UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

R ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934FORTHEFISCALYEARENDEDMay31,2020

£ TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934FORTHETRANSITIONPERIOD

FROM__________TO__________

Commissionfilenumber:001-01185________________

GENERAL MILLS, INC.(Exactnameofregistrantasspecifiedinitscharter)

Delaware 41-0274440(Stateorotherjurisdictionof (I.R.S.Employerincorporationororganization) IdentificationNo.)

NumberOneGeneralMillsBoulevard

Minneapolis,Minnesota 55426(Addressofprincipalexecutiveoffices) (ZipCode)

(763)764-7600(Registrant’stelephonenumber,includingareacode)

Securities registered pursuant to Section 12(b) of the Act:

       

Title of each class Trading Symbol(s)

Name of each exchangeon which registered

CommonStock,$.10parvalue GIS NewYorkStockExchange2.100%Notesdue2020 GIS20 NewYorkStockExchange1.000%Notesdue2023 GIS23A NewYorkStockExchange0.450%Notesdue2026 GIS26 NewYorkStockExchange1.500%Notesdue2027 GIS27 NewYorkStockExchange

Securities registered pursuant to Section 12(g) of the Act: NoneIndicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.YesRNo£IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes£NoRIndicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YesRNo£IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-Tduringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).YesRNo£Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct.(Checkone):

LargeacceleratedfilerR Acceleratedfiler£ Non-acceleratedfiler£

Smallerreportingcompany£

Emerginggrowthcompany£If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any neworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.£Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.RIndicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).Yes£NoRAggregatemarket valueofCommonStockheldbynon-affiliates of theregistrant, basedontheclosingpriceof$52.69pershareasreportedontheNewYorkStockExchangeonNovember24,2019(thelastbusinessdayoftheregistrant’smostrecentlycompletedsecondfiscalquarter):$31,856.1million.NumberofsharesofCommonStockoutstandingasofJune15,2020:609,869,264(excluding144,744,064sharesheldinthetreasury).

DOCUMENTS INCORPORATED BY REFERENCEPortionsoftheregistrant’sProxyStatementforits2020AnnualMeetingofShareholdersareincorporatedbyreferenceintoPartIII.

TableofContents PagePart I Item1 Business 4Item1A RiskFactors 8Item1B UnresolvedStaffComments 14Item2 Properties 14Item3 LegalProceedings 15Item4 MineSafetyDisclosures 15Part II Item5 MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesof

EquitySecurities16

Item6 SelectedFinancialData 17Item7 Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 18Item7A QuantitativeandQualitativeDisclosuresAboutMarketRisk 43Item8 FinancialStatementsandSupplementaryData 45Item9 ChangesinandDisagreementsWithAccountantsonAccountingandFinancialDisclosure 97Item9A ControlsandProcedures 97Item9B OtherInformation 98Part III Item10 Directors,ExecutiveOfficersandCorporateGovernance 98Item11 ExecutiveCompensation 98Item12 SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters 98Item13 CertainRelationshipsandRelatedTransactions,andDirectorIndependence 99Item14 PrincipalAccountingFeesandServices 99Part IV Item15 ExhibitsandFinancialStatementSchedules 99Item16 Form10-KSummary 102Signatures 103

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PART IITEM 1 - BusinessGeneralMills,Inc.wasincorporatedinDelawarein1928.Theterms“GeneralMills,”“Company,”“registrant,”“we,”“us,”and“our”meanGeneralMills,Inc.andallsubsidiariesincludedintheConsolidatedFinancialStatementsinItem8ofthisreportunlessthecontextindicatesotherwise.CertaintermsusedthroughoutthisreportaredefinedinaglossaryinItem8ofthisreport.COMPANY OVERVIEWWearealeadingglobalmanufacturerandmarketerofbrandedconsumerfoodssoldthroughretailstores.WealsoarealeadingsupplierofbrandedandunbrandedfoodproductstotheNorthAmericanfoodserviceandcommercialbakingindustries.Wearealsoaleadingmanufacturerandmarketerinthewholesomenaturalpetfoodcategory.Wemanufactureourproductsin13countriesandmarkettheminmorethan100countries.Inadditiontoourconsolidatedoperations,wehave50percentinterestsintwostrategicjointventuresthatmanufactureandmarketfoodproductssoldinmorethan130countriesworldwide.Theresults ofourPetoperatingsegmentinclude13monthsofresults infiscal 2020aswechangedthePetoperatingsegment’sreportingperiodfromanAprilfiscalyearendtoaMayfiscalyearendtomatchourfiscalcalendar.Fiscal2019included12monthsofresults,andfiscal2018didnotincluderesultsforthePetoperatingsegment.Wemanageandreviewthefinancialresultsofourbusinessunderfiveoperatingsegments:NorthAmericaRetail;ConvenienceStores&Foodservice;Europe&Australia;Asia&LatinAmerica;andPet.SeeManagement’sDiscussionandAnalysisofFinancialConditionandResultsofOperations(MD&A)inItem7ofthisreportforadescriptionofoursegments.Weoffer a variety of foodproducts that provide great taste, nutrition, convenience, andvalue for consumers aroundthe world. Our business is focusedonthefollowinglarge,globalcategories:

· snacks,includinggrain,fruitandsavorysnacks,nutritionbars,andfrozenhotsnacks;· ready-to-eatcereal;· convenientmeals,includingmealkits,ethnicmeals,pizza,soup,sidedishmixes,frozenbreakfast,andfrozenentrees;· yogurt;· wholesomenaturalpetfood;· super-premiumicecream;· bakingmixesandingredients;and· refrigeratedandfrozendough.

OurCerealPartnersWorldwide(CPW)jointventurewithNestléS.A.(Nestlé)competesintheready-to-eatcerealcategoryinmarketsoutsideNorthAmerica,andourHäagen-DazsJapan,Inc.(HDJ)jointventurecompetesinthesuper-premiumicecreamcategoryinJapan.Fornetsalescontributedbyeachclassofsimilarproducts,pleaseseeNote17totheConsolidatedFinancialStatementsinItem8ofthisreport.CustomersOurprimarycustomers are grocerystores, massmerchandisers, membership stores, natural foodchains, drug, dollar anddiscount chains, e-commerce retailers,commercial and noncommercial foodservice distributors and operators, restaurants, convenience stores, and pet specialty stores. We generally sell to thesecustomers throughour direct sales force. Weuse broker anddistribution arrangements for certain products andto serve certain types of customers. For furtherinformationonourcustomercreditandproductreturnpractices,pleaserefertoNote2totheConsolidatedFinancialStatementsinItem8ofthisreport.Duringfiscal2020,WalmartInc.anditsaffiliates(Walmart)accountedfor21percentofourconsolidatednetsalesand30percentofnetsalesofourNorthAmericaRetailsegment.Noothercustomeraccountedfor10percentormoreofourconsolidatednetsales.Forfurtherinformationonsignificantcustomers,pleaserefertoNote8totheConsolidatedFinancialStatementsinItem8ofthisreport.CompetitionThepackagedandpetfoodcategoriesarehighlycompetitive,withnumerousmanufacturersofvaryingsizesintheUnitedStatesandthroughouttheworld.Thecategoriesinwhichweparticipatealsoareverycompetitive. Ourprincipalcompetitorsinthesecategoriesaremanufacturers, aswellasretailerswiththeirownbrandedproducts.Competitorsmarketandselltheirproductsthroughbrick-and-mortarstoresande-commerce.Allofourprincipalcompetitorshavesubstantialfinancial, marketing, and other resources. Competition in our product categories is based on product innovation, product quality, price, brand recognition andloyalty, effectiveness of marketing, promotional activity, convenient ordering and delivery to the consumer, and the ability to identify and satisfy consumerpreferences.Ourprincipalstrategiesforcompetingineachofoursegmentsincludeuniqueconsumerinsights,

