10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One) 

☑

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED

NOVEMBER 27, 2022

☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO 

Commission file number:

001-01185

________________

GENERAL MILLS, INC.

(Exact name of registrant as specified in its charter)

Delaware

41-0274440

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

Number One General Mills Boulevard

Minneapolis

,

Minnesota

55426

(Address of principal executive offices)

(Zip Code)

(763)

764-7600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common Stock, $.10 par value

GIS

New York Stock Exchange

1.000% Notes due 2023

GIS23A

New York Stock Exchange

0.125% Notes due 2025

GIS25A

New York Stock Exchange

0.450% Notes due 2026

GIS26

New York Stock Exchange

1.500% Notes due 2027

GIS27

New York Stock Exchange

________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),

and (2) has been subject to such filing requirements for the past 90 days. 

Yes

☑

 No

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to

submit such files).

Yes

☑

 No

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting

company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting

company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

 Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

 No

☑

Number of shares of Common Stock outstanding as of December 13, 2022:

589,610,717

 (excluding

165,002,611

 shares held in the

treasury).

3

General Mills, Inc.

Table of Contents

Page

4

5

6

7

9

21

40

41

41

42

43

4

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Statements of Earnings

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net sales

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

Cost of sales

3,515.6

3,392.8

6,785.5

6,335.3

Selling, general, and administrative expenses

894.2

828.8

1,685.6

1,586.2

Divestitures gain, net

-

-

(430.9)

-

Restructuring, impairment, and other exit

 costs (recoveries)

11.1

2.3

12.7

(2.0)

Operating profit

799.8

800.1

1,885.4

1,644.4

Benefit plan non-service income

(21.7)

(27.7)

(43.4)

(57.3)

Interest, net

91.5

92.7

179.2

188.6

Earnings before income taxes and after-tax earnings from 

 joint ventures

730.0

735.1

1,749.6

1,513.1

Income taxes

147.1

159.7

363.2

328.6

After-tax earnings from joint ventures

25.4

33.0

45.2

62.1

Net earnings, including earnings attributable to redeemable 

 and noncontrolling interests

608.3

608.4

1,431.6

1,246.6

Net earnings attributable to redeemable and 

 noncontrolling interests

2.4

11.2

5.7

22.4

Net earnings attributable to General Mills

$

605.9

$

597.2

$

1,425.9

$

1,224.2

Earnings per share – basic

$

1.01

$

0.98

$

2.38

$

2.01

Earnings per share – diluted

$

1.01

$

0.97

$

2.36

$

1.99

See accompanying notes to consolidated financial statements.

5

Consolidated Statements of Comprehensive Income

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net earnings, including earnings attributable to 

 redeemable and noncontrolling interests

$

608.3

$

608.4

$

1,431.6

$

1,246.6

Other comprehensive loss, net of tax:

Foreign currency translation

(115.0)

(38.5)

(111.2)

(62.4)

Other fair value changes:

Hedge derivatives

20.8

18.7

(17.5)

20.4

Reclassification to earnings:

Foreign currency translation

-

-

(7.4)

-

Hedge derivatives

1.0

(6.4)

(0.4)

4.2

Amortization of losses and prior service costs

14.2

22.8

28.3

31.2

Other comprehensive loss, net of tax

(79.0)

(3.4)

(108.2)

(6.6)

Total comprehensive income 

529.3

605.0

1,323.4

1,240.0

Comprehensive income (loss) attributable to 

 redeemable and noncontrolling interests

3.0

(25.8)

5.0

(49.3)

Comprehensive income attributable to General Mills

$

526.3

$

630.8

$

1,318.4

$

1,289.3

See accompanying notes to consolidated financial statements. 

6

Consolidated Balance Sheets

GENERAL MILLS, INC. AND SUBSIDIARIES

(In Millions, Except Par Value)

Nov. 27, 2022

May 29, 2022

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

644.1

$

569.4

Receivables

1,834.0

1,692.1

Inventories

2,121.3

1,867.3

Prepaid expenses and other current assets

731.2

802.1

Assets held for sale

-

158.9

Total current assets

5,330.6

5,089.8

Land, buildings, and equipment

3,358.0

3,393.8

Goodwill

14,476.0

14,378.5

Other intangible assets

6,974.8

6,999.9

Other assets

1,180.4

1,228.1

Total assets

$

31,319.8

$

31,090.1

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

4,022.6

$

3,982.3

Current portion of long-term debt

1,964.3

1,674.2

Notes payable

1,153.4

811.4

Other current liabilities

2,067.9

1,552.0

Total current liabilities

9,208.2

8,019.9

Long-term debt

8,622.5

9,134.8

Deferred income taxes

2,186.9

2,218.3

Other liabilities

930.1

929.1

Total liabilities

20,947.7

20,302.1

Stockholders' equity:

Common stock,

754.6

 shares issued, $

0.10

 par value

75.5

75.5

Additional paid-in capital

1,155.3

1,182.9

Retained earnings

18,991.9

18,532.6

Common stock in treasury, at cost, shares of

164.4

 and

155.7

(8,023.5)

(7,278.1)

Accumulated other comprehensive loss

(2,078.0)

(1,970.5)

Total stockholders' equity

10,121.2

10,542.4

Noncontrolling interests

250.9

245.6

Total equity

10,372.1

10,788.0

Total liabilities and equity

$

31,319.8

$

31,090.1

See accompanying notes to consolidated financial statements.

7

Consolidated Statements of Total Equity and Redeemable Interest

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

Shares

Amount

Shares

Amount

Total equity, beginning balance

$

10,825.6

$

9,985.9

Common stock,

1

 billion shares authorized, $

0.10

 par value

754.6

75.5

754.6

75.5

Additional paid-in capital:

Beginning balance

1,146.1

1,345.0

Stock compensation plans

(7.4)

(5.1)

Unearned compensation related to stock unit awards

(6.8)

(3.9)

Earned compensation

23.4

20.6

Decrease in redemption value of

 redeemable interest

-

8.5

Ending balance

1,155.3

1,365.1

Retained earnings:

Beginning balance

19,027.6

17,384.5

Net earnings attributable to General Mills

605.9

597.2

Cash dividends declared ($

1.08

 and $

1.02

 per share)

(641.6)

(618.5)

Ending balance

18,991.9

17,363.2

Common stock in treasury:

Beginning balance

(160.3)

(7,676.0)

(148.3)

(6,715.0)

Shares purchased

(5.2)

(400.5)

(3.7)

(224.9)

Stock compensation plans

1.1

53.0

0.6

24.7

Ending balance

(164.4)

(8,023.5)

(151.4)

(6,915.2)

Accumulated other comprehensive loss:

Beginning balance

(1,998.4)

(2,397.7)

Comprehensive (loss) income

(79.6)

33.6

Ending balance

(2,078.0)

(2,364.1)

Noncontrolling interests:

Beginning balance

250.8

293.5

Comprehensive income (loss)

3.0

(11.9)

Distributions to noncontrolling interest holders

(2.9)

(1.4)

Ending balance

250.9

280.2

Total equity, ending balance

$

10,372.1

$

9,804.7

Redeemable interest:

Beginning balance

$

-

$

584.0

Comprehensive loss

-

(13.9)

Decrease in redemption value of 

 redeemable interest

-

(8.5)

Ending balance

$

-

$

561.6

See accompanying notes to consolidated financial statements.

8

Consolidated Statements of Total Equity and Redeemable Interest

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Shares

Amount

Shares

Amount

Total equity, beginning balance

$

10,788.0

$

9,773.2

Common stock,

1

 billion shares authorized, $

0.10

 par value

754.6

75.5

754.6

75.5

Additional paid-in capital:

Beginning balance

1,182.9

1,365.5

Stock compensation plans

1.9

4.0

Unearned compensation related to stock unit awards

(85.8)

(72.2)

Earned compensation

56.3

53.7

Decrease in redemption value of

 redeemable interest

-

14.1

Ending balance

1,155.3

1,365.1

Retained earnings:

Beginning balance

18,532.6

17,069.8

Net earnings attributable to General Mills

1,425.9

1,224.2

Cash dividends declared ($

1.62

 and $

1.53

 per share)

(966.6)

(930.8)

Ending balance

18,991.9

17,363.2

Common stock in treasury:

Beginning balance

(155.7)

(7,278.1)

(146.9)

(6,611.2)

Shares purchased

(12.1)

(901.3)

(6.2)

(375.0)

Stock compensation plans

3.4

155.9

1.7

71.0

Ending balance

(164.4)

(8,023.5)

(151.4)

(6,915.2)

Accumulated other comprehensive loss:

Beginning balance

(1,970.5)

(2,429.2)

Other comprehensive (loss) income

(107.5)

65.1

Ending balance

(2,078.0)

(2,364.1)

Noncontrolling interests:

Beginning balance

245.6

302.8

Comprehensive income (loss)

5.0

(20.1)

Distributions to noncontrolling interest holders

(4.8)

(2.5)

Divestiture

5.1

-

Ending balance

250.9

280.2

Total equity, ending balance

$

10,372.1

$

9,804.7

Redeemable interest:

Beginning balance

$

-

$

604.9

Comprehensive loss

-

(29.2)

Decrease in redemption value of

 redeemable interest

-

(14.1)

Ending balance

$

-

$

561.6

See accompanying notes to consolidated financial statements.

9

Consolidated Statements of Cash Flows

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Cash Flows - Operating Activities

Net earnings, including earnings attributable to redeemable and noncontrolling interests

$

1,431.6

$

1,246.6

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

273.9

286.9

After-tax earnings from joint ventures

(45.2)

(62.1)

Distributions of earnings from joint ventures

26.5

35.8

Stock-based compensation

57.6

47.9

Deferred income taxes

(48.1)

56.4

Pension and other postretirement benefit plan contributions

(12.7)

(12.5)

Pension and other postretirement benefit plan costs

(13.5)

(14.4)

Divestitures gain, net

(430.9)

-

Restructuring, impairment, and other exit costs

(13.7)

(44.2)

Changes in current assets and liabilities, excluding the effects of 

 acquisitions and divestitures

(64.4)

(88.7)

Other, net

39.6

46.1

Net cash provided by operating activities

1,200.7

1,497.8

Cash Flows - Investing Activities

Purchases of land, buildings, and equipment

(226.7)

(224.3)

Acquisition, net of cash acquired

(251.5)

(1,198.6)

Proceeds from divestitures, net of cash divested

610.7

-

Investments in affiliates, net

(1.4)

4.8

Proceeds from disposal of land, buildings, and equipment

0.5

1.5

Other, net

(6.5)

20.6

Net cash provided (used) by investing activities

125.1

(1,396.0)

Cash Flows - Financing Activities

Change in notes payable

353.4

854.2

Issuance of long-term debt

500.0

1,935.0

Payment of long-term debt

(600.0)

(2,221.7)

Proceeds from common stock issued on exercised options

118.5

26.1

Purchases of common stock for treasury

(901.3)

(375.0)

Dividends paid

(647.9)

(623.2)

Distributions to noncontrolling and redeemable interest holders

(4.8)

(2.5)

Other, net

(48.4)

(20.1)

Net cash used by financing activities

(1,230.5)

(427.2)

Effect of exchange rate changes on cash and cash equivalents

(20.6)

(35.1)

Increase (decrease) in cash and cash equivalents

74.7

(360.5)

Cash and cash equivalents - beginning of year

569.4

1,505.2

Cash and cash equivalents - end of period (includes $

123.7

 million of cash classified as

held for sale as of November 28, 2021)

$

644.1

$

1,144.7

Cash Flow from changes in current assets and liabilities, excluding the effects of 

 acquisitions and divestitures:

Receivables

$

(200.8)

$

(237.3)

Inventories

(278.5)

9.2

Prepaid expenses and other current assets

62.9

(1.2)

Accounts payable

112.5

(28.4)

Other current liabilities

239.5

169.0

Changes in current assets and liabilities

$

(64.4)

$

(88.7)

See accompanying notes to consolidated financial statements.

10

GENERAL MILLS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1) Background

The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been

prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information

and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures

required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair

presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and

any noncontrolling and redeemable interests’ share of those transactions. Operating results for the fiscal quarter ended November 27,

2022, are not necessarily indicative of the results that may be expected for the fiscal year ending May 28, 2023. 

These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual

Report on Form 10-K for the fiscal year ended May 29, 2022. The accounting policies used in preparing these Consolidated Financial

Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K.

Certain terms used throughout this report are defined in the “Glossary” section below.

(2) Acquisitions and Divestiture

During the first quarter of fiscal 2023, we acquired TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and

national pizza chains, foodservice distributors, and retail outlets, for a purchase price of $

253.0

 million. We financed the transaction

with U.S. commercial paper. We consoli dated the TNT Crust business into our Consolidated Balance Sheets and recorded goodwill of

$

154.3

 million. The goodwill is included in the North America Foodservice segment and is not deductible for tax purposes. The pro

forma effects of this acquisition were not material. We have conducted a preliminary assessment of the fair value of the acquired

assets and liabilities of the TNT Crust business and will continue to review these items during the measurement period. If new

information is obtained about facts and circumstances that existed at the acquisition date, the acquisition accounting will be revised to

reflect the resulting adjustments to current estimates of these items. The consolidated results of the TNT Crust business are reported in

our North America Foodservice segment on a one-month lag.

During the first quarter of fiscal 2023, we completed the sale of our Helper main meals and Suddenly Salad side dishes business to

Eagle Family Foods Group for $

606.8

 million and recorded a pre-tax gain of $

442.2

 million.

During the first quarter of fiscal 2022, we acquired Tyson Foods’ pet treats business for $

1.2

 billion in cash. We financed the

transaction with a combination of cash on hand and short-term debt. We consolidated the pet treats business into our Consolidated

Balance Sheets and recorded goodwill of $

762.3

 million, indefinite-lived intangible assets for the

Nudges

,

Top Chews

, and

True

Chews

 brands totaling $

330.0

 million in aggregate, and a finite-lived customer relationship asset of $

40.0

 million. The goodwill is

included in the Pet segment and is deductible for tax purposes. The pro forma effects of this acquisition were not material.

(3) Restructuring, Impairment, and Other Exit Costs

In the six-month period ended November 27, 2022, we did not undertake any new restructuring actions. We recorded $

11.6

 million of

restructuring charges in the second quarter of fiscal 2023 and $

13.9

 million of restructuring charges in the six-month period ended

November 27, 2022, related to restructuring actions previously announced. We recorded $

2.7

 million of restructuring charges in the

second quarter of fiscal 2022 and a $

1.4

 million net recovery of restructuring charges in the six-month period ended November 28,

2021, related to restructuring actions previously announced. We expect these actions to be completed by the end of

fiscal 2024

.

In the second quarter of fiscal 2023, we increased the estimate of restructuring charges that we expect to incur related to our

previously announced actions in the International segment to drive efficiencies in manufacturing and logistics operations. As a result,

we recorded a $

4.5

 million increase to our restructuring reserve primarily related to estimated severance charges. We expect to incur

approximately $

25

 million of restructuring charges and project-related costs related to these actions, of which approximately $

16

million will be cash. These charges are expected to consist of approximately $

12

 million of severance and $

10

 million of other costs,

primarily asset write-offs. We also expect to incur approximately $

3

 million of project-related costs. We expect these actions to be

completed by the end of

fiscal 2024

.

In the second quarter of fiscal 2023, we increased the estimate of restructuring charges that we expect to incur related to our

previously announced global organizational structure and resource realignment actions. As a result, we recorded a $

4.1

 million

increase to our restructuring reserve primarily related to estimated severance charges. We expect to incur approximately $

140

 million

11

of restructuring charges related to these actions, of which approximately $

115

 million will be cash. These charges are expected to

consist of approximately $

105

 million of severance and approximately $

35

 million of other costs. We expect these actions to be

completed by the end of

fiscal 2023

. 

We paid net $

27.6

 million of cash in the six-month period ended November 27, 2022, related to restructuring actions previously

announced. We paid net $

42.8

 million of cash in the same period of fiscal 2022.

The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows:

In Millions

Total

Reserve balance as of May 29, 2022

$

36.8

Fiscal 2023 charges, including foreign currency translation

7.5

Utilized in fiscal 2023

(24.1)

Reserve balance as of Nov. 27, 2022

$

20.2

The reserve balance primarily consists of expected severance payments associated with restructuring actions. 

The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly

to expense (e.g., asset impairment charges, accelerated depreciation, the gain or loss on the sale of restructured assets, and the write-

off of spare parts) and other periodic exit costs are recognized as incurred, as those items are not reflected in our restructuring and

other exit cost reserves on our Consolidated Balance Sheets.

(4) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

In Millions

Nov. 27, 2022

May 29, 2022

Goodwill

$

14,476.0

$

14,378.5

Other intangible assets:

Intangible assets not subject to amortization:

Brands and other indefinite-lived intangibles

6,706.6

6,725.8

Intangible assets subject to amortization:

Customer relationships and other finite-lived intangibles

401.9

400.3

Less accumulated amortization

(133.7)

(126.2)

Intangible assets subject to amortization, net

268.2

274.1

Other intangible assets

6,974.8

6,999.9

Total

$

21,450.8

$

21,378.4

Based on the carrying value of finite-lived intangible assets as of November 27, 2022, annual amortization expense for each of the

next five fiscal years is estimated to be approximately $

20

 million.

12

The changes in the carrying amount of goodwill during the six-month period ended November 27, 2022, were as follows:

In Millions

North

America

Retail

Pet

North

America

Foodservice

International

Joint Ventures

Total

Balance as of May 29, 2022

$

6,552.9

$

6,062.8

$

648.8

$

721.6

$

392.4

$

14,378.5

Acquisition

-

-

154.3

-

-

154.3

Divestiture

-

-

-

(0.4)

-

(0.4)

Other activity, primarily 

 foreign currency translation

(6.4)

-

-

(37.5)

(12.5)

(56.4)

Balance as of Nov. 27, 2022

$

6,546.5

$

6,062.8

$

803.1

$

683.7

$

379.9

$

14,476.0

The changes in the carrying amount of other intangible assets during the six-month period ended November 27, 2022, were as follows:

In Millions

Total

Balance as of May 29, 2022

$

6,999.9

Acquisition

3.8

Other activity, primarily foreign currency translation

(28.9)

Balance as of Nov. 27, 2022

$

6,974.8

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2023, and we determined there was

no

 impairment of our intangible assets as their related fair values were substantially in

excess of the carrying values, except for the

Uncle Toby’s

 brand intangible asset. In addition, while having significant coverage as of

our fiscal 2023 assessment date, the

Progresso

 and

EPIC

 brand intangible assets had risk of decreasing coverage. We will continue to

monitor these businesses for potential impairment.

(5) Inventories

The components of inventories were as follows:

In Millions

Nov. 27, 2022

May 29, 2022

Raw materials and packaging

$

565.8

$

532.0

Finished goods

1,923.6

1,634.7

Grain

156.1

164.0

Excess of FIFO over LIFO cost

(524.2)

(463.4)

Total

$

2,121.3

$

1,867.3

(6) Risk Management Activities 

Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives

to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean),

dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty

with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a

combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options

and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as

close as possible to or below our planned cost.

We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve

hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded

currently in cost of sales in our Consolidated Statements of Earnings.

Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our

objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of

measuring segment operating performance, these gains and losses are reported in unallocated corporate items outside of segment

operating results until such time that the exposure we are managing affects earnings. At that time we reclassify the gain or loss from

unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the

derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. 

13

Unallocated corporate items for the quarters and six-month periods ended November 27, 2022, and November 28, 2021, included:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net (loss) gain on mark-to-market valuation of certain 

 commodity positions

$

(20.9)

$

16.6

$

(93.2)

$

47.0

Net gain on commodity positions reclassified from 

 unallocated corporate items to segment operating profit

(20.5)

(35.9)

(63.5)

(70.6)

Net mark-to-market revaluation of certain grain inventories

16.3

31.4

(43.1)

59.8

Net mark-to-market valuation of certain commodity 

 positions recognized in unallocated corporate items

$

(25.1)

$

12.1

$

(199.8)

$

36.2

As of November 27, 2022, the net notional value of commodity derivatives was $

429.4

 million, of which $

158.1

 million related to

energy inputs and $

271.3

 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the

next

12

 months.

The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not

material as of November 27, 2022 and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not

significantly change our valuation techniques from prior periods. 

We offer certain suppliers access to third party services that allow them to view our scheduled payments online. The third-party

services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party.

We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any

financial institutions concerning these services. All of our accounts payable remain as obligations to our suppliers as stated in our

supplier agreements. As of November 27, 2022, $

1,477.4

 million of our total accounts payable were payable to suppliers who utilize

these third-party services. As of November 28, 2021, $

1,378.1

 million of our total accounts payable were payable to suppliers who

utilize these third-party services.

During the second quarter of fiscal 2023, we entered into a $

500.0

 million notional amount interest rate swap to convert our

$

500.0

 million fixed rate notes due

November 18, 2025

, to a floating rate.

(7) Debt

The components of notes payable were as follows:

In Millions

Nov. 27, 2022

May 29, 2022

U.S. commercial paper

$

1,126.6

$

694.8

Financial institutions

26.8

116.6

Total

$

1,153.4

$

811.4

To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States

and Europe. 

The following table details the fee-paid committed and uncommitted credit lines we had available as of November 27, 2022:

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.6

-

Total committed and uncommitted credit facilities

$

3.3

$

-

The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least

2.5

 times.

We

were in compliance with all credit facility covenants as of November 27, 2022.

Long-Term Debt 

The fair values and carrying amounts of long-term debt, including the current portion, were $

9,875.3

 million and $

10,586.8

 million,

respectively, as of November 27, 2022. The fair value of long-term debt was estimated using market quotations and discounted cash

14

flows based on our current incremental borrowing rates for similar types of instruments. Long -term debt is a Level 2 liability in the

fair value hierarchy. 

