Financial Analysis

COMMITMENTS AND CONTINGENCIES As of May 31, 2026 , we have issued guarantees with various terms of $164.4 million for the debt and other obligations of non- consolidated affiliates, mainly CPW. This amount represents the maximum potential obligation that would be required to pay under the guarantees. We have determined the likelihood of any significant amounts being paid under these guarantees to be remote. Off- balance sheet arrangements were not material as of May 31, 2026 .

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DEBT NOTES PAYABLE The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: May 31, 2026 May 25, 2025 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ 60.0 3.8 % $ 669.4 4.5 % Financial institutions 8.4 4.6 7.6 5.8 Total $ 68.4 3.9 % $ 677.0 4.5 % To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. The following table details the credit facilities and lines of credit we had available as of May 31, 2026 : In Millions Borrowing Capacity Borrowed Amount Committed credit facility expiring October 2029 $ 2,700.0 $ Uncommitted credit facilities and lines of credit 774.5 8.4 Total $ 3,474.5 $ 8.4 We are in compliance with all credit facility covenants. LONG-TERM DEBT In the fourth quarter of fiscal 2026, we issued 1.0 billion of 4.75 percent fixed-to-fixed reset rate Series A junior subordinated notes and 700.0 million of 5.25 percent fixed-to-fixed reset rate Series B junior subordinated notes, each due July 16, 2056 . The interest rate of the Series A and Series B junior subordinated notes will reset on July 16, 2031 and July 16, 2034, respectively, and every fifth year thereafter. The Series A and Series B junior subordinated notes pay interest annually and may be redeemed at any time during the 90 days prior to their respective first inte …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

STOCK PLANS We use broad-based stock plans to help ensure that managements interests are aligned with those of our shareholders. As of May 31, 2026 , a total of 25.9 million shares were available for grant in the form of stock options, restricted stock, restricted stock units, and shares of unrestricted stock under the 2022 Stock Compensation Plan (2022 Plan). The 2022 Plan also provides for the issuance of cash-settled share-based units, stock appreciation rights, and performance-based stock awards. Stock-based awards now outstanding include some granted under the 2017 Stock Compensation Plan, under which no further awards may be granted. The stock plans provide for potential accelerated vesting of awards upon retirement, termination, or death of eligible employees and directors. Stock Options The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Fiscal Year 2026 2025 2024 Estimated fair values of stock options granted $ 9.45 $ 13.26 $ 17.47 Assumptions: Risk-free interest rate 4.2 % 4.5 % 4.0 % Expected term 8.0 years 8.5 years 8.5 years Expected volatility 22.3 % 21.6 % 21.5 % Dividend yield 4.7 % 3.8 % 2.8 % We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. We estimate our future st …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets are as follows: In Millions May 31, 2026 May 25, 2025 Goodwill $ 14,122.4 $ 15,622.4 Other intangible assets: Intangible assets not subject to amortization: Brands 6,472.2 6,816.7 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 412.4 420.9 Less accumulated amortization (167.7) (156.2) Intangible assets subject to amortization, net 244.7 264.7 Other intangible assets 6,716.9 7,081.4 Total $ 20,839.3 $ 22,703.8 Based on the carrying value of finite-lived intangible assets as of May 31, 2026 , amortization expense for each of the next five fiscal years is estimated to be approximately $19 million . The changes in the carrying amount of goodwill for fiscal 2024 , 2025 , and 2026 are as follows: In Millions North America Retail North America Pet North America Foodservice International Corporate and Joint Ventures Total Balance as of May 28, 2023 $ 6,542.4 $ 6,062.8 $ 805.6 $ 708.4 $ 392.0 $ 14,511.2 Acquisitions 318.1 26.9 345.0 Impairment charge (117.1) (117.1) Other activity, primarily foreign currency translation (0.5) (0.1) 7.7 4.5 11.6 Balance as of May 26, 2024 6,541.9 6,062.8 805.5 917.1 423.4 14,750.7 Acquisition 1,086.7 1,086.7 Divestiture (14.6) (14.6) Reclassified to assets held for sale (202.6) (50.0) (252.6) Other activity, primarily foreign currency translation (1.2) 34.6 18.8 52.2 Balance as of May 25, 2025 6,323.5 7,149.5 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The components of earnings before income taxes and after-tax (loss) earnings