v3.26.1
STOCKHOLDERS’ EQUITY
 12 Months Ended
May 31, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Cumulative preference stock of 5.0 million shares, without par value, is authorized but unissued.
On June 27, 2022, 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
2026
2025
2024
Shares of common stock
10.0
18.7
29.2
Aggregate purchase price
$504.7
$1,213.5
$2,021.2
During the first quarter of fiscal 2026, we entered into two accelerated share repurchase (ASR) agreements with an unrelated third
party financial institution to repurchase an aggregate of $500.0 million of our shares of common stock. Under the ASR agreements, we
paid an aggregate of $500.0 million and received an initial delivery of 7.5 million shares of our common stock in the first quarter of
fiscal 2026.
The first ASR agreement was settled in the first quarter of fiscal 2026 with a final delivery of 1.2 million additional shares. The second
ASR agreement was settled in the second quarter of fiscal 2026 with a final delivery of 1.3 million additional shares. We received a
total of 10.0 million shares at an average price of $49.92, not including costs of execution or excise tax, under the ASR agreements.
The following tables provide details of total comprehensive (loss) income:
Fiscal 2026
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Net (loss) earnings, including earnings attributable to
noncontrolling interests
$(87.6)
$2.3
Other comprehensive income (loss):
Foreign currency translation
$(17.6)
$28.3
10.7
—
Net actuarial loss
(57.9)
12.4
(45.5)
—
Other fair value changes:
Hedge derivatives
6.7
(2.0)
4.7
—
Reclassification to earnings:
Hedge derivatives (a)
(3.2)
1.1
(2.1)
—
Amortization of losses and prior service costs (b)
68.7
(13.8)
54.9
—
Other comprehensive income
$(3.3)
$26.0
22.7
—
Total comprehensive (loss) income
$(64.9)
$2.3
(a) Gain 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. In the second quarter of fiscal 2026, a $6.7 million loss
related to a curtailment was reclassified from AOCI into earnings and is reported in restructuring, transformation, impairment and other exit costs
in our Consolidated Statements of (Loss) Earnings.
Fiscal 2025
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Net earnings, including earnings attributable to
noncontrolling interests
$2,295.2
$23.7
Other comprehensive (loss) income:
Foreign currency translation
$(161.9)
$46.6
(115.3)
0.4
Net actuarial gain
21.3
(4.1)
17.2
—
Other fair value changes:
Hedge derivatives
(8.0)
0.6
(7.4)
—
Reclassification to earnings:
Foreign currency translation (a)
33.9
—
33.9
—
Hedge derivatives (b)
(2.3)
2.1
(0.2)
—
Amortization of losses and prior service costs (c)
58.1
(11.6)
46.5
—
Other comprehensive (loss) income
$(58.9)
$33.6
(25.3)
0.4
Total comprehensive income
$2,269.9
$24.1
(a)Loss reclassified from AOCI into earnings is reported in divestitures gain, net.
(b)Gain 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.
Fiscal 2024
General Mills
Noncontrolling
Interests
In Millions
Pretax
Tax
Net
Net
Net earnings, including earnings attributable to
noncontrolling interests
$2,496.6
$22.0
Other comprehensive (loss) income:
Foreign currency translation
$(98.4)
$11.7
(86.7)
0.1
Net actuarial loss
(239.4)
52.3
(187.1)
—
Other fair value changes:
Hedge derivatives
(4.4)
1.2
(3.2)
—
Reclassification to earnings:
Hedge derivatives (a)
(4.1)
1.6
(2.5)
—
Amortization of losses and prior service costs (b)
46.5
(9.8)
36.7
—
Other comprehensive (loss) income
$(299.8)
$57.0
(242.8)
0.1
Total comprehensive income
$2,253.8
$22.1
(a)Gain 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.
In fiscal 2026, 2025, and 2024, except for certain reclassifications to earnings, changes in other comprehensive (loss) income were
primarily non-cash items.
Accumulated other comprehensive loss balances, net of tax effects, were as follows:
In Millions
May 31, 2026
May 25, 2025
Foreign currency translation adjustments
$(866.0)
$(876.7)
Unrealized loss from hedge derivatives
(4.8)
(7.4)
Pension, other postretirement, and postemployment benefits:
Net actuarial loss
(1,698.3)
(1,726.8)
Prior service credits
46.8
65.9
Accumulated other comprehensive loss
$(2,522.3)
$(2,545.0)