Business Segment and Geographic Information

12 Months Ended

May 26, 2024

Business Segment and Geographic Information [Abstract]

Business Segment and Geographic Information

NOTE 17. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION 

We operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, Pet, and

North America Foodservice.

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 and snack bars.

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,

shelf-stable vegetables, and pet food products. 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. Results from certain businesses managed by our Gold Medal Ventures entity are included within corporate and

other net sales and unallocated corporate items within operating profit. Unallocated corporate items also 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:

Fiscal Year

In Millions

2024

2023

2022

Net sales:

North America Retail

$

12,473.4

$

12,659.9

$

11,572.0

International

2,746.5

2,769.5

3,315.7

Pet

2,375.8

2,473.3

2,259.4

North America Foodservice

2,258.7

2,191.5

1,845.7

Total segment net sales

$

19,854.4

$

20,094.2

$

18,992.8

Corporate and other

2.8

-

-

Total net sales

$

19,857.2

$

20,094.2

$

18,992.8

Operating profit:

North America Retail

$

3,080.4

$

3,181.3

$

2,699.7

International

125.2

161.8

232.0

Pet

485.9

445.5

470.6

North America Foodservice

315.5

290.0

255.5

Total segment operating profit

$

4,007.0

$

4,078.6

$

3,657.8

Unallocated corporate items

333.9

1,033.2

402.6

Divestitures gain, net

-

(444.6)

(194.1)

Restructuring, impairment, and other exit costs (recoveries)

241.4

56.2

(26.5)

Operating profit

$

3,431.7

$

3,433.8

$

3,475.8

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

Fiscal Year

In Millions

2024

2023

2022

U.S. Meals & Baking Solutions

$

4,324.3

$

4,426.3

$

4,023.8

U.S. Morning Foods

3,561.8

3,620.1

3,370.9

U.S. Snacks

3,538.9

3,611.0

3,191.4

Canada

1,048.4

1,002.5

985.9

Total

$

12,473.4

$

12,659.9

$

11,572.0

Net sales by class of similar products were as follows:

Fiscal Year

In Millions

2024

2023

2022

Snacks

$

4,327.3

$

4,431.5

$

3,960.9

Cereal

3,187.5

3,209.5

2,998.1

Convenient meals

2,906.5

2,961.6

2,988.5

Dough

2,423.6

2,390.5

1,986.3

Pet

2,382.7

2,476.0

2,260.1

Baking mixes and ingredients

1,996.0

2,037.3

1,843.6

Yogurt

1,482.5

1,472.9

1,714.9

Super-premium ice cream

728.7

703.7

782.2

Other

422.4

411.2

458.2

Total

$

19,857.2

$

20,094.2

$

18,992.8

The following tables provide financial information by geographic area:

Fiscal Year

In Millions

2024

2023

2022

Net sales:

United States

$

16,062.2

$

16,322.2

$

14,691.2

Non-United States

3,795.0

3,772.0

4,301.6

Total

$

19,857.2

$

20,094.2

$

18,992.8

In Millions

May 26, 2024

May 28, 2023

Cash and cash equivalents:

United States

$

87.8

$

204.2

Non-United States

330.2

381.3

Total

$

418.0

$

585.5

In Millions

May 26, 2024

May 28, 2023

Land, buildings, and equipment:

United States

$

3,155.3

$

2,920.5

Non-United States

708.6

715.7

Total

$

3,863.9

$

3,636.2