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effective customer relationships, superior product quality, innovative advertising, product promotion, product innovation aligned with consumers’ needs, anefficientsupplychain,andprice.Inmostproductcategories,wecompetenotonlywithotherwidelyadvertised,brandedproducts,butalsowithregionalbrandsandwithgenericandprivatelabelproductsthataregenerallysoldatlowerprices.Internationally,wecompetewithbothmulti-nationalandlocalmanufacturers,andeachcountryincludesauniquegroupofcompetitors.Raw materials, ingredients, and packagingThe principal raw materials that we use are grains (wheat, oats, and corn), dairy products, sugar, fruits, vegetable oils, meats, nuts, vegetables, and otheragriculturalproducts.Wealsousesubstantialquantitiesofcartonboard,corrugated,plasticandmetalpackagingmaterials,operatingsupplies,andenergy.MostoftheseinputsforourdomesticandCanadianoperationsarepurchasedfromsuppliersintheUnitedStates.Inourotherinternationaloperations,inputsthatarenotlocally available in adequate supply may be imported from other countries. The cost of these inputs may fluctuate widely due to external conditions such asweather,climatechange,productscarcity,limitedsourcesofsupply,commoditymarketfluctuations,currencyfluctuations,tradetariffs,pandemics(includingtheCOVID-19 pandemic), and changes in governmental agricultural and energy policies and regulations. We have some long-term fixed price contracts, but themajorityofourinputsarepurchasedontheopenmarket.Webelievethatwewillbeabletoobtainanadequatesupplyofneededinputs.Occasionallyandwherepossible,wemakeadvancepurchasesofitemssignificanttoourbusinessinordertoensurecontinuityofoperations.Ourobjectiveistoprocurematerialsmeetingbothourqualitystandardsandourproductionneedsatpricelevelsthatallowatargetedprofitmargin.Sincetheseinputsgenerallyrepresentthelargestvariablecostinmanufacturingourproducts,totheextentpossible,weoftenmanagetheriskassociatedwithadversepricemovementsforsomeinputsusingavarietyofrisk management strategies. We also have a grain merchandising operation that provides us efficient access to, and more informed knowledge of, variouscommoditymarkets,principallywheatandoats.Thisoperationholdsphysicalinventoriesthatarecarriedatnetrealizablevalueandusesderivativestomanageitsnetinventorypositionandminimizeitsmarketexposures.RESEARCH AND DEVELOPMENTOur research and development resources are focused on new product development, product improvement, process design and improvement, packaging, andexploratoryresearchinnewbusinessandtechnologyareas.Researchanddevelopmentexpenditureswere$224millioninfiscal2020and$222millioninfiscal2019.TRADEMARKS AND PATENTSOurproductsaremarketedunderavarietyofvaluabletrademarks.Someofthemoreimportanttrademarksusedinourglobaloperations(setforthinitalicsinthisreport)includeAnnie’s, Betty Crocker,Bisquick,Blue Buffalo,Blue Basics,Blue Freedom,Blue Wilderness,Bugles,CascadianFarm,Cheerios,Chex,CinnamonToast Crunch,Cocoa Puffs,Cookie Crisp,EPIC,Fiber One,Food Should Taste Good,Fruit by the Foot,Fruit Gushers,Fruit Roll-Ups,Gardetto's,Go-Gurt,GoldMedal,Golden Grahams,Häagen-Dazs,Helpers,Jus-Rol,Kitano,Kix,Lärabar,Latina,Liberté,Lucky Charms,Muir Glen,Nature Valley,Oatmeal Crisp,Old ElPaso,Oui, Pillsbury,Progresso,Raisin Nut Bran,Total,Totino’s,Trix,Wanchai Ferry,Wheaties,Yoki,andYoplait.Weprotectthesemarksasappropriatethroughregistrations in the United States and other jurisdictions. Depending on the jurisdiction, trademarks are generally valid as long as they are in use or theirregistrationsareproperlymaintainedandtheyhavenotbeenfoundtohavebecomegeneric.Registrationsoftrademarkscanalsogenerallyberenewedindefinitelyforaslongasthetrademarksareinuse.Someofourproductsaremarketedunderorincombinationwithtrademarksthat havebeenlicensedfromothersforbothlong-standingproducts(e.g.,Reese’sPuffsfor cereal, Green Giant for vegetables in certain countries, andCinnabonfor refrigerated dough, frozen pastries, and baking products) and shorter termpromotionalproducts(e.g.,fruitsnackssoldundervariousthirdpartyequities).OurcerealtrademarksarelicensedtoCPWandmaybeusedinassociationwiththeNestlé trademark.NestlélicensescertainofitstrademarkstoCPW,includingtheNestléandUncle Toby’strademarks. The Häagen-Dazstrademark is licensed royalty-free and exclusively to Nestlé for ice creamand other frozen dessertproducts in the UnitedStates andCanada. TheHäagen-Dazstrademarkis alsolicensedtoHDJ.The Pillsburybrandandthe Pillsbury Doughboycharacteraresubjecttoanexclusive,royalty-freelicensethatwasgrantedtoathirdpartyanditssuccessorsinthedessertmixandbakingmixcategoriesintheUnitedStatesandunderlimitedcircumstancesinCanadaandMexico.TheYoplaittrademarkandotherrelatedtrademarksareownedbyYoplaitMarquesSNC,anentityinwhichweowna50percentinterest.ThesemarksarelicensedexclusivelytoYoplaitSAS,anentityinwhichweowna51percentinterest.YoplaitSASlicensesthesetrademarkstoitsfranchisees.TheLiberté trademarkandotherrelatedtrademarksareownedbyLibertéMarquesSàrl,anentityinwhichweowna50percentinterest.We continue our focus on developing and marketing innovative, proprietary products, many of which use proprietary expertise, recipes and formulations. Weconsiderthecollectiverightsunderourvariouspatents,whichexpirefromtimetotime,avaluableasset,butwedonotbelievethatourbusinessesaremateriallydependentuponanysinglepatentorgroupofrelatedpatents.

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SEASONALITYIngeneral,demandforourproductsisevenlybalancedthroughouttheyear.However,withinourNorthAmericaRetailsegmentdemandforrefrigerateddough,frozen baked goods, and baking products is stronger in the fourth calendar quarter. Demand forProgresso soup is higher during the fall and winter months.Internationally,withinourEurope&AustraliaandAsia&LatinAmericasegments,demandforHäagen-Dazs icecreamishigherduringthesummermonthsanddemandforbakingmixanddoughproductsincreasesduringwintermonths.Duetotheoffsettingimpactofthesedemandtrends,aswellasthedifferentseasonsinthenorthernandsouthernhemispheres,ourinternationalsegments’netsalesaregenerallyevenlybalancedthroughouttheyear.BACKLOGOrders are generally filled within a few days of receipt and are subject to cancellation at any time prior to shipment. In the fourth quarter of fiscal 2020, weexperiencedincreaseddemandinour retail businessesas theCOVID-19pandemicandrelatedgovernmental restrictions resultedinasignificant increaseinat-home food consumption. We have taken steps to increase our production capacity to meet the increased demand for our retail products, including increasingproductiontimeatourmanufacturingfacilitiesandprioritizingcertainproductlinestoincreasemanufacturingefficiency.Notwithstandingtheseefforts,wehavebeen,andcontinuetobe,unabletofulfillallorderswereceivefromourcustomers.WORKING CAPITALAdescriptionofourworkingcapitalisincludedintheLiquiditysectionofMD&AinItem7ofthisreport.OurproductreturnpracticesaredescribedinNote2totheConsolidatedFinancialStatementsinItem8ofthisreport.EMPLOYEESAsofMay31,2020,wehadapproximately35,000full-andpart-timeemployees.QUALITY AND SAFETY REGULATIONThemanufactureandsaleofconsumerandpetfoodproductsishighlyregulated.IntheUnitedStates, ouractivitiesaresubjecttoregulationbyvariousfederalgovernment agencies, including the Food and Drug Administration, Department of Agriculture, Federal Trade Commission, Department of Commerce, andEnvironmentalProtectionAgency,aswellasvariousstateandlocalagencies.OurbusinessisalsoregulatedbysimilaragenciesoutsideoftheUnitedStates.ENVIRONMENTAL MATTERSAsofMay31,2020,wewereinvolvedwithtworesponseactionsassociatedwiththeallegedorthreatenedreleaseofhazardoussubstancesorwasteslocatedinMinneapolis,MinnesotaandMoonachie,NewJersey.Our operations are subject to the Clean Air Act, Clean Water Act, Resource Conservation and Recovery Act, Comprehensive Environmental Response,Compensation, and Liability Act, and the Federal Insecticide, Fungicide, and Rodenticide Act, and all similar state, local, and foreign environmental laws andregulationsapplicabletothejurisdictionsinwhichweoperate.Basedoncurrentfactsandcircumstances,webelievethatneithertheresultsofourenvironmentalproceedingsnorourcomplianceingeneralwithenvironmentallawsorregulationswillhaveamaterialadverseeffectuponourcapitalexpenditures,earnings,orcompetitiveposition.INFORMATION ABOUT OUR EXECUTIVE OFFICERSThesectionbelowprovidesinformationregardingourexecutiveofficersasofJuly2,2020:Richard C. Allendorf,age59,isGeneralCounselandSecretary.Mr.AllendorfjoinedGeneralMillsin2001fromThePillsburyCompany.HewaspromotedtoVice President, Deputy General Counsel in 2010, first overseeing the legal affairs of the U.S. Retail segment and Consumer Food Sales and then, in 2012,overseeingthelegalaffairsoftheInternationalsegmentandGlobalEthicsandCompliance.HewasnamedtohispresentpositioninFebruary2015.PriortojoiningGeneralMills,hepracticedlawwiththeShearmanandSterlingandMackall,CrounseandMoorelawfirms.HewasinfinancewithGeneralElectricpriortohislegalcareer.Jodi Benson, age55,isChiefInnovation,TechnologyandQualityOfficer. Ms.BensonjoinedGeneralMills in2001fromThePillsburyCompany.SheheldavarietyofpositionsbeforebecomingtheleaderofourOneGlobalDairyPlatformfrom2011toMarch2016.ShewasnamedVicePresidentforourInternationalbusinesssegmentfromApril2016toMarch2017,andVicePresidentof