from joint ventures and the corresponding income taxes thereon are as follows: Fiscal Year In Millions 2026 2025 2024 Earnings before income taxes and after-tax (loss) earnings from joint ventures: United States $ 441.7 $ 2,493.2 $ 2,907.0 Foreign (36.2) 341.8 121.3 Total earnings before income taxes and after-tax earnings (loss) from joint ventures $ 405.5 $ 2,835.0 $ 3,028.3 Income taxes: Currently payable: Federal $ 101.2 $ 549.0 $ 512.8 State and local 65.6 80.1 72.0 Foreign 44.3 65.5 58.2 Total current 211.1 694.6 643.0 Deferred: Federal 216.7 (62.6) 27.4 State and local 1.9 (3.3) 9.7 Foreign (15.4) (55.0) (85.6) Total deferred 203.2 (120.9) (48.5) Total: Federal 317.9 486.4 540.2 State and local 67.5 76.8 81.7 Foreign 28.9 10.5 (27.4) Total income taxes $ 414.3 $ 573.7 $ 594.5 In fiscal 2026 , we recorded a $1,500.0 million impairment charge related to the North America Pet reporting unit goodwill, which is not deductible for tax purposes. Please see Note 6 for additional information. The following table reconciles the United States federal statutory income tax with our effective income tax for fiscal 2026 : Amount Percent United States federal statutory tax $ 85.2 21.0 % State and local income taxes, net of federal tax benefits (a) 53.0 13.1 Foreign tax effects Switzerland Basis difference 45.3 11.2 Other (5.2) (1.3) Other foreign jurisdictions 11.3 2.8 Effect of cross-border laws …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES Our lease portfolio primarily consists of operating lease arrangements for certain warehouse and distribution space, office space, retail shops, production facilities, rail cars, production and distribution equipment, automobiles, and office equipment. Our lease costs associated with finance leases and sale-leaseback transactions and our lease income associated with lessor and sublease arrangements are not material to our Consolidated Financial Statements. Components of our lease cost are as follows: Fiscal Year In Millions 2026 2025 2024 Operating lease cost $ 138.5 $ 145.7 $ 128.9 Variable lease cost 6.8 7.5 8.9 Short-term lease cost 31.1 32.6 32.2 Maturities of our operating and finance lease obligations by fiscal year are as follows: In Millions Operating Leases Finance Leases Fiscal 2027 $ 118.4 $ 0.4 Fiscal 2028 100.3 Fiscal 2029 78.5 Fiscal 2030 51.4 Fiscal 2031 38.3 After fiscal 2031 69.3 Total noncancelable future lease obligations $ 456.2 $ 0.4 Less: Interest (53.8) Present value of lease obligations $ 402.4 $ 0.4 The lease payments presented in the table above exclude $95.5 million of minimum lease payments for operating leases we have committed to but have not yet commenced as of May 31, 2026 . The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: May 31, 2026 May 25, 2025 Weighted-average remaining lease term 5.0 years 5.0 years Weighted-average discount rate 4.7% 4.9% In addition, we had $12. …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Standards In the fourth quarter of fiscal 2026, we adopted new requirements for enhanced disclosure related to income taxes. The new standard requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. We adopted the requirements of the new standard using a prospective approach. The adoption of this accounting guidance did not have a material impact on our results of operations and financial position. See Note 15 to the Consolidated Financial Statements for additional information on the impact to our related disclosure. In the fourth quarter of fiscal 2025, we adopted new accounting requirements related to enhanced segment disclosure requirements. The new standard requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM) included within segment operating profit or loss as well as a description of how the CODM utilizes segment operating profit or loss to assess segment performance. We adopted the requirements of the new standard using a retrospective approach. The adoption of this accounting guidance did not have a material impact on our results of operations and financial position. See Note 17 to the Consolidated Financial S …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 no t 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 no …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RESTRUCTURING, TRANSFORMATION, IMPAIRMENT, AND OTHER EXIT COSTS GOODWILL AND OTHER INTANGIBLE ASSET IMPAIRMENTS In fiscal 2026 , we recorded a $1,500.0 million non-cash goodwill impairment charge related to our North America Pet reporting unit and $302.9 million of non-cash impairment charges related to our Nudges, Uncle Tobys, and True Chews brand intangible