v3.26.1
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS
 12 Months Ended
May 31, 2026
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS
Defined Benefit Pension Plans
We have defined benefit pension plans covering many employees in the United States, Canada, Switzerland, and the United Kingdom.
Benefits for salaried employees are based on length of service and final average compensation. Benefits for hourly employees include
various monthly amounts for each year of credited service. Our funding policy is consistent with the requirements of applicable laws.
We made no voluntary contributions to our principal U.S. plans in fiscal 2026 or fiscal 2025. We do not expect to be required to make
any contributions to our principal U.S. plans in fiscal 2027. Our principal U.S. retirement plan covering salaried employees has a
provision that any excess pension assets would be allocated to active participants if the plan is terminated within five years of a change
in control. All salaried employees hired on or after June 1, 2013, are eligible for a retirement program that does not include a defined
benefit pension plan.
Other Postretirement Benefit Plans
We also sponsor plans that provide health care benefits to many of our retirees in the United States, Canada, and Brazil. The U.S.
salaried health care benefit plan is contributory, with retiree contributions based on years of service. We make decisions to fund
related trusts for certain employees and retirees on an annual basis. We made no voluntary contributions to these plans in fiscal 2026
or fiscal 2025. We do not expect to be required to make any contributions to these plans in fiscal 2027.
Health Care Cost Trend Rates
Assumed health care cost trends are as follows:
Fiscal Year
2026
2025
Health care cost trend rate for next year
7.7% and 7.7%
7.9% and 7.9%
Rate to which the cost trend rate is assumed to decline (ultimate rate)
4.5%
4.5%
Year that the rate reaches the ultimate trend rate
2034
2034
We review our health care cost trend rates annually. Our review is based on data we collect about our health care claims experience
and information provided by our actuaries. This information includes recent plan experience, plan design, overall industry experience
and projections, and assumptions used by other similar organizations. Our initial health care cost trend rate is adjusted as necessary to
remain consistent with this review, recent experiences, and short-term expectations. Our initial health care cost trend rate assumption
is 7.7 percent for retirees age 65 and over and for retirees under age 65 at the end of fiscal 2026. Rates are graded down annually until
the ultimate trend rate of 4.5 percent is reached in 2034 for all retirees. The trend rates are applicable for calculations only if the
retirees’ benefits increase as a result of health care inflation. The ultimate trend rate is adjusted annually, as necessary, to approximate
the current economic view on the rate of long-term inflation plus an appropriate health care cost premium. Assumed trend rates for
health care costs have an important effect on the amounts reported for the other postretirement benefit plans.
Postemployment Benefit Plans
Under certain circumstances, we also provide accruable benefits, primarily severance and gratuity, to former and inactive employees
in the United States, Canada, Mexico, and other foreign jurisdictions. We recognize an obligation for any of these benefits that vest or
accumulate with service. Postemployment benefits that do not vest or accumulate with service (such as severance based solely on
annual pay rather than years of service) are charged to expense when incurred. Our postemployment benefit plans are unfunded.
Summarized financial information about defined benefit pension, other postretirement benefit, and postemployment benefit plans is
presented below:
Defined Benefit Pension
Plans
Other Postretirement
Benefit Plans
Postemployment
Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2026
2025
2026
2025
Change in Plan Assets:
Fair value at beginning of year
$5,317.2
$5,439.7
$458.0
$463.2
Actual return on assets
383.4
188.6
61.5
35.7
Employer contributions
31.6
30.7
0.1
0.1
Plan participant contributions
3.6
2.4
6.6
6.6
Benefits payments
(359.6)
(349.5)
(44.5)
(47.6)
Foreign currency
0.2
5.3
—
—
Fair value at end of year (a)
$5,376.4
$5,317.2
$481.7
$458.0
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year
$5,627.5
$5,801.7
$337.4
$403.0
$123.1
$129.0
Service cost
42.2
51.8
2.3
4.3
6.9
7.0
Interest cost
291.5
306.9
16.4
21.1
3.5
4.0
Plan amendment
2.2
0.4
3.1
—
—
—
Curtailment/other
—
—
(0.5)
—
7.0
8.1
Plan participant contributions
3.6
2.4
6.6
6.6
—
—
Actuarial loss (gain)
50.0
(191.4)
4.4
(48.1)
(5.4)
(2.1)
Benefits payments
(359.6)
(349.5)
(49.8)
(49.0)
(17.3)
(22.9)
Reclassified to liabilities held for sale (b)
—
—
(4.3)
—
—
—
Foreign currency
1.7
5.2
—
(0.5)
—
—
Projected benefit obligation at end of year (a)
$5,659.1
$5,627.5
$315.6
$337.4
$117.8
$123.1
Plan assets (less) more than benefit obligation as of
  fiscal year end
$(282.7)
$(310.3)
$166.1
$120.6
$(117.8)
$(123.1)
(a)  Plan assets and obligations are measured as of May 31, 2026, and May 31, 2025.