In the second quarter of fiscal 2023, we issued $

500.0

 million of

5.241

 percent notes due

November 18, 2025

. We used the net

proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes.

In the second quarter of fiscal 2023, we issued €

250.0

 million of floating-rate notes due

May 16, 2023

. We used the net proceeds to

repay €

250.0

 million of

0.0

 percent fixed-rate notes due

November 11, 2022

.

In the fourth quarter of fiscal 2022, we repaid $

850.0

 million of

3.7

 percent fixed rate notes due

October 17, 2023

, using proceeds

from the issuance of commercial paper.

In the fourth quarter of fiscal 2022, we issued €

250.0

 million of

0.0

 percent fixed-rate notes due

November 11, 2022

. We used the net

proceeds for general corporate purposes.

In the second quarter of fiscal 2022, we issued €

500.0

 million of

0.125

 percent fixed-rate notes due

November 15, 2025

. We used the

net proceeds to repay a portion of our €

500.0

 million of

0.0

 percent fixed-rate notes due

November 16, 2021

, and for general corporate

purposes.

In the second quarter of fiscal 2022, we issued €

250.0

 million of floating-rate notes due

May 16, 2023

. We used the net proceeds to

repay a portion of our outstanding commercial paper and for general corporate purposes.

In the second quarter of fiscal 2022, we issued $

500.0

 million of

2.25

 percent notes due

October 14, 2031

. We used the net proceeds

together with proceeds from the issuance of commercial paper, to repay $

1,000.0

 million of

3.15

 percent fixed-rate notes due

December 15, 2021

.

In the first quarter of fiscal 2022, we issued €

500.0

 million of floating-rate notes due

July 27, 2023

. We used the net proceeds to repay

€

500.0

 million of

0.0

 percent fixed-rate notes due

August 21, 2021

.

In the first quarter of fiscal 2022, we repaid €

200.0

 million of

2.2

 percent fixed-rate notes due

June 24, 2021

, using proceeds from the

issuance of €

50.0

 million of

2.2

 percent fixed-rate notes due

November 29, 2021

, and borrowings under a committed credit facility.

Certain of our long-term debt agreements contain restrictive covenants.

As of November 27, 2022, we were in compliance with all of

these covenants.

(8) Redeemable and Noncontrolling Interests

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.

During the third quarter of fiscal 2022, we completed the sale of our interests in Yoplait SAS, Yoplait Marques SNC and Liberté

Marques Sàrl to Sodiaal International (Sodiaal) in exchange for Sodiaal’s interest in our Canadian yogurt business, a modified

agreement for the use of

Yoplait

 and

Liberté

brands in the United States and Canada, and cash. 

Up to the date of the divestiture, Sodiaal held the remaining interests in each of the entities. On the acquisition date, we recorded the

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 divestiture closed in the third

quarter of fiscal 2022. In connection with the divestiture, cumulative adjustments made to the redeemable interest related to the fair

value put feature were reversed against additional paid-in capital, where changes in the redemption amount were historically recorded,

and the resulting carrying value of the noncontrolling interests were included in the calculation of the gain on divestiture.

A

subsidiary of Yoplait SAS had an exclusive milk supply agreement for its European operations with Sodiaal through November 28,

2021. Net purchases totaled $

99.5

 million for the six-month period ended November 28, 2021.

Our noncontrolling interests contain restrictive covenants. As of November 27, 2022, we were in compliance with all of these

covenants.

15

(9) Stockholders’ Equity 

The following tables provide details of total comprehensive income:

Quarter Ended

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests 

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings 

 attributable to redeemable and 

 noncontrolling interests 

$

605.9

$

2.4

$

597.2

$

1.9

$

9.3

Other comprehensive (loss) income:

Foreign currency translation

$

(144.7)

$

29.1

(115.6)

0.6

$

(29.0)

$

27.8

(1.2)

(13.8)

(23.5)

Other fair value changes:

Hedge derivatives

26.8

(6.0)

20.8

-

29.1

(11.0)

18.1

-

0.6

Reclassification to earnings:

Hedge derivatives (a)

1.8

(0.8)

1.0

-

(12.1)

6.0

(6.1)

-

(0.3)

Amortization of losses and

 prior service costs (b)

18.3

(4.1)

14.2

-

29.2

(6.4)

22.8

-

-

Other comprehensive (loss) income

$

(97.8)

$

18.2

(79.6)

0.6

$

17.2

$

16.4

33.6

(13.8)

(23.2)

Total comprehensive income (loss)

$

526.3

$

3.0

$

$

630.8

$

(11.9)

$

(13.9)

(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 benefit plan non-service income.

Six-Month Period Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings

 attributable to redeemable and

 noncontrolling interests 

$

1,425.9

$

5.7

$

$

1,224.2

$

4.9

$

17.5

Other comprehensive (loss) income:

Foreign currency translation

$

(86.7)

$

(23.8)

(110.5)

(0.7)

$

(40.9)

$

50.5

9.6

(25.0)

(47.0)

Other fair value changes:

Hedge derivatives

(23.0)

5.5

(17.5)

-

31.9

(12.0)

19.9

-

0.5

Reclassification to earnings:

Foreign currency translation (a)

(7.4)

-

(7.4)

-

-

-

-

-

-

Hedge derivatives (b)

(0.1)

(0.3)

(0.4)

-

(0.1)

4.5

4.4

-

(0.2)

Amortization of losses and 

prior service costs (c) 

36.5

(8.2)

28.3

-

40.0

(8.8)

31.2

-

-

Other comprehensive (loss) income

$

(80.7)

$

(26.8)

(107.5)

(0.7)

$

30.9

$

34.2

65.1

(25.0)

(46.7)

Total comprehensive income (loss)

$

1,318.4

$

5.0

$

$

1,289.3

$

(20.1)

$

(29.2)

(a) Gain reclassified from AOCI into earnings is reported in the divestitures gain, net.

(b) (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.

(c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.

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

In Millions

Nov. 27, 2022

May 29, 2022

Foreign currency translation adjustments

$

(708.6)

$

(590.7)

Unrealized gain from hedge derivatives

5.4

23.3

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,477.0)

(1,513.4)

Prior service credits

102.2

110.3

Accumulated other comprehensive loss

$

(2,078.0)

$

(1,970.5)

(10) Stock Plans

We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock

units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are

described in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended

May 29, 2022.

16

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Compensation expense related to stock-based payments

$

24.1

$

13.9

$

57.6

$

47.5

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts

recognized in restructuring, impairment, and other exit costs in fiscal 2022.

Windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Windfall tax benefits from stock-based payments

$

5.6

$

1.6

$

18.4

$

6.3

As of November 27, 2022, unrecognized compensation expense related to non-vested stock options, restricted stock units, and

performance share units was $

147.4

 million. This expense will be recognized over

23

 months, on average.

Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised

were as follows:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash proceeds

$

118.5

$

26.1

Intrinsic value of options exercised

$

55.7

$

12.1

We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-

pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and

dividend yield. We estimate our future stock price volatility using the historical volatility over the expected term of the option,

excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We

also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially

those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting

the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on

Form 10-K for the fiscal year ended May 29, 2022.

The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as

follows:

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Estimated fair values of stock options granted 

$

14.16

$

8.77

Assumptions:

Risk-free interest rate

3.3

%

1.5

%

Expected term

8.5

years

8.5

years

Expected volatility

20.9

%

20.2

%

Dividend yield

3.1

%

3.4

%

The total grant date fair value of restricted stock unit awards that vested during the period was as follows:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Total grant date fair value

$

102.6

$

76.0

17

(11) Earnings Per Share

Basic and diluted earnings per share (EPS) were calculated using the following:

Quarter Ended

Six-Month Period Ended

In Millions, Except per Share Data

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net earnings attributable to General Mills

$

605.9

$

597.2

$

1,425.9

$

1,224.2

Average number of common shares - basic EPS

595.9

608.6

598.0

609.5

Incremental share effect from: (a)

Stock options

3.7

2.2

3.6

2.1

Restricted stock units and performance share units

2.4

2.2

2.4

2.2

Average number of common shares - diluted EPS

602.0

613.0

604.0

613.8

Earnings per share – basic

$

1.01

$

0.98

$

2.38

$

2.01

Earnings per share – diluted

$

1.01

$

0.97

$

2.36

$

1.99

(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock

method.

 Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they

were not dilutive were as follows

:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Anti-dilutive stock options, restricted stock units, and

 performance share units 

1.0

4.6

1.0

4.7

(12) Share Repurchases

Share repurchases were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Shares of common stock

5.2

3.7

12.1

6.2

Aggregate purchase price

$

400.5

$

224.9

$

901.3

$

375.0

(13) Statements of Cash Flows

Our Consolidated Statements of Cash Flows include the following:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash interest payments

$

154.3

$

185.7

Net income tax payments

$

365.4

$

271.1

18

(14) Retirement and Postemployment Benefits

Components of net periodic benefit expense (income) are as follows:

Defined Benefit

Pension Plans

Other Postretirement 

Benefit Plans

Postemployment

Benefit Plans

Quarter Ended

Quarter Ended

Quarter Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

17.5

$

23.5

$

1.2

$

1.9

$

2.1

$

1.7

Interest cost

64.6

46.1

4.5

3.1

0.8

0.3

Expected return on plan assets

(105.0)

(102.9)

(7.8)

(6.7)

-

-

Amortization of losses (gains)

28.4

35.5

(4.8)

(2.7)

-

0.7

Amortization of prior service costs (credits)

0.3

0.2

(5.7)

(5.2)

0.1

0.1

Other adjustments

-

-

-

-

2.9

3.8

Curtailment loss (gain)

-

0.5

-

(0.2)

-

-

Net expense (income)

$

5.8

$

2.9

$

(12.6)

$

(9.8)

$

5.9

$

6.6

Defined Benefit 

Pension Plans

Other Postretirement 

Benefit Plans

Postemployment

Benefit Plans

Six-Month

Period Ended

Six-Month

Period Ended

Six-Month

Period Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

35.1

$

47.2

$

2.6

$

3.8

$

4.2

$

3.5

Interest cost

129.2

92.4

9.0

6.3

1.6

0.7

Expected return on plan assets

(210.0)

(205.7)

(15.6)

(13.4)

-

-

Amortization of losses (gains)

56.7

70.4

(9.7)

(5.4)

0.1

1.5

Amortization of prior service costs (credits)

0.7

0.4

(11.5)

(10.4)

0.2

0.2

Other adjustments

-

-

-

-

5.9

5.7

Curtailment gain

-

(14.3)

-

(5.7)

-

-

Net expense (income)

$

11.7

$

(9.6)

$

(25.2)

$

(24.8)

$

12.0

$

11.6

(15) Income Taxes

During the first quarter of fiscal 2023, the Inflation Reduction Act (IRA) was signed into law. The IRA introduces a Corporate

Alternative Minimum Tax beginning in our fiscal 2024 and an excise tax on the repurchase of corporate stock starting after January 1,

2023. We do not currently expect the IRA to have a material impact on our financial results, including our annual estimated effective

tax rate, or on our liquidity. We will continue to monitor and assess the impact the IRA may have on our business and financial

results.

During fiscal 2022, the Brazilian tax authority, Secretaria da Receita Federal do Brasil (RFB), concluded audits of our 2012 through

2018 tax return years. These audits included a review of our determinations of amortization of certain goodwill arising from the

acquisition of Yoki Alimentos S.A. The RFB has proposed adjustments that effectively eliminate the goodwill amortization benefits

related to this transaction. We believe we have meritorious defenses and intend to continue to contest the disallowance for all years.

(16) Contingencies

During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its

state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we

have meritorious defenses against this claim and will vigorously defend our position. As of November 27, 2022, we are unable to

estimate any possible loss and have not recorded a loss contingency for this matter.

(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

19

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.

20

Our operating segment results were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net sales:

North America Retail

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

International

671.7

914.4

1,324.2

1,845.0

Pet

592.9

593.4

1,172.8

1,081.4

North America Foodservice

583.0

471.6

1,079.4

882.3

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

Operating profit:

North America Retail

$

837.1

$

675.4

$

1,614.9

$

1,324.0

International

17.8

59.4

52.6

120.0

Pet

86.6

131.5

209.7

246.7

North America Foodservice

81.5

67.9

135.1

139.7

Total segment operating profit

$

1,023.0

$

934.2

$

2,012.3

$

1,830.4

Unallocated corporate items

212.1

131.8

545.1

188.0

Divestitures gain, net

-

-

(430.9)

-

Restructuring, impairment, and other exit costs (recoveries)

11.1

2.3

12.7

(2.0)

Operating profit

$

799.8

$

800.1

$

1,885.4

$

1,644.4

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

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

U.S. Meals & Baking Solutions

$

1,321.7

$

1,203.1

$

2,270.9

$

2,064.6

U.S. Morning Foods

908.5

826.7

1,812.5

1,656.4

U.S. Snacks

892.9

757.2

1,780.1

1,537.3

Canada

250.0

257.6

498.4

496.9

Total

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

Net sales by class of similar products were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Snacks

$

1,102.8

$

947.6

$

2,171.2

$

1,902.1

Cereal

810.9

742.2

1,625.6

1,473.2

Convenient meals

786.4

789.8

1,465.6

1,485.3

Dough

745.6

607.0

1,210.4

1,012.2

Pet

593.7

593.4

1,174.5

1,081.4

Baking mixes and ingredients

563.7

517.2

1,037.2

913.5

Yogurt

357.5

507.1

703.5

1,013.0

Super-premium ice cream

164.9

200.0

348.4

444.8

Other

95.2

119.7

201.9

238.4

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

21

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

INTRODUCTION

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in

conjunction with the MD&A included in our Annual Report on Form 10-K for the fiscal year ended May 29, 2022 for important

background regarding, among other things, our key business drivers. Significant trademarks and service marks used in our business

are set forth in

italics

herein. Certain terms used throughout this report are defined in the “Glossary” section below.

We expect the largest factors impacting our performance in fiscal 2023 will be the economic health of consumers, the inflationary cost

environment, and the frequency and severity of disruptions in the supply chain. We anticipate double-digit input cost inflation in fiscal

2023 and are addressing inflation headwinds with Holistic Margin Management (HMM) cost savings and net price realization

generated through our Strategic Revenue Management (SRM) capability. We are planning for volume elasticities to increase but

remain below historical levels and supply chain disruptions to slowly moderate in fiscal 2023 compared to fiscal 2022 levels.

CONSOLIDATED RESULTS OF OPERATIONS

Second Quarter Results

In the second quarter of fiscal 2023, net sales increased 4 percent and organic net sales increased 11 percent compared to the same

period last year. Operating profit essentially matched the second quarter of fiscal 2022 at $800 million as favorable net price

realization and mix was offset by higher input costs, a decrease in contributions from volume growth , lower net corporate investment

activity, an unfavorable change to the mark-to-market valuation of certain commodity positions and grain inventories, and an increase

in certain selling, general and administrative (SG&A) expenses. Operating profit margin of 15.3 percent decreased 60 basis points.

Adjusted operating profit of $880 million increased 7 percent on a constant-currency basis, primarily driven by favorable net price

realization and mix, partially offset by higher input costs, a decrease in contributions from volume growth, and an increase in SG&A

expenses. Adjusted operating profit margin increased 60 basis points to 16.9 percent. Diluted earnings per share of $1.01 increased 4

percent in the second quarter of fiscal 2023. Adjusted diluted earnings per share of $1.10 increased 12 percent on a constant-currency

basis compared to the second quarter of fiscal 2022. See the “Non-GAAP Measures” section below for a description of our use of

measures not defined by GAAP.

A summary of our consolidated financial results for the second quarter of fiscal 2023 follows: 

Quarter Ended Nov. 27, 2022

In millions,

except per share

Quarter Ended

Nov. 27, 2022 vs.

Nov. 28, 2021

Percent

of Net

Sales

Constant-

Currency

Growth (a)

Net sales 

$

5,220.7

4

%

Operating profit

799.8

Flat

15.3

%

Net earnings attributable to General Mills

605.9

1

%

Diluted earnings per share

$

1.01

4

%

Organic net sales growth rate (a)

11

%

Adjusted operating profit (a)

879.7

7

%

16.9

%

7

%

Adjusted diluted earnings per share (a)

$

1.10

11

%

12

%

(a) See the "Non-GAAP Measures" section below for our use of measures not defined by GAAP.

Consolidated

net sales

 were as follows:

Quarter Ended

Nov. 27, 2022

Nov. 27, 2022 vs. 

Nov. 28, 2021

Nov. 28, 2021

Net sales (in millions)

$

5,220.7

4%

$

5,024.0

Contributions from volume growth (a)

(12)

pts

Net price realization and mix

17

pts

Foreign currency exchange

(1)

pt

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

22

Net sales in the second quarter of fiscal 2023 increased 4 percent compared to the same period in fiscal 2022, driven by favorable net

price realization and mix, partially offset by a decrease in contributions from volume growth and unfavorable foreign currency

exchange.

Components of organic net sales growth are shown in the following table: 

Quarter Ended Nov. 27, 2022 vs.

Quarter Ended Nov. 28, 2021

Contributions from organic volume growth (a)

(6)

pts

Organic net price realization and mix

17

pts

Organic net sales growth

11

pts

Foreign currency exchange

(1)

pt

Acquisitions and divestitures

(5)

pts

Net sales growth

4

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

Organic net sales increased 11 percent in the second quarter of fiscal 2023 compared to the same period in fiscal 2022, as favorable

organic net price realization and mix was partially offset by a decrease in contributions from organic volume growth.

Cost of sales

increased $123 million to $3,516 million in the second quarter of fiscal 2023 compared to the same period in fiscal 2022.

The increase was primarily driven by a $489 million increase attributable to product rate and mix partially offset by a $406 million

decrease attributable to lower volume. We recorded a $25 million net increase in cost of sales related to the mark-to-market valuation

of certain commodity positions and grain inventories in the second quarter of fiscal 2023 compared to a $12 million net decrease in the

second quarter of fiscal 2022. In the second quarter of fiscal 2023, we recorded a $3 million charge related to a voluntary recall on

certain international

Häagen-Dazs

 ice cream products.

SG&A expenses

increased $65 million to $894 million in the second quarter of fiscal 2023, compared to the same period in fiscal

2022, primarily driven by valuation adjustments and the loss on sale of certain corporate investments and increased media and

advertising expenses in fiscal 2023. SG&A expenses as a percent of net sales in the second quarter of fiscal 2023 increased 60 basis

points compared to the second quarter of fiscal 2022.

Restructuring, impairment, and other exit costs

totaled $11 million of expense in the second quarter of fiscal 2023, compared to

$2 million of expense in the same period last year (please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of

this report).

Benefit plan non-service income

totaled $22 million in the second quarter of fiscal 2023, compared to $28 million in the same period

last year, primarily reflecting an increase in interest costs, partially offset by lower amortization of losses. 

Interest, net

for the second quarter of fiscal 2023 totaled $92 million, down $1 million from the second quarter of fiscal 2022,

primarily driven by lower average long-term debt levels, partially offset by higher interest rates.

The

effective tax rate

 for the second quarter of fiscal 2023 was 20.2 percent compared to 21.7 percent for the second quarter of fiscal

2022. The 1.5 percentage point decrease was primarily due to certain nonrecurring discrete tax benefits and favorable changes in

earnings mix by jurisdiction in fiscal 2023. Our effective tax rate excluding certain items affecting comparability was 21.1 percent in

the second quarter of fiscal 2023, compared to 22.3 percent in the same period last year (see the “Non-GAAP Measures” section

below for a description of our use of measures not defined by GAAP). The 1.2 percentage point decrease was primarily due to certain

nonrecurring discrete tax benefits and favorable changes in earnings mix by jurisdiction in fiscal 2023. 

23

After-tax earnings from joint ventures

 for the second quarter of fiscal 2023

decreased to $25 million compared to $33 million in the

same period in fiscal 2022, primarily driven by higher input costs at Cereal Partners Worldwide (CPW) and Häagen -Dazs Japan, Inc.

(HDJ) and lower net sales at HDJ, partially offset by favorable net price realization and mix at CPW. On a constant-currency basis,

after-tax earnings from joint ventures decreased 8 percent (see the “Non-GAAP Measures” section below for a description of our use

of measures not defined by GAAP). 

The components of our joint ventures’ net sales growth are shown in the following table: 

Quarter Ended Nov. 27, 2022 vs.

Quarter Ended Nov. 28, 2021

CPW

HDJ

Total

Contributions from volume growth (a)

(13)

pts

(10)

pts

Net price realization and mix

15

pts

(1)

pt

Net sales growth in constant currency

2

pts

(10)

pts

(1)

pt

Foreign currency exchange

(14)

pts

(20)

pts

(15)

pts

Net sales growth

(11)

pts

(30)

pts

(16)

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

Average diluted shares outstanding

decreased by 11 million in the second quarter of fiscal 2023 from the same period a year ago

primarily due to share repurchases, partially offset by option exercises.

Six-Month Results

In the six-month period ended November 27, 2022, net sales increased 4 percent compared to the same period last year, and organic

net sales increased 11 percent compared to the same period last year. Operating profit increased 15 percent to $1,885 million,

primarily driven by favorable net price realization and mix and a net gain on divestitures, partially offset by higher input costs, a

decrease in contributions from volume growth, an unfavorable change to the mark-to-market valuation of certain commodity positions

and grain inventories, lower net corporate investment activity, and an increase in SG&A expenses. Operating profit margin of 19

percent increased 180 basis points compared to the same period last year. Adjusted operating profit of $1,761 million increased

8 percent on a constant-currency basis, primarily driven by favorable net price realization and mix, partially offset by higher input

costs, a decrease in contributions from volume growth, and an increase in SG&A expenses. Adjusted operating profit margin

increased 50 basis points compared to the same period in fiscal 2022. Diluted earnings per share of $2.36 increased 19 percent in the

six-month period ended November 27, 2022, and adjusted diluted earnings per share of $2.21 increased 13 percent on a constant-

currency basis compared to the same period last year (see the “Non-GAAP Measures” section below for a description of our use of

measures not defined by GAAP).

A summary of our consolidated financial results for the six-month period ended November 27, 2022, follows:

Six-Month Period Ended Nov. 27, 2022

In millions,

except per

share

Six-Month

Period Ended

Nov. 27, 2022

vs. Nov. 28,

2021

Percent of Net

Sales

Constant-

Currency 

Growth (a)

Net sales 

$

9,938.3

4

%

Operating profit

1,885.4

15

%

19.0

%

Net earnings attributable to General Mills

1,425.9

16

%

Diluted earnings per share

$

2.36

19

%

Organic net sales growth rate (a)

11

%

Adjusted operating profit (a)

1,760.9

7

%

17.7

%

8

%

Adjusted diluted earnings per share (a)

$

2.21

12

%

13

%

(a) See the "Non-GAAP Measures" section below for our use of measures not defined by GAAP.

24

Consolidated

net sales

 were as follows:

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022 vs.

Nov. 28, 2021

Nov. 28, 2021

Net sales (in millions)

$

9,938.3

4

%

$

9,563.9

Contributions from volume growth (a)

(12)

pts

Net price realization and mix

17

pts

Foreign currency exchange

(1)

pt

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

The 4 percent increase in net sales for the six-month period ended November 27, 2022, was driven by favorable net price realization

and mix, partially offset by a decrease in contributions from volume growth and unfavorable foreign currency exchange.

Components of organic net sales growth are shown in the following table:

Six-Month Period Ended Nov. 27, 2022 vs.

Six-Month Period Ended Nov. 28, 2021

Contributions from organic volume growth (a)

(5)

pts

Organic net price realization and mix

16

pts

Organic net sales growth

11

pts

Foreign currency exchange

(1)

pt

Acquisition and divestitures

(5)

pts

Net sales growth

4

pts

Note: Table may not foot due to rounding

(a) Measured in tons based on the stated weight of our product shipments.

Organic net sales increased 11 percent in the six-month period ended November 27, 2022, driven by favorable organic net price

realization and mix, partially offset by a decrease in contributions from organic volume growth. 

Cost of sales

 increased $450 million to $6,786 million in the six-month period ended November 27, 2022, compared to the same

period in fiscal 2022. The increase was driven by a $939 million increase attributable to product rate and mix, partially offset by a

$749 million decrease due to lower volume. We recorded a $200 million net increase in cost of sales related to the mark-to-market

valuation of certain commodity positions and grain inventories in the six-month period ended November 27, 2022, compared to a

$36 million net decrease in the six-month period ended November 28, 2021. In the six-month period ended November 27, 2022, we

recorded a $24 million charge related to a voluntary recall on certain international

Häagen-Dazs

 ice cream products.

SG&A expenses

increased $99 million to $1,686 million in the six-month period ended November 27, 2022, compared to the same

period in fiscal 2022, primarily driven by valuation adjustments and the loss on sale of certain corporate investments in fiscal 2023

and a recovery related to a Brazil indirect tax item in fiscal 2022. SG&A expenses as a percent of net sales increased 40 basis points in

the six-month period ended November 27, 2022, compared to the same period of fiscal 2022.

Divestitures gain, net

 totaled $431 million in the six-month period ended November 27, 2022, primarily related to the sale of our

Helper main meals and Suddenly Salad side dishes business (please refer to Note 2 to the Consolidated Financial Statements in Part I,

Item 1 of this report).

Restructuring, impairment, and other exit costs (recoveries)

 totaled $13 million of expense in the six-month period ended

November 27, 2022, compared to $2 million of net recoveries in the same period last year (please refer to Note 3 to the Consolidated

Financial Statements in Part I, Item 1 of this report).

Benefit plan non-service income

 totaled $43 million in the six-month period ended November 27, 2022, compared to $57 million in

the same period last year, primarily reflecting an increase in interest costs, partially offset by lower amortization of losses.

Interest, net

 for the six-month period ended November 27, 2022, decreased $9 million to $179 million compared to the same period

of fiscal 2022, primarily driven by lower average long-term debt balances , partially offset by higher interest rates.

The

effective tax rate

 for the six-month period ended November 27, 2022, was 20.8 percent compared to 21.7 percent in the six-

month period ended November 28, 2021. The 0.9 percentage point decrease was primarily due to certain nonrecurring discrete tax

25

benefits and favorable changes in earnings mix by jurisdiction in fiscal 2023, partially offset by unfavorable tax components related to

the divestitures incurred in the six-month period ended November 27, 2022. Our effective tax rate excluding certain items affecting

comparability was 20.4 percent in the six-month period ended November 27, 2022, compared to 22.0 percent in the same period last

year (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP). The 1.6

percentage point decrease is primarily due to certain nonrecurring discrete tax benefits and favorable changes in earnings mix by

jurisdiction in fiscal 2023.

After-tax earnings from joint ventures

 decreased to $45 million for the six-month period ended November 27, 2022 compared to

$62 million in the same period in fiscal 2022, primarily driven by higher input costs at CPW and HDJ and lower net sales at HDJ ,

partially offset by favorable net price realization and mix at CPW. On a constant-currency basis, after-tax earnings from joint ventures

decreased 17 percent (see the “Non-GAAP Measures” section below for a description of our use of measures not defined by GAAP).

The components of our joint ventures’ net sales growth are shown in the following table:

Six-Month Period Ended Nov. 27, 2022 vs.

Six-Month Period Ended Nov. 28, 2021

CPW

HDJ

Total

Contributions from volume growth (a)

(9)

pts

(9)

pts

Net price realization and mix

12

pts

(1)

pt

Net sales growth in constant currency

3

pts

(9)

pts

Flat

Foreign currency exchange

(12)

pts

(18)

pts

(13)

pts

Net sales growth

(9)

pts

(28)

pts

(14)

pts

Note: Table may not foot due to rounding

(a) Measured in tons based on the stated weight of our product shipments.

Average diluted shares outstanding

 decreased by 10 million in the six-month period ended November 27, 2022, from the same

period a year ago primarily due to share repurchases, partially offset by option exercises.

SEGMENT OPERATING RESULTS

Our businesses are organized into four operating segments: North America Retail; International; Pet, and North America Foodservice.

Please refer to Note 17 of the Consolidated Financial Statements in Part I, Item 1 of this report for a description of our operating

segments.

North America Retail Segment Results

North America Retail net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

3,373.1

11

%

$

3,044.6

$

6,361.9

11

%

$

5,755.2

Contributions from volume growth (a)

(8)

pts

(7)

pts

Net price realization and mix

19

pts

18

pts

Foreign currency exchange

(1)

pt

Flat

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

North America Retail net sales increased 11 percent in the second quarter of fiscal 2023 compared to the same period in fiscal 2022,

driven by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth and unfavorable

foreign currency exchange.

North America Retail net sales increased 11 percent in the six-month period ended November 27, 2022, compared to the same period

in fiscal 2022, driven by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth.

26

The components of North America Retail organic net sales growth are shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(7)

pts

(6)

pts

Organic net price realization and mix

20

pts

18

pts

Organic net sales growth

13

pts

13

pts

Foreign currency exchange

(1)

pt

Flat

Divestiture (b)

(2)

pts

(2)

pts

Net sales growth

11

pts

11

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

(b) Divestiture of Helper main meals and Suddenly Salad side dishes businesses in fiscal 2023. Please see Note 2 to the Consolidated Financial 

 Statements in Part I, Item 1 of this report.

North America Retail organic net sales increased 13 percent in the second quarter of fiscal 2023 and the six-month period ended

November 27, 2022, compared to the same periods in fiscal 2022 , driven by favorable organic net price realization and mix, partially

offset by a decrease in contributions from organic volume growth.

North America Retail net sales percentage change by operating unit are shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

U.S. Snacks

18

%

16

%

U.S. Meals & Baking Solutions

10

%

10

%

U.S. Morning Foods

10

%

9

%

Canada (a)

(3)

%

Flat

Total

11

%

11

%

(a) On a constant-currency basis, Canada net sales increased 4 percent in the second quarter of fiscal 2023 and increased 6 percent for the six-month

period ended November 27, 2022, compared to the same periods in fiscal 2022. See the "Non-GAAP Measures" section below for our use of

this measure not defined by GAAP.

Segment operating profit increased 24 percent to $837 million in the second quarter of fiscal 2023 compared to $675 million in the

same period in fiscal 2022, primarily driven by favorable net price realization and mix, partially offset by higher input costs, a

decrease in contributions from volume growth, and higher SG&A expenses. Segment operating profit increased 24 percent on a

constant-currency basis in the second quarter of fiscal 2023 compared to the same period in fiscal 2022 (see the “Non-GAAP

Measures” section below for our use of this measure not defined by GAAP).

Segment operating profit increased 22 percent to $1,615 million in the six-month period ended November 27, 2022, compared to

$1,324 million in the same period in fiscal 2022, primarily driven by favorable net price realization and mix, partially offset by higher

input costs, a decrease in contributions from volume growth, and higher SG&A expenses. Segment operating profit increased 22

percent on a constant-currency basis in the six-month period ended November 27, 2022, compared to the same period in fiscal 2022

(see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).

27

International Segment Results

International net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

671.7

(27)

%

$

914.4

$

1,324.2

(28)

%

$

1,845.0

Contributions from volume growth (a)

(39)

pts

(39)

pts

Net price realization and mix

18

pts

16

pts

Foreign currency exchange

(6)

pts

(6)

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

International net sales decreased 27 percent in the second quarter of fiscal 2023 and 28 percent in the six-month period ended

November 27, 2022, compared to the same periods in fiscal 2022, driven by a decrease in contributions from volume growth,

including the impact of volume declines from divestitures and the voluntary recall on certain international

Häagen-Dazs

 ice cream

products, and unfavorable foreign currency exchange, partially offset by favorable net price realization and mix.

The components of International organic net sales growth are shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(7)

pts

(7)

pts

Organic net price realization and mix

12

pts

8

pts

Organic net sales growth

5

pts

1

pt

Foreign currency exchange

(6)

pts

(6)

pts

Divestitures (b)

(26)

pts

(24)

pts

Net sales growth

(27)

pts

(28)

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

(b) Divestitures primarily include the impact of the sale of our interests in Yoplait SAS, Yoplait Marques SNC, and Liberté Marques Sàrl and our 

 European dough businesses in fiscal 2022.

International organic net sales increased 5 percent in the second quarter of fiscal 2023 compared to the same period in fiscal 2022,

driven by favorable organic net price realization and mix, partially offset by a decrease in contributions from organic volume growth.

International organic net sales increased 1 percent in the six-month period ended November 27, 2022, compared to the same period in

fiscal 2022, driven by favorable organic net price realization and mix, partially offset by a decrease in contributions from organic

volume growth.

Segment operating profit decreased 70 percent to $18 million in the second quarter of fiscal 2023 from $59 million in the same period

in fiscal 2022, primarily driven by higher input costs and a decrease in contributions from volume growth, including the impact of

volume declines from divestitures and the voluntary recall on certain international

Häagen-Dazs

 ice cream products, partially offset by

favorable net price realization and mix and a decrease in SG&A expenses. Segment operating profit decreased 68 percent on a

constant-currency basis in the second quarter of fiscal 2023 compared to the same period in fiscal 2022 (see the “Non-GAAP

Measures” section below for our use of this measure not defined by GAAP).

Segment operating profit decreased 56 percent to $53 million in the six-month period ended November 27, 2022, from $120 million in

the same period in fiscal 2022, primarily driven by a decrease in contributions from volume growth, including the impact of volume

declines from divestitures and the voluntary recall on certain international

Häagen-Dazs

 ice cream products, and higher input costs,

partially offset by favorable net price realization and mix and a decrease in SG&A expenses. Segment operating profit decreased 51

percent on a constant-currency basis in the six-month period ended November 27, 2022, compared to the same period in fiscal 2022

(see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).

28

Pet Segment Results

Pet net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

592.9

Flat

$

593.4

$

1,172.8

8

%

$

1,081.4

Contributions from volume growth (a)

(11)

pts

(6)

pts

Net price realization and mix

11

pts

15

pts

Foreign currency exchange

Flat

Flat

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

Pet net sales in the second quarter of fiscal 2023 essentially matched the same period in fiscal 2022, as favorable net price realization

and mix was offset by a decrease in contributions from volume growth.

Pet net sales increased 8 percent during the six-month period ended November 27, 2022, compared to the same period in fiscal 2022,

driven by favorable net price realization and mix, partially offset by a decrease in contributions from volume growth.

The components of Pet organic net sales growth are shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(11)

pts

(7)

pts

Organic net price realization and mix

11

pts

13

pts

Organic net sales growth

Flat

6

pts

Foreign currency exchange

Flat

Flat

Acquisition (b)

Flat

2

pts

Net sales growth

Flat

8

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

(b) Acquisition of Tyson Foods’ pet treats business in fiscal 2022. Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of

 this report.

Pet organic net sales in the second quarter of fiscal 2023 essentially matched the same period in fiscal 2022 as favorable organic net

price realization and mix was offset by a decrease in contributions from organic volume growth.

Pet organic net sales increased 6 percent in the six-month period ended November 27, 2022, compared to the same period in fiscal

2022, driven by favorable organic net price realization and mix, partially offset by a decrease in contributions from organic volume

growth.

Segment operating profit decreased 34 percent to $87 million in the second quarter of fiscal 2023 compared to $132 million in the

same period in fiscal 2022, primarily driven by higher input costs and a decrease in contributions from volume growth, partially offset

by favorable net price realization and mix. Segment operating profit decreased 34 percent on a constant-currency basis in the second

quarter of fiscal 2023 compared to the same period in fiscal 2022 (see the “Non-GAAP Measures” section below for our use of this

measure not defined by GAAP).

Segment operating profit decreased 15 percent to $210 million in the six-month period ended November 27, 2022, compared to

$247 million in the same period in fiscal 2022, primarily driven by higher input costs, a decrease in contributions from volume

growth, and an increase in SG&A expenses, partially offset by favorable net price realization and mix. Segment operating profit

decreased 15 percent on a constant-currency basis in the six-month period ended November 27, 2022, compared to the same period in

fiscal 2022 (see the “Non-GAAP Measures” section below for our use of this measure not defined by GAAP).

29

North America Foodservice Segment Results

North America Foodservice net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

583.0

24

%

$

471.6

$

1,079.4

22

%

$

882.3

Contributions from volume growth (a)

2

pts

1

pt

Net price realization and mix

21

pts

22

pts

Foreign currency exchange

Flat

Flat

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

North America Foodservice net sales increased 24 percent in the second quarter of fiscal 2023 compared to the same period in fiscal

2022, driven by favorable net price realization and mix, including market index pricing on bakery flour, and an increase in

contributions from volume growth.

North America Foodservice net sales increased 22 percent in the six-month period ended November 27, 2022, compared to the same

period in fiscal 2022, driven by favorable net price realization and mix, including market index pricing on bakery flour, and an

increase in contributions from volume growth.

The components of North America Foodservice organic net sales growth are shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(2)

pts

(3)

pts

Organic net price realization and mix

19

pts

20

pts

Organic net sales growth

17

pts

17

pts

Foreign currency exchange

Flat

Flat

Acquisition (b)

6

pts

5

pts

Net sales growth

24

pts

22

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

(b) Acquisition of TNT Crust in fiscal 2023. Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.

North America Foodservice organic net sales increased 17 percent in the second quarter of fiscal 2023 and the six-month period ended

November 27, 2022, compared to the same periods in fiscal 2022, driven by favorable organic net price realization and mix, including

market index pricing on bakery flour, partially offset by a decrease in contributions from organic volume growth.

Segment operating profit increased 20 percent to $82 million in the second quarter of fiscal 2023 compared to $68 million in the same

period in fiscal 2022, primarily driven by favorable net price realization and mix, partially offset by higher input costs and an increase

in SG&A expenses. Segment operating profit increased 20 percent on a constant-currency basis in the second quarter of fiscal 2023

compared to the same period in fiscal 2022 (see the “Non-GAAP Measures” section below for our use of this measure not defined by

GAAP).

Segment operating profit decreased 3 percent to $135 million in the six-month period ended November 27, 2022, compared to

$140 million in the same period in fiscal 2022, primarily driven by higher input costs and an increase in SG&A expenses, partially

offset by favorable net price realization and mix. Segment operating profit decreased 3 percent on a constant-currency basis in the six-

month period ended November 27, 2022, compared to the same period in fiscal 2022 (see the “Non-GAAP Measures” section below

for our use of this measure not defined by GAAP).

30

UNALLOCATED CORPORATE ITEMS

Unallocated corporate expense totaled $212 million in the second quarter of fiscal 2023, compared to $132 million in the same period

in fiscal 2022. In the second quarter of fiscal 2023, we recorded a $25 million net increase in expense related to the mark-to-market

valuation of certain commodity positions and grain inventories compared to a $12 million net decrease in expense in the same period

last year. We recorded $36 million of net losses related to valuation adjustments and the sale of a corporate investment in the

second quarter of fiscal 2023, compared to $10 million of net gains in the second quarter of fiscal 2022. In the second quarter of fiscal

2023, we recorded a $3 million charge related to a voluntary recall on certain international

Häagen-Dazs

 ice cream products. In

addition, we recorded $3 million of integration costs primarily related to our acquisition of TNT Crust in the second quarter of fiscal

2023 compared to $4 million of integration costs related to our acquisition of Tyson Foods’ pet treats business in the second quarter of

fiscal 2022. In the second quarter of fiscal 2023, we recorded $2 million of transaction costs primarily related to the sale of our Helper

main meals and Suddenly Salad side dishes business compared to $38 million of transaction costs related to the sale of our interests in

Yoplait SAS, Yoplait Marques SNC, and Liberté Marques Sàrl and the sale of our European dough businesses in the second quarter of

fiscal 2022.

Unallocated corporate expense totaled $545 million in the six-month period ended November 27, 2022, compared to $188 million in

the same period last year. We recorded a $200 million net increase in expense related to the mark-to-market valuation of certain

commodity positions and grain inventories in the six-month period ended November 27, 2022, compared to a $36 million net decrease

in expense in the same period last year. We recorded $62 million of net losses related to valuation adjustments and the sale of

corporate investments in the six-month period ended November 27, 2022, compared to $10 million of net gains in the same period last

year. In the six-month period ended November 27, 2022, we recorded a $24 million charge related to a voluntary recall on certain

international

Häagen-Dazs

 ice cream products. In addition, we recorded $4 million of integration costs primarily related to our

acquisition of TNT Crust in the six-month period ended November 27, 2022, compared to $16 million of integration costs related to

our acquisition of Tyson Foods’ pet treats business in the six-month period ended November 28, 2021. In the six-month period ended

November 27, 2022, we recorded $2 million of transaction costs primarily related to the sale of our Helper main meals and Suddenly

Salad side dishes business compared to $48 million of transaction costs related to the sale of our interests in Yopla it SAS, Yoplait

Marques SNC, Liberté Marques Sàrl and the sale of our European dough businesses. In addition, we recorded a $21 million recovery

related to a Brazil indirect tax item and a $13 million insurance recovery in the six-month period ended November 28, 2021.

LIQUIDITY AND CAPITAL RESOURCES

During the six-month period ended November 27, 2022, cash provided by operations was $1,201 million compared to $1,498 million

in the same period last year. The $297 million decrease was primarily driven by an increase in inventory and higher cash income tax

payments in the six-month period ended November 27, 2022 as compared to the same period a year ago.

Cash provided by investing activities during the six-month period ended November 27, 2022, was $125 million compared to cash used

of $1,396 million for the same period in fiscal 2022. During the first quarter of the 2023, we completed the sale of the Helper main

meals and Suddenly Salad side dishes business for $607 million cash. In the first quarter of fiscal 2023, we acquired TNT Crust for

$252 million cash, net of cash acquired. In the first quarter of fiscal 2022, we acquired the Tyson Foods’ pet treats business for an

aggregate purchase price of $1.2 billion. In addition, we spent $227 million on purchases of land, buildings, and equipment in the six-

months ended November 27, 2022, compared to $224 million in the same period last year.

Cash used by financing activities during the six-month period ended November 27, 2022, was $1,230 million compared to

$427 million of cash used by financing activities in the same period in fiscal 2022. We paid $648 million of dividends in the six-

month period ended November 27, 2022, compared to $623 million in the same period last year. We purchased $901 million of shares

of common stock in the six-month period ended November 27, 2022, compared to $375 million in the same period in fiscal 2022. In

addition, we had $253 million of net debt issuances in the six-month period ended November 27, 2022, compared to $568 million of

net debt issuances in the same period a year ago.

As of November 27, 2022, we had $542 million of cash and cash equivalents in foreign jurisdictions. In anticipation of repatriating

funds from foreign jurisdictions, we record local country withholding taxes on our international earnings, as applicable. Furthermore,

we may repatriate our cash and cash equivalents held by our foreign subsidiaries without such funds being subject to further U.S.

income tax liability. Earnings prior to fiscal 2018 from our foreign subsidiaries remain permanent ly reinvested in those jurisdictions.

31

The following table details the fee-paid committed and uncommitted credit lines we had available as of November 27, 2022:

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.6

-

Total committed and uncommitted credit facilities

$

3.3

$

-

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 $252 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. 

We have an option to purchase the Class A Interests for consideration equal to the then current capital account value, plus any unpaid

preferred return and the prescribed make-whole amount. If we purchase these interests, any change in the third-party holder’s capital

account from its original value will be charged directly to retained earnings and will increase or decrease the net earnings used to

calculate EPS in that period. 

To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States

and Europe. 

Certain of our long-term debt agreements, our credit facilities, and our noncontrolling interests contain restrictive covenants. As of

November 27, 2022, we were in compliance with all of these covenants. 

We have $1,964 million of long-term debt maturing in the next 12 months that is classified as current, including $400 million of

floating-rate notes due October 17, 2023, €500 million of 1.00 percent fixed-rate notes due April 27, 2023, €250 million of 0.00

percent fixed-rate notes due May 16, 2023, €500 million of 0.00 percent fixed-rate notes due July 27, 2023, and €250 million of

floating-rate notes due May 16, 2023. We believe that cash flows from operations, together with available short- and long-term debt

financing, will be adequate to meet our liquidity and capital needs for at least the next 12 months.

CRITICAL ACCOUNTING ESTIMATES

Our significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in our Annual Report on

Form 10-K for the fiscal year ended May 29, 2022. The accounting policies used in preparing our interim fiscal 2023

Consolidated

Financial Statements are the same as those described in our Form 10-K.

Our critical accounting estimates are those that have meaningful impact on the reporting of our financial condition and results of

operations. These estimates include our accounting for revenue recognition, valuation of long-lived assets, intangible assets, stock-

based compensation, income taxes, and defined benefit pension, other postretirement benefit, and postemployment benefit plans. The

assumptions and methodologies used in the determination of those estimates as of November 27, 2022, are the same as those described

in our Annual Report on Form 10-K for the fiscal year ended May 29, 2022.

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2023, and we determined there was no impairment of our intangible assets as their related fair values were substantially in

excess of the carrying values, except for the

Uncle Toby’s

 brand intangible asset. In addition, while having significant coverage as of

our fiscal 2023 assessment date, the

Progresso

 and

EPIC

brand intangible assets had risk of decreasing coverage. We will continue to

monitor these businesses for potential impairment.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04 requiring

enhanced disclosures related to supplier financing programs. The ASU requires disclosure of the key terms of the program and a

rollforward of the related obligation during the annual period, including the amount of obligations confirmed and obligations

subsequently paid. The new disclosure requirements are effective for fiscal years beginning after December 15, 2022, with the

exception of the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023, which for us is the

first quarter of fiscal 2024 for the primary requirement and the first quarter of fiscal 2025 for the rollforward requirement. Early

adoption is permitted. We have historically presented the key terms of these programs and the associated obligation outstanding. We

do not expect this ASU to have a material impact on our financial statements and related disclosures.

32

In March 2020, the FASB issued optional accounting guidance for a limited period of time to ease the potential burden in accounting

for reference rate reform. The new standard provides expedients and exceptions to existing accounting requirements for contract

modifications and hedge accounting related to transitioning from discontinued reference rates, such as LIBOR, to alternative reference

rates, if certain criteria are met. The new accounting requirements can be applied as of the beginning of the interim period including

March 12, 2020, or any date thereafter, through December 31, 2022. We are in the process of reviewing our contracts and

arrangements that will be affected by a discontinued reference rate and are analyzing the impact of this guidance on our results of

operations and financial position.

NON-GAAP MEASURES

We have included in this report measures of financial performance that are not defined by GAAP. We believe that these measures

provide useful information to investors, and include these measures in other communications to investors. 

For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP

measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful

information to investors, and any additional material purposes for which our management or Board of Directors uses the non-GAAP

measure. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure.

Significant Items Impacting Comparability

Several measures below are presented on an adjusted basis. The adjustments are either items resulting from infrequently occurring

events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results.

The following are descriptions of significant items impacting comparability of our results.

Divestitures gain, net

Net divestitures gain primarily related to the sale of our Helper main meals and Suddenly Salad side dishes business in fiscal 2023.

Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report .

Mark-to-market effects

Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Please see Note 6 to the

Consolidated Financial Statements in Part I, Item 1 of this report.

Investment activity, net

Valuation adjustments and the loss on sale of certain corporate investments in fiscal 2023. Valuation adjustments and the gain on sale

of certain corporate investments in fiscal 2022.

Product recall

Voluntary recall costs recorded in fiscal 2023 related to certain international

Häagen-Dazs

 ice cream products.

Restructuring charges (recoveries)

Restructuring charges for previously announced restructuring actions recorded in fiscal 2023 and fiscal 2022. Please see Note 3 to the

Consolidated Financial Statements in Part I, Item 1 of this report.

Acquisition integration costs

Integration costs primarily resulting from the acquisition of TNT Crust in fiscal 2023. Integration costs resulting from the acquisition

of Ty son Foods’ pet treats business in fiscal 2022. Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this

report.

Transaction costs

Transaction costs primarily related to the sale of our Helper main meals and Suddenly Salad side dishes business in fiscal 2023.

Transaction costs related to the sale of our interests in Yoplait SAS, Yoplait Marques SNC, and Liberté Marques Sàrl and the sale of

our European dough businesses in fiscal 2022. Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this

report.

Non-income tax recovery

Recovery related to a Brazil indirect tax item recorded in fiscal 2022.

33

Organic Net Sales Growth Rates

We provide organic net sales growth rates for our consolidated net sales and segment net sales. This measure is used in reporting to

our Board of Directors and executive management and as a component of the measurement of our performance for incentive

compensation purposes. We believe that organic net sales growth rates provide useful information to investors because they provide

transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations,

acquisitions, divestitures, and a 53

rd

 week, when applicable, have on year-to-year comparability. A reconciliation of these measures to

reported net sales growth rates, the relevant GAAP measures, are included in our Consolidated Results of Operations and Results of

Segment Operations discussions in the MD&A above.

Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating Profit Margin)

We believe this measure provides useful information to investors because it is important for assessing our operating profit margin on a

comparable basis.

Our adjusted operating profit margins are calculated as follows:

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

In Millions

Value

Percent of

Net Sales

Value 

Percent of

Net Sales

Operating profit as reported

$

799.8

15.3

%

$

800.1

15.9

%

Mark-to-market effects

25.1

0.5

%

(12.1)

(0.2)

%

Investment activity, net

35.7

0.7

%

(10.5)

(0.2)

%

Product recall

2.9

0.1

%

-

-

%

Restructuring charges

11.6

0.2

%

2.7

0.1

%

Acquisition integration costs

2.8

0.1

%

3.5

0.1

%

Transaction costs

1.8

-

%

37.6

0.7

%

Adjusted operating profit

$

879.7

16.9

%

$

821.3

16.3

%

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

In Millions

Value 

Percent of

Net Sales

Value 

Percent of

Net Sales

Operating profit as reported

$

1,885.4

19.0

%

$

1,644.4

17.2

%

Divestitures gain, net

(430.9)

(4.3)

%

-

-

%

Mark-to-market effects

199.8

2.0

%

(36.2)

(0.4)

%

Investment activity, net

62.0

0.6

%

(9.8)

(0.1)

%

Product recall

24.4

0.2

%

-

-

%

Restructuring charges (recoveries)

13.9

0.1

%

(1.4)

-

%

Acquisition integration costs

4.3

-

%

15.9

0.2

%

Transaction costs

2.0

-

%

48.2

0.5

%

Non-income tax recovery

-

-

%

(20.6)

(0.2)

%

Adjusted operating profit

$

1,760.9

17.7

%

$

1,640.5

17.2

%

Note: Tables may not foot due to rounding. 

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

34

Adjusted Operating Profit Growth on a Constant-currency Basis

This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our

performance for incentive compensation purposes. We believe that this measure provides useful information to investors because it is

the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. The measure is

evaluated on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year

comparability given the volatility in foreign currency exchange rates. 

Our adjusted operating profit growth on a constant-currency basis is calculated as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Change

Nov. 27, 2022

Nov. 28, 2021

Change

Operating profit as reported

$

799.8

$

800.1

Flat

$

1,885.4

$

1,644.4

15

%

Divestitures gain, net

-

-

(430.9)

-

Mark-to-market effects

25.1

(12.1)

199.8

(36.2)

Investment activity, net

35.7

(10.5)

62.0

(9.8)

Product recall

2.9

-

24.4

-

Restructuring charges (recoveries)

11.6

2.7

13.9

(1.4)

Acquisition integration costs

2.8

3.5

4.3

15.9

Transaction costs

1.8

37.6

2.0

48.2

Non-income tax recovery

-

-

-

(20.6)

Adjusted operating profit

$

879.7

$

821.3

7

%

$

1,760.9

$

1,640.5

7

%

Foreign currency exchange impact

Flat

(1)

pt

Adjusted operating profit growth,

 on a constant-currency basis

7

%

8

%

Note: Table may not foot due to rounding.

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

Adjusted Diluted EPS and Related Constant-currency Growth Rates

This measure is used in reporting to our Board of Directors and executive management. We believe that this measure provides useful

information to investors because it is the profit ability measure we use to evaluate earnings performance on a comparable year-to-year

basis.

The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rates follows:

Quarter Ended

Six-Month Period Ended

Per Share Data

Nov. 27, 2022

Nov. 28, 2021

Change

Nov. 27, 2022

Nov. 28, 2021

Change

Diluted earnings per share, as reported

$

1.01

$

0.97

4

%

$

2.36

$

1.99

19

%

Divestitures gain, net

-

-

(0.54)

-

Mark-to-market effects

0.03

(0.02)

0.25

(0.05)

Investment activity, net

0.04

(0.02)

0.08

(0.02)

Product recall 

-

-

0.03

-

Restructuring charges (recoveries)

0.02

-

0.02

(0.01)

Acquisition integration costs

0.01

-

0.01

0.02

Transaction costs

-

0.05

-

0.06

Non-income tax recovery

-

-

-

(0.02)

Adjusted diluted earnings per share

$

1.10

$

0.99

11

%

$

2.21

$

1.98

12

%

Foreign currency exchange impact

(1)

pt

(1)

pt

Adjusted diluted earnings per share

 growth, on a constant-currency basis

12

%

13

%

Note: Table may not foot due to rounding.

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

35

See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of

each item affecting comparability.

Constant-currency After-tax Earnings from Joint Ventures Growth Rates 

We believe that this measure provides useful information to investors because it provides transparency to underlying performance of

our joint ventures by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given

volatility in foreign currency exchange markets. 

After-tax earnings from joint ventures growth rates on a constant-currency basis are calculated as follows:

Percentage Change in

After-Tax Earnings from Joint

Ventures as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in After-Tax

Earnings from Joint Ventures

on Constant-Currency Basis

Quarter Ended Nov. 27, 2022

(23)

%

(15)

pts

(8)

%

Six-Month Period Ended Nov. 27, 2022

(27)

%

(10)

pts

(17)

%

Note: Table may not foot due to rounding.

Net Sales Growth Rates for Our Canada Operating Unit on Constant-currency Basis 

We believe that this measure of our Canada operating unit net sales provides useful information to investors because it provides

transparency to the underlying performance for the Canada operating unit within our North America Retail segment by excluding the

effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency

exchange markets.

Net sales growth rates for our Canada operating unit on a constant-currency basis are calculated as follows:

Percentage Change in

Net Sales

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in

Net Sales on Constant-

Currency Basis

Quarter Ended Nov. 27, 2022

(3)

%

(7)

pts

4

%

Six-Month Period Ended Nov. 27, 2022

Flat

(5)

pts

6

%

Note: Table may not foot due to rounding.

Constant-currency Segment Operating Profit Growth Rates 

We believe that this measure provides useful information to investors because it provides transparency to underlying performance of

our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given

volatility in foreign currency exchange markets. 

36

Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows:

Quarter Ended Nov. 27, 2022

Percentage Change in

Operating Profit

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in Operating

Profit on Constant-Currency

Basis

North America Retail

24

%

Flat

24

%

International

(70)

%

(2)

pts

(68)

%

Pet

(34)

%

Flat

(34)

%

North America Foodservice

20

%

Flat

20

%

Six-Month Period Ended Nov. 27, 2022

Percentage Change in

Operating Profit

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in Operating

Profit on Constant-Currency

Basis

North America Retail

22

%

Flat

22

%

International

(56)

%

(5)

pts

(51)

%

Pet

(15)

%

Flat

(15)

%

North America Foodservice

(3)

%

Flat

(3)

%

Note: Tables may not foot due to rounding.

37

Adjusted Effective Income Tax Rates 

We believe this measure provides useful information to investors because it presents the adjusted effective income tax rate on a

comparable year-to-year basis. 

Adjusted effective income tax rates are calculated as follows: 

Quarter Ended 

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

In Millions

(Except Per Share Data)

Pretax

Earnings

(a)

Income

Taxes

Pretax

Earnings

(a)

Income

Taxes

Pretax

Earnings

(a)

Income

Taxes

Pretax

Earnings

(a)

Income

Taxes

As reported

$

730.0

$

147.1

$

735.1

$

159.7

$

1,749.6

$

363.2

$

1,513.1

$

328.6

Divestitures gain, net

-

-

-

-

(430.9)

(101.9)

-

-

Mark-to-market effects

25.1

5.8

(12.1)

(2.8)

199.8

46.0

(36.2)

(8.3)

Investment activity, net

35.7

13.0

(10.5)

0.3

62.0

13.5

(9.8)

0.5

Product recall 

2.9

0.7

-

-

24.4

5.6

-

-

Restructuring charges 

 (recoveries)

11.6

3.2

2.7

2.8

13.9

3.8

(1.4)

1.9

Acquisition integration costs

2.8

0.7

3.5

0.8

4.3

1.0

15.9

3.6

Transaction costs

1.8

0.6

37.6

7.8

2.0

0.6

48.2

12.4

Non-income tax recovery

-

-

-

-

-

-

(20.6)

(7.0)

As adjusted

$

809.9

$

171.0

$

756.4

$

168.8

$

1,625.1

$

331.8

$

1,509.2

$

331.8

Effective tax rate:

As reported

20.2%

21.7%

20.8%

21.7%

As adjusted

21.1%

22.3%

20.4%

22.0%

Sum of adjustment to 

 income taxes

$

23.9

$

8.9

$

(31.4)

$

3.1

Average number of common 

 shares - diluted EPS

602.0

613.0

604.0

613.8

Impact of income tax adjustments 

 on adjusted diluted EPS

$

(0.04)

$

(0.01)

$

0.05

$

-

Note: Table may not foot due to rounding.

(a)

Earnings before income taxes and after-tax earnings from joint ventures. 

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

38

Glossary

AOCI

. Accumulated other comprehensive income (loss).

Adjusted diluted EPS.

 Diluted EPS adjusted for certain items affecting year-to-year comparability.

Adjusted operating profit.

 Operating profit adjusted for certain items affecting year-to-year comparability.

Adjusted operating profit margin.

Operating profit adjusted for certain items affecting year-over-year comparability, divided by net

sales.

Constant currency.

 Financial results translated to United States dollars using constant foreign currency exchange rates based on the

rates in effect for the comparable prior-year period. To present this information, current period results for entities reporting in

currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the

corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year.

Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average

foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. 

Core working capital.

 Accounts receivable plus inventories less accounts payable.

Derivatives.

Financial instruments such as futures, swaps, options, and forward contracts that we use to manage our risk arising from

changes in commodity prices, interest rates, foreign exchange rates, and stock prices.

Euribor.

 Euro Interbank Offered Rate.

Fair value hierarchy.

For purposes of fair value measurement, we categorize assets and liabilities into one of three levels based on

the assumptions (inputs) used in valuing the asset or liability. Level 1 provides the most reliable measure of fair value, while Level 3

generally requires significant management judgment. The three levels are defined as follows: 

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in

active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3: Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability.

Free cash flow.

 Net cash provided by operating activities less purchases of land, buildings, and equipment.

Generally Accepted Accounting Principles (GAAP).

Guidelines, procedures, and practices that we are required to use in recording

and reporting accounting information in our financial statements.

Goodwill.

The difference between the purchase price of acquired companies plus the fair value of any noncontrolling and redeemable

interests and the related fair values of net assets acquired. 

Gross margin.

 Net sales less cost of sales.

Hedge accounting.

Accounting for qualifying hedges that allows changes in a hedging instrument’s fair value to offset corresponding

changes in the hedged item in the same reporting period. Hedge accounting is permitted for certain hedging instruments and hedged

items only if the hedging relationship is highly effective, and only prospectively from the date a hedging relationship is formally

documented.

Holistic Margin Management (HMM).

 Company-wide initiative to use productivity savings, mix management, and price realization

to offset input cost inflation, protect margins, and generate funds to reinvest in sales-generating activities.

Interest bearing instruments.

Notes payable, long-term debt, including current portion, cash and cash equivalents, and certain

interest bearing investments classified within prepaid expenses and other current assets and other assets.

LIBOR.

London Interbank Offered Rate. 

Mark-to-market.

The act of determining a value for financial instruments, commodity contracts, and related assets or liabilities based

on the current market price for that item.

39

Net mark-to-market valuation of certain commodity positions.

Realized and unrealized gains and losses on derivative contracts

that will be allocated to segment operating profit when the exposure we are hedging affects earnings.

Net price realization.

The impact of list and promoted price changes, net of trade and other price promotion costs.

Net realizable value.

The estimated selling price in the ordinary course of business, less reasonably predictable costs of completion,

disposal, and transportation. 

Noncontrolling interests.

Interests of subsidiaries held by third parties. 

Notional amount.

The amount of a position or an agreed upon amount in a derivative contract on which the value of financial

instruments are calculated.

OCI.

Other Comprehensive Income. 

Organic net sales growth

. Net sales growth adjusted for foreign currency translation, acquisitions, divestitures and a 53

rd

 fiscal week,

when applicable.

Project-related costs.

Costs incurred related to our restructuring initiatives not included in restructuring charges.

Redeemable interest.

Interest of subsidiaries held by a third party that can be redeemed outside of our control and therefore cannot be

classified as a noncontrolling interest in equity.

Reporting unit

. An operating segment or a business one level below an operating segment.

Strategic Revenue Management (SRM).

 A company-wide capability focused on generating sustainable benefits from net price

realization and mix by identifying and executing against specific opportunities to apply tools including pricing, sizing, mix

management, and promotion optimization across each of our businesses.

Supply chain input costs.

 Costs incurred to produce and deliver product, including costs for ingredients and conversion, inventory

management, logistics, and warehousing.

Translation adjustments.

The impact of the conversion of our foreign affiliates’ financial statements to United States dollars for the

purpose of consolidating our financial statements.

Variable interest entities (VIEs).

 A legal structure that is used for business purposes that either (1) does not have equity investors

that have voting rights and share in all the entity’s profits and losses or (2) has equity investors that do not provide sufficient financial

resources to support the entity’s activities.

Working capital

. Current assets and current liabilities, all as of the last day of our fiscal year.

40

CAUTIONARY STATEMENT RELEVANT TO FORWARD -LOOKING INFORMATION FOR THE PURPOSE OF “SAFE

HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This report contains or incorporates by reference forward-looking statements within the meaning of the Private Securities Litigation

Reform Act of 1995 that are based on our current expectations and assumptions. We also may make written or oral forward-looking

statements, including statements contained in our filings with the Securities and Exchange Commission and in our reports to

stockholders.

The words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “plan,” “project,” or similar

expressions identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such

statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and

those currently anticipated or projected. We wish to caution you not to place undue reliance on any such forward-looking statements.

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are identifying important

factors that could affect our financial performance and could cause our actual results in future periods to differ materially from any

current opinions or statements.

Our future results could be affected by a variety of factors, such as: the impact of the COVID-19 pandemic on our business, suppliers,

consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the COVID-19

pandemic; competitive dynamics in the consumer foods industry and the markets for our products, including new product

introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including

changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer

acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels;

acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment,

including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other

intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards

and the impact of critical accounting estimates; product quality and safety issues, including recalls and product liability; changes in

consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer

behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity;

consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost

and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effectiveness of

restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain

commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or

breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest

in foreign markets and economic uncertainty due to terrorism or war.

You should also consider the risk factors that we identify in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year

ended May 29, 2022 which could also affect our future results.

We undertake no obligation to publicly revise any forward-looking statements to reflect events or circumstances after the date of those

statements or to reflect the occurrence of anticipated or unanticipated events.

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 

The estimated maximum potential value-at-risk arising from a one-day loss in fair value for our interest rate, foreign exchange,

commodity, and equity market-risk-sensitive instruments outstanding as of November 27, 2022, was as follows:

In Millions

One-day Risk

of Loss

Change During

Six-Month

Period Ended

Nov. 27, 2022

Analysis of Change

Interest rate instruments

$

51

$

10

Rising interest rates

Foreign currency instruments

35

15

Increase in portfolio basis

Commodity instruments

11

(2)

Decrease in commodity prices

Equity instruments

3

1

Immaterial

For additional information, see Item 7A of Part II of our Annual Report on Form 10-K for the fiscal year ended May 29, 2022. 

41

Item 4. Controls and Procedures. 

We, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial

Officer, have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule

13a-15(e) under the Securities Exchange Act of 1934). Based on our evaluation, our Chief Executive Officer and Chief Financial

Officer have concluded that, as of November 27, 2022, our disclosure controls and procedures were effective to ensure that

information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is (1) recorded,

processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and

(2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, in a

manner that allows timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act

of 1934) during the quarter ended November 27, 2022 that materially affected, or are reasonably likely to materially affect, our

internal control over financial reporting.

PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 

The following table sets forth information with respect to shares of our common stock that we purchased during the quarter ended

November 27, 2022:

Period

Total Number 

of Shares

Purchased (a)

Average

Price Paid

Per Share

Total Number of Shares

Purchased as Part of a Publicly

Announced Program (b)

Maximum Number of Shares

that may yet be Purchased

Under the Program (b)

August 29, 2022 -

October 2, 2022

1,888,000

$

76.66

1,888,000

94,104,938

October 3, 2022 -

October 30, 2022

1,905,000

77.19

1,905,000

92,199,938

October 31, 2022 -

November 27, 2022

1,378,000

78.53

1,378,000

90,821,938

Total

5,171,000

$

77.35

5,171,000

90,821,938

(a) The total number of shares purchased includes shares of common stock withheld for the payment of withholding taxes upon the distribution of

deferred option units.