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theGlobalInnovation,Technology,andQualityCapabilitiesGroupfromApril2017toJuly2018.ShewasnamedtohercurrentpositioninAugust2018.Kofi A. Bruce, age 50, is Chief Financial Officer. Mr. Bruce joined General Mills in 2009 as Vice President, Treasurer after serving in a variety of seniormanagement positionswithEcolabandFordMotorCompany. HeservedasTreasurer until 2010whenhewasnamedVicePresident, Financefor Yoplait. Mr.BrucereassumedhisroleasVicePresident,Treasurerfrom2012until2014whenhewasnamedVicePresident,FinanceforConvenienceStores&Foodservice.HewasnamedVicePresident,ControllerinAugust2017,VicePresident,FinancialOperationsinSeptember2019,andtohispresentpositioninFebruary2020.John R. Church, age54,isChiefSupplyChainandGlobalBusinessSolutionsOfficer.Mr.ChurchjoinedGeneralMillsin1988asaProductDeveloperintheBigGcerealsdivisionandheldvariouspositionsbeforebecomingVicePresident,Engineeringin2003.In2005,hisrolewasexpandedtoincludedevelopmentoftheCompany’s strategy for the global sourcing of rawmaterials and manufacturing capabilities. He was named Vice President, Supply Chain Operations in 2007,SeniorVicePresident,SupplyChainin2008,ExecutiveVicePresident,SupplyChainin2013,andtohispresentpositioninJune2017.Jeffrey L. Harmening, age 53, is Chairman of the Board and Chief Executive Officer. Mr. Harmening joined General Mills in 1994 and served in variousmarketingrolesintheBettyCrocker,Yoplait,andBigGcerealdivisions.HewasnamedVicePresident,MarketingforCPWin2003andVicePresidentoftheBigGcerealdivisionin2007.In2011,hewaspromotedtoSeniorVicePresidentfortheBigGcerealdivision.Mr.HarmeningwasappointedSeniorVicePresident,ChiefExecutiveOfficerofCPWin2012.Mr.HarmeningreturnedfromCPWin2014andwasnamedExecutiveVicePresident, ChiefOperatingOfficer, U.S.Retail. HebecamePresident,ChiefOperatingOfficerinJuly2016.HewasnamedChiefExecutiveOfficerinJune2017andChairmanoftheBoardinJanuary2018.Mr.HarmeningisadirectorofTheToroCompany.Dana M. McNabb, age44, isGroupPresident, Europe&Australia.Ms.McNabbjoinedGeneralMillsin1999andheldavarietyofmarketingrolesinCereal,Snacks, Meals, and New Products before becoming Vice President, Marketing for CPWin 2011 and Vice President, Marketing for the Circle of ChampionsBusinessUnitinOctober2015.ShewaspromotedtoPresident,U.S.CerealOperatingUnitinDecember2016andnamedtoherpresentpositioninJanuary2020.Jaime Montemayor,age56,isChiefDigitalandTechnologyOfficer.Hespent21yearsatPepsiCo,Inc.,servinginrolesofincreasingresponsibility,includingmostrecentlyasSeniorVicePresidentandChiefInformationOfficerofPepsiCo’sAmericasFoodssegmentfrom2013toOctober2015,andSeniorVicePresidentandChiefInformationOfficer,DigitalInnovation,DataandAnalytics,PepsiCofromNovember2015toJuly2016.Mr.MontemayorservedasChiefTechnologyOfficer of 7-Eleven Inc. fromApril 2017 until October 2017. He assumed his current role in February 2020 after founding and operating a digital technologyconsultingcompanyfromNovember2017untilJanuary2020.

Jon J. Nudi, age50,is GroupPresident, NorthAmericaRetail. Mr.NudijoinedGeneral Mills in1993asaSalesRepresentativeandheldavarietyofrolesinConsumerFoodsSales.In2005,hemovedintomarketingrolesintheMealsdivisionandwaselectedVicePresidentin2007.Mr.NudiwasnamedVicePresident;President,Snacks,in2010,SeniorVicePresident,President,Europe/Australasiain2014,andSeniorVicePresident;President,U.S.RetailinSeptember2016.HewasnamedtohispresentpositioninJanuary2017.Shawn P. O’Grady,age56,isGroupPresident,ConvenienceStores&FoodserviceandChiefRevenueDevelopmentOfficer.Mr.O’GradyjoinedGeneralMillsin1990andheldseveralmarketingrolesintheSnacks,Meals,andBigGcerealdivisions.HewaspromotedtoVicePresidentin1998andheldmarketingpositionsintheBettyCrockerandPillsburyUSAdivisions. In2004,hemovedintoConsumerFoodsSales, becomingVicePresident, President, U.S.Retail Salesin2007,SeniorVicePresident,President,ConsumerFoodsSalesDivisionin2010,andSeniorVicePresident,President,Sales&ChannelDevelopmentin2012.HewasnamedtohiscurrentpositioninJanuary2017.Mark A. Pallot, age47,is VicePresident, ChiefAccountingOfficer. Mr. Pallot joinedGeneral Mills in2007andservedas Director,FinancialReportinguntilAugust2017,whenhewasnamedVicePresident,AssistantController.HewaselectedtohispresentpositioninFebruary2020.PriortojoiningGeneralMills,Mr.PallotheldaccountingandfinancialreportingpositionsatResidentialCapital,LLC,Metris,Inc.,CITGroupInc.,andErnst&Young,LLP.Ivan Pollard, age58,is Global ChiefMarketingOfficer. Mr.Pollardassumedhiscurrent roleinJuly2017whenhejoinedGeneral Mills fromTheCoca-ColaCompany.AtCoca-Cola,from2011to2014,Mr.PollardservedasVicePresident,GlobalConnectionsuntilhewaspromotedtoSeniorVicePresident,StrategicMarketing,arolehehelduntilJune2017.PriortojoiningTheCoca-ColaCompany,Mr.PollardwasaglobalpartneratNakedCommunications,aconnectionsplanningcompany.HispriorcommunicationsplanningexperienceincludedworkattheBMP,DDPNeedham,andWieden+Kennedyadvertisingagencies.Bethany Quam,age49,isGroupPresident,Pet.Ms.QuamjoinedGeneralMillsin1993andheldavarietyofpositionsbeforebecomingVicePresident,StrategicPlanningin2007.ShewaspromotedtoVicePresident,FieldSales,Channelsin2012,Vice

