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BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
May 28, 2017
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]  
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 16. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

We operate in the consumer foods industry. In the third quarter of fiscal 2017, we announced a new global organization structure to streamline our leadership, enhance global scale, and drive improved operational agility to maximize our growth capabilities. As a result of this global reorganization, beginning in the third quarter of fiscal 2017, we reported results for our four operating segments as follows: North America Retail, 65.3 percent of our fiscal 2017 consolidated net sales; Convenience Stores & Foodservice, 12.0 percent of our fiscal 2017 consolidated net sales; Europe & Australia, 11.7 percent of our fiscal 2017 consolidated net sales; and Asia & Latin America, 11.0 percent of our fiscal 2017 consolidated net sales. We have restated our net sales by segment and segment operating profit amounts to reflect our new operating segments. These segment changes had no effect on previously reported consolidated net sales, operating profit, net earnings attributable to General Mills, or earnings per share.

Our North America Retail operating segment consists of our former U.S. Retail operating units and our Canada region. Within our North America Retail operating segment, our former U.S. Meals operating unit and U.S. Baking operating unit have been combined into one operating unit: U.S. Meals & Baking. Our Convenience Stores & Foodservice operating segment is unchanged. Our Europe & Australia operating segment consists of our former Europe region. Our Asia & Latin America operating segment consists of our former Asia/Pacific and Latin America regions.

Under our new organization structure, our chief operating decision maker assesses performance and makes decisions about resources to be allocated to our segments at the North America Retail, Convenience Stores & Foodservice, Europe & Australia, and Asia & Latin America operating segment level.

Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. Our product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.

In our Convenience Stores & Foodservice segment our major product categories are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries in the United States.

Our Europe & Australia operating segment consists of our former Europe region. The segment includes retail and foodservice businesses in the greater Europe and Australia regions. Our product categories include refrigerated yogurt, meal kits, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, grain snacks, and dessert and baking mixes. We also sell super-premium ice cream directly to consumers through company-owned retail shops. Revenues from franchise fees are reported in the region or country where the franchisee is located.

Our Asia & Latin America operating segment consists of our former Asia/Pacific and Latin America regions. The segment includes retail and foodservice businesses in the greater Asia and South America regions. Our product categories include super-premium ice cream and frozen desserts, refrigerated and frozen dough products, dessert and baking mixes, meal kits, salty and grain snacks, wellness beverages, and refrigerated yogurt. We also sell super-premium ice cream and frozen desserts directly to consumers through company-owned retail shops. Our Asia & Latin America segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities and franchise fees are reported in the region or country where the end customer or franchisee is located.

Operating profit for these segments excludes unallocated corporate items, gain on divestitures, and restructuring, impairment, and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, contributions to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies, restructuring initiative project-related costs, and other items that are not part of our measurement of segment operating performance. These include gains and losses arising from the revaluation of certain grain inventories and gains and losses from mark-to-market valuation of certain commodity positions until passed back to our operating segments. These items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by executive management. Under our supply chain organization, our manufacturing, warehouse, and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. As a result, fixed assets and depreciation and amortization expenses are neither maintained nor available by operating segment.

Our operating segment results were as follows:

Fiscal Year
In Millions201720162015
Net sales:
North America Retail$10,196.9$10,936.6$11,612.1
Convenience Stores & Foodservice1,870.01,923.81,995.1
Europe & Australia1,824.51,998.02,126.5
Asia & Latin America1,728.41,704.71,896.6
Total$15,619.8$16,563.1$17,630.3
Operating profit:
North America Retail$2,303.6$2,351.2$2,382.7
Convenience Stores & Foodservice401.2378.9353.1
Europe & Australia164.2200.3179.4
Asia & Latin America83.669.1119.8
Total segment operating profit2,952.62,999.53,035.0
Unallocated corporate items190.1288.9413.8
Divestitures loss (gain)13.5(148.2)-
Restructuring, impairment, and other exit costs182.6151.4543.9
Operating profit$2,566.4$2,707.4$2,077.3

Net sales by class of similar products were as follows:

Fiscal Year
In Millions201720162015
Snacks$3,302.2$3,297.2$3,392.0
Cereal2,673.22,731.52,771.3
Convenient meals2,653.62,779.02,810.3
Yogurt2,403.52,760.92,938.3
Dough1,690.61,820.01,877.0
Baking mixes and ingredients1,654.11,704.31,867.7
Super-premium ice cream738.4731.2769.5
Vegetables310.5532.3937.3
Other193.7206.7266.9
Total$15,619.8$16,563.1$17,630.3

The following table provides financial information by geographic area:

Fiscal Year
In Millions201720162015
Net sales:
United States$11,160.9$11,930.9$12,501.8
Non-United States4,458.94,632.25,128.5
Total$15,619.8$16,563.1$17,630.3
In MillionsMay 28, 2017May 29, 2016
Cash and cash equivalents:
United States$62.9$118.5
Non-United States703.2645.2
Total$766.1$763.7
In MillionsMay 28, 2017May 29, 2016
Land, buildings, and equipment:
United States$2,704.0$2,755.1
Non-United States983.7988.5
Total$3,687.7$3,743.6