GENERAL MILLS INCGIS

GENERAL MILLS INC New Standards Disclosure

10-KFiled Jun 26, 20252 min read
 
 
 
 
 
 
 
 
 
 
 
 
New Accounting Standards
 
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
 
discounted
 
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.

Historical Timeline

Fiscal YearFiled
2025Jun 26, 2025Showing above
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