(b) On June 27, 2022, our Board of Directors approved a new authorization for the repurchase of up to 100,000,000 shares of our common stock

and terminated the prior authorization. Purchases 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 Board did not specify an

expiration date for the authorization.

42

PART II. OTHER INFORMATION

Item 6.

Exhibits.

 10.1

General Mills, Inc. 2022 Stock Compensation Plan (incorporated herein by reference to Exhibit 10.1 to the

Company's Current Report on Form 8-K filed September 30, 2022).

 31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 101

Financial Statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended November 27,

2022, formatted in Inline Extensible Business Reporting Language: (i) Consolidated Statements of Earnings; (ii)

Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets; (iv) Consolidated

Statements of Total Equity and Redeemable Interest; (v) Consolidated Statements of Cash Flows; and (vi) Notes to

Consolidated Financial Statements.

 104

Cover Page, formatted in Inline Extensible Business Reporting Language and contained in Exhibit 101.

43

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned thereunto duly authorized.

GENERAL MILLS, INC.

(Registrant)

Date: December 20, 2022

/s/ Mark A. Pallot

Mark A. Pallot

Vice President, Chief Accounting Officer

(Principal Accounting Officer and Duly Authorized Officer)

EX-31.1

1

Exhibit 31.1

I, Jeffrey L. Harmening, certify that: 

1. I have reviewed this Quarterly Report on Form 10-Q of General Mills, Inc.;

2. Based  on my knowledge, this  report does not  contain any untrue  statement of a material  fact or omit to  state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading

with respect to the period covered by this report;

3. Based  on my knowledge, the  financial statements, and  other financial information  included in this report,  fairly present in all

material respects  the financial condition,  results of operations  and cash flows of  the registrant as of,  and for, the periods

presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures

(as defined  in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal control  over financial reporting  (as defined in

Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under

our supervision,  to ensure that  material information relating  to the registrant,  including its consolidated  subsidiaries, is

made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed  such internal control  over financial reporting,  or caused such  internal control over  financial reporting to be

designed under  our supervision, to  provide reasonable assurance  regarding the reliability  of financial reporting  and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated  the effectiveness of  the registrant’s disclosure  controls and procedures  and presented in this  report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this

report based on such evaluation; and

(d) disclosed  in this report any  change in the  registrant’s internal control  over financial reporting  that occurred during the

registrant’s most  recent fiscal quarter  (the registrant’s fourth  fiscal quarter in the  case of an annual  report) that has

materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The  registrant’s other certifying  officer and I have  disclosed, based on our  most recent evaluation  of internal control over

financial reporting,  to the registrant’s  auditors and the audit  committee of the  registrant’s board of  directors (or persons

performing the equivalent functions):

(a) all significant deficiencies and  material weaknesses in the design or operation of internal control over financial reporting

which are  reasonably likely to  adversely affect the  registrant’s ability to  record, process, summarize  and report financial

information; and

(b) any  fraud, whether or not  material, that involves  management or other  employees who have a  significant role in the

registrant’s internal control over financial reporting.

Date: December 20, 2022

/s/ Jeffrey L. Harmening 

Jeffrey L. Harmening

Chief Executive Officer 

EX-31.2

1

Exhibit 31.2

I, Kofi A. Bruce, certify that: 

1. I have reviewed this Quarterly Report on Form 10-Q of General Mills, Inc.;

2. Based  on my knowledge, this  report does not  contain any untrue  statement of a material  fact or omit to  state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading

with respect to the period covered by this report;

3. Based  on my knowledge, the  financial statements, and  other financial information  included in this report,  fairly present in all

material respects  the financial condition,  results of operations  and cash flows of  the registrant as of,  and for, the periods

presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures

(as defined  in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal control  over financial reporting  (as defined in

Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under

our supervision,  to ensure that  material information relating  to the registrant,  including its consolidated  subsidiaries, is

made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed  such internal control  over financial reporting,  or caused such  internal control over  financial reporting to be

designed under  our supervision, to  provide reasonable assurance  regarding the reliability  of financial reporting  and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated  the effectiveness of  the registrant’s disclosure  controls and procedures  and presented in this  report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this

report based on such evaluation; and

(d) disclosed  in this report any  change in the  registrant’s internal control  over financial reporting  that occurred during the

registrant’s most  recent fiscal quarter  (the registrant’s fourth  fiscal quarter in the  case of an annual  report) that has

materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The  registrant’s other certifying  officer and I have  disclosed, based on our  most recent evaluation  of internal control over

financial reporting,  to the registrant’s  auditors and the audit  committee of the  registrant’s board of  directors (or persons

performing the equivalent functions):

(a) all significant deficiencies and  material weaknesses in the design or operation of internal control over financial reporting

which are  reasonably likely to  adversely affect the  registrant’s ability to  record, process, summarize  and report financial

information; and

(b) any  fraud, whether or not  material, that involves  management or other  employees who have a  significant role in the

registrant’s internal control over financial reporting.

Date: December 20, 2022

/s/ Kofi A. Bruce 

Kofi A. Bruce 

Chief Financial Officer 

EX-32.1

1

Exhibit 32.1

I, Jeffrey  L. Harmening, Chief  Executive Officer of  General Mills, Inc.  (the “Company”), certify,  pursuant to Section  906 of the

Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1) the  Quarterly Report on  Form 10-Q of the  Company for the fiscal  quarter ended November  27, 2022 (the  “Report”) fully

complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations

of the Company.

Dated: December 20, 2022

/s/ Jeffrey L. Harmening 

Jeffrey L. Harmening

Chief Executive Officer 

EX-32.2

1

Exhibit 32.2

I, Kofi A. Bruce, Chief Financial Officer of General Mills, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-

Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1) the  Quarterly Report on  Form 10-Q of the  Company for the fiscal  quarter ended November  27, 2022 (the  “Report”) fully

complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations

of the Company.

Dated: December 20, 2022

/s/ Kofi A. Bruce 

Kofi A. Bruce

Chief Financial Officer

XML

Cover - shares	6 Months Ended
	Nov. 27, 2022	Dec. 13, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	0000040704
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Nov. 27, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--05-28
Entity File Number	001-01185
Entity Registrant Name	GENERAL MILLS, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	41-0274440
Entity Address Address Line 1	Number One General Mills Boulevard
Entity Address City or Town	Minneapolis
Entity Address State or Province	MN
Entity Address Postal Zip Code	55426
City Area Code	(763)
Local Phone Number	764-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		589,610,717
Shares held in the treasury		165,002,611
Common Stock, $.10 par value [Member]
Entity Listings [Line Items]
Security 12b Title	Common Stock, $.10 par value
Trading Symbol	GIS
Security Exchange Name	NYSE
1.000% Notes due 2023 [Member]
Entity Listings [Line Items]
Security 12b Title	1.000% Notes due 2023
Trading Symbol	GIS23A
Security Exchange Name	NYSE
0.125% Notes due 2025 [Member]
Entity Listings [Line Items]
Security 12b Title	0.125% Notes due 2025
Trading Symbol	GIS25A
Security Exchange Name	NYSE
0.450% Notes due 2026 [Member]
Entity Listings [Line Items]
Security 12b Title	0.450% Notes due 2026
Trading Symbol	GIS26
Security Exchange Name	NYSE
1.500% Notes due 2027 [Member]
Entity Listings [Line Items]
Security 12b Title	1.500% Notes due 2027
Trading Symbol	GIS27
Security Exchange Name	NYSE

XML

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
CONSOLIDATED STATEMENTS OF EARNINGS [ABSTRACT]
Net sales	$ 5,220.7	$ 5,024.0	$ 9,938.3	$ 9,563.9
Cost of sales	3,515.6	3,392.8	6,785.5	6,335.3
Selling, general, and administrative expenses	894.2	828.8	1,685.6	1,586.2
Divestitures gain, net	0.0	0.0	(430.9)	0.0
Restructuring, impairment, and other exit costs (recoveries)	11.1	2.3	12.7	(2.0)
Operating profit	799.8	800.1	1,885.4	1,644.4
Benefit plan non-service income	(21.7)	(27.7)	(43.4)	(57.3)
Interest, net	91.5	92.7	179.2	188.6
Earnings before income taxes and after-tax earnings from joint ventures	730.0	735.1	1,749.6	1,513.1
Income taxes	147.1	159.7	363.2	328.6
After-tax earnings from joint ventures	25.4	33.0	45.2	62.1
Net earnings, including earnings attributable to redeemable and noncontrolling interests	608.3	608.4	1,431.6	1,246.6
Net earnings attributable to redeemable and noncontrolling interests	2.4	11.2	5.7	22.4
Net earnings attributable to General Mills	$ 605.9	$ 597.2	$ 1,425.9	$ 1,224.2
Earnings per share - basic	$ 1.01	$ 0.98	$ 2.38	$ 2.01
Earnings per share - diluted	$ 1.01	$ 0.97	$ 2.36	$ 1.99

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [ABSTRACT]
Net earnings, including earnings attributable to redeemable and noncontrolling interests	$ 608.3	$ 608.4	$ 1,431.6	$ 1,246.6
Other comprehensive loss, net of tax:
Foreign currency translation	(115.0)	(38.5)	(111.2)	(62.4)
Other fair value changes:
Hedge derivatives	20.8	18.7	(17.5)	20.4
Reclassification to earnings:
Foreign currency translation	0.0	0.0	(7.4)	0.0
Hedge derivatives	1.0	(6.4)	(0.4)	4.2
Amortization of losses and prior service costs	14.2	22.8	28.3	31.2
Other comprehensive loss, net of tax	(79.0)	(3.4)	(108.2)	(6.6)
Total comprehensive income	529.3	605.0	1,323.4	1,240.0
Comprehensive income (loss) attributable to redeemable and noncontrolling interests	3.0	(25.8)	5.0	(49.3)
Comprehensive income attributable to General Mills	$ 526.3	$ 630.8	$ 1,318.4	$ 1,289.3

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Nov. 27, 2022	May 29, 2022
Current assets:
Cash and cash equivalents	$ 644.1	$ 569.4
Receivables	1,834.0	1,692.1
Inventories	2,121.3	1,867.3
Prepaid expenses and other current assets	731.2	802.1
Assets held for sale	0.0	158.9
Total current assets	5,330.6	5,089.8
Land, buildings, and equipment	3,358.0	3,393.8
Goodwill	14,476.0	14,378.5
Other intangible assets	6,974.8	6,999.9
Other assets	1,180.4	1,228.1
Total assets	31,319.8	31,090.1
Current liabilities:
Accounts payable	4,022.6	3,982.3
Current portion of long-term debt	1,964.3	1,674.2
Notes payable	1,153.4	811.4
Other current liabilities	2,067.9	1,552.0
Total current liabilities	9,208.2	8,019.9
Long-term debt	8,622.5	9,134.8
Deferred income taxes	2,186.9	2,218.3
Other liabilities	930.1	929.1
Total liabilities	20,947.7	20,302.1
Stockholders' equity:
Common stock, 754.6 shares issued, $0.10 par value	75.5	75.5
Additional paid-in capital	1,155.3	1,182.9
Retained earnings	18,991.9	18,532.6
Common stock in treasury, at cost, shares of 164.4 and 155.7	(8,023.5)	(7,278.1)
Accumulated other comprehensive loss	(2,078.0)	(1,970.5)
Total stockholders' equity	10,121.2	10,542.4
Noncontrolling interests	250.9	245.6
Total equity	10,372.1	10,788.0
Total liabilities and equity	$ 31,319.8	$ 31,090.1

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Nov. 27, 2022	May 29, 2022	Nov. 28, 2021
Stockholders' equity:
Common stock, shares issued	754.6	754.6
Common stock, par value	$ 0.10	$ 0.1	$ 0.1
Common stock in treasury, shares	164.4	155.7

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Consolidated Statements of Total Equity and Redeemable Interest (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Redeemable Interest [Member]	Issued Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Common stock in treasury [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]
Beginning balance, treasury stock shares at May. 30, 2021						(146.9)
Stockholders' Equity, Number of Shares
Shares purchased, shares						(6.2)
Stock compensation plans, shares						1.7
Ending balance, common stock shares at Nov. 28, 2021			754.6
Ending balance, treasury stock shares at Nov. 28, 2021						(151.4)
Beginning balance, equity at May. 30, 2021	$ 9,773.2			$ 1,365.5	$ 17,069.8	$ (6,611.2)	$ (2,429.2)	$ 302.8
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]
Shares purchased, value						(375.0)
Stock compensation plans, value				4.0		71.0
Unearned compensation related to stock unit awards				(72.2)
Earned compensation				53.7
Decrease in redemption value of redeemable interest		$ (14.1)		14.1
Net earnings attributable to General Mills	1,224.2				1,224.2
Comprehensive (loss) income							65.1	(20.1)
Cash dividends declared					(930.8)
Distributions to noncontrolling interest holders								(2.5)
Divestiture								0.0
Ending balance, equity at Nov. 28, 2021	9,804.7		$ 75.5	1,365.1	17,363.2	$ (6,915.2)	(2,364.1)	280.2
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 30, 2021		604.9
Redeemable Interest
Comprehensive loss		(29.2)
Decrease in redemption value of redeemable interest		(14.1)		14.1
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 28, 2021		561.6
Beginning balance, treasury stock shares at Aug. 29, 2021						(148.3)
Stockholders' Equity, Number of Shares
Shares purchased, shares						(3.7)
Stock compensation plans, shares						0.6
Ending balance, common stock shares at Nov. 28, 2021			754.6
Ending balance, treasury stock shares at Nov. 28, 2021						(151.4)
Beginning balance, equity at Aug. 29, 2021	9,985.9			1,345.0	17,384.5	$ (6,715.0)	(2,397.7)	293.5
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]
Shares purchased, value						(224.9)
Stock compensation plans, value				(5.1)		24.7
Unearned compensation related to stock unit awards				(3.9)
Earned compensation				20.6
Decrease in redemption value of redeemable interest		(8.5)		8.5
Net earnings attributable to General Mills	597.2				597.2
Comprehensive (loss) income							33.6	(11.9)
Cash dividends declared					(618.5)
Distributions to noncontrolling interest holders								(1.4)
Ending balance, equity at Nov. 28, 2021	$ 9,804.7		$ 75.5	1,365.1	17,363.2	$ (6,915.2)	(2,364.1)	280.2
Beginning balance, equity attributable to redeemable noncontrolling interest at Aug. 29, 2021		584.0
Redeemable Interest
Comprehensive loss		(13.9)
Decrease in redemption value of redeemable interest		(8.5)		8.5
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 28, 2021		561.6
Beginning balance, common stock shares at May. 29, 2022	754.6
Beginning balance, treasury stock shares at May. 29, 2022	(155.7)					(155.7)
Stockholders' Equity, Number of Shares
Shares purchased, shares						(12.1)
Stock compensation plans, shares						3.4
Ending balance, common stock shares at Nov. 27, 2022	754.6		754.6
Ending balance, treasury stock shares at Nov. 27, 2022	(164.4)					(164.4)
Beginning balance, equity at May. 29, 2022	$ 10,788.0			1,182.9	18,532.6	$ (7,278.1)	(1,970.5)	245.6
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]
Shares purchased, value						(901.3)
Stock compensation plans, value				1.9		155.9
Unearned compensation related to stock unit awards				(85.8)
Earned compensation				56.3
Decrease in redemption value of redeemable interest		0.0		0.0
Net earnings attributable to General Mills	1,425.9				1,425.9
Comprehensive (loss) income								5.0
Cash dividends declared					(966.6)
Other comprehensive (loss) income							(107.5)
Distributions to noncontrolling interest holders								(4.8)
Divestiture								5.1
Ending balance, equity at Nov. 27, 2022	$ 10,372.1		$ 75.5	1,155.3	18,991.9	$ (8,023.5)	(2,078.0)	250.9
Beginning balance, equity attributable to redeemable noncontrolling interest at May. 29, 2022		0.0
Redeemable Interest
Comprehensive loss		0.0
Decrease in redemption value of redeemable interest		0.0		0.0
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 27, 2022		0.0
Beginning balance, treasury stock shares at Aug. 28, 2022						(160.3)
Stockholders' Equity, Number of Shares
Shares purchased, shares						(5.2)
Stock compensation plans, shares						1.1
Ending balance, common stock shares at Nov. 27, 2022	754.6		754.6
Ending balance, treasury stock shares at Nov. 27, 2022	(164.4)					(164.4)
Beginning balance, equity at Aug. 28, 2022	$ 10,825.6			1,146.1	19,027.6	$ (7,676.0)	(1,998.4)	250.8
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]
Shares purchased, value						(400.5)
Stock compensation plans, value				(7.4)		53.0
Unearned compensation related to stock unit awards				(6.8)
Earned compensation				23.4
Decrease in redemption value of redeemable interest		0.0		0.0
Net earnings attributable to General Mills	605.9				605.9
Comprehensive (loss) income							(79.6)	3.0
Cash dividends declared					(641.6)
Distributions to noncontrolling interest holders								(2.9)
Ending balance, equity at Nov. 27, 2022	$ 10,372.1		$ 75.5	1,155.3	$ 18,991.9	$ (8,023.5)	$ (2,078.0)	$ 250.9
Redeemable Interest
Comprehensive loss		0.0
Decrease in redemption value of redeemable interest		0.0		$ 0.0
Ending balance, equity attributable to redeemable noncontrolling interest at Nov. 27, 2022		$ 0.0

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Consolidated Statements of Total Equity and Redeemable Interest (Unaudited) (Parenthetical) - $ / shares shares in Billions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
CONSOLIDATED STATEMENTS OF TOTAL EQUITY AND REDEEMABLE INTEREST (Unaudited) (Parenthetical) [ABSTRACT]
Par Value Common Stock	$ 0.10	$ 0.1	$ 0.10	$ 0.1
Common Stock, Shares Authorized	1	1	1	1
Cash dividends declared per share	$ 1.08	$ 1.02	$ 1.62	$ 1.53

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling interests	$ 1,431.6	$ 1,246.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	273.9	286.9
After-tax earnings from joint ventures	(45.2)	(62.1)
Distributions of earnings from joint ventures	26.5	35.8
Stock-based compensation	57.6	47.9
Deferred income taxes	(48.1)	56.4
Pension and other postretirement benefit plan contributions	(12.7)	(12.5)
Pension and other postretirement benefit plan costs	(13.5)	(14.4)
Divestitures gain, net	(430.9)	0.0
Restructuring, impairment, and other exit costs	(13.7)	(44.2)
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures	(64.4)	(88.7)
Other, net	39.6	46.1
Net cash provided by operating activities	1,200.7	1,497.8
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment	(226.7)	(224.3)
Acquisition, net of cash acquired	(251.5)	(1,198.6)
Proceeds from divestitures, net of cash divested	610.7	0.0
Investments in affiliates, net	(1.4)	4.8
Proceeds from disposal of land, buildings, and equipment	0.5	1.5
Other, net	(6.5)	20.6
Net cash provided (used) by investing activities	125.1	(1,396.0)
Cash Flows - Financing Activities
Change in notes payable	353.4	854.2
Issuance of long-term debt	500.0	1,935.0
Payment of long-term debt	(600.0)	(2,221.7)
Proceeds from common stock issued on exercised options	118.5	26.1
Purchases of common stock for treasury	(901.3)	(375.0)
Dividends paid	(647.9)	(623.2)
Distributions to noncontrolling and redeemable interest holders	(4.8)	(2.5)
Other, net	(48.4)	(20.1)
Net cash used by financing activities	(1,230.5)	(427.2)
Effect of exchange rate changes on cash and cash equivalents	(20.6)	(35.1)
Increase (decrease) in cash and cash equivalents	74.7	(360.5)
Cash and cash equivalents - beginning of year	569.4	1,505.2
Cash and cash equivalents - end of period (includes $123.7 million of cash classified as held for sale as of November 28, 2021)	644.1	1,144.7
Cash Flow from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures:
Receivables	(200.8)	(237.3)
Inventories	(278.5)	9.2
Prepaid expenses and other current assets	62.9	(1.2)
Accounts payable	112.5	(28.4)
Other current liabilities	239.5	169.0
Changes in current assets and liabilities	$ (64.4)	$ (88.7)

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Consolidated Statements of Cash Flows (Unaudited) - Parenthetical $ in Millions	Nov. 28, 2021 USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS [ABSTRACT]
Cash and cash equivalents - held-for-sale	$ 123.7

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Background

6 Months Ended

Nov. 27, 2022

Background [Abstract]

Background

(1) Background

The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been

prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information

and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures

required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair

presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and

any noncontrolling and redeemable interests’ share of those transactions. Operating results for the fiscal quarter ended November 27,

2022, are not necessarily indicative of the results that may be expected for the fiscal year ending May 28, 2023. 

These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual

Report on Form 10-K for the fiscal year ended May 29, 2022. The accounting policies used in preparing these Consolidated Financial

Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K.

Certain terms used throughout this report are defined in the “Glossary” section below.

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Acquisitions And Divestiture

6 Months Ended

Nov. 27, 2022

Acquisitions And Divestiture [Abstract]

Acquisitions And Divestiture

(2) Acquisitions and Divestiture

During the first quarter of fiscal 2023, we acquired TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and

national pizza chains, foodservice distributors, and retail outlets, for a purchase price of $

253.0

 million. We financed the transaction

with U.S. commercial paper. We consoli dated the TNT Crust business into our Consolidated Balance Sheets and recorded goodwill of

$

154.3

 million. The goodwill is included in the North America Foodservice segment and is not deductible for tax purposes. The pro

forma effects of this acquisition were not material. We have conducted a preliminary assessment of the fair value of the acquired

assets and liabilities of the TNT Crust business and will continue to review these items during the measurement period. If new

information is obtained about facts and circumstances that existed at the acquisition date, the acquisition accounting will be revised to

reflect the resulting adjustments to current estimates of these items. The consolidated results of the TNT Crust business are reported in

our North America Foodservice segment on a one-month lag.