(b)  Relates to our held for sale business in Brazil. Please see Note 3 for additional information on other postretirement benefit plan liabilities
classified as held for sale as of May 31, 2026.
During fiscal 2026, defined benefit pension obligations remained relatively flat and the decrease in other postretirement obligations
was primarily driven by lower interest and service costs. During fiscal 2025, the decrease in defined benefit pension obligations was
primarily driven by actuarial gains due to an increase in the discount rate, and the decrease in other postretirement obligations was
primarily driven by actuarial gains due to plan experience.
As of May 31, 2026, other postretirement benefit plans had benefit obligations of $4.9 million that are unfunded. In addition, $4.3
million of unfunded benefit obligations for other postretirement benefit plans were classified as held for sale as of May 31, 2026. As
of May 25, 2025, other postretirement benefit plans had benefit obligations of $9.4 million that are unfunded. Postemployment benefit
plans are not funded and had benefit obligations of $117.8 million and $123.1 million as of May 31, 2026, and May 25, 2025,
respectively.
The accumulated benefit obligation for all defined benefit pension plans was $5,605.6 million as of May 31, 2026, and $5,540.2
million as of May 25, 2025.
Amounts recognized in AOCI as of May 31, 2026, and May 25, 2025, are as follows:
Defined Benefit
Pension Plans
Other
Postretirement
Benefit Plans
Postemployment
Benefit Plans
Total
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2026
2025
2026
2025
2026
2025
Net actuarial (loss) gain
$(1,911.3)
$(1,935.4)
$212.1
$212.7
$0.9
$(4.1)
$(1,698.3)
$(1,726.8)
Prior service (costs) credits
(6.3)
(7.5)
48.0
67.4
5.1
6.0
46.8
65.9
Amounts recorded in accumulated
  other comprehensive loss
$(1,917.6)
$(1,942.9)
$260.1
$280.1
$6.0
$1.9
$(1,651.5)
$(1,660.9)
Plans with accumulated benefit obligations in excess of plan assets as of May 31, 2026, and May 25, 2025, are as follows:
Defined Benefit Pension Plans
Fiscal Year
In Millions
2026
2025
Projected benefit obligation
$453.4
$449.7
Accumulated benefit obligation
446.4
440.1
Plan assets at fair value
$20.7
$16.3
Components of net periodic benefit expense are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
In Millions
2026
2025
2024
2026
2025
2024
2026
2025
2024
Service cost
$42.2
$51.8
$56.8
$2.3
$4.3
$4.7
$6.9
$7.0
$7.4
Interest cost
291.5
306.9
296.5
16.4
21.1
21.3
3.5
4.0
4.0
Expected return on
  plan assets
(405.3)
(420.1)
(417.7)
(33.6)
(35.9)
(34.7)
—
—
—
Amortization of losses
  (gains)
108.7
100.4
86.5
(25.9)
(20.5)
(20.4)
0.3
0.5
0.1
Amortization of prior
  service costs
  (credits)
1.2
1.4
1.8
(21.2)
(22.1)
(21.8)
(1.1)
(1.6)
0.3
Other adjustments
—
—
—
—
—
—
7.7
11.5
8.3
Settlement or
  curtailment loss (gain)
6.7
—
(4.0)
(0.5)
—
—
—
—
—
Net expense (income)
$45.0
$40.4
$19.9
$(62.5)
$(53.1)
$(50.9)
$17.3
$21.4
$20.1
Assumptions
Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
2026
2025
2026
2025
2026
2025
Discount rate
5.72%
5.79%
5.54%
5.67%
4.97%
5.04%
Rate of salary increases
3.87
3.88
—
—
4.12
4.13
Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Postemployment Benefit Plans
Fiscal Year
Fiscal Year
Fiscal Year
2026
2025
2024
2026
2025
2024
2026
2025
2024
Discount rate
5.79%
5.52%
5.18%
5.67%
5.52%
5.19%
5.04%
5.05%
4.55%
Service cost
  effective rate
6.02
5.58
5.27
6.11
5.58
5.15
5.42
5.37
5.00
Interest cost
  effective rate
5.32
5.40
5.06
5.34
5.38
4.96
4.91
5.05
4.61
Rate of
  salary increases
3.88
4.23
4.20
—
—
—
4.13
4.46
4.46