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President;President,ConvenienceStores&Foodservicein2014,andSeniorVicePresident;President,Europe&AustraliainAugust2016,andGroupPresident;Europe&AustraliainJanuary2017.ShewasnamedtohercurrentpositioninOctober2019.Sean Walker, age54,isGroupPresident,Asia&LatinAmerica.Mr.WalkerjoinedGeneralMillsin1989andheldavarietyofpositionsbeforebecomingVicePresident, President of Latin America in 2009. He was named Senior Vice President, President Latin America in 2012 and Senior Vice President, CorporateStrategyinSeptember2016.HewasnamedtohiscurrentpositioninFebruary2019.Jacqueline Williams-Roll,age51,isChiefHumanResourcesOfficer.Ms.Williams-RolljoinedGeneralMillsin1995.SheheldhumanresourcesleadershiprolesinSupplyChain,Finance,Marketing,andOrganizationEffectiveness,andshealsoworkedalargepartofhercareeronbusinessesoutsideoftheUnitedStates.ShewasnamedVicePresident,HumanResources,Internationalin2010,andthenpromotedtoSeniorVicePresident,HumanResourcesOperationsin2013.ShewasnamedtoherpresentpositioninSeptember2014.PriortojoiningGeneralMills,sheheldsalesandmanagementroleswithJennyCraigInternational.WEBSITE ACCESSOur website is www.GeneralMills.com. Wemake available, free of charge in the “Investors” portion of this website, annual reports on Form 10-K, quarterlyreports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the SecuritiesExchangeActof1934(1934Act)assoonasreasonablypracticableafterweelectronicallyfilesuchmaterial with,orfurnishit to,theSecuritiesandExchangeCommission(SEC).All suchfilingsareavailable ontheSEC’swebsiteat www.sec.gov.Reports ofbeneficial ownershipfiledpursuant toSection16(a)ofthe1934Actarealsoavailableonourwebsite.ITEM 1A - Risk FactorsOurbusinessissubjecttovariousrisksanduncertainties.Anyoftherisksdescribedbelowcouldmaterially,adverselyaffectourbusiness,financialcondition,andresultsofoperations.Global  health  developments  and  economic  uncertainty  resulting  from  the  COVID-19  pandemic  could  materially  and  adversely  affect  our  business,financial condition, and results of operations.ThepublichealthcrisiscausedbytheCOVID-19pandemicandthemeasuresbeingtakenbygovernments,businesses,includingus,andthepublicatlargetolimitCOVID-19’s spread have had, and we expect will continue to have, certain negative impacts on our business, financial condition, and results of operationsincluding,withoutlimitation,thefollowing:

· Wehaveexperienced,andmaycontinuetoexperience,adecreaseinsalesofcertainofourproductsinmarketsaroundtheworldthathavebeenaffectedbytheCOVID-19pandemic.Inparticular,salesofourproductsintheaway-from-homefoodoutletsacrossallourmajormarketshavebeennegativelyaffectedbyreducedconsumertrafficresultingfromshelter-in-placeregulationsorrecommendationsandclosingsofrestaurants,schoolsandcafeterias.IftheCOVID-19pandemicpersistsorintensifies,itsnegativeimpactsonoursales,particularlyinaway-from-homefoodoutlets,couldbemoreprolongedandmaybecomemoresevere.

· DeterioratingeconomicandpoliticalconditionsinourmajormarketsaffectedbytheCOVID-19pandemic,suchasincreasedunemployment,decreasesindisposableincome,declinesinconsumerconfidence,oreconomicslowdownsorrecessions,couldcauseadecreaseindemandforourproducts.

· WehaveexperiencedminortemporaryworkforcedisruptionsinoursupplychainasaresultoftheCOVID-19pandemic.Wehaveimplementedemployeesafetymeasures,basedonguidancefromtheCentersforDiseaseControlandPreventionandWorldHealthOrganization,acrossalloursupplychainfacilities,includingproperhygiene,socialdistancing,maskuse,andtemperaturescreenings.ThesemeasuresmaynotbesufficienttopreventthespreadofCOVID-19amongouremployees.Illness,travelrestrictions,absenteeism,orotherworkforcedisruptionscouldnegativelyaffectoursupplychain,manufacturing,distribution,orotherbusinessprocesses.Wemayfaceadditionalproductiondisruptionsinthefuture,whichmayplaceconstraintsonourabilitytoproduceproductsinatimelymannerormayincreaseourcosts.

· Changesandvolatilityinconsumerpurchasingandconsumptionpatternsmayincreasedemandforourproductsinonequarter(suchasoccurredinthefourthquarteroffiscal2020),resultingindecreasedconsumerdemandforourproductsinsubsequentquarters.Whileweexperiencedincreaseddemandforourproductsinthefourthquarteroffiscal2020,thisincreasemaymoderateorreverseifconsumersaltertheirpurchasinghabits.Shorttermorsustainedincreasesinconsumerdemandatourretailcustomersmayexceedourproductioncapacityorotherwisestrainoursupplychain.

· Thefailureofthirdpartiesonwhichwerely,includingthosethirdpartieswhosupplyouringredients,packaging,capitalequipmentandothernecessaryoperatingmaterials,contractmanufacturers,distributors,contractors,commercialbanks,andexternalbusinesspartners,tomeettheirobligationstous,orsignificantdisruptionsintheirabilitytodoso,maynegativelyimpactouroperations.

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· Significantchangesinthepoliticalconditionsinmarketsinwhichwemanufacture,sell,ordistributeourproducts(includingquarantines,import/export

restrictions,pricecontrols,governmentalorregulatoryactions,closuresorotherrestrictionsthatlimitorcloseouroperatingandmanufacturingfacilities,restrict our employees’ ability to travel or performnecessary business functions, or otherwise prevent our third-party partners, suppliers, or customersfromsufficientlystaffingoperations,includingoperationsnecessaryfortheproduction,distribution,andsaleofourproducts)couldadverselyimpactouroperationsandresults.

· Actionswehavetakenormaytake,ordecisionswehavemadeormaymake,asaconsequenceoftheCOVID-19pandemicmayresultininvestigations,legalclaimsorlitigationagainstus.

