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Quarterly Data (Unaudited)
 12 Months Ended
May 30, 2021
Quarterly Data (Unaudited) [Abstract]  
Quarterly Data (Unaudited) [Text Block] NOTE 19. QUARTERLY DATA (UNAUDITED)Summarized quarterly data for fiscal 2021 and fiscal 2020 follows:

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

 

Fiscal Year

 

 

Fiscal Year

 

 

Fiscal Year

 

 

Fiscal Year

In Millions, Except Per

Share Amounts

 

2021

 

2020

 

 

2021

 

2020

 

 

2021

 

2020

 

 

2021

 

2020

Net sales

$

4,364.0

$

4,002.5

 

$

4,719.4

$

4,420.8

 

$

4,520.0

$

4,180.3

 

$

4,523.6

$

5,023.0

Gross margin

 

1,590.4

 

1,389.5

 

 

1,721.1

 

1,569.1

 

 

1,553.9

 

1,403.2

 

 

1,582.9

 

1,768.1

Net earnings attributable to

General Mills

 

638.9

 

520.6

 

 

688.4

 

580.8

 

 

595.7

 

454.1

 

 

416.8

 

625.7

EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.04

$

0.86

 

$

1.12

$

0.96

 

$

0.97

$

0.75

 

$

0.68

$

1.03

Diluted

$

1.03

$

0.85

 

$

1.11

$

0.95

 

$

0.96

$

0.74

 

$

0.68

$

1.02

In the fourth quarter of fiscal 2021, we approved restructuring actions designed to better align our organizational structure and resources with strategic initiatives and recorded $157.3 million of charges. We recorded a loss on the sale of our Laticínios Carolina business in Brazil of $53.5 million in the fourth quarter of fiscal 2021. In the fourth quarter of fiscal 2021, we recorded $9.5 million of transaction costs related to our non-binding memorandum of understanding to sell our 51 percent controlling interest in our European Yoplait business and our planned acquisition of Tyson Foods’ pet treats business. We also recorded an $8.8 million gain related to indirect taxes in Brazil and an $11.2 million loss related to deferred taxes on amendments to reorganize certain U.S. retiree health and welfare benefit plans.

 

During the fourth quarter of 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 fourth quarter results include 4 months of Pet segment results compared to 3 months in the fourth quarter of fiscal 2019. The fourth quarter of fiscal 2020 also included an additional week of results across all other segments. In the fourth quarter of fiscal 2020, we recorded $19.3 million of expense due to a product recall related to our international Green Giant business and $11.5 million of restructuring charges.