assets. In fiscal 2024 , we recorded a $117.1 million non-cash goodwill impairment charge related to our Latin America reporting unit and $103.1 million of non-cash impairment charges related to our Top Chews , True Chews , and EPIC brand intangible assets. Please see Note 6 for additional information. VALUATION LOSS ON HELD FOR SALE BUSINESS In fiscal 2026, we recorded a $1,031.8 million non-cash pre-tax valuation loss related to the planned divestiture of our Brazil business . Please see Note 3 for additional information. RESTRUCTURING AND TRANSFORMATION INITIATIVES We view our restructuring and transformation activities as actions that help us meet our long-term growth targets and are evaluated against internal rate of return and net present value targets. Each project normally takes one to two years to complete. At completion (or as each major stage is completed in the case of multi-year programs), the project begins to deliver cash savings and/or reduced depreciation. These activities result in various restructuring and transformation costs, including asset write-offs, exit charges including severance, contract term …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION We operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, North America Pet, and North America Foodservice. Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product categories in this business segment include ready-to-eat cereals, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including ready-to-eat c ereal, frozen vegetables, meal kits, fruit snacks and snack bars. Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf- stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from export activities ar …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all investments purchased with an original maturity of three months or less to be cash equivalents. Inventories All inventories in the United States other than grain are valued at the lower of cost, using the last-in, first-out (LIFO) method, or market. Grain inventories are valued at net realizable value, and all related cash contracts and derivatives are valued at fair value, with all net changes in value recorded in earnings currently. Inventories outside of the United States are generally valued at the lower of cost, using the first-in, first-out (FIFO) method, or net realizable value. Shipping costs associated with the distribution of finished product to our customers are recorded as cost of sales and are recognized when the related finished product is shipped to and accepted by the customer. Land, Buildings, Equipment, and Depreciation Land is recorded at historical cost. Buildings and equipment, including capitalized interest and internal engineering costs, are recorded at cost and depreciated over estimated useful lives, primarily using the straight-line method. Ordinary maintenance and repairs are charged to cost of sales. Buildings are usually depreciated over 40 years , and equipment, furniture, and software are usually depreciated over 3 to 10 years . Fully depreciated assets are retained in buildings and equipment until disposal. When an item is sold or retired, the accounts are reli …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

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 ag …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Debt The components of notes payable and their respective weighted-average interest rates were as follows: Nov. 23, 2025 May 25, 2025 In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate U.S. commercial paper $ % $ 669.4 4.5 % Financial institutions 16.8 6.0 7.6 5.8 Total $ 16.8 6.0 % $ 677.0 4.5 % To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. The following table details the credit facilities and lines of credit we had available as of November 23, 2025 : In Millions Borrowing Capacity Borrowed Amount Committed credit facility expiring October 2029 $ 2,700.0 $ Uncommitted credit facilities and lines of credit 771.8 16.8 Total $ 3,471.8 $ 16.8 The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were in compliance with all credit facility covenants as of November 23, 2025 . Long-Term Debt The fair values and carrying amounts of long-term debt, including the current portion, were $13,390.1 million and $13,718.0 million , respectively, as of November 23, 2025 . The fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. Long-term debt is a Level 2 liability in the fair value hierarchy. In the second q uarter of fiscal 2026 , we repaid …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock Plans We have various stock-based compensation programs under which awards, including stock options, restricted stock, restricted stock units, and performance awards, may be granted to employees and non-employee directors. These programs and related accounting are described in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 . Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings was as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 23, 2025 Nov. 24, 2024 Nov. 23, 2025 Nov. 24, 2024 Compensation expense related to stock-based payments $ 24.2 $ 26.3 $ 39.3 $ 46.6 Compensation expense related to stock-based payments recognized in the Consolidated Statements of Earnings includes amounts recognized in restructuring, transformation, impairment, and other exit costs in fiscal 2026. (Shortfall) windfall tax benefits from stock-based payments in income tax expense in our Consolidated Statements of Earnings were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 23, 2025 Nov. 24, 2024 Nov. 23, 2025 Nov. 24, 2024 (Shortfall) windfall tax benefits from stock-based payments $ (0.1) $ 2.0 $ (1.6) $ 4.8 As of November 23, 2025 , unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $158.8 million . This expense will be recognized over 26 months on a …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows: In Millions Nov. 23, 2025 May 25, 2025 Goodwill $ 15,601.5 $ 15,622.4 Other intangible assets: Intangible assets not subject to amortization: Brands and other indefinite-lived intangibles 6,767.9 6,816.7 Intangible assets subject to amortization: Customer relationships and other finite-lived intangibles 421.2 420.9 Less accumulated amortization (166.5) (156.2) Intangible assets subject to amortization, net 254.7 264.7 Other intangible assets 7,022.6 7,081.4 Total $ 22,624.1 $ 22,703.8 Based on the carrying value of finite-lived intangible assets as of November 23, 2025 , annual amortization expense for each of the next five fiscal years is estimated to be approximately $20 million . The changes in the carrying amount of goodwill during the six-month period ended November 23, 2025 , were as follows: In Millions North America Retail North America Pet North America Foodservice International (a) Corporate and Joint Ventures Total Balance as of May 25, 2025 $ 6,323.5 $ 7,149.5 $ 755.5 $ 951.7 $ 442.2 $ 15,622.4 Purchase accounting adjustment (32.5) (32.5) Other activity, primarily foreign currency translation (2.8) (0.1) 9.0 5.5 11.6 Balance as of Nov. 23, 2025 $ 6,320.7 $ 7,117.0 $ 755.4 $ 960.7 $ 447.7 $ 15,601.5 (a) The carrying amounts of goodwill within the International segment as of May 25, 2025 , and November 23, 2025 , were net of accumulated impairment losses of $1 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes On July 4, 2025, legislation known as the One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA makes changes to the United States corporate income tax system, including, among other provisions, the immediate expensing of research and development expenditures, and 100 percent bonus depreciation on qualified property. The impacts of the OBBBA are reflected in our results for the six-month period ended November 23, 2025 , and there was no material impact to our income tax expense. As of the six- month period ended November 23, 2025 , we expect certain provisions of the OBBBA will change the timing of cash tax payments in the current fiscal year and future periods. In December 2021, the Organization for Economic Cooperation and Development (OECD) established a framework, referred to as Pillar 2, designed to ensure large multinational enterprises pay a minimum 15 percent level of tax on the income arising in each jurisdiction in which they operate. Numerous countries have already enacted the OECD model rules effective for taxable years beginning after December 31, 2023, which for us was fiscal 2025. There was no material impact on our consolidated financial statements. Several other countries have enacted or drafted legislation that is not yet effective for us, and we do not expect this legislation to have a material impact on our consolidated financial statements. We will continue to monitor for new legislation and guidance and evaluate potential impact …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Retirement and Postemployment Benefits Components of net periodic benefit expense (income) are as follows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Quarter Ended Quarter Ended Quarter Ended In Millions Nov. 23, 2025 Nov. 24, 2024 Nov. 23, 2025 Nov. 24, 2024 Nov. 23, 2025 Nov. 24, 2024 Service cost $ 10.4 $ 12.9 $ 0.6 $ 1.1 $ 1.7 $ 1.7 Interest cost 72.8 76.7 4.2 5.3 0.9 1.0 