Business Segment and Geographic Information

12 Months Ended

May 30, 2021

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; Europe & Australia; Convenience Stores & Foodservice, Pet; and Asia & Latin America.

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, 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, snack bars, and refrigerated yogurt.

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, snack bars, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, and dessert and baking mixes. Revenues from franchise fees are reported in the region or country where the franchisee is located.

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, 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, convenience stores, vending, and supermarket bakeries in the United States.

Our Pet operating segment includes pet food products sold primarily in the United States 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, and 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 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, meal kits, dessert and baking mixes, snack bars, salty snacks, refrigerated and frozen dough products, and wellness beverages. 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.

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 North American 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 Millions		2021		2020		2019
Net sales:
North America Retail	$	10,995.4	$	10,750.5	$	9,925.2
Europe & Australia		1,981.5		1,838.9		1,886.7
Convenience Stores & Foodservice		1,742.4		1,816.4		1,969.1
Pet		1,732.4		1,694.6		1,430.9
Asia & Latin America		1,675.3		1,526.2		1,653.3
Total	$	18,127.0	$	17,626.6	$	16,865.2
Operating profit:
North America Retail	$	2,623.2	$	2,627.0	$	2,277.2
Europe & Australia		151.0		113.8		123.3
Convenience Stores & Foodservice		306.0		337.2		419.5
Pet		415.0		390.7		268.4
Asia & Latin America		85.6		18.7		72.4
Total segment operating profit	$	3,580.8	$	3,487.4	$	3,160.8
Unallocated corporate items		212.1		509.1		339.8
Divestitures loss		53.5		-		30.0
Restructuring, impairment, and other exit costs		170.4		24.4		275.1
Operating profit	$	3,144.8	$	2,953.9	$	2,515.9

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

		Fiscal Year
In Millions		2021		2020		2019
U.S. Meals & Baking	$	4,611.6	$	4,408.5	$	3,839.8
U.S. Cereal		2,455.2		2,434.1		2,255.4
U.S. Snacks		2,048.3		2,091.9		2,060.9
Canada		953.2		897.0		862.4
U.S. Yogurt and other		927.1		919.0		906.7
Total	$	10,995.4	$	10,750.5	$	9,925.2

Net sales by class of similar products were as follows:

	Fiscal Year
In Millions		2021		2020		2019
Snacks	$	3,574.2	$	3,529.7	$	3,487.4
Convenient meals		3,030.2		2,814.3		2,538.6
Cereal		2,868.9		2,874.1		2,672.8
Yogurt		2,074.8		2,056.6		2,113.1
Dough		1,866.1		1,801.1		1,661.9
Pet		1,732.4		1,694.6		812.7
Baking mixes and ingredients		1,695.5		1,674.2		1,663.7
Super-premium ice cream		819.7		718.1		812.7
Vegetables and other		465.2		463.9		484.1
Total	$	18,127.0	$	17,626.6	$	16,865.2

The following tables provide financial information by geographic area:

	Fiscal Year
In Millions		2021		2020		2019
Net sales:
United States	$	13,496.9	$	13,364.5	$	12,462.8
Non-United States		4,630.1		4,262.1		4,402.4
Total	$	18,127.0	$	17,626.6	$	16,865.2

In Millions		May 30, 2021		May 31, 2020
Cash and cash equivalents:
United States	$	817.9	$	1,112.0
Non-United States		687.3		565.8
Total	$	1,505.2	$	1,677.8

In Millions		May 30, 2021		May 31, 2020
Land, buildings, and equipment:
United States	$	2,714.7	$	2,761.6
Non-United States		892.1		819.0
Total	$	3,606.8	$	3,580.6