2021 Q2 Form 10-K Financial Statement

#000119312521204830 Filed on June 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 2020 Q2
Revenue $4.524B $2.189B $5.023B
YoY Change -9.94% 7.02% 20.7%
Cost Of Revenue $2.940B $11.68B $3.253B
YoY Change -9.62% 1.56% 20.89%
Gross Profit $1.583B $6.451B $1.770B
YoY Change -10.57% -168.25% 21.13%
Gross Profit Margin 34.99% 294.66% 35.24%
Selling, General & Admin $823.0M $3.080B $927.1M
YoY Change -11.23% -2.28% 25.47%
% of Gross Profit 51.99% 47.74% 52.38%
Research & Development $239.3M
YoY Change 6.64%
% of Gross Profit 3.71%
Depreciation & Amortization $146.8M $601.3M $138.3M
YoY Change 6.15% 1.11% -11.06%
% of Gross Profit 9.27% 9.32% 7.81%
Operating Expenses $823.0M $3.319B $927.1M
YoY Change -11.23% -1.69% 25.47%
Operating Profit $759.9M $3.145B $842.9M
YoY Change -9.85% 6.46% 16.68%
Interest Expense -$102.6M $420.3M -$118.6M
YoY Change -13.49% -9.9% -4.97%
% of Operating Profit -13.5% 13.36% -14.07%
Other Income/Expense, Net
YoY Change
Pretax Income $478.6M $2.567B $733.0M
YoY Change -34.71% 6.87% 19.01%
Income Tax $106.9M $629.1M $139.6M
% Of Pretax Income 22.34% 24.51% 19.05%
Net Earnings $416.8M $2.340B $625.7M
YoY Change -33.39% 7.27% 9.73%
Net Earnings / Revenue 9.21% 106.88% 12.46%
Basic Earnings Per Share $0.68 $3.81
Diluted Earnings Per Share $0.68 $3.78 $1.014M
COMMON SHARES
Basic Shares Outstanding 607.2M shares 614.1M shares 609.9M shares
Diluted Shares Outstanding 619.1M shares

Balance Sheet

Concept 2021 Q2 2021 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.948B $1.865B $1.739B
YoY Change 11.98% 11.16% 245.94%
Cash & Equivalents $1.505B $1.505B $1.678B
Short-Term Investments $442.5M $360.0M $61.60M
Other Short-Term Assets $790.3M $291.2M $402.1M
YoY Change 96.54% -8.14% -19.18%
Inventory $1.821B $1.821B $1.426B
Prepaid Expenses $221.7M $194.5M
Receivables $1.639B $1.639B $1.615B
Other Receivables $0.00 $139.1M $0.00
Total Short-Term Assets $5.755B $5.755B $5.121B
YoY Change 12.36% 12.37% 22.33%
LONG-TERM ASSETS
Property, Plant & Equipment $3.607B $3.985B $3.581B
YoY Change 0.73% 1.0% -5.46%
Goodwill $14.06B $13.92B
YoY Change 1.0% -0.52%
Intangibles $7.151B $7.096B
YoY Change 0.77% -0.99%
Long-Term Investments $566.4M
YoY Change -0.11%
Other Assets $1.268B $322.6M $1.086B
YoY Change 16.74% 109.48% 11.38%
Total Long-Term Assets $26.09B $26.09B $25.69B
YoY Change 1.57% 1.56% -0.92%
TOTAL ASSETS
Total Short-Term Assets $5.755B $5.755B $5.121B
Total Long-Term Assets $26.09B $26.09B $25.69B
Total Assets $31.84B $31.84B $30.81B
YoY Change 3.36% 3.36% 2.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.654B $3.654B $3.248B
YoY Change 12.49% 12.48% 13.79%
Accrued Expenses $1.244B $102.0M
YoY Change -0.96%
Deferred Revenue
YoY Change
Short-Term Debt $361.3M $361.3M $279.0M
YoY Change 29.5% 29.5% -81.0%
Long-Term Debt Due $2.464B $2.464B $2.332B
YoY Change 5.67% 5.65% 66.95%
Total Short-Term Liabilities $8.266B $8.266B $7.492B
YoY Change 10.34% 10.33% 5.71%
LONG-TERM LIABILITIES
Long-Term Debt $9.787B $9.787B $10.93B
YoY Change -10.45% -10.45% -5.99%
Other Long-Term Liabilities $1.293B $1.293B $1.545B
YoY Change -16.33% -16.33% 6.63%
Total Long-Term Liabilities $11.08B $11.08B $12.47B
YoY Change -11.18% -11.18% -4.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.266B $8.266B $7.492B
Total Long-Term Liabilities $11.08B $11.08B $12.47B
Total Liabilities $21.46B $22.37B $21.91B
YoY Change -2.05% -1.66% -1.26%
SHAREHOLDERS EQUITY
Retained Earnings $17.07B $15.98B
YoY Change 6.81% 6.57%
Common Stock $1.441B $1.424B
YoY Change 1.19% -2.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.611B $6.433B
YoY Change 2.77% -5.1%
Treasury Stock Shares 146.9M shares 144.8M shares
Shareholders Equity $9.470B $9.470B $8.059B
YoY Change
Total Liabilities & Shareholders Equity $31.84B $31.84B $30.81B
YoY Change 3.36% 3.36% 2.31%

Cashflow Statement

Concept 2021 Q2 2021 2020 Q2
OPERATING ACTIVITIES
Net Income $416.8M $2.340B $625.7M
YoY Change -33.39% 7.27% 9.73%
Depreciation, Depletion And Amortization $146.8M $601.3M $138.3M
YoY Change 6.15% 1.11% -11.06%
Cash From Operating Activities $775.3M $2.983B $1.516B
YoY Change -48.87% -18.85% 94.56%
INVESTING ACTIVITIES
Capital Expenditures -$184.4M $530.8M -$191.4M
YoY Change -3.66% 15.19% 12.79%
Acquisitions
YoY Change
Other Investing Activities $3.600M $3.100M $9.800M
YoY Change -63.27% -114.83% -53.11%
Cash From Investing Activities -$180.8M -$512.8M -$181.6M
YoY Change -0.44% 5.47% 22.04%
FINANCING ACTIVITIES
Cash Dividend Paid $1.246B
YoY Change 4.23%
Common Stock Issuance & Retirement, Net $301.4M
YoY Change 8764.71%
Debt Paid & Issued, Net $2.609B
YoY Change 86.8%
Cash From Financing Activities -1.863B -$2.716B -250.1M
YoY Change 644.82% 39.87% -65.19%
NET CHANGE
Cash From Operating Activities 775.3M $2.983B 1.516B
Cash From Investing Activities -180.8M -$512.8M -181.6M
Cash From Financing Activities -1.863B -$2.716B -250.1M
Net Change In Cash -1.268B -$172.6M 1.085B
YoY Change -216.93% -114.06% -1335.42%
FREE CASH FLOW