Expected return on plan assets (101.3) (105.0) (8.4) (8.9) Amortization of losses (gains) 26.2 24.9 (6.5) (5.1) 0.2 Amortization of prior service costs (credits) 0.3 0.4 (5.3) (5.6) (0.2) (0.2) Other adjustments 2.1 2.5 Curtailment loss (gain) 6.7 (0.5) Net expense (income) $ 15.1 $ 9.9 $ (15.9) $ (13.2) $ 4.5 $ 5.2 Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Six-Month Period Ended Six-Month Period Ended Six-Month Period Ended In Millions Nov. 23, 2025 Nov. 24, 2024 Nov. 23, 2025 Nov. 24, 2024 Nov. 23, 2025 Nov. 24, 2024 Service cost $ 20.9 $ 25.9 $ 1.2 $ 2.2 $ 3.4 $ 3.5 Interest cost 145.7 153.4 8.4 10.6 1.8 2.0 Expected return on plan assets (202.6) (210.0) (16.8) (17.9) Amortization of losses (gains) 52.5 50.0 (13.0) (10.3) 0.1 0.3 Amortization of prior service costs (credits) 0.6 0.7 (10.6) (11.1) (0.5) (0.5) Other adjustments 4.1 5.1 Curtailment loss (gain) 6.7 (0.5) Net expense (income) $ 23.8 $ 20.0 $ (31.3) $ (26.5) $ 8.9 $ 10.4 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring, Transformation, Impairment, and Other Exit Costs Restructuring, transformation, and impairment charges were as follows: Quarter Ended Six-Month Period Ended In Millions Nov. 23, 2025 Nov. 24, 2024 Nov. 23, 2025 Nov. 24, 2024 Other intangible asset impairment $ 52.9 $ $ 52.9 $ Supply chain actions 50.3 50.3 Charges associated with restructuring and transformation actions previously announced 21.9 1.3 40.2 4.2 Total $ 125.1 $ 1.3 $ 143.4 $ 4.2 In the second quarter of fiscal 2026 , we recorded a $52.9 million non-cash impairment charge related to our Uncle Toby's brand intangible asset . Please see Note 4 for additional information. In the second quarter of fiscal 2026 , we approved a multi-year organizational initiative to increase the competitiveness of our supply chain. We expect to incur approximately $82 million of restructuring charges, of which approximately $17 million will be cash. These charges are expected to consist of approximately $64 million of asset write-offs and $18 million of other costs, including severance. We recognized $45.4 million of asset write-offs , including $42.5 million of impairment , and $4.9 million of severance and other benefit costs in the second quarter of fiscal 2026. The non-cash asset impairment charges to write down certain long-lived assets to their fair value were based on recently reported transactions for similar assets in the marketplace. We expect these actions to be completed by the end of fiscal 2029. We recorded …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Business Segment and Geographic Information We operate in the packaged foods industry. Our operating segments are as follows: North America Retail, International, North America Pet, and North America Foodservice. Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, convenience stores, and e-commerce grocery providers. Our product categories in this business segment include ready-to-eat cereals, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products including ready-to-eat cereal, frozen and shelf-stable vegetables, meal kits, fruit snacks, and snack bars. Our International operating segment consists of retail and foodservice businesses outside of the United States and Canada. Our product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, shelf- stable vegetables, and pet food products. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures. Revenues from exp …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders Equity The following tables provide details of total comprehensive income: Quarter Ended Quarter Ended Nov. 23, 2025 Nov. 24, 2024 General Mills Noncontrolling Interests General Mills Noncontrolling Interests In Millions Pretax Tax Net Net Pretax Tax Net Net Net earnings, including earnings attributable to noncontrolling interests $ 413.0 $ 1.3 $ 795.7 $ 6.6 Other comprehensive income (loss): Foreign currency translation $ 34.8 $ (21.9) 12.9 (0.5) $ 100.9 $ (70.8) 30.1 (1.3) Other fair value changes: Hedge derivatives 4.0 (0.9) 3.1 11.8 (2.6) 9.2 Reclassification to earnings: Hedge derivatives (a) (4.1) (0.6) (4.7) 1.2 0.5 1.7 Amortization of losses and prior service costs (b) 21.2 (4.2) 17.0 14.6 (2.9) 11.7 Other comprehensive income (loss) $ 55.9 $ (27.6) 28.3 (0.5) $ 128.5 $ (75.8) 52.7 (1.3) Total comprehensive income $ 441.3 $ 0.8 $ 848.4 $ 5.3 (a) (Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and selling, general, and administrative (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 Earnings. Six-Month Period Ended Six-Month Period Ended Nov. 23, 2025 N …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing