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GENERAL MILLS INC

2020 Q4 Form 10-Q Financial Statement

#000119312520320164 Filed on December 17, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4
Revenue $4.719B $4.421B
YoY Change 6.75% 0.22%
Cost Of Revenue $2.998B $2.852B
YoY Change 5.14% -1.72%
Gross Profit $1.721B $1.569B
YoY Change 9.69% 3.93%
Gross Profit Margin 36.47% 35.49%
Selling, General & Admin $804.1M $759.0M
YoY Change 5.94% 1.67%
% of Gross Profit 46.72% 48.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $149.0M $153.6M
YoY Change -2.99% -0.84%
% of Gross Profit 8.66% 9.79%
Operating Expenses $804.1M $759.0M
YoY Change 5.94% 1.67%
Operating Profit $916.6M $811.2M
YoY Change 12.99% 48.3%
Interest Expense $100.6M $119.4M
YoY Change -15.75% -189.98%
% of Operating Profit 10.98% 14.72%
Other Income/Expense, Net
YoY Change
Pretax Income $848.9M $722.0M
YoY Change 17.58% 65.86%
Income Tax $189.4M $155.5M
% Of Pretax Income 22.31% 21.54%
Net Earnings $688.4M $580.8M
YoY Change 18.53% 69.13%
Net Earnings / Revenue 14.59% 13.14%
Basic Earnings Per Share $1.12 $0.96
Diluted Earnings Per Share $1.11 $0.95
COMMON SHARES
Basic Shares Outstanding 614.8M shares 607.4M shares
Diluted Shares Outstanding 619.6M shares 612.3M shares

Balance Sheet

Concept 2020 Q4 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.583B $560.0M
YoY Change 361.25% 5.07%
Cash & Equivalents $2.583B $560.2M
Short-Term Investments
Other Short-Term Assets $329.0M $427.0M
YoY Change -22.95% 23.77%
Inventory $1.713B $1.720B
Prepaid Expenses
Receivables $1.784B $1.773B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.408B $4.479B
YoY Change 43.08% 5.78%
LONG-TERM ASSETS
Property, Plant & Equipment $3.530B $3.589B
YoY Change -1.64% -7.92%
Goodwill $14.02B $13.97B
YoY Change 0.33% -0.32%
Intangibles $7.148B $7.133B
YoY Change 0.2% -0.97%
Long-Term Investments
YoY Change
Other Assets $1.202B $1.278B
YoY Change -5.98% 23.85%
Total Long-Term Assets $25.90B $25.97B
YoY Change -0.29% -0.67%
TOTAL ASSETS
Total Short-Term Assets $6.408B $4.479B
Total Long-Term Assets $25.90B $25.97B
Total Assets $32.31B $30.45B
YoY Change 6.09% 0.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.399B $3.063B
YoY Change 10.96% 8.46%
Accrued Expenses $109.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $126.2M $1.345B
YoY Change -90.62% 27.34%
Long-Term Debt Due $2.886B $1.537B
YoY Change 87.72% -22.79%
Total Short-Term Liabilities $8.464B $7.362B
YoY Change 14.97% 0.88%
LONG-TERM LIABILITIES
Long-Term Debt $10.95B $10.95B
YoY Change -0.01% -10.29%
Other Long-Term Liabilities $1.511B $1.555B
YoY Change -2.84% 18.46%
Total Long-Term Liabilities $12.46B $12.51B
YoY Change -0.36% -7.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.464B $7.362B
Total Long-Term Liabilities $12.46B $12.51B
Total Liabilities $22.87B $21.89B
YoY Change 4.48% -7.78%
SHAREHOLDERS EQUITY
Retained Earnings $16.37B $15.50B
YoY Change 5.63%
Common Stock $1.409B $1.463B
YoY Change -3.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.365B $6.662B
YoY Change -4.45%
Treasury Stock Shares 143.2M shares 150.0M shares
Shareholders Equity $8.550B $7.712B
YoY Change
Total Liabilities & Shareholders Equity $32.31B $30.45B
YoY Change 6.09% 0.23%

Cashflow Statement

Concept 2020 Q4 2019 Q4
OPERATING ACTIVITIES
Net Income $688.4M $580.8M
YoY Change 18.53% 69.13%
Depreciation, Depletion And Amortization $149.0M $153.6M
YoY Change -2.99% -0.84%
Cash From Operating Activities $843.2M $884.5M
YoY Change -4.67% 12.09%
INVESTING ACTIVITIES
Capital Expenditures -$109.2M -$88.70M
YoY Change 23.11% -37.14%
Acquisitions
YoY Change
Other Investing Activities $20.90M $9.700M
YoY Change 115.46% -165.99%
Cash From Investing Activities -$88.30M -$79.00M
YoY Change 11.77% -49.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.10M -751.2M
YoY Change -102.54% 43.28%
NET CHANGE
Cash From Operating Activities 843.2M 884.5M
Cash From Investing Activities -88.30M -79.00M
Cash From Financing Activities 19.10M -751.2M
Net Change In Cash 774.0M 54.30M
YoY Change 1325.41% -50.18%
FREE CASH FLOW
Cash From Operating Activities $843.2M $884.5M
Capital Expenditures -$109.2M -$88.70M
Free Cash Flow $952.4M $973.2M
YoY Change -2.14% 4.62%