Cash From Operating Activities $775.3M $2.983B $1.516B
Capital Expenditures -$184.4M $530.8M -$191.4M
Free Cash Flow $959.7M $2.452B $1.708B
YoY Change -43.8% -23.73% 79.94%

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<p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> </span><span style="font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">NOTE 1. BASIS OF PRESENTATION AND RECLASSIFICATIONS</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-style: italic; font-weight: bold; font-size: 10.00pt">Basis of Presentation</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">Our Consolidated Financial Statements include the accounts of General Mills, Inc. and all subsidiaries in which we have a controlling financial interest. Intercompany transactions and accounts, including any noncontrolling and redeemable interests’ share of those transactions, are eliminated in consolidation.</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">Our fiscal year ends on the last Sunday in May. Fiscal years 2021 and 2019 consisted of </span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">52</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> weeks, while fiscal year 2020 consisted of </span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">53 weeks.</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">Certain reclassifications to our previously reported financial information have been made to conform to the current period presentation. See Note 2 for additional information. </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-style: italic; font-weight: bold; font-size: 10.00pt">Change in Reporting Period </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">As part of a long-term plan to conform the fiscal year ends of all our operations, in fiscal 2020 we changed the reporting period of our Pet segment from an April fiscal year-end to a May fiscal year-end to match our fiscal calendar. Accordingly, our fiscal 2020 results include </span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">13 months of Pet segment results compared to </span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">12</span><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> months in fiscal 2021 and 2019. The impact of this change was not material to our consolidated results of operations and, therefore, we did not restate prior period financial statements for comparability. Our India business is on an April fiscal year end.</span></p>
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<p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-style: italic; font-weight: bold; font-size: 10.00pt">Use of Estimates </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">Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for revenue recognition, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. Actual results could differ from our estimates.</span></p>
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
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427200000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
32800000 USD
CY2021Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
0 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
394400000 USD
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1800000 USD
CY2021Q2 gis Lessee Operating Lease Signed Not Yet Commenced Amount
LesseeOperatingLeaseSignedNotYetCommencedAmount
87800000 USD
CY2020Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
4900000 USD
CY2021 us-gaap Equity Securities Fv Ni Unrealized Gain
EquitySecuritiesFvNiUnrealizedGain
5300000 USD
CY2021 gis Lessee Operating Lease Weighted Averages Tabletext Block
LesseeOperatingLeaseWeightedAveragesTabletextBlock
<table style="border-collapse: collapse; border: none; margin-bottom: 0.001pt; width: 100%; margin-left: 0.00pt"> <tr style="height: 0.09in"> <td style="vertical-align: bottom; width: 66%; border-bottom: solid #000000 0.5pt; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: left"><p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Calibri; font-size: 11.00pt"> </span></p></td> <td colspan="2" style="vertical-align: bottom; width: 17%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center"><p style="margin-top: 0; margin-bottom: 0; text-align: center"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">May 30, 2021</span></p></td> <td colspan="2" style="vertical-align: bottom; width: 17%; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: center"><p style="margin-top: 0; margin-bottom: 0; text-align: center"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">May 31, 2020</span></p></td></tr> <tr style="height: 0.09in"> <td style="vertical-align: bottom; width: 66%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: left"><p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">Weighted-average remaining lease term</span></p></td> <td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right"><p style="margin-top: 0; margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">4.5</span></p></td> <td style="vertical-align: bottom; width: 5%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right"><p style="margin-top: 0; margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">years</span></p></td> <td style="vertical-align: bottom; width: 12%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 5.