The categories in which we participate are very competitive,  and if we arenot able to compete effectively,  our results of operations could be adverselyaffected.Theconsumerandpetfoodcategoriesinwhichweparticipate areverycompetitive. Ourprincipal competitors inthesecategories aremanufacturers, aswell asretailerswiththeirownbrandedandprivatelabelproducts.Competitorsmarketandselltheirproductsthroughbrick-and-mortarstoresande-commerce.Allofourprincipal competitors have substantial financial, marketing, and other resources. In most product categories, we compete not only with other widely advertisedbrandedproducts, but also with regional brands andwith generic andprivate label products that are generally sold at lower prices. Competition in our productcategories is based on product innovation, product quality, price, brand recognition and loyalty, effectiveness of marketing, promotional activity, convenientorderinganddeliverytotheconsumer, andtheabilitytoidentifyandsatisfyconsumerpreferences. If ourlargecompetitors weretoseekanadvantagethroughpricing or promotional changes, we could choose to do the same, which could adversely affect our margins and profitability. If we did not do the same, ourrevenues and market share could be adversely affected. Our market share and revenue growth could also be adversely impacted if we are not successful inintroducing innovative products in response to changing consumer demands or by newproduct introductions of our competitors. If we are unable to build andsustainbrandequitybyofferingrecognizablysuperiorproductquality,wemaybeunabletomaintainpremiumpricingovergenericandprivatelabelproducts.We may be unable to maintain our profit margins in the face of a consolidating retail environment.Therehasbeensignificantconsolidationinthegroceryindustry,resultingincustomerswithincreasedpurchasingpower.Inaddition,largeretailcustomersmayseektousetheirpositiontoimprovetheirprofitabilitythroughimprovedefficiency,lowerpricing,increasedrelianceontheirownbrandnameproducts,increasedemphasisongenericandothereconomybrands,andincreasedpromotionalprograms.Ifweareunabletouseourscale,marketingexpertise,productinnovation,knowledgeofconsumers’needs,andcategoryleadershippositionstorespondtothesedemands,ourprofitabilityandvolumegrowthcouldbenegativelyimpacted.Inaddition,thelossofanylargecustomercouldadverselyaffectoursalesandprofits.Infiscal2020,Walmartaccountedfor21percentofourconsolidatednetsales and 30 percent of net sales of our North America Retail segment. For more information on significant customers, please see Note 8 to the ConsolidatedFinancialStatementsinItem8ofthisreport.Price changes for the commodities we depend on for raw materials, packaging,and energy may adversely affect our profitability.Theprincipalrawmaterialsthatweusearecommoditiesthatexperiencepricevolatilitycausedbyexternalconditionssuchasweather,climatechange,productscarcity,limitedsourcesofsupply,commoditymarketfluctuations,currencyfluctuations,tradetariffs,pandemics(suchastheCOVID-19pandemic),andchangesingovernmental agricultural andenergypoliciesandregulations. Commoditypriceshavebecome,andmaycontinuetobe,morevolatileduringtheCOVID-19pandemic.Commoditypricechangesmayresultinunexpectedincreasesinrawmaterial,packaging,andenergycosts.Ifweareunabletoincreaseproductivitytooffset theseincreasedcosts or increase our prices, wemayexperience reducedmargins andprofitability. Wedonot fully hedgeagainst changesin commodityprices,andtheriskmanagementproceduresthatwedousemaynotalwaysworkasweintend.Volatility in the market value of derivatives we use to manage exposures to fluctuations in commodity prices will cause volatility in our gross margins andnet earnings.We utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and corn), oils (principallysoybean),dairyproducts,naturalgas,anddieselfuel.Changesinthevaluesofthesederivativesarerecordedinearningscurrently,resultinginvolatilityinbothgrossmarginandnetearnings.ThesegainsandlossesarereportedincostofsalesinourConsolidatedStatementsofEarningsandinunallocatedcorporateitemsoutside our segment operating results until we utilize the underlying input in our manufacturing process, at which time the gains and losses are reclassified tosegment operating profit. We also record our grain inventories at net realizable value. We may experience volatile earnings as a result of these accountingtreatments.

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If we are not efficient in our production, our profitability could suffer as aresult of the highly competitive environment in which we operate.Our future success and earnings growth depend in part on our ability to be efficient in the production and manufacture of our products in highly competitivemarkets.Gainingadditionalefficienciesmaybecomemoredifficultovertime.Ourfailuretoreducecoststhroughproductivitygainsorbyeliminatingredundantcostsresultingfromacquisitionsordivestiturescouldadverselyaffectourprofitabilityandweakenourcompetitiveposition.Manyproductivityinitiativesinvolvecomplexreorganizationofmanufacturingfacilitiesandproductionlines.Suchmanufacturingrealignmentmayresultintheinterruptionofproduction,whichmaynegativelyimpactproductvolumeandmargins.Weperiodicallyengageinrestructuringandcostsavingsinitiativesdesignedtoincreaseourefficiencyandreduceexpenses. If we are unable to execute those initiatives as planned, we may not realize all or any of the anticipated benefits, which could adversely affect ourbusinessandresultsofoperations.Disruption of our supply chain could adversely affect our business.Our ability to make, move, and sell products is critical to our success. Damage or disruption to raw material supplies or our manufacturing or distributioncapabilitiesduetoweather,climatechange,naturaldisaster,fire,terrorism,cyber-attack,pandemics(suchastheCOVID-19pandemic),governmentalrestrictionsor mandates, strikes, import/export restrictions, or other factors could impair our ability to manufacture or sell our products. Many of our product lines aremanufactured at a single locationor sourcedfromasingle supplier. Thefailure of thirdparties onwhichwerely, includingthosethirdparties whosupplyouringredients,packaging,capitalequipmentandothernecessaryoperatingmaterials,contractmanufacturers,distributors,contractors,andexternalbusinesspartners,tomeettheirobligationstous,orsignificantdisruptionsintheirabilitytodoso,maynegativelyimpactouroperations.Oursuppliers’policiesandpracticescandamageourreputationandthequalityandsafetyofourproducts.Disputeswithsignificantsuppliers,includingdisputesregardingpricingorperformance,couldadverselyaffectourabilitytosupplyproductstoourcustomersandcouldmateriallyandadverselyaffectoursales,financialcondition,andresultsofoperations.Failuretotakeadequatestepstomitigatethelikelihoodorpotentialimpactofsuchevents,ortoeffectivelymanagesucheventsiftheyoccur,particularlywhenaproductissourcedfromasinglelocationorsupplier,couldadverselyaffectourbusinessandresultsofoperations,aswellasrequireadditionalresourcestorestoreoursupplychain.WehaveexperiencedminortemporaryworkforcedisruptionsinoursupplychainasaresultoftheCOVID-19pandemic.Wehaveimplementedemployeesafetymeasures,basedonguidancefromtheCentersforDiseaseControlandPreventionandWorldHealthOrganization,acrossalloursupplychainfacilities,includingproper hygiene, social distancing, maskuse, andtemperature screenings. Thesemeasures maynot be sufficient to prevent the spreadof COVID-19amongouremployees.Illness,travelrestrictions,absenteeism,orotherworkforcedisruptionscouldnegativelyaffectoursupplychain,manufacturing,distribution,orotherbusinessprocesses.Wemayfaceadditionalproductiondisruptionsinthefuture,whichmayplaceconstraintsonourabilitytoproduceproductsinatimelymannerormayincreaseourcosts.Weexperiencedincreaseddemandforourproductsinthefourthquarteroffiscal2020andwere,andcontinuetobe,unabletofillallcustomerorders.Shorttermorsustainedincreasesinconsumerdemandatourretailcustomersmayexceedourproductioncapacityorotherwisestrainoursupplychain.Ourfailuretomeetthedemandforourproductscouldadverselyaffectourbusinessandresultsofoperations.Concerns with the safety and quality of our products could cause consumers toavoid certain products or ingredients.Wecouldbeadverselyaffectedifconsumersinourprincipalmarketsloseconfidenceinthesafetyandqualityofcertainofourproductsoringredients.Adversepublicityaboutthesetypesofconcerns,whetherornotvalid,maydiscourageconsumersfrombuyingourproductsorcauseproductionanddeliverydisruptions.If  our  products  become  adulterated,  misbranded,  or  mislabeled,  we  mightneed  to  recall  those  items  and  may  experience  product  liability  claims  ifconsumers or their pets are injured.Wemayneedtorecallsomeofourproductsiftheybecomeadulterated,misbranded,ormislabeled.Awidespreadproductrecallcouldresultinsignificantlossesduetothecostsofarecall,thedestructionofproductinventory,andlostsalesduetotheunavailabilityofproductforaperiodoftime.Wecouldalsosufferlossesfromasignificantproductliabilityjudgmentagainstus.Asignificantproductrecallorproductliabilitycasecouldalsoresultinadversepublicity,damagetoourreputation,andalossofconsumerconfidenceinourproducts,whichcouldhaveanadverseeffectonourbusinessresultsandthevalueofourbrands.