Expected long-term
  rate of return on
  plan assets
7.52
7.63
7.13
7.35
7.79
7.34
—
—
—
Discount Rates
We estimate the service and interest cost components of the net periodic benefit expense for our United States and most of our
international defined benefit pension, other postretirement benefit, and postemployment benefit plans utilizing a full yield curve
approach by applying the specific spot rates along the yield curve used to determine the benefit obligation to the relevant projected
cash flows. Our discount rate assumptions are determined annually as of May 31 for our defined benefit pension, other postretirement
benefit, and postemployment benefit plan obligations. We also use discount rates as of May 31 to determine defined benefit pension,
other postretirement benefit, and postemployment benefit plan income and expense for the following fiscal year. We work with our
outside actuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above
Median corporate bond yield, to develop a forward interest rate curve, including a margin to that index based on our credit risk. This
forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions.
Fair Value of Plan Assets
The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy by asset
category were as follows:
May 31, 2026
May 31, 2025
In Millions
Level 1
Level 2
Level 3
Total
Assets
Level 1
Level 2
Level 3
Total
Assets
Fair value measurement of pension
  plan assets:
Equity (a)
$200.3
$375.9
$—
$576.2
$200.6
$383.8
$—
$584.4
Fixed income (b)
1,476.4
2,268.0
—
3,744.4
1,529.7
2,019.2
—
3,548.9
Real asset investments (c)
55.6
—
—
55.6
59.7
—
—
59.7
Other investments (d)
—
—
0.1
0.1
—
—
0.1
0.1
Cash and accruals
96.6
0.1
—
96.7
137.2
0.1
—
137.3
Fair value measurement of pension
  plan assets
$1,828.9
$2,644.0
$0.1
$4,473.0
$1,927.2
$2,403.1
$0.1
$4,330.4
Assets measured at net asset value (e)
903.4
986.8
Total pension plan assets
$5,376.4
$5,317.2
Fair value measurement of
  postretirement benefit plan assets:
Fixed income (b)
$87.1
$—
$—
$87.1
$90.5
$—
$—
$90.5
Cash and accruals
40.0
—
—
40.0
33.7
—
—
33.7
Fair value measurement of
  postretirement benefit
  plan assets
$127.1
$—
$—
$127.1
$124.2
$—
$—
$124.2
Assets measured at net asset value (e)
354.6
333.8
Total postretirement benefit
  plan assets
$481.7
$458.0
(a)Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations.
Investments include: United States and international public equity securities, mutual funds, and equity futures valued at closing prices from
national exchanges, commingled funds valued at fair value using the unit values provided by the investment managers.
(b)Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy
allocations, and duration targets. Investments include: fixed income securities and bond derivatives generally valued at closing prices from
national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values
provided by the investment managers, which are based on the fair value of the underlying investments.
(c)Publicly traded common stocks in energy, real estate, and infrastructure for the purpose of total return, which are generally valued at closing
prices from national exchanges.
(d)Insurance and annuity contracts to provide a stable stream of income for pension retirees. Fair values are based on the fair value of the
underlying investments and contract fair values established by the providers.
(e)Primarily limited partnerships, trust-owned life insurance, common collective trusts, and certain private equity securities that are measured at
fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.
