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) |
|