Facts In Submission

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CY2020Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
729500000 USD
CY2019Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
591600000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2582800000 USD
CY2020Q4 us-gaap Receivables Net Current
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1784300000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
1712500000 USD
CY2020Q2 us-gaap Inventory Net
InventoryNet
1426300000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
328600000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
14020400000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7147500000 USD
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1201700000 USD
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1085800000 USD
CY2020Q4 us-gaap Assets
Assets
32307600000 USD
CY2020Q2 us-gaap Assets
Assets
30806700000 USD
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3398600000 USD
CY2020Q4 us-gaap Long Term Debt Current
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2885700000 USD
CY2020Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
279000000.0 USD
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2053700000 USD
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
8464200000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10952500000 USD
CY2020Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
1939400000 USD
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1511200000 USD
CY2020Q4 us-gaap Liabilities
Liabilities
22867300000 USD
CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Other Fair Value
RedeemableNoncontrollingInterestEquityOtherFairValue
587700000 USD
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
754600000 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2020Q4 us-gaap Common Stock Value
CommonStockValue
75500000 USD
CY2020Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1333300000 USD
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
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16374200000 USD
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
143200000 shares
CY2020Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
144800000 shares
CY2020Q4 us-gaap Treasury Stock Value
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6365400000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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-2867600000 USD
us-gaap Proceeds From Stock Options Exercised
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31100000 USD
us-gaap Proceeds From Stock Options Exercised
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68600000 USD
gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
47800000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
600000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P23M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
19600000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
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614500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
619700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3300000 shares
us-gaap Interest Paid Net
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208700000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
267000000.0 USD
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7695600000 USD
CY2020Q4 us-gaap Common Stock Shares Authorized
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1000000000 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2020Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.02
CY2019Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.49
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8852600000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8020600000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7367700000 USD
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2914400000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
8550000000.0 USD
CY2020Q4 us-gaap Minority Interest
MinorityInterest
302600000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8852600000 USD
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
32307600000 USD
CY2020Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
30806700000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8757900000 USD
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.51
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.98
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8852600000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8020600000 USD
us-gaap Profit Loss
ProfitLoss
1342300000 USD
us-gaap Profit Loss
ProfitLoss
1119900000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
77700000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
46700000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
14300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
226200000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
158500000 USD
gis Net Repayments From Advances To Joint Ventures
NetRepaymentsFromAdvancesToJointVentures
-14300000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-9500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
971300000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
555000000.0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
509300000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
596300000 USD
gis Distributions To Noncontrolling And Redeemable Interest Holders
DistributionsToNoncontrollingAndRedeemableInterestHolders
4800000 USD
gis Distributions To Noncontrolling And Redeemable Interest Holders
DistributionsToNoncontrollingAndRedeemableInterestHolders
8600000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-14400000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
110200000 USD
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1677800000 USD
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
450000000.0 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2582800000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
560200000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
97000000.0 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
258600000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
167200000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-81600000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-67600000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-41400000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt; text-decoration: underline">(1) Background</span></p><p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> </span></p><p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and any noncontrolling and redeemable interests’ share of those transactions. Operating results for the quarter ended November 29, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending May 30, 2021. </span></p><p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> </span></p><p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K with the exception of new requirements adopted in the first quarter of fiscal 2021.</span></p><p style="margin-top: 5.00pt; margin-bottom: 5.00pt; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">In the first quarter of fiscal 2021, </span><span style="color: #212529; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">we adopted new accounting requirements related to the measurement of credit losses on financial instruments, including trade receivables. The new standard and subsequent amendments replace the incurred loss impairment model with a forward-looking expected credit loss model, which will generally result in earlier recognition of credit losses. Our allowance for doubtful accounts represents our estimate of expected credit losses related to our trade receivables. We pool our trade receivables based on similar risk characteristics, such as geographic location, business channel, and other account data. To estimate our allowance for doubtful accounts, we leverage information on historical losses, asset-specific risk characteristics, current conditions, and reasonable and supportable forecasts of future conditions. Account balances are written off against the allowance when we deem the amount is uncollectible. We adopted the requirements of the new standard and subsequent amendments using the modified retrospective transition approach, and recorded a decrease to retained earnings of $</span><span style="color: #212529; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">5.7 million after-tax.</span></p><p style="margin-top: 5.00pt; margin-bottom: 5.00pt; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">Certain terms used throughout this report are defined in the “Glossary” section below.</span></p>