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right"><p style="margin-top: 0; margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">4.6</span></p></td> <td style="vertical-align: bottom; width: 5%; border-top: solid #000000 0.5pt; padding-left: 2.00pt; padding-right: 2.00pt; background: #CCEEFF; padding-top: 0; padding-bottom: 0; text-align: right"><p style="margin-top: 0; margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">years</span></p></td></tr> <tr style="height: 0.09in"> <td style="vertical-align: bottom; width: 66%; border-bottom: solid #000000 1pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: left"><p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">Weighted-average discount rate</span></p></td> <td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 1pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right"><p style="margin-top: 0; margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">3.7</span></p></td> <td style="vertical-align: bottom; width: 5%; border-bottom: solid #000000 1pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: left"><p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-weight: bold; font-size: 10.00pt">%</span></p></td> <td style="vertical-align: bottom; width: 12%; border-bottom: solid #000000 1pt; padding-left: 2.00pt; padding-right: 5.00pt; padding-top: 0; padding-bottom: 0; text-align: right"><p style="margin-top: 0; margin-bottom: 0; text-align: right"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">4.1</span></p></td> <td style="vertical-align: bottom; width: 5%; border-bottom: solid #000000 1pt; padding-left: 2.00pt; padding-right: 2.00pt; padding-top: 0; padding-bottom: 0; text-align: left"><p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="color: #000000; font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">%</span></p></td></tr></table>
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.037 pure
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041 pure
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
132000000.0 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
131000000.0 USD
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
120200000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
46300000 USD
CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
76900000 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
56700000 USD
CY2021Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
76900000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
56700000 USD
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2021Q2 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
360300000 USD
CY2020Q2 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
300000 USD
CY2021Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
365600000 USD
CY2020 us-gaap Equity Securities Fv Ni Unrealized Gain
EquitySecuritiesFvNiUnrealizedGain
4600000 USD
CY2021 us-gaap Equity Securities Fv Ni Unrealized Loss
EquitySecuritiesFvNiUnrealizedLoss
0 USD
CY2020 us-gaap Equity Securities Fv Ni Unrealized Loss
EquitySecuritiesFvNiUnrealizedLoss
0 USD
CY2021Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
519700000 USD
CY2021Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
40100000 USD
CY2021Q2 us-gaap Hedged Liability Fair Value Hedge Cumulative Increase Decrease
HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease
5400000 USD
CY2021Q2 us-gaap Debt Securities Trading And Equity Securities Fv Ni Cost
DebtSecuritiesTradingAndEquitySecuritiesFvNiCost
437200000 USD
CY2020Q2 us-gaap Debt Securities Trading And Equity Securities Fv Ni Cost
DebtSecuritiesTradingAndEquitySecuritiesFvNiCost
57000000.0 USD
CY2021Q2 us-gaap Marketable Securities
MarketableSecurities
442500000 USD
CY2020Q2 us-gaap Marketable Securities
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61600000 USD
CY2021 us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
5300000 USD
CY2020 us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
4600000 USD
CY2021 us-gaap Debt And Equity Securities Unrealized Gain Loss Excluding Other Than Temporary Impairment
DebtAndEquitySecuritiesUnrealizedGainLossExcludingOtherThanTemporaryImpairment
0 USD
CY2019 us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
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-39000000.0 USD
CY2021 gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
NetLossGainOnCommodityPositionsReclassifiedFromUnallocatedCorporateItemsToSegmentOperatingProfit
8800000 USD
CY2020 gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
NetLossGainOnCommodityPositionsReclassifiedFromUnallocatedCorporateItemsToSegmentOperatingProfit
-35600000 USD
