STOCKHOLDERS' EQUITY

12 Months Ended

May 31, 2020

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 11. STOCKHOLDERS’ EQUITY

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

On May 6, 2014, 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.

On March 27, 2018, we issued 22.7 million shares of the Company’s common stock, par value $0.10 per share, at a public offering price of $44.00 per share for total proceeds of $1.0 billion. We paid $30.1 million in issuance costs that were recorded in additional paid-in capital. The net proceeds of $969.9 million were used to finance a portion of the acquisition of Blue Buffalo Pet Products, Inc. (“Blue Buffalo”).

Share repurchases were as follows:

	Fiscal Year
In Millions	2020	2019	2018
Shares of common stock	0.1	-	10.9
Aggregate purchase price	$3.4	$1.1	$601.6

The following table provides details of total comprehensive income:

	Fiscal 2020
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	2,181.2	$	12.9	$	16.7
Other comprehensive income (loss):
Foreign currency translation	$	(149.1)	$	-		(149.1)		(2.6)		(17.4)
Net actuarial loss		(290.2)		65.6		(224.6)		-		-
Other fair value changes:
Hedge derivatives		4.4		(1.2)		3.2		-		-
Reclassification to earnings:
Hedge derivatives (a)		4.3		(0.7)		3.6		-		0.5
Amortization of losses and prior service costs (b)		101.3		(23.4)		77.9		-		-
Other comprehensive loss		(329.3)		40.3		(289.0)		(2.6)		(16.9)
Total comprehensive income (loss)					$	1,892.2	$	10.3	$	(0.2)

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.Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2.

	Fiscal 2019
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	1,752.7	$	13.9	$	19.6
Other comprehensive income (loss):
Foreign currency translation	$	(38.3)	$	-		(38.3)		(13.5)		(31.0)
Net actuarial loss		(325.6)		72.2		(253.4)		-		-
Other fair value changes:
Hedge derivatives		15.9		(3.7)		12.2		-		(0.1)
Reclassification to earnings:
Securities (a)		(2.6)		0.6		(2.0)		-		-
Hedge derivatives (b)		0.1		0.4		0.5		-		0.4
Amortization of losses and prior service costs (c)		107.5		(22.9)		84.6		-		-
Other comprehensive loss		(243.0)		46.6		(196.4)		(13.5)		(30.7)
Total comprehensive income (loss)					$	1,556.3	$	0.4	$	(11.1)

Gain reclassified from AOCI into earnings is reported in interest, net for securities.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.Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2.

	Fiscal 2018
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	2,131.0	$	13.4	$	18.6
Other comprehensive income (loss):
Foreign currency translation	$	(76.9)	$	-		(76.9)		13.5		26.4
Net actuarial income		185.5		(45.4)		140.1		-		-
Other fair value changes:
Securities		1.8		(0.6)		1.2		-		-
Hedge derivatives		(64.7)		14.2		(50.5)		-		(0.3)
Reclassification to earnings:
Securities (a)		(6.6)		1.5		(5.1)		-		-
Hedge derivatives (b)		24.9		(6.4)		18.5		-		(1.1)
Amortization of losses and prior service costs (c)		176.8		(59.2)		117.6		-		-
Other comprehensive income		240.8		(95.9)		144.9		13.5		25.0
Total comprehensive income					$	2,275.9	$	26.9	$	43.6

Gain reclassified from AOCI into earnings is reported in interest, net for securities.Loss (gain) 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.

(c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income. Please refer to Note 2.

In fiscal 2020, 2019, and 2018, 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 31, 2020		May 26, 2019
Foreign currency translation adjustments	$	(889.0)	$	(739.9)
Unrealized loss from:
Hedge derivatives		(12.6)		(19.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss		(2,022.5)		(1,880.5)
Prior service credits		9.7		14.4
Accumulated other comprehensive loss	$	(2,914.4)	$	(2,625.4)

In fiscal 2018, we adopted new accounting requirements that provide the option to reclassify stranded income tax effects resulting from the TCJA from AOCI to retained earnings. We elected to reclassify the stranded income tax effects of the TCJA of $329.4 million from AOCI to retained earnings. Please see Note 15 for additional information.