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We may be unable to anticipate changes in consumer preferences and trends,which may result in decreased demand for our products.Oursuccessdependsinpartonourabilitytoanticipatethetastes,eatinghabits,andpurchasingbehaviorsofconsumersandtoofferproductsthatappealtotheirpreferencesinchannelswheretheyshop.Consumerpreferencesandcategory-levelconsumptionmaychangefromtimetotimeandcanbeaffectedbyanumberofdifferenttrendsandotherfactors.Ifwefailtoanticipate,identifyorreacttothesechangesandtrends,suchasadaptingtoemerginge-commercechannels,ortointroduce new and improved products on a timely basis, we may experience reduced demand for our products, which would in turn cause our revenues andprofitabilitytosuffer.Similarly,demandforourproductscouldbeaffectedbyconsumerconcernsregardingthehealtheffectsofingredientssuchassodium,transfats,geneticallymodifiedorganisms,sugar,processedwheat,grain-freeorlegume-richpetfood,orotherproductingredientsorattributes.We may be unable to grow our market share or add products that are in fastergrowing and more profitable categories.Thefoodindustry’sgrowthpotentialisconstrainedbypopulationgrowth.Oursuccessdependsinpartonourabilitytogrowourbusinessfasterthanpopulationsaregrowinginthemarketsthatweserve.Onewaytoachievethatgrowthistoenhanceourportfoliobyaddinginnovativenewproductsinfastergrowingandmoreprofitable categories. Our future results will also depend on our ability to increase market share in our existing product categories. If we do not succeed indevelopinginnovativeproductsfornewandexistingcategories,ourgrowthandprofitabilitycouldbeadverselyaffected.Economic downturns could limit consumer demand for our products.Thewillingnessofconsumerstopurchaseourproductsdependsinpartonlocaleconomicconditions.Inperiodsofeconomicuncertainty,consumersmaypurchasemoregeneric, privatelabel, andothereconomybrandsandmayforegocertainpurchasesaltogether. Inthosecircumstances, wecouldexperienceareductioninsalesofhighermarginproductsorashiftinourproductmixtolowermarginofferings.Inaddition,asaresultofeconomicconditionsorcompetitiveactions,wemaybeunabletoraiseourpricessufficientlytoprotectmargins.ConsumersmayalsoreducetheamountoffoodthattheyconsumeawayfromhomeatcustomersthatpurchaseproductsfromourConvenienceStores&Foodservicesegment.Anyoftheseeventscouldhaveanadverseeffectonourresultsofoperations.Deteriorating economic and political conditions in our major markets affected by the COVID-19 pandemic, such as increased unemployment, decreases indisposableincome,declinesinconsumerconfidence,oreconomicslowdownsorrecessions,couldcauseadecreaseindemandforourproducts.Our results may be negatively impacted if consumers do not maintain their favorable perception of our brands.Maintainingandcontinuallyenhancingthevalueofourmanyiconicbrandsiscriticaltothesuccessofourbusiness.Thevalueofourbrandsisbasedinlargepartonthe degreeto whichconsumers react andrespondpositively to thesebrands. Brandvaluecoulddiminish significantly dueto a number of factors, includingconsumerperceptionthatwehaveactedinanirresponsiblemanner,adversepublicityaboutourproducts,ourfailuretomaintainthequalityofourproducts,thefailure of our products to deliver consistently positive consumer experiences, concerns about food safety, or our products becoming unavailable to consumers.Consumerdemandforourproductsmayalsobeimpactedbychangesinthelevelofadvertisingorpromotionalsupport.Theuseofsocialanddigitalmediabyconsumers,us,andthirdpartiesincreasesthespeedandextentthatinformationormisinformationandopinionscanbeshared.Negativepostsorcommentsaboutus,ourbrands,orourproductsonsocialordigitalmediacouldseriouslydamageourbrandsandreputation.Ifwedonotmaintainthefavorableperceptionofourbrands,ourbusinessresultscouldbenegativelyimpacted.Our international operations are subject to political and economic risks.Infiscal2020,24percentofourconsolidatednetsalesweregeneratedoutsideoftheUnitedStates.Weareaccordinglysubjecttoanumberofrisksrelatingtodoingbusinessinternationally,anyofwhichcouldsignificantlyharmourbusiness.Theserisksinclude:

· politicalandeconomicinstability;· exchangecontrolsandcurrencyexchangerates;· tariffsonproductsandingredientsthatweimportandexport;· nationalizationorgovernmentcontrolofoperations;· compliancewithanti-corruptionregulations;· uncertaintyrelatingtotheimpactoftheUnitedKingdom’sexitfromtheEuropeanUnion;· foreigntaxtreatiesandpolicies;and· restrictiononthetransferoffundstoandfromforeigncountries,includingpotentiallynegativetaxconsequences.

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Our financial performance on a U.S. dollar denominated basis is subject to fluctuations in currency exchange rates. These fluctuations could cause materialvariations in our results of operations. Our principal exposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chineserenminbi,euro,Japaneseyen,Mexicanpeso,andSwissfranc.Fromtimetotime,weenterintoagreementsthatareintendedtoreducetheeffectsofourexposuretocurrencyfluctuations,buttheseagreementsmaynotbeeffectiveinsignificantlyreducingourexposure.AstrengtheningintheU.S.dollarrelativetoothercurrenciesinthecountriesinwhichweoperate,suchashasgenerallyoccurredduringtheCOVID-19pandemicto-date,wouldnegativelyaffectourreportedresultsofoperationsandfinancialresultsduetocurrencytranslationlossesandcurrencytransactionlosses.New regulations or regulatory-based claims could adversely affect our business.Our facilities and products are subject to manylaws and regulations administered by the United States Department of Agriculture, the Federal Foodand DrugAdministration,theOccupationalSafetyandHealthAdministration,andotherfederal,state,local,andforeigngovernmentalagenciesrelatingtotheproduction,packaging,labelling,storage,distribution,quality,andsafetyoffoodproductsandthehealthandsafetyofouremployees.Ourfailuretocomplywithsuchlawsandregulationscouldsubjectustolawsuits,administrativepenalties,andcivilremedies,includingfines,injunctions,andrecallsofourproducts.Weadvertiseourproductsandcouldbethetargetofclaimsrelatingtoallegedfalseordeceptiveadvertisingunderfederal,state,andforeignlawsandregulations.Wemayalsobesubjecttonewlawsorregulationsrestrictingourrighttoadvertiseourproducts,includingrestrictionsontheaudiencetowhomproductsaremarketed.Changesinlawsorregulationsthat imposeadditional regulatoryrequirements onuscouldincreaseourcost ofdoingbusinessorrestrict ouractions, causingourresults ofoperationstobeadverselyaffected.Significant COVID-19 related changes in the political conditions in markets in which we manufacture, sell or distribute our products (including quarantines,import/export restrictions, price controls, governmental or regulatory actions, closures or other restrictions that limit or close our operating and manufacturingfacilities, restrict our employees’ ability to travel or performnecessary business functions or otherwise prevent our third-party partners, suppliers, or customersfromsufficientlystaffingoperations,includingoperationsnecessaryfortheproduction,distribution,sale,andsupportofourproducts)couldadverselyimpactouroperationsandresults.Weare subject to various federal, state, local, and foreign environmental laws and regulations. Our failure to comply with environmental laws and regulationscould subject us to lawsuits, administrative penalties, and civil remedies. Weare currently party to a variety of environmental remediation obligations. Due toregulatorycomplexities,uncertaintiesinherentinlitigation,andtheriskofunidentifiedcontaminantsoncurrentandformerpropertiesofours,thepotentialexistsforremediation, liability, indemnification, andcompliancecoststodiffer fromourestimates. Wecannotguaranteethatourcostsinrelationtothesematters, orcompliance with environmental laws in general, will not exceed our established liabilities or otherwise have an adverse effect on our business and results ofoperations.We  have  a  substantial  amount  of  indebtedness,  which  could  limit  financing  and  other  options  and  in  some  cases  adversely  affect  our  ability  to  paydividends.As of May 31, 2020, we had total debt, redeemable interests, and noncontrolling interests of $14.4 billion. The agreements under which we have issuedindebtednessdonotpreventusfromincurringadditionalunsecuredindebtednessinthefuture.Ourlevelofindebtednessmaylimitour:

· abilitytoobtainadditional financingforworkingcapital, capital expenditures, or general corporatepurposes, particularly if theratingsassignedtoourdebtsecuritiesbyratingorganizationswerereviseddownward;and

· flexibilitytoadjusttochangingbusinessandmarketconditionsandmaymakeusmorevulnerabletoadownturningeneraleconomicconditions.There are various financial covenants and other restrictions in our debt instruments and noncontrolling interests. If we fail to comply with any of theserequirements, the related indebtedness, and other unrelated indebtedness, could become due and payable prior to its stated maturity and our ability to obtainadditionaloralternativefinancingmayalsobeadverselyaffected.Ourabilitytomakescheduledpaymentsonortorefinanceourdebtandotherobligationswilldependonouroperatingandfinancialperformance,whichinturnissubjecttoprevailingeconomicconditionsandtofinancial,business,andotherfactorsbeyondourcontrol.