During the first quarter of fiscal 2023, we completed the sale of our Helper main meals and Suddenly Salad side dishes business to

Eagle Family Foods Group for $

606.8

 million and recorded a pre-tax gain of $

442.2

 million.

During the first quarter of fiscal 2022, we acquired Tyson Foods’ pet treats business for $

1.2

 billion in cash. We financed the

transaction with a combination of cash on hand and short-term debt. We consolidated the pet treats business into our Consolidated

Balance Sheets and recorded goodwill of $

762.3

 million, indefinite-lived intangible assets for the

Nudges

,

Top Chews

, and

True

Chews

 brands totaling $

330.0

 million in aggregate, and a finite-lived customer relationship asset of $

40.0

 million. The goodwill is

included in the Pet segment and is deductible for tax purposes. The pro forma effects of this acquisition were not material.

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Restructuring, Impairment, And Other Exit Costs

6 Months Ended

Nov. 27, 2022

Restructuring, Impairment, And Other Exit Costs [Abstract]

Restructuring, Impairment, And Other Exit Costs

(3) Restructuring, Impairment, and Other Exit Costs

In the six-month period ended November 27, 2022, we did not undertake any new restructuring actions. We recorded $

11.6

 million of

restructuring charges in the second quarter of fiscal 2023 and $

13.9

 million of restructuring charges in the six-month period ended

November 27, 2022, related to restructuring actions previously announced. We recorded $

2.7

 million of restructuring charges in the

second quarter of fiscal 2022 and a $

1.4

 million net recovery of restructuring charges in the six-month period ended November 28,

2021, related to restructuring actions previously announced. We expect these actions to be completed by the end of

fiscal 2024

.

In the second quarter of fiscal 2023, we increased the estimate of restructuring charges that we expect to incur related to our

previously announced actions in the International segment to drive efficiencies in manufacturing and logistics operations. As a result,

we recorded a $

4.5

 million increase to our restructuring reserve primarily related to estimated severance charges. We expect to incur

approximately $

25

 million of restructuring charges and project-related costs related to these actions, of which approximately $

16

million will be cash. These charges are expected to consist of approximately $

12

 million of severance and $

10

 million of other costs,

primarily asset write-offs. We also expect to incur approximately $

3

 million of project-related costs. We expect these actions to be

completed by the end of

fiscal 2024

.

In the second quarter of fiscal 2023, we increased the estimate of restructuring charges that we expect to incur related to our

previously announced global organizational structure and resource realignment actions. As a result, we recorded a $

4.1

 million

increase to our restructuring reserve primarily related to estimated severance charges. We expect to incur approximately $

140

 million

of restructuring charges related to these actions, of which approximately $

115

 million will be cash. These charges are expected to

consist of approximately $

105

 million of severance and approximately $

35

 million of other costs. We expect these actions to be

completed by the end of

fiscal 2023

. 

We paid net $

27.6

 million of cash in the six-month period ended November 27, 2022, related to restructuring actions previously

announced. We paid net $

42.8

 million of cash in the same period of fiscal 2022.

The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows:

In Millions

Total

Reserve balance as of May 29, 2022

$

36.8

Fiscal 2023 charges, including foreign currency translation

7.5

Utilized in fiscal 2023

(24.1)

Reserve balance as of Nov. 27, 2022

$

20.2

The reserve balance primarily consists of expected severance payments associated with restructuring actions. 

The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly

to expense (e.g., asset impairment charges, accelerated depreciation, the gain or loss on the sale of restructured assets, and the write-

off of spare parts) and other periodic exit costs are recognized as incurred, as those items are not reflected in our restructuring and

other exit cost reserves on our Consolidated Balance Sheets.

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Goodwill And Other Intangible Assets

6 Months Ended

Nov. 27, 2022

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

(4) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

In Millions

Nov. 27, 2022

May 29, 2022

Goodwill

$

14,476.0

$

14,378.5

Other intangible assets:

Intangible assets not subject to amortization:

Brands and other indefinite-lived intangibles

6,706.6

6,725.8

Intangible assets subject to amortization:

Customer relationships and other finite-lived intangibles

401.9

400.3

Less accumulated amortization

(133.7)

(126.2)

Intangible assets subject to amortization, net

268.2

274.1

Other intangible assets

6,974.8

6,999.9

Total

$

21,450.8

$

21,378.4

Based on the carrying value of finite-lived intangible assets as of November 27, 2022, annual amortization expense for each of the

next five fiscal years is estimated to be approximately $

20

 million.

The changes in the carrying amount of goodwill during the six-month period ended November 27, 2022, were as follows:

In Millions

North

America

Retail

Pet

North

America

Foodservice

International

Joint Ventures

Total

Balance as of May 29, 2022

$

6,552.9

$

6,062.8

$

648.8

$

721.6

$

392.4

$

14,378.5

Acquisition

-

-

154.3

-

-

154.3

Divestiture

-

-

-

(0.4)

-

(0.4)

Other activity, primarily 

 foreign currency translation

(6.4)

-

-

(37.5)

(12.5)

(56.4)

Balance as of Nov. 27, 2022

$

6,546.5

$

6,062.8

$

803.1

$

683.7

$

379.9

$

14,476.0

The changes in the carrying amount of other intangible assets during the six-month period ended November 27, 2022, were as follows:

In Millions

Total

Balance as of May 29, 2022

$

6,999.9

Acquisition

3.8

Other activity, primarily foreign currency translation

(28.9)

Balance as of Nov. 27, 2022

$

6,974.8

Our annual goodwill and indefinite-lived intangible assets impairment test was performed on the first day of the second quarter of

fiscal 2023, and we determined there was

no

 impairment of our intangible assets as their related fair values were substantially in

excess of the carrying values, except for the

Uncle Toby’s

 brand intangible asset. In addition, while having significant coverage as of

our fiscal 2023 assessment date, the

Progresso

 and

EPIC

 brand intangible assets had risk of decreasing coverage. We will continue to

monitor these businesses for potential impairment.

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Inventories

6 Months Ended

Nov. 27, 2022

Inventories [Abstract]

Inventories

(5) Inventories

The components of inventories were as follows:

In Millions

Nov. 27, 2022

May 29, 2022

Raw materials and packaging

$

565.8

$

532.0

Finished goods

1,923.6

1,634.7

Grain

156.1

164.0

Excess of FIFO over LIFO cost

(524.2)

(463.4)

Total

$

2,121.3

$

1,867.3

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Risk Management Activities

6 Months Ended

Nov. 27, 2022

Risk Management Activities [Abstract]

Risk Management Activities

(6) Risk Management Activities 

Many commodities we use in the production and distribution of our products are exposed to market price risks. We utilize derivatives

to manage price risk for our principal ingredients and energy costs, including grains (oats, wheat, and corn), oils (principally soybean),

dairy products, natural gas, and diesel fuel. Our primary objective when entering into these derivative contracts is to achieve certainty

with regard to the future price of commodities purchased for use in our supply chain. We manage our exposures through a

combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options

and swaps. We offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as

close as possible to or below our planned cost.

We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve

hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded

currently in cost of sales in our Consolidated Statements of Earnings.

Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our

objective of providing certainty in the future price of commodities purchased for use in our supply chain. Accordingly, for purposes of

measuring segment operating performance, these gains and losses are reported in unallocated corporate items outside of segment

operating results until such time that the exposure we are managing affects earnings. At that time we reclassify the gain or loss from

unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the

derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. 

Unallocated corporate items for the quarters and six-month periods ended November 27, 2022, and November 28, 2021, included:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net (loss) gain on mark-to-market valuation of certain 

 commodity positions

$

(20.9)

$

16.6

$

(93.2)

$

47.0

Net gain on commodity positions reclassified from 

 unallocated corporate items to segment operating profit

(20.5)

(35.9)

(63.5)

(70.6)

Net mark-to-market revaluation of certain grain inventories

16.3

31.4

(43.1)

59.8

Net mark-to-market valuation of certain commodity 

 positions recognized in unallocated corporate items

$

(25.1)

$

12.1

$

(199.8)

$

36.2

As of November 27, 2022, the net notional value of commodity derivatives was $

429.4

 million, of which $

158.1

 million related to

energy inputs and $

271.3

 million related to agricultural inputs. These contracts relate to inputs that generally will be utilized within the

next

12

 months.

The fair values of the derivative positions used in our risk management activities and other assets recorded at fair value were not

material as of November 27, 2022 and were Level 1 or Level 2 assets and liabilities in the fair value hierarchy. We did not

significantly change our valuation techniques from prior periods. 

We offer certain suppliers access to third party services that allow them to view our scheduled payments online. The third-party

services also allow suppliers to finance advances on our scheduled payments at the sole discretion of the supplier and the third party.

We have no economic interest in these financing arrangements and no direct relationship with the suppliers, the third parties, or any

financial institutions concerning these services. All of our accounts payable remain as obligations to our suppliers as stated in our

supplier agreements. As of November 27, 2022, $

1,477.4

 million of our total accounts payable were payable to suppliers who utilize

these third-party services. As of November 28, 2021, $

1,378.1

 million of our total accounts payable were payable to suppliers who

utilize these third-party services.

During the second quarter of fiscal 2023, we entered into a $

500.0

 million notional amount interest rate swap to convert our

$

500.0

 million fixed rate notes due

November 18, 2025

, to a floating rate.

XML

Debt

6 Months Ended

Nov. 27, 2022

Debt [Abstract]

Debt

(7) Debt

The components of notes payable were as follows:

In Millions

Nov. 27, 2022

May 29, 2022

U.S. commercial paper

$

1,126.6

$

694.8

Financial institutions

26.8

116.6

Total

$

1,153.4

$

811.4

To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States

and Europe. 

The following table details the fee-paid committed and uncommitted credit lines we had available as of November 27, 2022:

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.6

-

Total committed and uncommitted credit facilities

$

3.3

$

-

The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least

2.5

 times.

We

were in compliance with all credit facility covenants as of November 27, 2022.

Long-Term Debt 

The fair values and carrying amounts of long-term debt, including the current portion, were $

9,875.3

 million and $

10,586.8

 million,

respectively, as of November 27, 2022. The fair value of long-term debt was estimated using market quotations and discounted cash

flows based on our current incremental borrowing rates for similar types of instruments. Long -term debt is a Level 2 liability in the

fair value hierarchy. 

In the second quarter of fiscal 2023, we issued $

500.0

 million of

5.241

 percent notes due

November 18, 2025

. We used the net

proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes.

In the second quarter of fiscal 2023, we issued €

250.0

 million of floating-rate notes due

May 16, 2023

. We used the net proceeds to

repay €

250.0

 million of

0.0

 percent fixed-rate notes due

November 11, 2022

.

In the fourth quarter of fiscal 2022, we repaid $

850.0

 million of

3.7

 percent fixed rate notes due

October 17, 2023

, using proceeds

from the issuance of commercial paper.

In the fourth quarter of fiscal 2022, we issued €

250.0

 million of

0.0

 percent fixed-rate notes due

November 11, 2022

. We used the net

proceeds for general corporate purposes.

In the second quarter of fiscal 2022, we issued €

500.0

 million of

0.125

 percent fixed-rate notes due

November 15, 2025

. We used the

net proceeds to repay a portion of our €

500.0

 million of

0.0

 percent fixed-rate notes due

November 16, 2021

, and for general corporate

purposes.

In the second quarter of fiscal 2022, we issued €

250.0

 million of floating-rate notes due

May 16, 2023

. We used the net proceeds to

repay a portion of our outstanding commercial paper and for general corporate purposes.

In the second quarter of fiscal 2022, we issued $

500.0

 million of

2.25

 percent notes due

October 14, 2031

. We used the net proceeds

together with proceeds from the issuance of commercial paper, to repay $

1,000.0

 million of

3.15

 percent fixed-rate notes due

December 15, 2021

.

In the first quarter of fiscal 2022, we issued €

500.0

 million of floating-rate notes due

July 27, 2023

. We used the net proceeds to repay

€

500.0

 million of

0.0

 percent fixed-rate notes due

August 21, 2021

.

In the first quarter of fiscal 2022, we repaid €

200.0

 million of

2.2

 percent fixed-rate notes due

June 24, 2021

, using proceeds from the

issuance of €

50.0

 million of

2.2

 percent fixed-rate notes due

November 29, 2021

, and borrowings under a committed credit facility.

Certain of our long-term debt agreements contain restrictive covenants.

As of November 27, 2022, we were in compliance with all of

these covenants.

XML

Redeemable And Noncontrolling Interests

6 Months Ended

Nov. 27, 2022

Redeemable And Noncontrolling Interests [Abstract]

Redeemable And Noncontrolling Interests

(8) Redeemable and Noncontrolling Interests

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.

During the third quarter of fiscal 2022, we completed the sale of our interests in Yoplait SAS, Yoplait Marques SNC and Liberté

Marques Sàrl to Sodiaal International (Sodiaal) in exchange for Sodiaal’s interest in our Canadian yogurt business, a modified

agreement for the use of

Yoplait

 and

Liberté

brands in the United States and Canada, and cash. 

Up to the date of the divestiture, Sodiaal held the remaining interests in each of the entities. On the acquisition date, we recorded the

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 divestiture closed in the third

quarter of fiscal 2022. In connection with the divestiture, cumulative adjustments made to the redeemable interest related to the fair

value put feature were reversed against additional paid-in capital, where changes in the redemption amount were historically recorded,

and the resulting carrying value of the noncontrolling interests were included in the calculation of the gain on divestiture.

A

subsidiary of Yoplait SAS had an exclusive milk supply agreement for its European operations with Sodiaal through November 28,

2021. Net purchases totaled $

99.5

 million for the six-month period ended November 28, 2021.

Our noncontrolling interests contain restrictive covenants. As of November 27, 2022, we were in compliance with all of these

covenants.

XML

Stockholders' Equity

6 Months Ended

Nov. 27, 2022

Stockholders' Equity [Abstract]

Stockholders' Equity

(9) Stockholders’ Equity 

The following tables provide details of total comprehensive income:

(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 benefit plan non-service income.

(a) Gain reclassified from AOCI into earnings is reported in the divestitures gain, net.

(b) (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.

(c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.

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

Quarter Ended

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests 

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings 

 attributable to redeemable and 

 noncontrolling interests 

$

605.9

$

2.4

$

597.2

$

1.9

$

9.3

Other comprehensive (loss) income:

Foreign currency translation

$

(144.7)

$

29.1

(115.6)

0.6

$

(29.0)

$

27.8

(1.2)

(13.8)

(23.5)

Other fair value changes:

Hedge derivatives

26.8

(6.0)

20.8

-

29.1

(11.0)

18.1

-

0.6

Reclassification to earnings:

Hedge derivatives (a)

1.8

(0.8)

1.0

-

(12.1)

6.0

(6.1)

-

(0.3)

Amortization of losses and

 prior service costs (b)

18.3

(4.1)

14.2

-

29.2

(6.4)

22.8

-

-

Other comprehensive (loss) income

$

(97.8)

$

18.2

(79.6)

0.6

$

17.2

$

16.4

33.6

(13.8)

(23.2)

Total comprehensive income (loss)

$

526.3

$

3.0

$

$

630.8

$

(11.9)

$

(13.9)

Six-Month Period Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings

 attributable to redeemable and

 noncontrolling interests 

$

1,425.9

$

5.7

$

$

1,224.2

$

4.9

$

17.5

Other comprehensive (loss) income:

Foreign currency translation

$

(86.7)

$

(23.8)

(110.5)

(0.7)

$

(40.9)

$

50.5

9.6

(25.0)

(47.0)

Other fair value changes:

Hedge derivatives

(23.0)

5.5

(17.5)

-

31.9

(12.0)

19.9

-

0.5

Reclassification to earnings:

Foreign currency translation (a)

(7.4)

-

(7.4)

-

-

-

-

-

-

Hedge derivatives (b)

(0.1)

(0.3)

(0.4)

-

(0.1)

4.5

4.4

-

(0.2)

Amortization of losses and 

prior service costs (c) 

36.5

(8.2)

28.3

-

40.0

(8.8)

31.2

-

-

Other comprehensive (loss) income

$

(80.7)

$

(26.8)

(107.5)

(0.7)

$

30.9

$

34.2

65.1

(25.0)

(46.7)

Total comprehensive income (loss)

$

1,318.4

$

5.0

$

$

1,289.3

$

(20.1)

$

(29.2)

In Millions

Nov. 27, 2022

May 29, 2022

Foreign currency translation adjustments

$

(708.6)

$

(590.7)

Unrealized gain from hedge derivatives

5.4

23.3

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,477.0)

(1,513.4)

Prior service credits

102.2

110.3

Accumulated other comprehensive loss

$

(2,078.0)

$

(1,970.5)

XML

Stock Plans

6 Months Ended

Nov. 27, 2022

Stock Plans [Abstract]

Stock Plans

(10) Stock Plans

We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock

units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are

described in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended

May 29, 2022.

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Compensation expense related to stock-based payments

$

24.1

$

13.9

$

57.6

$

47.5

Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts

recognized in restructuring, impairment, and other exit costs in fiscal 2022.

Windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Windfall tax benefits from stock-based payments

$

5.6

$

1.6

$

18.4

$

6.3

As of November 27, 2022, unrecognized compensation expense related to non-vested stock options, restricted stock units, and

performance share units was $

147.4

 million. This expense will be recognized over

23

 months, on average.

Net cash proceeds from the exercise of stock options less shares used for withholding taxes and the intrinsic value of options exercised

were as follows:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash proceeds

$

118.5

$

26.1

Intrinsic value of options exercised

$

55.7

$

12.1

We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-

pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and

dividend yield. We estimate our future stock price volatility using the historical volatility over the expected term of the option,

excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We

also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially

those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting

the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on

Form 10-K for the fiscal year ended May 29, 2022.

The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as

follows:

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Estimated fair values of stock options granted 

$

14.16

$

8.77

Assumptions:

Risk-free interest rate

3.3

%

1.5

%

Expected term

8.5

years

8.5

years

Expected volatility

20.9

%

20.2

%

Dividend yield

3.1

%

3.4

%

The total grant date fair value of restricted stock unit awards that vested during the period was as follows:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Total grant date fair value

$

102.6

$

76.0

XML

Earnings Per Share

6 Months Ended

Nov. 27, 2022

Earnings Per Share [Abstract]

Earnings Per Share

(11) Earnings Per Share

Basic and diluted earnings per share (EPS) were calculated using the following:

Quarter Ended

Six-Month Period Ended

In Millions, Except per Share Data

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net earnings attributable to General Mills

$

605.9

$

597.2

$

1,425.9

$

1,224.2

Average number of common shares - basic EPS

595.9

608.6

598.0

609.5

Incremental share effect from: (a)

Stock options

3.7

2.2

3.6

2.1

Restricted stock units and performance share units

2.4

2.2

2.4

2.2

Average number of common shares - diluted EPS

602.0

613.0

604.0

613.8

Earnings per share – basic

$

1.01

$

0.98

$

2.38

$

2.01

Earnings per share – diluted

$

1.01

$

0.97

$

2.36

$

1.99

(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock

method.

 Stock options, restricted stock units, and performance share units excluded from our computation of diluted EPS because they

were not dilutive were as follows

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Anti-dilutive stock options, restricted stock units, and

 performance share units 

1.0

4.6

1.0

4.7

XML

Share Repurchases

6 Months Ended

Nov. 27, 2022

Share Repurchases [Abstract]

Share Repurchases

(12) Share Repurchases

Share repurchases were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Shares of common stock

5.2

3.7

12.1

6.2

Aggregate purchase price

$

400.5

$

224.9

$

901.3

$

375.0

XML

Statements Of Cash Flows

6 Months Ended

Nov. 27, 2022

Statements Of Cash Flows [Abstract]

Statements Of Cash Flows

(13) Statements of Cash Flows

Our Consolidated Statements of Cash Flows include the following:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash interest payments

$

154.3

$

185.7

Net income tax payments

$

365.4

$

271.1

XML

Retirement And Postemployment Benefits

6 Months Ended

Nov. 27, 2022

Retirement And Postemployment Benefits [Abstract]

Retirement And Postemployment Benefits

(14) Retirement and Postemployment Benefits

Components of net periodic benefit expense (income) are as follows:

Defined Benefit

Pension Plans

Other Postretirement 

Benefit Plans

Postemployment

Benefit Plans

Quarter Ended

Quarter Ended

Quarter Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

17.5

$

23.5

$

1.2

$

1.9

$

2.1

$

1.7

Interest cost

64.6

46.1

4.5

3.1

0.8

0.3

Expected return on plan assets

(105.0)

(102.9)

(7.8)

(6.7)

-

-

Amortization of losses (gains)

28.4

35.5

(4.8)

(2.7)

-

0.7

Amortization of prior service costs (credits)

0.3

0.2

(5.7)

(5.2)

0.1

0.1

Other adjustments

-

-

-

-

2.9

3.8

Curtailment loss (gain)

-

0.5

-

(0.2)

-

-

Net expense (income)

$

5.8

$

2.9

$

(12.6)

$

(9.8)

$

5.9

$

6.6

Defined Benefit 

Pension Plans

Other Postretirement 

Benefit Plans

Postemployment

Benefit Plans

Six-Month

Period Ended

Six-Month

Period Ended

Six-Month

Period Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

35.1

$

47.2

$

2.6

$

3.8

$

4.2

$

3.5

Interest cost

129.2

92.4

9.0

6.3

1.6

0.7

Expected return on plan assets

(210.0)

(205.7)

(15.6)

(13.4)

-

-

Amortization of losses (gains)

56.7

70.4

(9.7)

(5.4)

0.1

1.5

Amortization of prior service costs (credits)

0.7

0.4

(11.5)

(10.4)

0.2

0.2

Other adjustments

-

-

-

-

5.9

5.7

Curtailment gain

-

(14.3)

-

(5.7)

-

-

Net expense (income)

$

11.7

$

(9.6)

$

(25.2)

$

(24.8)

$

12.0

$

11.6

XML

Income Taxes

6 Months Ended

Nov. 27, 2022

Income Taxes [Abstract]

Income Taxes

(15) Income Taxes

During the first quarter of fiscal 2023, the Inflation Reduction Act (IRA) was signed into law. The IRA introduces a Corporate

Alternative Minimum Tax beginning in our fiscal 2024 and an excise tax on the repurchase of corporate stock starting after January 1,

2023. We do not currently expect the IRA to have a material impact on our financial results, including our annual estimated effective

tax rate, or on our liquidity. We will continue to monitor and assess the impact the IRA may have on our business and financial

results.

