Redeemable and Noncontrolling Interests	6 Months Ended
Nov. 28, 2021
Redeemable and Noncontrolling Interests [Abstract]
Redeemable and Noncontrolling Interests	(8) Redeemable and Noncontrolling Interests During the first quarter of fiscal 2022, we entered into a definitive agreement to sell our 51 percent controlling interest in Yoplait SAS, and our 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl to Sodiaal. The transaction closed subsequent to the end of the second quarter of fiscal 2022. Please see Note 2 to the Consolidated Financial Statements. As of November 28, 2021, we have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl. Sodiaal holds the remaining interests in each of the entities. On the acquisition date, we recorded the $904.4 million fair value of Sodiaal’s 49 percent euro-denominated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. Sodiaal had the right to put all or a portion of its redeemable interest to us at fair value until the sale of our interest closed subsequent to the end of the second quarter of fiscal 2022.We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. As of November 28, 2021, the redemption value of the euro-denominated redeemable interest was $561.6 million. A subsidiary of Yoplait SAS has an exclusive milk supply agreement for its European operations with Sodiaal through May 31, 2022. Net purchases totaled $99.5 million for the six-month period ended November 28, 2021, and $101.0 million for the six-month period ended November 29, 2020. The third-party holder of the General Mills Cereals, LLC (GMC) Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $251.5 million). On June 1, 2021, the floating preferred return rate on GMC’s Class A Interests was reset to the sum of three-month LIBOR plus 160 basis points. The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction. Our noncontrolling interests contain restrictive covenants. As of November 28, 2021, we were in compliance with all of these covenants.

Redeemable and Noncontrolling Interests

6 Months Ended

Nov. 28, 2021

Redeemable and Noncontrolling Interests [Abstract]

(8) Redeemable and Noncontrolling Interests

During the first quarter of fiscal 2022, we entered into a definitive agreement to sell our 51 percent controlling interest in Yoplait SAS, and our 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl to Sodiaal. The transaction closed subsequent to the end of the second quarter of fiscal 2022. Please see Note 2 to the Consolidated Financial Statements.

As of November 28, 2021, we have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl. Sodiaal holds the remaining interests in each of the entities. On the acquisition date, we recorded the $904.4 million fair value of Sodiaal’s 49 percent euro-denominated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. Sodiaal had the right to put all or a portion of its redeemable interest to us at fair value until the sale of our interest closed subsequent to the end of the second quarter of fiscal 2022.We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest’s redemption value, which approximates its fair value. As of November 28, 2021, the redemption value of the euro-denominated redeemable interest was $561.6 million.

A subsidiary of Yoplait SAS has an exclusive milk supply agreement for its European operations with Sodiaal through May 31, 2022. Net purchases totaled $99.5 million for the six-month period ended November 28, 2021, and $101.0 million for the six-month period ended November 29, 2020.

The third-party holder of the General Mills Cereals, LLC (GMC) Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $251.5 million). On June 1, 2021, the floating preferred return rate on GMC’s Class A Interests was reset to the sum of three-month LIBOR plus 160 basis points. The preferred return rate is adjusted every three years through a negotiated agreement with the Class A Interest holder or through a remarketing auction.

Our noncontrolling interests contain restrictive covenants. As of November 28, 2021, we were in compliance with all of these covenants.