Business Segment and Geographic Information

3 Months Ended

Aug. 28, 2022

Business Segment and Geographic Information [Abstract]

Business Segment and Geographic Information

(17) Business Segment and Geographic Information

We operate in the packaged foods industry. In fiscal 2022, we completed a new organization structure to streamline our global

operations. This global reorganization required us to reevaluate our operating segments. Under our new organization structure, our

chief operating decision maker assesses performance and makes decisions about resources to be allocated to our operating segments as

follows: North America Retail; International; Pet; and North America Foodservice. 

We have restated our net sales by segment and segment operating profit to reflect our previously reported operating segment change.

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 reflects business with a wide variety of grocery stores, mass merchandisers, membership

stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product

categories in this business segment include ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough

products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of

organic products including ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks, snack bars, and refrigerated

yogurt.

Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our

product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes,

and shelf stable vegetables. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail

shops. Our International 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 are

reported in the region or country where the end customer is located.

Our Pet operating segment includes pet food products sold primarily in the United States and Canada in national pet superstore chains,

e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Our product

categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits, vegetables and other high-quality

natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and span different

product types, diet types, breed sizes for dogs, lifestages, flavors, product functions, and textures and cuts for wet foods.

Our North America Foodservice segment consists of foodservice businesses in the United States and Canada. Our major product

categories in our North America Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals,

unbaked and fully baked frozen dough products, baking mixes, and bakery flour. 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,

vending, and supermarket bakeries.

Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, impairment,

and other exit costs. Unallocated corporate items include corporate overhead expenses, variances to planned North American

employee benefits and incentives, certain charitable contributions, restructuring initiative project-related costs, gains and losses on

corporate investments, 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:

Quarter Ended

In Millions

Aug. 28, 2022

Aug. 29, 2021

Net sales:

North America Retail

$

2,988.8

$

2,710.6

International

652.5

930.6

Pet

579.9

488.0

North America Foodservice

496.4

410.7

Total

$

4,717.6

$

4,539.9

Operating profit:

North America Retail

$

777.8

$

648.6

International

34.8

60.6

Pet

123.1

115.2

North America Foodservice

53.6

71.8

Total segment operating profit

$

989.3

$

896.2

Unallocated corporate items

333.0

56.2

Divestitures gain, net

(430.9)

-

Restructuring, impairment, and other exit costs (recoveries)

1.6

(4.3)

Operating profit

$

1,085.6

$

844.3

Net sales for our North America Retail operating units were as follows:

Quarter Ended

In Millions

Aug. 28, 2022

Aug. 29, 2021

U.S. Meals & Baking Solutions

$

949.2

$

861.5

U.S. Morning Foods

904.0

829.7

U.S. Snacks

887.2

780.1

Canada

248.4

239.3

Total

$

2,988.8

$

2,710.6

Net sales by class of similar products were as follows:

Quarter Ended

In Millions

Aug. 28, 2022

Aug. 29, 2021

Snacks

$

1,068.4

$

954.5

Cereal

814.7

731.0

Convenient meals

679.2

695.5

Pet

580.8

488.0

Baking mixes and ingredients

473.5

396.3

Dough

464.8

405.2

Yogurt

346.0

505.9

Super-premium ice cream

183.5

244.8

Other

106.7

118.7

Total

$

4,717.6

$

4,539.9