $1,009.2$4.1$ 15.6
Other comprehensive income (loss):                     
Foreign currency translation$ (282.1)$ -  (282.1)  (37.6)  (70.1) $ (78.7)$ -  (78.7)  17.3  36.9
Other fair value changes:                     
Securities  0.6  (0.3)  0.3  -  -   1.1  (0.4)  0.7  -  -
Hedge derivatives  7.1  (1.5)  5.6  -  (1.0)   9.0  (4.2)  4.8  -  (0.9)
Reclassification to earnings:                     
Hedge derivatives (a)  4.8  (0.9)  3.9  -  1.4   (2.6)  (0.3)  (2.9)  -  (0.6)
Amortization of losses and prior service costs (b)   86.3  (33.3)  53.0  -  -   87.2  (32.5)  54.7  -  -
Other comprehensive income (loss)$ (183.3)$ (36.0)  (219.3) (37.6) (69.7) $ 16.0$ (37.4)  (21.4) 17.3  35.4
Total comprehensive income (loss)    $472.0$(32.0)$(58.8)     $987.8$21.4$ 51.0

(a)       (Gain) 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 expenses.

 

Except for reclassifications to earnings, changes in other comprehensive income (loss) are primarily non-cash items.

 

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

In Millions  Nov. 23, 2014  May 25, 2014
Foreign currency translation adjustments $ (90.8) $ 191.3
Unrealized gain (loss) from:      
Securities   3.2   2.9
Hedge derivatives   (29.3)   (38.8)
Pension, other postretirement, and postemployment benefits:      
Net actuarial loss   (1,423.8)   (1,469.2)
Prior service costs   (18.9)   (26.5)
Accumulated other comprehensive loss $ (1,559.6) $ (1,340.3)