CY2020Q4 gis Restructuring Charges Reversal Including Restructuring Charges Associated With Cost Of Goods Sold
RestructuringChargesReversalIncludingRestructuringChargesAssociatedWithCostOfGoodsSold
900000 USD
CY2019Q4 gis Restructuring Charges Reversal Including Restructuring Charges Associated With Cost Of Goods Sold
RestructuringChargesReversalIncludingRestructuringChargesAssociatedWithCostOfGoodsSold
10500000 USD
CY2020Q4 gis Other Project Related Costs
OtherProjectRelatedCosts
0 USD
CY2019Q4 gis Other Project Related Costs
OtherProjectRelatedCosts
700000 USD
gis Other Project Related Costs
OtherProjectRelatedCosts
0 USD
gis Other Project Related Costs
OtherProjectRelatedCosts
700000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
14020400000 USD
CY2020Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
6611700000 USD
CY2020Q2 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
6561400000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
812200000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
777800000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
276400000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
243400000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
534400000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7147500000 USD
CY2020Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
21019000000.0 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
97200000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
14020400000 USD
us-gaap Indefinite Lived Intangible Assets Translation And Purchase Accounting Adjustments
IndefiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments
51700000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7147500000 USD
CY2020Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
432800000 USD
CY2020Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
392200000 USD
CY2020Q2 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
1142600000 USD
CY2020Q4 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
113300000 USD
CY2020Q2 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
93600000 USD
CY2020Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
202100000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
1712500000 USD
CY2020Q4 us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
GainLossOnPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstruments
33600000 USD
CY2019Q4 us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
GainLossOnPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstruments
9700000 USD
us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
GainLossOnPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstruments
44000000.0 USD
us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
GainLossOnPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-11000000.0 USD
CY2020Q4 gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
NetLossGainOnCommodityPositionsReclassifiedFromUnallocatedCorporateItemsToSegmentOperatingProfit
-4700000 USD
CY2019Q4 gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
NetLossGainOnCommodityPositionsReclassifiedFromUnallocatedCorporateItemsToSegmentOperatingProfit
-4000000.0 USD
gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
NetLossGainOnCommodityPositionsReclassifiedFromUnallocatedCorporateItemsToSegmentOperatingProfit
-16700000 USD
gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
NetLossGainOnCommodityPositionsReclassifiedFromUnallocatedCorporateItemsToSegmentOperatingProfit
-15300000 USD
CY2020Q4 us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
IncreaseDecreaseInFairValueOfHedgedItemInPriceRiskFairValueHedge1
7600000 USD
CY2019Q4 us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
IncreaseDecreaseInFairValueOfHedgedItemInPriceRiskFairValueHedge1
8900000 USD
us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
IncreaseDecreaseInFairValueOfHedgedItemInPriceRiskFairValueHedge1
1600000 USD
us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
IncreaseDecreaseInFairValueOfHedgedItemInPriceRiskFairValueHedge1
3300000 USD
CY2020Q4 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
45900000 USD
CY2019Q4 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
22600000 USD
gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
62300000 USD
gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
7600000 USD
CY2020Q4 gis Accounts Payable To Suppliers That Utilize Third Party Service
AccountsPayableToSuppliersThatUtilizeThirdPartyService
1405600000 USD
CY2020Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
126200000 USD
CY2020Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
279000000.0 USD
CY2020Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
3600000000 USD
CY2020Q4 us-gaap Line Of Credit
LineOfCredit
100000000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
13838200000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2867600000 USD
CY2020Q4 gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
20400000 USD
CY2019Q4 gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
19000000.0 USD
gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
48700000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
6800000 USD
CY2019Q4 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
1600000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
8200000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
143700000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
36500000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.007 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.195 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.174 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.033 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.036 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
67400000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
50700000 USD
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
688400000 USD
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
580800000 USD
us-gaap Net Income Loss
NetIncomeLoss
1327300000 USD
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
614800000 shares
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
607400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
606700000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
619600000 shares
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
612300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
611800000 shares
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.12
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.96
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.16
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.11
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.95
CY2020Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3500000 shares
CY2019Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10300000 shares
us-gaap Interest Paid Net
InterestPaidNet
216100000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
356700000 USD
CY2019Q3 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
53100000 USD
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt; text-decoration: underline">(14) Contingencies</span><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt; background: #FFFFFF">During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we have meritorious defenses against this claim and will vigorously defend our position. As of </span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">November 29, 2020</span><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt; background: #FFFFFF">, we are unable to estimate any possible loss and have not recorded a loss contingency for this matter.</span>
CY2019Q4 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
-1100000 USD
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
916600000 USD
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
811200000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1770300000 USD
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4719400000 USD
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4420800000 USD

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