GENERAL MILLS INCGIS

GENERAL MILLS INC New Standards Disclosure

10-KFiled Jul 1, 20262 min read
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 Statements for additional information on the impact to our related disclosure.
In the first quarter of fiscal 2024, we adopted new requirements for enhanced disclosures related to supplier financing programs,
except for the rollforward requirement, which we adopted in the fourth quarter of fiscal 2025. 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. The adoption of this guidance did not have a material impact on our results of operations and financial
position. See Note 8 to the Consolidated Financial Statements for additional information on the impact to our related disclosure.
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 and financial position.
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Historical Timeline

Fiscal YearFiled
2026Jul 1, 2026Showing above
2025Jun 26, 2025
2024Jun 26, 2024
2023Jun 28, 2023
2022Jun 30, 2022
2021Jun 30, 2021
2020Jul 2, 2020
2019Jun 28, 2019
2018Jun 29, 2018
2017Jun 29, 2017
2016Jun 30, 2016

About New Standards Disclosures

New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.

Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock Compensation