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Global capital and credit market issues could negatively affect our liquidity,increase our costs of borrowing, and disrupt the operations of our suppliersand customers.Wedependonstable,liquid,andwell-functioningcapitalandcreditmarketstofundouroperations.Althoughwebelievethatouroperatingcashflows,financialassets,accesstocapitalandcreditmarkets,andrevolvingcreditagreementswillpermitustomeetourfinancingneedsfortheforeseeablefuture,therecanbenoassurancethatfuturevolatilityordisruptioninthecapitalandcreditmarketswillnotimpairourliquidityorincreaseourcostsofborrowing.Wealsoutilizeinterestrate derivatives to reduce the volatility of our financing costs. If we are not effective in hedging this volatility, we may experience an increase in our costs ofborrowing.Ourbusinesscouldalsobenegativelyimpactedifoursuppliersorcustomersexperiencedisruptionsresultingfromtightercapitalandcreditmarketsoraslowdowninthegeneraleconomy.TheCOVID-19pandemichasincreasedvolatilityandpricinginthecapitalmarkets.Wemaynothaveaccesstopreferredsourcesofliquiditywhenneededorontermswefindacceptable,andourborrowingcostscouldincrease.Aneconomicorcreditcrisiscouldoccurandimpaircreditavailabilityandourabilitytoraisecapital when needed. A disruption in the financial markets may have a negative effect on our derivative counterparties and could impair our banking or otherbusinesspartners,onwhomwerelyforaccesstocapitalandascounterpartiestoourderivativecontracts.Fromtimetotime,weissuevariableratesecuritiesbasedoninterbankofferedrates(IBORs)andenterintointerestrateswapsthatcontainavariableelementbasedonanIBOR.ThereiscurrentlyuncertaintywhethercertainIBORswillcontinuetobeavailableafter2021.IfcertainIBORsceasetobeavailable,wemayneedtoamendaffectedagreements,andwecannotpredictwhatalternativeindexwouldbenegotiatedwithourcounterpartiesandsecurityholders.Asaresult,ourinterestexpensecouldincreaseandouravailablecashflowforgeneralcorporaterequirementsmaybeadverselyaffected.Volatility in the securities markets, interest rates, and other factors could substantially increase our defined benefitpension, other postretirement benefit,and postemployment benefit costs.WesponsoranumberofdefinedbenefitplansforemployeesintheUnitedStates,Canada,andvariousforeignlocations,includingdefinedbenefitpension,retireehealth and welfare, severance, and other postemployment plans. Our major defined benefit pension plans are funded with trust assets invested in a globallydiversifiedportfolioofsecuritiesandotherinvestments.Changesininterestrates,mortalityrates,healthcarecosts,earlyretirementrates,investmentreturns,andthe market value of planassets canaffect the fundedstatus of our definedbenefit plans andcause volatility in the net periodic benefit cost andfuture fundingrequirementsoftheplans.Asignificantincreaseinourobligationsorfuturefundingrequirementscouldhaveanegativeimpactonourresultsofoperationsandcashflowsfromoperations.Our business operations could be disrupted if our information technology systems fail to perform adequately or are breached.Informationtechnologyservesanimportantroleintheefficientandeffectiveoperationofourbusiness.Werelyoninformationtechnologynetworksandsystems,includingtheinternet,toprocess,transmit,andstoreelectronicinformationtomanageavarietyofbusinessprocessesandtocomplywithregulatory,legal,andtaxrequirements. Our information technology systems and infrastructure are critical to effectively manage our key business processes including digital marketing,order entry and fulfillment, supply chain management, finance, administration, and other business processes. These technologies enable internal and externalcommunicationamongourlocations,employees,suppliers,customers,andothersandincludethereceiptandstorageofpersonalinformationaboutouremployees,consumers,andproprietarybusinessinformation.Ourinformationtechnologysystems,someofwhicharedependentonservicesprovidedbythirdparties,maybevulnerabletodamage,interruption,orshutdownduetoanynumberofcausessuchascatastrophicevents,naturaldisasters,fires,poweroutages,systemsfailures,telecommunicationsfailures,securitybreaches,computerviruses,hackers,employeeerrorormalfeasance,andothercauses.Increasedcyber-securitythreatsposeapotentialrisktothesecurityandviabilityofourinformationtechnologysystems,aswellastheconfidentiality,integrity,andavailabilityofthedatastoredonthosesystems. The failure of our information technology systems to perform as we anticipate could disrupt our business and result in transaction errors, processinginefficiencies, data loss, legal claims or proceedings, regulatory penalties, and the loss of sales and customers. Anyinterruption of our information technologysystemscouldhaveoperational,reputational,legal,andfinancialimpactsthatmayhaveamaterialadverseeffectonourbusiness.

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A  change  in  the  assumptions  regarding  the  future  performance  of  our  businesses  or  a  different  weighted-average  cost  of  capital  used  to  value  ourreporting units or our indefinite-lived intangible assets could negatively affect our consolidated results of operations and net worth.As of May31, 2020, we had $20.5 billion of goodwill and indefinite-lived intangible assets. Goodwill for each of our reporting units is tested for impairmentannually and whenever events or changes in circumstances indicate that impairment may have occurred. We compare the carrying value of the reporting unit,including goodwill, to the fair value of the reporting unit. If the fair value of the reporting unit is less than the carrying value of the reporting unit, includinggoodwill, impairment has occurred. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits aredeterminedusinginputsfromourlong-rangeplanningprocess.Wealsomakeestimatesofdiscountrates,perpetuitygrowthassumptions,marketcomparables,andotherfactors.Ifcurrentexpectationsforgrowthratesforsalesandprofitsarenotmet,orothermarketfactorsandmacroeconomicconditionsthatcouldbeaffectedbytheCOVID-19pandemicorotherwiseweretochange,thenourreportingunitscouldbecomesignificantlyimpaired.OurEurope&Australiareportingunithadexperienced declining business performance, and we continue to monitor this business. While we currently believe that our goodwill is not impaired, differentassumptionsregardingthefutureperformanceofourbusinessescouldresultinsignificantimpairmentlosses.Weevaluatetheusefullivesofourintangibleassets,primarilyintangibleassetsassociatedwiththeBlue Buffalo,Pillsbury,Totino’s,Progresso,Yoplait,Old ElPaso,Yoki,Häagen-Dazs, andAnnie’sbrands, to determine if they are finite or indefinite-lived. Reaching a determination on useful life requires significantjudgmentsandassumptionsregardingthefutureeffectsofobsolescence,demand,competition,othereconomicfactors(suchasthestabilityoftheindustry,knowntechnologicaladvances,legislativeactionthatresultsinanuncertainorchangingregulatoryenvironment,andexpectedchangesindistributionchannels),thelevelofrequiredmaintenanceexpenditures,andtheexpectedlivesofotherrelatedgroupsofassets.Ourindefinite-livedintangibleassetsarealsotestedforimpairmentannuallyandwhenevereventsorchangesincircumstancesindicatethatimpairmentmayhaveoccurred.Ourestimateofthefairvalueofthebrandsisbasedonadiscountedcashflowmodelusinginputsincludingprojectedrevenuesfromourlong-rangeplan,assumedroyaltyrateswhichcouldbepayableifwedidnotownthebrands,andadiscountrate.Ifcurrentexpectationsforgrowthratesforsalesandmarginsarenotmet,orothermarketfactorsandmacroeconomicconditionsthatcouldbeaffectedbytheCOVID-19pandemicorotherwiseweretochange,thenourindefinite-livedintangibleassetscouldbecomesignificantlyimpaired.OurPillsburyandProgressobrandshadexperienceddecliningbusinessperformance,andwecontinuetomonitorthesebusinesses.Forfurtherinformationongoodwillandintangibleassets,pleaserefertoNote6totheConsolidatedFinancialStatementsinItem8ofthisreport.Our failure to successfully integrate acquisitions into our existing operations could adversely affect our financial results.Fromtimetotime,weevaluatepotentialacquisitionsorjointventuresthatwouldfurtherourstrategicobjectives.Oursuccessdepends,inpart,uponourabilitytointegrate acquired and existing operations. If we are unable to successfully integrate acquisitions, our financial results could suffer. Additional potential risksassociated with acquisitions include additional debt leverage, the loss of key employees and customers of the acquired business, the assumption of unknownliabilities, the inherent risk associated with entering a geographic area or line of business in which we have no or limited prior experience, failure to achieveanticipatedsynergies,andtheimpairmentofgoodwillorotheracquisition-relatedintangibleassets.ITEM 1B - Unresolved Staff CommentsNone.ITEM 2 - PropertiesWeownour principal executive offices andmainresearchfacilities, whichare locatedin theMinneapolis, Minnesota metropolitan area. Weoperate numerousmanufacturingfacilitiesandmaintainmanysalesandadministrativeoffices,warehouses,anddistributioncentersaroundtheworld.