During fiscal 2022, the Brazilian tax authority, Secretaria da Receita Federal do Brasil (RFB), concluded audits of our 2012 through

2018 tax return years. These audits included a review of our determinations of amortization of certain goodwill arising from the

acquisition of Yoki Alimentos S.A. The RFB has proposed adjustments that effectively eliminate the goodwill amortization benefits

related to this transaction. We believe we have meritorious defenses and intend to continue to contest the disallowance for all years.

XML

Contingencies

6 Months Ended

Nov. 27, 2022

Contingencies [Abstract]

Contingencies

(16) Contingencies

During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its

state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we

have meritorious defenses against this claim and will vigorously defend our position. As of November 27, 2022, we are unable to

estimate any possible loss and have not recorded a loss contingency for this matter.

XML

Business Segment And Geographic Information

6 Months Ended

Nov. 27, 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

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net sales:

North America Retail

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

International

671.7

914.4

1,324.2

1,845.0

Pet

592.9

593.4

1,172.8

1,081.4

North America Foodservice

583.0

471.6

1,079.4

882.3

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

Operating profit:

North America Retail

$

837.1

$

675.4

$

1,614.9

$

1,324.0

International

17.8

59.4

52.6

120.0

Pet

86.6

131.5

209.7

246.7

North America Foodservice

81.5

67.9

135.1

139.7

Total segment operating profit

$

1,023.0

$

934.2

$

2,012.3

$

1,830.4

Unallocated corporate items

212.1

131.8

545.1

188.0

Divestitures gain, net

-

-

(430.9)

-

Restructuring, impairment, and other exit costs (recoveries)

11.1

2.3

12.7

(2.0)

Operating profit

$

799.8

$

800.1

$

1,885.4

$

1,644.4

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

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

U.S. Meals & Baking Solutions

$

1,321.7

$

1,203.1

$

2,270.9

$

2,064.6

U.S. Morning Foods

908.5

826.7

1,812.5

1,656.4

U.S. Snacks

892.9

757.2

1,780.1

1,537.3

Canada

250.0

257.6

498.4

496.9

Total

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

Net sales by class of similar products were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Snacks

$

1,102.8

$

947.6

$

2,171.2

$

1,902.1

Cereal

810.9

742.2

1,625.6

1,473.2

Convenient meals

786.4

789.8

1,465.6

1,485.3

Dough

745.6

607.0

1,210.4

1,012.2

Pet

593.7

593.4

1,174.5

1,081.4

Baking mixes and ingredients

563.7

517.2

1,037.2

913.5

Yogurt

357.5

507.1

703.5

1,013.0

Super-premium ice cream

164.9

200.0

348.4

444.8

Other

95.2

119.7

201.9

238.4

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

XML

Restructuring, Impairment, And Other Exit Costs (Tables)

6 Months Ended

Nov. 27, 2022

Restructuring, Impairment, And Other Exit Costs [Abstract]

Roll forward Of Restructuring And Other Exit Cost Reserves

In Millions

Total

Reserve balance as of May 29, 2022

$

36.8

Fiscal 2023 charges, including foreign currency translation

7.5

Utilized in fiscal 2023

(24.1)

Reserve balance as of Nov. 27, 2022

$

20.2

XML

Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Nov. 27, 2022

Goodwill And Other Intangible Assets [Abstract]

Components Of Assets Held For Sale And Liabilities Held For Sale

In Millions

Nov. 27, 2022

May 29, 2022

Goodwill

$

14,476.0

$

14,378.5

Other intangible assets:

Intangible assets not subject to amortization:

Brands and other indefinite-lived intangibles

6,706.6

6,725.8

Intangible assets subject to amortization:

Customer relationships and other finite-lived intangibles

401.9

400.3

Less accumulated amortization

(133.7)

(126.2)

Intangible assets subject to amortization, net

268.2

274.1

Other intangible assets

6,974.8

6,999.9

Total

$

21,450.8

$

21,378.4

Schedule Of Changes In The Carrying Amount Of Goodwill

In Millions

North

America

Retail

Pet

North

America

Foodservice

International

Joint Ventures

Total

Balance as of May 29, 2022

$

6,552.9

$

6,062.8

$

648.8

$

721.6

$

392.4

$

14,378.5

Acquisition

-

-

154.3

-

-

154.3

Divestiture

-

-

-

(0.4)

-

(0.4)

Other activity, primarily 

 foreign currency translation

(6.4)

-

-

(37.5)

(12.5)

(56.4)

Balance as of Nov. 27, 2022

$

6,546.5

$

6,062.8

$

803.1

$

683.7

$

379.9

$

14,476.0

Schedule Of Changes In The Carrying Amount Of Other Intangible Assets

In Millions

Total

Balance as of May 29, 2022

$

6,999.9

Acquisition

3.8

Other activity, primarily foreign currency translation

(28.9)

Balance as of Nov. 27, 2022

$

6,974.8

XML

Inventories (Tables)

6 Months Ended

Nov. 27, 2022

Inventories [Abstract]

Schedule Of Components Of Inventories

In Millions

Nov. 27, 2022

May 29, 2022

Raw materials and packaging

$

565.8

$

532.0

Finished goods

1,923.6

1,634.7

Grain

156.1

164.0

Excess of FIFO over LIFO cost

(524.2)

(463.4)

Total

$

2,121.3

$

1,867.3

XML

Risk Management Activities (Tables)

6 Months Ended

Nov. 27, 2022

Risk Management Activities [Abstract]

Schedule Of Unallocated Corporate Items

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net (loss) gain on mark-to-market valuation of certain 

 commodity positions

$

(20.9)

$

16.6

$

(93.2)

$

47.0

Net gain on commodity positions reclassified from 

 unallocated corporate items to segment operating profit

(20.5)

(35.9)

(63.5)

(70.6)

Net mark-to-market revaluation of certain grain inventories

16.3

31.4

(43.1)

59.8

Net mark-to-market valuation of certain commodity 

 positions recognized in unallocated corporate items

$

(25.1)

$

12.1

$

(199.8)

$

36.2

XML

Debt (Tables)

6 Months Ended

Nov. 27, 2022

Debt [Abstract]

Schedule Of Components Of Notes Payable

In Millions

Nov. 27, 2022

May 29, 2022

U.S. commercial paper

$

1,126.6

$

694.8

Financial institutions

26.8

116.6

Total

$

1,153.4

$

811.4

Schedule Of Fee-Paid Committed And Uncommitted Credit Lines

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.6

-

Total committed and uncommitted credit facilities

$

3.3

$

-

XML

Stockholders' Equity (Tables)

6 Months Ended

Nov. 27, 2022

Stockholders' Equity [Abstract]

Schedule Of Total Comprehensive Income (Loss)

Quarter Ended

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests 

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings 

 attributable to redeemable and 

 noncontrolling interests 

$

605.9

$

2.4

$

597.2

$

1.9

$

9.3

Other comprehensive (loss) income:

Foreign currency translation

$

(144.7)

$

29.1

(115.6)

0.6

$

(29.0)

$

27.8

(1.2)

(13.8)

(23.5)

Other fair value changes:

Hedge derivatives

26.8

(6.0)

20.8

-

29.1

(11.0)

18.1

-

0.6

Reclassification to earnings:

Hedge derivatives (a)

1.8

(0.8)

1.0

-

(12.1)

6.0

(6.1)

-

(0.3)

Amortization of losses and

 prior service costs (b)

18.3

(4.1)

14.2

-

29.2

(6.4)

22.8

-

-

Other comprehensive (loss) income

$

(97.8)

$

18.2

(79.6)

0.6

$

17.2

$

16.4

33.6

(13.8)

(23.2)

Total comprehensive income (loss)

$

526.3

$

3.0

$

$

630.8

$

(11.9)

$

(13.9)

Six-Month Period Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings

 attributable to redeemable and

 noncontrolling interests 

$

1,425.9

$

5.7

$

$

1,224.2

$

4.9

$

17.5

Other comprehensive (loss) income:

Foreign currency translation

$

(86.7)

$

(23.8)

(110.5)

(0.7)

$

(40.9)

$

50.5

9.6

(25.0)

(47.0)

Other fair value changes:

Hedge derivatives

(23.0)

5.5

(17.5)

-

31.9

(12.0)

19.9

-

0.5

Reclassification to earnings:

Foreign currency translation (a)

(7.4)

-

(7.4)

-

-

-

-

-

-

Hedge derivatives (b)

(0.1)

(0.3)

(0.4)

-

(0.1)

4.5

4.4

-

(0.2)

Amortization of losses and 

prior service costs (c) 

36.5

(8.2)

28.3

-

40.0

(8.8)

31.2

-

-

Other comprehensive (loss) income

$

(80.7)

$

(26.8)

(107.5)

(0.7)

$

30.9

$

34.2

65.1

(25.0)

(46.7)

Total comprehensive income (loss)

$

1,318.4

$

5.0

$

$

1,289.3

$

(20.1)

$

(29.2)

(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 benefit plan non-service income.

(a) Gain reclassified from AOCI into earnings is reported in the divestitures gain, net.

(b) (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.

(c) Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.

Schedule Of Accumulated Other Comprehensive Income (Loss), Net Of Tax Effects

In Millions

Nov. 27, 2022

May 29, 2022

Foreign currency translation adjustments

$

(708.6)

$

(590.7)

Unrealized gain from hedge derivatives

5.4

23.3

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,477.0)

(1,513.4)

Prior service credits

102.2

110.3

Accumulated other comprehensive loss

$

(2,078.0)

$

(1,970.5)

XML

Stock Plans (Tables)

6 Months Ended

Nov. 27, 2022

Stock Plans [Abstract]

Compensation Expense Related To Stock-Based Payments Recognized In SG&A

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Compensation expense related to stock-based payments

$

24.1

$

13.9

$

57.6

$

47.5

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Windfall tax benefits from stock-based payments

$

5.6

$

1.6

$

18.4

$

6.3

Schedule Of Net Cash Proceeds Received From The Exercise Of Stock Options

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash proceeds

$

118.5

$

26.1

Intrinsic value of options exercised

$

55.7

$

12.1

Schedule Of Estimated Fair Value Of Stock Options Granted And The Assumptions Used For The Black-Scholes Option-Pricing Model

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Estimated fair values of stock options granted 

$

14.16

$

8.77

Assumptions:

Risk-free interest rate

3.3

%

1.5

%

Expected term

8.5

years

8.5

years

Expected volatility

20.9

%

20.2

%

Dividend yield

3.1

%

3.4

%

Total Grant Date Fair Value Of Restricted Stock Unit Awards That Vested During The Period

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Total grant date fair value

$

102.6

$

76.0

XML

Earnings Per Share (Tables)

6 Months Ended

Nov. 27, 2022

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share

Quarter Ended

Six-Month Period Ended

In Millions, Except per Share Data

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net earnings attributable to General Mills

$

605.9

$

597.2

$

1,425.9

$

1,224.2

Average number of common shares - basic EPS

595.9

608.6

598.0

609.5

Incremental share effect from: (a)

Stock options

3.7

2.2

3.6

2.1

Restricted stock units and performance share units

2.4

2.2

2.4

2.2

Average number of common shares - diluted EPS

602.0

613.0

604.0

613.8

Earnings per share – basic

$

1.01

$

0.98

$

2.38

$

2.01

Earnings per share – diluted

$

1.01

$

0.97

$

2.36

$

1.99

(a) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock

method.

Schedule Of Anti-Dilutive Stock Options, Restricted Stock Units And Performance Share Units

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Anti-dilutive stock options, restricted stock units, and

 performance share units 

1.0

4.6

1.0

4.7

XML

Share Repurchases (Tables)

6 Months Ended

Nov. 27, 2022

Share Repurchases [Abstract]

Schedule Of Share Repurchases

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Shares of common stock

5.2

3.7

12.1

6.2

Aggregate purchase price

$

400.5

$

224.9

$

901.3

$

375.0

XML

Statements of Cash Flows (Tables)

6 Months Ended

Nov. 27, 2022

Statements Of Cash Flows [Abstract]

Consolidated Statements Of Cash Flows

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash interest payments

$

154.3

$

185.7

Net income tax payments

$

365.4

$

271.1

XML

Retirement and Postemployment Benefits (Tables)

6 Months Ended

Nov. 27, 2022

Retirement And Postemployment Benefits [Abstract]

Schedule Of Components Of Net Periodic Benefit Expense

Defined Benefit

Pension Plans

Other Postretirement 

Benefit Plans

Postemployment

Benefit Plans

Quarter Ended

Quarter Ended

Quarter Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

17.5

$

23.5

$

1.2

$

1.9

$

2.1

$

1.7

Interest cost

64.6

46.1

4.5

3.1

0.8

0.3

Expected return on plan assets

(105.0)

(102.9)

(7.8)

(6.7)

-

-

Amortization of losses (gains)

28.4

35.5

(4.8)

(2.7)

-

0.7

Amortization of prior service costs (credits)

0.3

0.2

(5.7)

(5.2)

0.1

0.1

Other adjustments

-

-

-

-

2.9

3.8

Curtailment loss (gain)

-

0.5

-

(0.2)

-

-

Net expense (income)

$

5.8

$

2.9

$

(12.6)

$

(9.8)

$

5.9

$

6.6

Defined Benefit 

Pension Plans

Other Postretirement 

Benefit Plans

Postemployment

Benefit Plans

Six-Month

Period Ended

Six-Month

Period Ended

Six-Month

Period Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

35.1

$

47.2

$

2.6

$

3.8

$

4.2

$

3.5

Interest cost

129.2

92.4

9.0

6.3

1.6

0.7

Expected return on plan assets

(210.0)

(205.7)

(15.6)

(13.4)

-

-

Amortization of losses (gains)

56.7

70.4

(9.7)

(5.4)

0.1

1.5

Amortization of prior service costs (credits)

0.7

0.4

(11.5)

(10.4)

0.2

0.2

Other adjustments

-

-

-

-

5.9

5.7

Curtailment gain

-

(14.3)

-

(5.7)

-

-

Net expense (income)

$

11.7

$

(9.6)

$

(25.2)

$

(24.8)

$

12.0

$

11.6

XML

Business Segment and Geographic Information (Tables)

6 Months Ended

Nov. 27, 2022

Business Segment And Geographic Information [Abstract]

Schedule Of Operating Segment Results

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net sales:

North America Retail

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

International

671.7

914.4

1,324.2

1,845.0

Pet

592.9

593.4

1,172.8

1,081.4

North America Foodservice

583.0

471.6

1,079.4

882.3

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

Operating profit:

North America Retail

$

837.1

$

675.4

$

1,614.9

$

1,324.0

International

17.8

59.4

52.6

120.0

Pet

86.6

131.5

209.7

246.7

North America Foodservice

81.5

67.9

135.1

139.7

Total segment operating profit

$

1,023.0

$

934.2

$

2,012.3

$

1,830.4

Unallocated corporate items

212.1

131.8

545.1

188.0

Divestitures gain, net

-

-

(430.9)

-

Restructuring, impairment, and other exit costs (recoveries)

11.1

2.3

12.7

(2.0)

Operating profit

$

799.8

$

800.1

$

1,885.4

$

1,644.4

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

U.S. Meals & Baking Solutions

$

1,321.7

$

1,203.1

$

2,270.9

$

2,064.6

U.S. Morning Foods

908.5

826.7

1,812.5

1,656.4

U.S. Snacks

892.9

757.2

1,780.1

1,537.3

Canada

250.0

257.6

498.4

496.9

Total

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

Net Sales By Class Of Similar Products

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Snacks

$

1,102.8

$

947.6

$

2,171.2

$

1,902.1

Cereal

810.9

742.2

1,625.6

1,473.2

Convenient meals

786.4

789.8

1,465.6

1,485.3

Dough

745.6

607.0

1,210.4

1,012.2

Pet

593.7

593.4

1,174.5

1,081.4

Baking mixes and ingredients

563.7

517.2

1,037.2

913.5

Yogurt

357.5

507.1

703.5

1,013.0

Super-premium ice cream

164.9

200.0

348.4

444.8

Other

95.2

119.7

201.9

238.4

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

XML

Acquisitions And Divestiture (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Nov. 27, 2022	Aug. 28, 2022	Nov. 28, 2021	Aug. 29, 2021	Nov. 27, 2022	Nov. 28, 2021	May 29, 2022
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross					$ 251.5	$ 1,198.6
Goodwill	$ 14,476.0				14,476.0		$ 14,378.5
Noncontrolling Interest [Line Items]
Net pre-tax gain	$ 0.0		$ 0.0		$ 430.9	$ 0.0
Helper main meals and Suddenly Salad side dishes business [Member]
Noncontrolling Interest [Line Items]
Sale price of business		$ 606.8
Net pre-tax gain		442.2
The pet treats [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				$ 1,200.0
Goodwill				762.3
The pet treats [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-Lived Intangibles				40.0
The pet treats [Member] | Nudges, Top Chews and True Chews brands [Member]
Business Acquisition [Line Items]
Indefinite-Lived Intangible Assets				$ 330.0
TNT Crust [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		253.0
Goodwill		$ 154.3

XML

Acquisitions And Divestiture (Components Of Assets Held For Sale And Liabilities Held For Sale) (Details) $ in Millions	Nov. 28, 2021 USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 123.7

XML

Restructuring, Impairment, And Other Exit Costs (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Restructuring and Related Cost [Line Items]
Restructuring Reserve Accrual Adjustment			$ 7.5
Actions previously announced [Member]
Restructuring and Related Cost [Line Items]
Restructuring charges, impairment, and other exit costs	$ 11.6	$ 2.7	13.9	$ (1.4)
Cash payments for restructuring			$ 27.6	$ 42.8
Expected completion date of actions			May 26, 2024
International manufacturing and logistics operations [Member]
Restructuring and Related Cost [Line Items]
Expected net expense of restructuring action	25.0		$ 25.0
Expected cash payments for restructuring	16.0		$ 16.0
Expected completion date of actions			May 26, 2024
International manufacturing and logistics operations [Member] | Severance [Member]
Restructuring and Related Cost [Line Items]
Expected net expense of restructuring action	12.0		$ 12.0
Restructuring expenses recognized	4.5
International manufacturing and logistics operations [Member] | Other costs [Member]
Restructuring and Related Cost [Line Items]
Expected net expense of restructuring action	10.0		10.0
International manufacturing and logistics operations [Member] | Project-related costs [Member]
Restructuring and Related Cost [Line Items]
Expected net expense of restructuring action	3.0		3.0
Previously announced global organizational structure and resource realignment actions [Member]
Restructuring and Related Cost [Line Items]
Expected net expense of restructuring action	140.0		140.0
Expected cash payments for restructuring	115.0		$ 115.0
Restructuring expenses recognized	4.1
Expected completion date of actions			May 28, 2023
Previously announced global organizational structure and resource realignment actions [Member] | Severance [Member]
Restructuring and Related Cost [Line Items]
Expected net expense of restructuring action	105.0		$ 105.0
Previously announced global organizational structure and resource realignment actions [Member] | Other costs [Member]
Restructuring and Related Cost [Line Items]
Expected net expense of restructuring action	$ 35.0		$ 35.0

XML

Restructuring, Impairment, And Other Exit Costs (Roll forward Of Restructuring And Other Exit Cost Reserves) (Details) $ in Millions	6 Months Ended
	Nov. 27, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Reserve beginning balance	$ 36.8
Fiscal 2023 charges, including foreign currency translation	7.5
Utilized in fiscal 2023	(24.1)
Reserve ending balance	$ 20.2

XML

Goodwill And Other Intangible Assets (Narrative) (Details)	3 Months Ended
	Nov. 27, 2022 USD ($)
Goodwill And Other Intangible Assets [Abstract]
Future Amortization Expense, Year One	$ 20,000,000
Future Amortization Expense, Year Two	20,000,000
Future Amortization Expense, Year Three	20,000,000
Future Amortization Expense, Year Four	20,000,000
Future Amortization Expense, Year Five	20,000,000
Impairment of intangible assets	$ 0

XML

Goodwill And Other Intangible Assets (Components Of Assets Held For Sale And Liabilities Held For Sale) (Details) - USD ($) $ in Millions	Nov. 27, 2022	May 29, 2022
Goodwill And Other Intangible Assets [Abstract]
Goodwill	$ 14,476.0	$ 14,378.5
Intangible assets not subject to amortization:
Brands and other indefinite-lived intangibles	6,706.6	6,725.8
Intangible assets subject to amortization:
Customer relationships and other finite-lived intangibles	401.9	400.3
Less accumulated amortization	(133.7)	(126.2)
Intangible assets subject to amortization, net	268.2	274.1
Other intangible assets	6,974.8	6,999.9
Total	$ 21,450.8	$ 21,378.4

