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BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
May 27, 2018
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]  
BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 16. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

We operate in the packaged foods industry. In the third quarter of fiscal 2017, we announced a new global organization structure to streamline our leadership, enhance global scale, and drive improved operational agility to maximize our growth capabilities. This global reorganization required us to reevaluate our operating segments. On April 24, 2018, we acquired Blue Buffalo, which became our Pet operating segment. 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; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet.

We have restated our net sales by segment and segment operating profit to reflect our new operating segments. 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, and e-commerce grocery providers. Our product categories in this business segment are ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.

Our major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. 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, convenience stores, vending, and supermarket bakeries in the United States.

Our Europe & Australia operating segment reflects retail and foodservice businesses in the greater Europe and Australia regions. Our product categories include refrigerated yogurt, meal kits, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, grain snacks, and dessert and baking mixes. We also sell super-premium ice cream directly to consumers through owned retail shops. Revenues from franchise fees are reported in the region or country where the franchisee is located.

Our Asia & Latin America operating segment consists of retail and foodservice businesses in the greater Asia and South America regions. Our product categories include super-premium ice cream and frozen desserts, refrigerated and frozen dough products, dessert and baking mixes, meal kits, salty and grain snacks, wellness beverages, and refrigerated yogurt. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our Asia & Latin America 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 and franchise fees are reported in the region or country where the end customer or franchisee is located. Fiscal 2017 includes an additional month of results from Yoki (please refer to note 1 to the Consolidated Financial Statements in Item 8 of this report).

Our Pet operating segment includes pet food products sold primarily in the United States in specialty channels, including national pet superstore chains, regional pet store chains, neighborhood pet stores, and farm and feed stores; e-commerce retailers; military outlets; hardware stores; veterinary clinics and hospitals; and grocery and mass merchandisers. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits and vegetables, and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary, lifestyle, and life-stage needs and spans different product types, diet types, breed sizes for dogs, lifestages, flavors, product functions and textures, and cuts for wet foods. We are reporting the Pet operating segment results on a one-month lag and accordingly, in fiscal 2018, our results do not include Pet segment operating results.

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 domestic employee benefits and incentives, contributions to the General Mills Foundation, asset and liability remeasurement impact of hyperinflationary economies, restructuring initiative project-related costs, 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 Millions201820172016
Net sales:
North America Retail$10,115.4$10,196.9$10,936.6
Convenience Stores & Foodservice1,930.21,870.01,923.8
Europe & Australia1,984.61,824.51,998.0
Asia & Latin America1,710.21,728.41,704.7
Total$15,740.4$15,619.8$16,563.1
Operating profit:
North America Retail$2,217.4$2,303.6$2,351.2
Convenience Stores & Foodservice392.6401.2378.9
Europe & Australia142.1164.2200.3
Asia & Latin America39.683.669.1
Total segment operating profit2,791.72,952.62,999.5
Unallocated corporate items116.8190.1288.9
Divestitures loss (gain)-13.5(148.2)
Restructuring, impairment, and other exit costs165.6182.6151.4
Operating profit$2,509.3$2,566.4$2,707.4

Net sales by class of similar products were as follows:

Fiscal Year
In Millions201820172016
Snacks$3,419.0$3,302.2$3,297.2
Cereal2,679.22,673.22,731.5
Convenient meals2,677.42,653.62,779.0
Yogurt2,320.12,403.52,760.9
Dough1,684.11,690.61,820.0
Baking mixes and ingredients1,653.41,654.11,704.3
Super-premium ice cream803.7738.4731.2
Vegetables309.1310.5532.3
Other194.4193.7206.7
Total$15,740.4$15,619.8$16,563.1

The following table provides financial information by geographic area:

Fiscal Year
In Millions201820172016
Net sales:
United States$11,115.6$11,160.9$11,930.9
Non-United States4,624.84,458.94,632.2
Total$15,740.4$15,619.8$16,563.1
In MillionsMay 27, 2018May 28, 2017
Cash and cash equivalents:
United States$15.7$62.9
Non-United States383.3703.2
Total$399.0$766.1
In MillionsMay 27, 2018May 28, 2017
Land, buildings, and equipment:
United States$3,031.7$2,704.0
Non-United States1,015.5983.7
Total$4,047.2$3,687.7