XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.23.4

Background | 6 Months Ended
--- | ---
Nov. 26, 2023
Background [Abstract] |
Background | (1) Background The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and any noncontrolling interests’ share of those transactions. Operating results for the fiscal quarter ended November 26, 2023, are not necessarily indicative of the results that may be expected for the fiscal year ending May 26, 2024. These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 28, 2023. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K with the exception of new requirements adopted in the first quarter of fiscal 2024. In the first quarter of fiscal 2024, we adopted optional accounting guidance to ease the burden in accounting for reference rate reform. The new standard provides temporary expedients and exceptions to existing accounting requirements for contract modifications and hedge accounting related to transitioning from discontinued reference rates. This resulted in modifying contracts, where necessary, to apply a new reference rate, primarily SOFR. The adoption of this accounting guidance did not have a material impact on our results of operations or financial position. In the first quarter of fiscal 2024, we adopted new requirements for enhanced disclosures related to supplier financing programs. The new standard requires disclosure of the key terms of the program and a rollforward of the related obligation during the annual period, including the amount of obligations confirmed and obligations subsequently paid. We have historically presented the key terms of these programs and the associated obligation outstanding (please see Note 6). The rollforward requirement is effective in fiscal 2025. The adoption did not have a material impact on our financial statements and related disclosures. Certain terms used throughout this report are defined in the “Glossary” section below.

X
- Definition The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent + Details
Name: | us-gaap_BasisOfAccounting
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration