Stockholders' Equity

12 Months Ended

May 28, 2023

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 11. STOCKHOLDERS’ EQUITY

Cumulative preference stock of

5.0

 million shares, without par value, is authorized but unissued.

On June 27, 2022, our Board of Directors authorized the repurchase of up to

100

 million shares of our common stock. Purchases under

the authorization can be made in the open market or in privately negotiated transactions, including the use of call options and other

derivative instruments, Rule 10b5-1 trading plans, and accelerated repurchase programs. The authorization has no specified

termination date.

Share repurchases were as follows:

Fiscal Year

In Millions

2023

2022

2021

Shares of common stock

18.0

13.5

5.0

Aggregate purchase price

$

1,403.6

$

876.8

$

301.4

The following tables provide details of total comprehensive income:

Fiscal 2023

General Mills

Noncontrolling

Interests

In Millions

Pretax

Tax

Net

Net

Net earnings, including earnings attributable to noncontrolling interests

$

2,593.9

$

15.7

Other comprehensive (loss) income:

Foreign currency translation

$

(110.2)

(0.3)

(110.5)

(0.3)

Net actuarial loss

(295.5)

67.5

(228.0)

-

Other fair value changes:

Hedge derivatives

3.8

(2.5)

1.3

-

Reclassification to earnings:

Foreign currency translation (a)

(7.4)

-

(7.4)

-

Hedge derivatives (b)

(24.7)

6.0

(18.7)

-

Amortization of losses and prior service costs (c)

72.9

(16.0)

56.9

-

Other comprehensive loss

(361.1)

54.7

(306.4)

(0.3)

Total comprehensive income

$

2,287.5

$

15.4

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

(b) Gain reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A

expenses for foreign exchange contracts.

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

Fiscal 2022

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Net

Net earnings, including earnings attributable to

 redeemable and noncontrolling interests

$

2,707.3

$

10.2

$

17.5

Other comprehensive income (loss):

Foreign currency translation

$

(188.5)

$

85.8

(102.7)

(26.2)

(47.0)

Net actuarial gain

132.4

(30.8)

101.6

-

-

Other fair value changes:

Hedge derivatives

30.1

(23.6)

6.5

-

0.5

Reclassification to earnings:

Foreign currency translation (a)

342.2

-

342.2

-

-

Hedge derivatives (b)

23.7

11.6

35.3

-

(0.2)

Amortization of losses and prior service costs (c)

97.4

(21.6)

75.8

-

-

Other comprehensive income (loss)

437.3

21.4

458.7

(26.2)

(46.7)

Total comprehensive income (loss)

$

3,166.0

$

(16.0)

$

(29.2)

(a) Loss reclassified from AOCI into earnings is reported in divestitures gain related to the divestiture of our interests in Yoplait

SAS, Yoplait Marques SNC, and Liberte Marques Sarl to Sodiaal in the third quarter of fiscal 2022.

(b) Loss (gain) reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and

SG&A expenses for foreign exchange contracts.

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

Fiscal 2021

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Net

Net earnings, including earnings attributable to

 redeemable and noncontrolling interests

$

2,339.8

$

6.5

$

(0.3)

Other comprehensive income (loss):

Foreign currency translation

$

(6.1)

$

64.9

58.8

31.5

84.8

Net actuarial gain

464.9

(111.5)

353.4

-

-

Other fair value changes:

Hedge derivatives

(25.8)

6.5

(19.3)

-

(1.4)

Reclassification to earnings:

Hedge derivatives (a)

19.1

(5.7)

13.4

-

0.1

Amortization of losses and prior service costs (b)

102.5

(23.6)

78.9

-

-

Other comprehensive income

554.6

(69.4)

485.2

31.5

83.5

Total comprehensive income

$

2,825.0

$

38.0

$

83.2

(a) 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.

In fiscal 2023, 2022, and 2021, except for certain reclassifications to earnings, changes in other comprehensive income (loss) were

primarily non-cash items.

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

In Millions

May 28, 2023

May 29, 2022

Foreign currency translation adjustments

$

(708.6)

$

(590.7)

Unrealized loss from hedge derivatives

5.9

23.3

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,670.6)

(1,513.4)

Prior service credits

96.4

110.3

Accumulated other comprehensive loss

$

(2,276.9)

$

(1,970.5)