Stockholders' Equity

12 Months Ended

May 30, 2021

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 May 6, 2014, 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		2021		2020		2019
Shares of common stock		5.0		0.1		-
Aggregate purchase price	$	301.4	$	3.4	$	1.1

The following tables provide details of total comprehensive 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. Please refer to Note 2.

	Fiscal 2020
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	2,181.2	$	12.9	$	16.7
Other comprehensive income (loss):
Foreign currency translation	$	(149.1)	$	-		(149.1)		(2.6)		(17.4)
Net actuarial loss		(290.2)		65.6		(224.6)		-		-
Other fair value changes:
Hedge derivatives		4.4		(1.2)		3.2		-		-
Reclassification to earnings:
Hedge derivatives (a)		4.3		(0.7)		3.6		-		0.5
Amortization of losses and prior service costs (b)		101.3		(23.4)		77.9		-		-
Other comprehensive loss		(329.3)		40.3		(289.0)		(2.6)		(16.9)
Total comprehensive income (loss)					$	1,892.2	$	10.3	$	(0.2)

(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. Please refer to Note 2.

	Fiscal 2019
	General Mills							Noncontrolling Interests		Redeemable Interest
In Millions		Pretax		Tax		Net		Net		Net
Net earnings, including earnings attributable to redeemable and noncontrolling interests					$	1,752.7	$	13.9	$	19.6
Other comprehensive income (loss):
Foreign currency translation	$	(38.3)	$	-		(38.3)		(13.5)		(31.0)
Net actuarial loss		(325.6)		72.2		(253.4)		-		-
Other fair value changes:
Hedge derivatives		15.9		(3.7)		12.2		-		(0.1)
Reclassification to earnings:
Securities (a)		(2.6)		0.6		(2.0)		-		-
Hedge derivatives (b)		0.1		0.4		0.5		-		0.4
Amortization of losses and prior service costs (c)		107.5		(22.9)		84.6		-		-
Other comprehensive (loss)		(243.0)		46.6		(196.4)		(13.5)		(30.7)
Total comprehensive income (loss)					$	1,556.3	$	0.4	$	(11.1)

(a) Gain reclassified from AOCI into earnings is reported in interest, net for securities.

(b) 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. Please refer to Note 2.

In fiscal 2021, 2020, and 2019, except for 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 30, 2021		May 31, 2020
Foreign currency translation adjustments	$	(830.2)	$	(889.0)
Unrealized loss from hedge derivatives		(18.5)		(12.6)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss		(1,718.4)		(2,022.5)
Prior service credits		137.9		9.7
Accumulated other comprehensive loss	$	(2,429.2)	$	(2,914.4)