There were no transfers into level 3 investments in fiscal 2026 or fiscal 2025.
Expected Rate of Return on Plan Assets
Our expected rate of return on plan assets is determined by our asset allocation, our historical long-term investment performance, our
estimate of future long-term returns by asset class (using input from our actuaries, investment services, and investment managers), and
long-term inflation assumptions. We review this assumption annually for each plan; however, our annual investment performance for
one particular year does not, by itself, significantly influence our evaluation.
Weighted-average asset allocations for our defined benefit pension and other postretirement benefit plans are as follows:
Defined Benefit Pension Plans
Other Postretirement Benefit
Plans
Fiscal Year
Fiscal Year
2026
2025
2026
2025
Asset category:
United States equities
6.4%
6.4%
24.3%
26.0%
International equities
4.0
4.4
12.6
14.9
Private equities
7.9
9.3
7.2
9.1
Fixed income
73.6
70.9
55.9
50.0
Real assets
8.1
9.0
—
—
Total
100.0%
100.0%
100.0%
100.0%
The investment objective for our defined benefit pension and other postretirement benefit plans is to secure the benefit obligations to
participants at a reasonable cost to us. Our goal is to maintain the funded status of our qualified plans. The defined benefit pension
plan and other postretirement benefit plan portfolios are broadly diversified across asset classes. Within asset classes, the portfolios are
further diversified across investment styles and investment organizations. For the U.S. defined benefit pension plans, the long-term
investment policy allocation is: 8 percent to equities in the United States; 4 percent to international equities; 7 percent to private
equities; 73 percent to fixed income; and 8 percent to real assets (real estate, energy, and infrastructure). For other U.S. postretirement
benefit plans, the long-term investment policy allocations are: 23 percent to equities in the United States; 12 percent to international
equities; 5 percent to total private equities; and 60 percent to fixed income. The actual allocations to these asset classes may vary
tactically around the long-term policy allocations based on relative market valuations.
Contributions and Future Benefit Payments
We do not expect to be required to make contributions to our defined benefit pension, other postretirement benefit, and
postemployment benefit plans in fiscal 2027. Actual fiscal 2027 contributions could exceed our current projections, as influenced by
our decision to undertake discretionary funding of our benefit trusts and future changes in regulatory requirements. Estimated benefit
payments, which reflect expected future service, as appropriate, are expected to be paid from fiscal 2027 to fiscal 2036 as follows:
In Millions
Defined Benefit
Pension Plans
Other
Postretirement
Benefit Plans
Gross Payments
Postemployment
Benefit Plans
Fiscal 2027
$372.6
$30.9
$21.6
Fiscal 2028
377.2
30.0
18.1
Fiscal 2029
381.6
29.2
16.2
Fiscal 2030
385.4
28.6
14.7
Fiscal 2031
389.2
27.4
13.6
Fiscal 2032 - 2036
1,969.5
125.3
58.5
Defined Contribution Plans
The General Mills Savings Plan is a defined contribution plan that covers domestic salaried, hourly, nonunion, and certain union
employees. This plan is a 401(k) savings plan that includes a number of investment funds, including a Company stock fund and an
Employee Stock Ownership Plan (ESOP). Effective October 1, 2025, General Mills merged a money purchase plan for certain
domestic hourly employees into the General Mills Savings Plan. Assets of $20.1 million were transferred into the General Mills
Savings Plan, and no separate assets remained in the money purchase plan as of May 31, 2026. We also sponsor defined contribution
plans in many of our foreign locations. Our total recognized expense related to defined contribution plans was $97.6 million in fiscal
2026, $96.1 million in fiscal 2025, and $94.0 million in fiscal 2024.
We match a percentage of employee contributions to the General Mills Savings Plan. The Company match is directed to investment
options of the participant’s choosing. The number of shares of our common stock allocated to participants in the ESOP was 2.9 million
as of May 31, 2026, and 3.2 million as of May 25, 2025. The ESOP’s only assets are our common stock and temporary cash balances.
The Company stock fund and the ESOP collectively held $172.6 million and $292.7 million of Company common stock as of May 31,
2026, and May 25, 2025, respectively.