CY2019 gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
NetLossGainOnCommodityPositionsReclassifiedFromUnallocatedCorporateItemsToSegmentOperatingProfit
-10000000.0 USD
CY2020 us-gaap Debt And Equity Securities Unrealized Gain Loss Excluding Other Than Temporary Impairment
DebtAndEquitySecuritiesUnrealizedGainLossExcludingOtherThanTemporaryImpairment
0 USD
CY2021 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0 USD
CY2020 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
16000000.0 USD
CY2020 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
4000000.0 USD
CY2021Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
437200000 USD
CY2021Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
442500000 USD
CY2021Q2 us-gaap Equity Securities Fv Ni Restricted
EquitySecuritiesFvNiRestricted
360000000.0 USD
CY2021Q2 us-gaap Financial Instruments Owned And Pledged As Collateral At Fair Value
FinancialInstrumentsOwnedAndPledgedAsCollateralAtFairValue
2400000 USD
CY2021Q2 us-gaap Other Secured Financings
OtherSecuredFinancings
28200000 USD
CY2021Q2 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
13194400000 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
12250700000 USD
CY2021 us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
IncreaseDecreaseInFairValueOfHedgedItemInPriceRiskFairValueHedge1
9400000 USD
CY2019 us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
IncreaseDecreaseInFairValueOfHedgedItemInPriceRiskFairValueHedge1
-7000000.0 USD
CY2021 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
138800000 USD
CY2020 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
-24700000 USD
CY2019 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
-36000000.0 USD
CY2021Q2 gis Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pre Tax Accumulated Other Comprehensive Income1
UnrealizedGainLossOnInterestRateCashFlowHedgesPreTaxAccumulatedOtherComprehensiveIncome1
-26300000 USD
CY2021Q2 gis Deferred Net Foreign Currency Transaction Gains Losses Aftertax Accumulated Other Comprehensive Income
DeferredNetForeignCurrencyTransactionGainsLossesAftertaxAccumulatedOtherComprehensiveIncome
-216600000 USD
CY2021Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
442500000 USD
CY2021Q2 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
0 USD
CY2020Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
61600000 USD
CY2020Q2 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
0 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
68400000 USD
CY2020Q2 us-gaap Hedged Liability Fair Value Hedge Cumulative Increase Decrease
HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease
4800000 USD
CY2020Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
117000000.0 USD
CY2020Q2 us-gaap Liabilities Fair Value Disclosure
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43100000 USD
CY2021Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 USD
CY2021Q2 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
5400000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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68400000 USD
CY2021Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
9100000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
53900000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
39200000 USD
CY2021Q2 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
39200000 USD
CY2021Q2 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
5400000 USD
CY2021Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
33800000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
59400000 USD
CY2020Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
59400000 USD
CY2020Q2 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
8700000 USD
CY2020Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
50700000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
42100000 USD
CY2020Q2 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
42100000 USD
CY2020Q2 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
8700000 USD
CY2020Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
15900000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
17500000 USD
CY2021Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-18500000 USD
CY2021Q2 gis Hedge Gain Loss To Be Reclassified During Next Twelve Months Net
HedgeGainLossToBeReclassifiedDuringNextTwelveMonthsNet
-12500000 USD
CY2021Q2 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
11000000.0 USD
CY2021Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2021Q2 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
11000000.0 USD
CY2021 us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
55800000 USD
CY2021Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
9100000 USD
CY2021Q2 gis Accounts Payable To Suppliers That Utilize Third Party Service
AccountsPayableToSuppliersThatUtilizeThirdPartyService
1411300000 USD
CY2020Q2 gis Accounts Payable To Suppliers That Utilize Third Party Service
AccountsPayableToSuppliersThatUtilizeThirdPartyService
1328900000 USD
