NONCONTROLLING INTERESTS |
12 Months Ended |
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May 31, 2026 | |
| Noncontrolling Interest [Abstract] | |
| NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Our principal noncontrolling interest related to our General Mills Cereals, LLC (GMC) subsidiary. The third-party holder of the GMC Class A limited membership interest (GMC Class A Interests) received quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder’s capital account balance established in the most recent mark- to-market valuation. On June 1, 2024, the floating preferred return rate was reset to the sum of the three-month Term SOFR plus 261 basis points. During the fourth quarter of fiscal 2025, we purchased the outstanding GMC Class A Interests from the third-party holder for $252.8 million. The purchase price reflected the GMC Class A Interests’ original capital account balance of $242.3 million and $10.5 million primarily related to capital account appreciation attributable and paid to the third-party holder of the Class A Interests. The capital appreciation paid to the third-party holder of the Class A Interests was recorded as a direct reduction to retained earnings, a component of stockholders’ equity, on the Consolidated Balance Sheets, and reduced net earnings available to common stockholders in our basic and diluted earnings per share (EPS) calculations. For financial reporting purposes, the assets, liabilities, results of operations, and cash flows of our non-wholly owned consolidated subsidiaries are included in our Consolidated Financial Statements. The third-party investor’s share of the net earnings of these subsidiaries is reflected in net earnings attributable to noncontrolling interests in our Consolidated Statements of (Loss) Earnings.
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