XML

Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Amount Of Goodwill) (Details) $ in Millions	6 Months Ended
	Nov. 27, 2022 USD ($)
Goodwill [Line Items]
Beginning balance	$ 14,378.5
Acquisition	154.3
Divestiture	(0.4)
Other activity, primarily foreign currency translation	(56.4)
Ending balance	14,476.0
North America Retail [Member]
Goodwill [Line Items]
Beginning balance	6,552.9
Acquisition	0.0
Divestiture	0.0
Other activity, primarily foreign currency translation	(6.4)
Ending balance	6,546.5
Pet [Member]
Goodwill [Line Items]
Beginning balance	6,062.8
Acquisition	0.0
Divestiture	0.0
Other activity, primarily foreign currency translation	0.0
Ending balance	6,062.8
North America Foodservice [Member]
Goodwill [Line Items]
Beginning balance	648.8
Acquisition	154.3
Divestiture	0.0
Other activity, primarily foreign currency translation	0.0
Ending balance	803.1
International [Member]
Goodwill [Line Items]
Beginning balance	721.6
Acquisition	0.0
Divestiture	(0.4)
Other activity, primarily foreign currency translation	(37.5)
Ending balance	683.7
Joint Ventures [Member]
Goodwill [Line Items]
Beginning balance	392.4
Acquisition	0.0
Divestiture	0.0
Other activity, primarily foreign currency translation	(12.5)
Ending balance	$ 379.9

XML

Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Amount Of Other Intangible Assets) (Details) $ in Millions	6 Months Ended
	Nov. 27, 2022 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Beginning balance	$ 6,999.9
Acquisition	3.8
Other activity, primarily foreign currency translation	(28.9)
Ending balance	$ 6,974.8

XML

Inventories (Details) - USD ($) $ in Millions	Nov. 27, 2022	May 29, 2022
Inventories [Abstract]
Raw materials and packaging	$ 565.8	$ 532.0
Finished goods	1,923.6	1,634.7
Grain	156.1	164.0
Excess of FIFO over LIFO cost	(524.2)	(463.4)
Total	$ 2,121.3	$ 1,867.3

XML

Risk Management Activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 27, 2022	Nov. 27, 2022	Nov. 28, 2021
Derivative [Line Items]
Long-term debt, carrying value	$ 10,586.8	$ 10,586.8
Credit Risk [Abstract]
Accounts Payable to Suppliers that Utilize Third Party Service	1,477.4	1,477.4	$ 1,378.1
Notes due November 18, 2025 [Member]
Derivative [Line Items]
Debt Instrument Face Amount	$ 500.0	$ 500.0
Maturity date	Nov. 18, 2025	Nov. 18, 2025
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 500.0	$ 500.0
Commodity Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount	429.4	$ 429.4
Derivative Contracts Inputs, Average Period of Utilization		12 months
Energy Related Derivative [Member]
Derivative [Line Items]
Derivative, Notional Amount	158.1	$ 158.1
Agricultural Related Derivative [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 271.3	$ 271.3

XML

Risk Management Activities (Schedule Of Unallocated Corporate Items) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Commodity Price Risk [Abstract]
Net (loss) gain on mark-to-market valuation of certain commodity positions	$ (20.9)	$ 16.6	$ (93.2)	$ 47.0
Net gain on commodity positions reclassified from unallocated corporate items to segment operating profit	(20.5)	(35.9)	(63.5)	(70.6)
Net mark-to-market revaluation of certain grain inventories	16.3	31.4	(43.1)	59.8
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items	$ (25.1)	$ 12.1	$ (199.8)	$ 36.2

XML

Debt (Narrative) (Details) € in Millions, $ in Millions	3 Months Ended							6 Months Ended
	Nov. 27, 2022 USD ($)	Nov. 27, 2022 EUR (€)	May 29, 2022 USD ($)	May 29, 2022 EUR (€)	Nov. 28, 2021 USD ($)	Nov. 28, 2021 EUR (€)	Aug. 29, 2021 EUR (€)	Nov. 27, 2022 USD ($)	Nov. 28, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, carrying value | $	$ 10,586.8							$ 10,586.8
Issuance of long-term debt | $								500.0	$ 1,935.0
Repayment of long-term debt | $								$ 600.0	$ 2,221.7
Committed Credit Facilities [Member]
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio	2.5							2.5
Notes due November 18, 2025 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt | $	$ 500.0
Fixed interest rate percentage	5.241%							5.241%
Debt Instrument, Maturity Date	Nov. 18, 2025	Nov. 18, 2025						Nov. 18, 2025
3.7 percent fixed rate notes due October 17, 2023 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt | $			$ 850.0
Fixed interest rate percentage			3.70%	3.70%
Debt Instrument, Maturity Date			Oct. 17, 2023	Oct. 17, 2023
0.0 percent fixed-rate notes due November 11, 2022 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt				€ 250
Repayment of long-term debt		€ 250
Fixed interest rate percentage	0.00%		0.00%	0.00%				0.00%
Debt Instrument, Maturity Date	Nov. 11, 2022	Nov. 11, 2022	Nov. 11, 2022	Nov. 11, 2022
0.125% fixed-rate notes due November 15, 2025 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt						€ 500
Fixed interest rate percentage					0.125%	0.125%			0.125%
Debt Instrument, Maturity Date					Nov. 15, 2025	Nov. 15, 2025
0.00% Fixed Rate Notes Due Nov. 16 2021 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt						€ 500
Fixed interest rate percentage					0.00%	0.00%			0.00%
Debt Instrument, Maturity Date					Nov. 16, 2021	Nov. 16, 2021
Floating-rate notes due May 16, 2023 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt		€ 250				€ 250
Debt Instrument, Maturity Date	May 16, 2023	May 16, 2023			May 16, 2023	May 16, 2023
2.25% notes due October 14, 2031 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt | $					$ 500.0
Fixed interest rate percentage					2.25%	2.25%			2.25%
Debt Instrument, Maturity Date					Oct. 14, 2031	Oct. 14, 2031
3.15% fixed-rate notes due December 15, 2021 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt | $					$ 1,000.0
Fixed interest rate percentage					3.15%	3.15%			3.15%
Debt Instrument, Maturity Date					Dec. 15, 2021	Dec. 15, 2021
Floating-rate notes due July 27, 2023 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt							€ 500
Debt Instrument, Maturity Date							Jul. 27, 2023
0.00% Fixed Rate Notes Due Aug.21, 2021 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt							€ 500
Fixed interest rate percentage							0.00%
Debt Instrument, Maturity Date							Aug. 21, 2021
2.2% percent fixed-rate notes due June 24, 2021 [Member]
Debt Instrument [Line Items]
Repayment of long-term debt							€ 200
Fixed interest rate percentage							2.20%
Debt Instrument, Maturity Date							Jun. 24, 2021
2.2% percent fixed-rate notes due November 29, 2021 [Member]
Debt Instrument [Line Items]
Issuance of long-term debt							€ 50
Fixed interest rate percentage							2.20%
Debt Instrument, Maturity Date							Nov. 29, 2021
Long-term Debt Agreements Containing Restrictive Covenants [Member]
Debt Instrument [Line Items]
Covenant compliance								We were in compliance with all credit facility covenants as of November 27, 2022.
Certain long-term debt agreements containing restrictive covenants [Member]
Debt Instrument [Line Items]
Covenant compliance								As of November 27, 2022, we were in compliance with all of these covenants.
Fair Value Inputs Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt, fair value | $	$ 9,875.3							$ 9,875.3

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Debt (Schedule Of Components Of Notes Payable) (Details) - USD ($) $ in Millions	Nov. 27, 2022	May 29, 2022
Short-term Debt [Line Items]
Notes payable	$ 1,153.4	$ 811.4
U.S. commercial paper [Member]
Short-term Debt [Line Items]
Notes payable	1,126.6	694.8
Financial Institutions [Member]
Short-term Debt [Line Items]
Notes payable	$ 26.8	$ 116.6

XML

Debt (Schedule Of Fee-Paid Committed And Uncommitted Credit Lines) (Details) $ in Billions	Nov. 27, 2022 USD ($)
Line Of Credit Facility [Line Items]
Facility Amount	$ 3.3
Borrowed Amount	0.0
Line of Credit Expiring April 2026 [Member]
Line Of Credit Facility [Line Items]
Facility Amount	2.7
Borrowed Amount	0.0
Uncommitted Credit Facilities [Member]
Line Of Credit Facility [Line Items]
Facility Amount	0.6
Borrowed Amount	$ 0.0

XML

Redeemable and Noncontrolling Interests (Narratives) (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Jun. 01, 2021	Aug. 28, 2022	Nov. 27, 2022	Nov. 28, 2021	Jul. 01, 2011
Noncontrolling Interest [Line Items]
Noncontrolling interests covenant compliance			Our noncontrolling interests contain restrictive covenants. As of November 27, 2022, we were in compliance with all of these covenants.
Yoplait SAS [Member]
Noncontrolling Interest [Line Items]
Redeemable interest percentage					49.00%
General Mills Cereals, LLC [Member] | Preferred Class A [Member] | Third Party Interest Holder [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest Holders Capital Account, General Mills Cereals, LLC			$ 251.5
Preferred return rate adjustment period		3 years
Preferred distributions variable rate			three-month LIBOR
Preferred distributions, basis spread on variable rate	1.60%
Sodiaal Redeemable Interest [Member] | Yoplait SAS Subsidiary [Member]
Noncontrolling Interest [Line Items]
Net purchases from related party				$ 99.5

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Stockholders' Equity (Schedule Of Total Comprehensive Income (Loss))) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Reclassification to earnings:
Foreign currency translation	$ 0.0	$ 0.0	$ (7.4)	$ 0.0
Other Comprehensive Income (Loss), Net of Tax:
Net earnings attributable to General Mills	605.9	597.2	1,425.9	1,224.2
Net earnings attributable to redeemable and noncontrolling interests	2.4	11.2	5.7	22.4
Foreign currency translation	(115.0)	(38.5)	(111.2)	(62.4)
Other fair value changes:
Hedge derivatives	20.8	18.7	(17.5)	20.4
Reclassification to earnings:
Hedge derivatives	1.0	(6.4)	(0.4)	4.2
Amortization of losses and prior service costs	14.2	22.8	28.3	31.2
Other comprehensive income (loss) , net of tax	(79.0)	(3.4)	(108.2)	(6.6)
Total comprehensive income (loss) attributable to General Mills	526.3	630.8	1,318.4	1,289.3
General Mills [Member]
Other comprehensive income (loss) Pretax:
Foreign currency translation	(144.7)	(29.0)	(86.7)	(40.9)
Other fair value changes:
Hedge derivatives	26.8	29.1	(23.0)	31.9
Reclassification to earnings:
Foreign currency translation			(7.4)	0.0
Hedge derivatives	1.8	(12.1)	(0.1)	(0.1)
Amortization of losses and prior service costs	18.3	29.2	36.5	40.0
Other comprehensive income (loss), Pretax	(97.8)	17.2	(80.7)	30.9
Other comprehensive income (loss) Tax:
Foreign currency translation	29.1	27.8	(23.8)	50.5
Other fair value changes:
Hedge derivatives	(6.0)	(11.0)	5.5	(12.0)
Reclassification to earnings:
Foreign currency translation			0.0	0.0
Hedge derivatives	(0.8)	6.0	(0.3)	4.5
Amortization of losses and prior service costs (b)	(4.1)	(6.4)	(8.2)	(8.8)
Other comprehensive income (loss), tax	18.2	16.4	(26.8)	34.2
Other Comprehensive Income (Loss), Net of Tax:
Net earnings attributable to General Mills	605.9	597.2	1,425.9	1,224.2
Foreign currency translation	(115.6)	(1.2)	(110.5)	9.6
Other fair value changes:
Hedge derivatives	20.8	18.1	(17.5)	19.9
Reclassification to earnings:
Foreign currency translation			(7.4)	0.0
Hedge derivatives	1.0	(6.1)	(0.4)	4.4
Amortization of losses and prior service costs	14.2	22.8	28.3	31.2
Other comprehensive income (loss) , net of tax	(79.6)	33.6	(107.5)	65.1
Total comprehensive income (loss) attributable to General Mills	526.3	630.8	1,318.4	1,289.3
Noncontrolling Interests [Member]
Other Comprehensive Income (Loss), Net of Tax:
Net earnings attributable to redeemable and noncontrolling interests	2.4	1.9	5.7	4.9
Foreign currency translation	0.6	(13.8)	(0.7)	(25.0)
Other fair value changes:
Hedge derivatives	0.0	0.0	0.0	0.0
Reclassification to earnings:
Foreign currency translation			0.0	0.0
Hedge derivatives	0.0	0.0	0.0	0.0
Amortization of losses and prior service costs	0.0	0.0	0.0	0.0
Other comprehensive income (loss) , net of tax	0.6	(13.8)	(0.7)	(25.0)
Total comprehensive income (loss) attributable to noncontrolling interests	$ 3.0	(11.9)	$ 5.0	(20.1)
Redeemable Interest [Member]
Other Comprehensive Income (Loss), Net of Tax:
Net earnings attributable to redeemable and noncontrolling interests		9.3		17.5
Foreign currency translation		(23.5)		(47.0)
Other fair value changes:
Hedge derivatives		0.6		0.5
Reclassification to earnings:
Foreign currency translation				0.0
Hedge derivatives		(0.3)		(0.2)
Amortization of losses and prior service costs		0.0		0.0
Other comprehensive income (loss) , net of tax		(23.2)		(46.7)
Total comprehensive income (loss) attributable to redeemable interests		$ (13.9)		$ (29.2)

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Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss), Net Of Tax Effects) (Details) - USD ($) $ in Millions	Nov. 27, 2022	May 29, 2022
Accumulated Other Comprehensive Loss, Net of Tax Effects [Abstract]
Foreign currency translation adjustments	$ (708.6)	$ (590.7)
Unrealized gain (loss) from:
Hedge derivatives	5.4	23.3
Pension, other postretirement, and postemployment benefits:
Net actuarial loss	(1,477.0)	(1,513.4)
Prior service credits	102.2	110.3
Accumulated other comprehensive loss	$ (2,078.0)	$ (1,970.5)

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Stock Plans (Narrative) (Details) $ in Millions	6 Months Ended
	Nov. 27, 2022 USD ($)
Share-based Compensation Allocation and Classification in Financial Statements [Abstract]
Unrecognized compensation expense related to non-vested stock options, restricted stock, and performance share units	$ 147.4
Unrecognized compensation expense on non-vested awards weighted average period of recognition	23 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 29, 2022.

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Stock Plans (Schedule of compensation expense related to stock-based payments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Stock Plans [Abstract]
Compensation expense related to stock-based payments	$ 24.1	$ 13.9	$ 57.6	$ 47.5

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Stock Plans (Schedule of Windfall tax benefits from stock-based payments in income tax expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Stock Plans [Abstract]
Windfall tax benefits from stock-based payments	$ 5.6	$ 1.6	$ 18.4	$ 6.3

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Stock Plans (Schedule of net cash proceeds received from the exercise of stock options) (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021
Stock Plans [Abstract]
Net cash proceeds	$ 118.5	$ 26.1
Intrinsic value of options exercised	$ 55.7	$ 12.1

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Stock Plans (Schedule of estimated fair value of stock options granted and the assumptions used for the Black-Scholes option-pricing model) (Details) - $ / shares	6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021
Stock Plans [Abstract]
Estimated fair values of stock options granted	$ 14.16	$ 8.77
Assumptions:
Risk-free interest rate	3.30%	1.50%
Expected term	8 years 6 months	8 years 6 months
Expected volatility	20.90%	20.20%
Dividend yield	3.10%	3.40%

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Stock Plans (Schedule of grant date fair value of restricted stock unit awards activity) (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Additional Disclosures [Abstract]
Total grant date fair value	$ 102.6	$ 76.0

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Earnings per Share (Schedule of earnings per share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Earnings Per Share [Abstract]
Net earnings attributable to General Mills	$ 605.9	$ 597.2	$ 1,425.9	$ 1,224.2
Average number of common shares - basic EPS	595.9	608.6	598.0	609.5
Earnings Per Share, Basic and Diluted [Abstract]
Average number of common shares - diluted EPS	602.0	613.0	604.0	613.8
Earnings per share - basic	$ 1.01	$ 0.98	$ 2.38	$ 2.01
Earnings per share - diluted	$ 1.01	$ 0.97	$ 2.36	$ 1.99
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incremental share effect	3.7	2.2	3.6	2.1
Restricted stock units and performance share units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incremental share effect	2.4	2.2	2.4	2.2

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Earnings per Share (Schedule of anti-dilutive stock options, restricted stock units and performance share units (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Other Disclosures [Abstract]
Anti-dilutive stock options, restricted stock units, and performance share units	1.0	4.6	1.0	4.7

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Share Repurchases (Details) - Treasury Stock [Member] - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Shares of common stock	5.2	3.7	12.1	6.2
Aggregate purchase price	$ 400.5	$ 224.9	$ 901.3	$ 375.0

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Statements of Cash Flows (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021
Statements Of Cash Flows [Abstract]
Net cash interest payments	$ 154.3	$ 185.7
Net income tax payments	$ 365.4	$ 271.1

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Retirement and Postemployment Benefits (Schedule of Components of net periodic benefit (income) expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 17.5	$ 23.5	$ 35.1	$ 47.2
Interest cost	64.6	46.1	129.2	92.4
Expected return on plan assets	(105.0)	(102.9)	(210.0)	(205.7)
Amortization of losses (gains)	28.4	35.5	56.7	70.4
Amortization of prior service costs (credits)	0.3	0.2	0.7	0.4
Other adjustments	0.0	0.0	0.0	0.0
Curtailment (loss) gain	0.0	0.5	0.0	(14.3)
Net expense (income)	5.8	2.9	11.7	(9.6)
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1.2	1.9	2.6	3.8
Interest cost	4.5	3.1	9.0	6.3
Expected return on plan assets	(7.8)	(6.7)	(15.6)	(13.4)
Amortization of losses (gains)	(4.8)	(2.7)	(9.7)	(5.4)
Amortization of prior service costs (credits)	(5.7)	(5.2)	(11.5)	(10.4)
Other adjustments	0.0	0.0	0.0	0.0
Curtailment (loss) gain	0.0	(0.2)	0.0	(5.7)
Net expense (income)	(12.6)	(9.8)	(25.2)	(24.8)
Postemployment Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.1	1.7	4.2	3.5
Interest cost	0.8	0.3	1.6	0.7
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of losses (gains)	0.0	0.7	0.1	1.5
Amortization of prior service costs (credits)	0.1	0.1	0.2	0.2
Other adjustments	2.9	3.8	5.9	5.7
Curtailment (loss) gain	0.0	0.0	0.0	0.0
Net expense (income)	$ 5.9	$ 6.6	$ 12.0	$ 11.6

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Business Segment and Geographic Information (Schedule of operating segment results) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Segment Reporting Information [Line Items]
Net sales	$ 5,220.7	$ 5,024.0	$ 9,938.3	$ 9,563.9
Operating profit	799.8	800.1	1,885.4	1,644.4
Divestitures gain, net	0.0	0.0	(430.9)	0.0
Restructuring, impairment, and other exit costs (recoveries)	11.1	2.3	12.7	(2.0)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	5,220.7	5,024.0	9,938.3	9,563.9
Operating profit	1,023.0	934.2	2,012.3	1,830.4
Unallocated Corporate Items [Member]
Segment Reporting Information [Line Items]
Operating profit	212.1	131.8	545.1	188.0
Significant Reconciling Items [Member]
Segment Reporting Information [Line Items]
Divestitures gain, net	0.0	0.0	(430.9)	0.0
Restructuring, impairment, and other exit costs (recoveries)	11.1	2.3	12.7	(2.0)
North America Retail [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	3,373.1	3,044.6	6,361.9	5,755.2
Operating profit	837.1	675.4	1,614.9	1,324.0
U.S. Meals & Baking [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	1,321.7	1,203.1	2,270.9	2,064.6
U.S. Morning Foods [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	908.5	826.7	1,812.5	1,656.4
U.S. Snacks [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	892.9	757.2	1,780.1	1,537.3
Canada [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	250.0	257.6	498.4	496.9
International [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	671.7	914.4	1,324.2	1,845.0
Operating profit	17.8	59.4	52.6	120.0
Pet [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	592.9	593.4	1,172.8	1,081.4
Operating profit	86.6	131.5	209.7	246.7
North America Foodservice [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	583.0	471.6	1,079.4	882.3
Operating profit	$ 81.5	$ 67.9	$ 135.1	$ 139.7

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Business Segment and Geographic Information (Schedule of net sales by class of similar products) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 27, 2022	Nov. 28, 2021	Nov. 27, 2022	Nov. 28, 2021
Product Information [Line Items]
Net sales	$ 5,220.7	$ 5,024.0	$ 9,938.3	$ 9,563.9
Snacks [Member]
Product Information [Line Items]
Net sales	1,102.8	947.6	2,171.2	1,902.1
Cereal [Member]
Product Information [Line Items]
Net sales	810.9	742.2	1,625.6	1,473.2
Convenient meals [Member]
Product Information [Line Items]
Net sales	786.4	789.8	1,465.6	1,485.3
Dough [Member]
Product Information [Line Items]
Net sales	745.6	607.0	1,210.4	1,012.2
Pet [Member]
Product Information [Line Items]
Net sales	593.7	593.4	1,174.5	1,081.4
Baking mixes and ingredients [Member]
Product Information [Line Items]
Net sales	563.7	517.2	1,037.2	913.5
Yogurt [Member]
Product Information [Line Items]
Net sales	357.5	507.1	703.5	1,013.0
Super-premium ice cream [Member]
Product Information [Line Items]
Net sales	164.9	200.0	348.4	444.8
Other [Member]
Product Information [Line Items]
Net sales	$ 95.2	$ 119.7	$ 201.9	$ 238.4