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000.0 shares
CY2021Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
100000000 shares
CY2021Q1 gis Debt Exchange Participation Incentive Cash Payment
DebtExchangeParticipationIncentiveCashPayment
201400000 USD
CY2021Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
361300000 USD
CY2021Q2 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.034 pure
CY2020Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
279000000.0 USD
CY2020Q2 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.046 pure
CY2021Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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3500000000 USD
CY2021Q2 us-gaap Line Of Credit
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400000000 USD
CY2021Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
246400000 USD
CY2020Q2 us-gaap Deferred Finance Costs Net
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58000000.0 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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12250700000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
13260500000 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2463800000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2331500000 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
9786900000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
10929000000.0 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Repayments Of Principal In Next Twelve Months
LongTermDebtAndCapitalLeaseObligationsRepaymentsOfPrincipalInNextTwelveMonths
2463800000 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
1210300000 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
1754400000 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
800000000.0 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
731500000 USD
CY2021Q2 gis Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pre Tax Accumulated Other Comprehensive Income1
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-26300000 USD
CY2021Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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-4800000 USD
CY2021 gis Noncontrolling Interests Covenant Compliancee
NoncontrollingInterestsCovenantCompliancee
Our noncontrolling interests contain restrictive covenants. As of May 30, 2021, we were in compliance with all of these covenants.
CY2021 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5000000.0 shares
CY2020 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
100000 shares
CY2019 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2021 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
301400000 USD
CY2020 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3400000 USD
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1100000 USD
CY2021Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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-830200000 USD
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-889000000.0 USD
CY2021Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-18500000 USD
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-12600000 USD
CY2021Q2 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesAfterTax
-1718400000 USD
CY2020Q2 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesAfterTax
-2022500000 USD
CY2021Q2 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditAfterTax
-137900000 USD
CY2020Q2 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditAfterTax
-9700000 USD
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2914400000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
23500000 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.03
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.10
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.020 pure
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P8Y6M
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P8Y6M
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y6M
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.195 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.174 pure
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.163 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.033 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.036 pure
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
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We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. 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.
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CY2020 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019 us-gaap Earnings Per Share Diluted
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2029
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CY2021 us-gaap Defined Benefit Plan Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate
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CY2020 us-gaap Defined Benefit Plan Accounting Policy Election Measurement Date
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