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AsofMay31,2020,weoperated47facilitiesfortheproductionofawidevarietyoffoodproducts.Ofthesefacilities,24arelocatedintheUnitedStates(1ofwhichisleased),4intheGreaterChinaregion,1intheAsia/MiddleEast/AfricaRegion,2inCanada(1ofwhichisleased),8inEurope/Australia,and8inLatinAmericaandMexico.Thefollowingisalistofthelocationsofourprincipalproductionfacilities,whichprimarilysupportthesegmentnoted:North America Retail •St.Hyacinthe,Canada •Irapuato,Mexico •Buffalo,NewYork•Covington,Georgia •ReedCity,Michigan •Cincinnati,Ohio•Belvidere,Illinois •Fridley,Minnesota •Wellston,Ohio•Geneva,Illinois •Hannibal,Missouri •Murfreesboro,Tennessee•CedarRapids,Iowa •Albuquerque,NewMexico •Milwaukee,Wisconsin

Convenience Stores & Foodservice •Chanhassen,Minnesota •Joplin,Missouri

Europe & Australia •RootyHill,Australia •LeMans,France •Inofita,Greece•Arras,France •Moneteau,France •SanAdrian,Spain•Labatut,France •Vienne,France

Asia & Latin America •Cambara,Brazil •Recife,Brazil •Shanghai,China•CampoNovodoPareceis,Brazil •RibeiraoClaro,Brazil •Nashik,India•NovaPrata,Brazil •Guangzhou,China •Paranavai,Brazil •Nanjing,China •PousoAlegre,Brazil •Sanhe,China

Pet •Joplin,Missouri •Richmond,Indiana WeoperatenumerousgrainelevatorsintheUnitedStatesinsupportofourdomesticmanufacturingactivities.Wealsoutilizeapproximately15millionsquarefeetof warehouse and distribution space, nearly all of which is leased, that primarily supports our North America Retail segment. We own and lease a number ofdedicatedsalesandadministrativeofficesaroundtheworld,totalingapproximately3millionsquarefeet.Wehaveadditionalwarehouse,distribution,andofficespaceinourplantlocations.AspartofourHäagen-DazsbusinessinourEurope&AustraliaandAsia&LatinAmericasegments,weoperate500(allleased)andfranchise358brandedicecreamparlorsinvariouscountriesaroundtheworld,alloutsideoftheUnitedStatesandCanada.ITEM 3 - Legal ProceedingsWearethesubjectofvariouspendingorthreatenedlegalactionsintheordinarycourseofourbusiness.Allsuchmattersaresubjecttomanyuncertaintiesandoutcomesthatarenotpredictablewithassurance.Inouropinion,therewerenoclaimsorlitigationpendingasofMay31,2020,thatwerereasonablylikelytohaveamaterialadverseeffectonourconsolidatedfinancialpositionorresultsofoperations.Seetheinformationcontainedunderthesectionentitled“EnvironmentalMatters”inItem1ofthisreportforadiscussionofenvironmentalmattersinwhichweareinvolved.ITEM 4 - Mine Safety DisclosuresNone.

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PART IIITEM 5 - Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesOurcommonstockislistedontheNewYorkStockExchangeunderthesymbol“GIS.”OnJune15,2020,therewereapproximately27,000recordholdersofourcommonstock.

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ITEM 6 - Selected Financial DataThefollowingtablesetsforthselectedfinancialdataforeachofthefiscalyearsinthefive-yearperiodendedMay31,2020: Fiscal YearIn Millions, Except Per Share Data, Percentages and Ratios 2020 (a) 2019 2018 2017 2016Operating data: Netsales $ 17,626.6 $ 16,865.2 $ 15,740.4 $ 15,619.8 $ 16,563.1Grossmargin(b)(d) 6,129.9 5,756.8 5,435.6 5,567.8 5,843.3Selling,general,andadministrativeexpenses(d) 3,151.6 2,935.8 2,850.1 2,888.8 3,141.4Operatingprofit(d) 2,953.9 2,515.9 2,419.9 2,492.1 2,719.1NetearningsattributabletoGeneralMills 2,181.2 1,752.7 2,131.0 1,657.5 1,697.4Advertisingandmediaexpense 691.8 601.6 575.9 623.8 754.4Researchanddevelopmentexpense 224.4 221.9 219.1 218.2 222.1Averagesharesoutstanding: Diluted 613.3 605.4 585.7 598.0 611.9

Earningspershare: Diluted $ 3.56 $ 2.90 $ 3.64 $ 2.77 $ 2.77Adjusteddiluted(b)(c) $ 3.61 $ 3.22 $ 3.11 $ 3.08 $ 2.92

Operating ratios: Grossmarginasapercentageofnetsales(d) 34.8% 34.1% 34.5% 35.6% 35.3%Selling,general,andadministrativeexpensesasapercentageofnetsales(d) 17.9% 17.4% 18.1% 18.5% 19.0%Operatingprofitasapercentageofnetsales(d) 16.8% 14.9% 15.4% 16.0% 16.4%Adjustedoperatingprofitasapercentageofnetsales(b)(c)(d) 17.3% 16.9% 16.6% 17.6% 16.8%Effectiveincometaxrate 18.5% 17.7% 2.7% 28.8% 31.4%Balance sheet data: Land,buildings,andequipment $ 3,580.6 $ 3,787.2 $ 4,047.2 $ 3,687.7 $ 3,743.6Totalassets 30,806.7 30,111.2 30,624.0 21,812.6 21,712.3Long-termdebt,excludingcurrentportion 10,929.0 11,624.8 12,668.7 7,642.9 7,057.7Totaldebt(b) 13,539.5 14,490.0 15,818.6 9,481.7 8,430.9Cash flow data: Netcashprovidedbyoperatingactivities(e) $ 3,676.2 $ 2,807.0 $ 2,841.0 $ 2,415.2 $ 2,764.2Capitalexpenditures 460.8 537.6 622.7 684.4 729.3Freecashflow(b) 3,215.4 2,269.4 2,218.3 1,730.8 2,034.9Share data: Cashdividendspercommonshare $ 1.96 $ 1.96 $ 1.96 $ 1.92 $ 1.78(a) Fiscal2020wasa53-weekyear;allotherfiscalyearswere52weeks.(b) See“Glossary”inItem8ofthisreportfordefinition.(c) See“Non-GAAPMeasures”inItem7ofthisreportforourdiscussionofthismeasurenotdefinedbygenerallyacceptedaccountingprinciples.(d) Infiscal2019,weretrospectivelyadoptednewaccountingrequirementsrelatedtothepresentationofnetperiodicdefinedbenefitpensionexpense,netperiodic

postretirementbenefitexpense,andnetperiodicpostemploymentbenefitexpense.PleaseseeNote2totheConsolidatedFinancialStatementsinItem8ofthisreport.

(e) In fiscal 2018, we adopted newrequirements for the accounting and presentation of stock-based payments. This resulted in the reclassification of realizedwindfall tax benefits and employee tax withholdings in our Consolidated Statements of Cash Flows. Please see Note 2 to the Consolidated FinancialStatementsinItem8ofthisreport.

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ITEM 7 - Management’s Discussion and Analysis of Financial Condition andResults of OperationsEXECUTIVE OVERVIEWWeareaglobalpackagedfoodscompany.Wedevelopdistinctivevalue-addedfoodproductsandmarketthemunderuniquebrandnames.Weworkcontinuouslytoimproveourcoreproductsandtocreatenewproductsthatmeetconsumers’evolvingneedsandpreferences.Inaddition,webuildtheequityofourbrandsovertimewithstrongconsumer-directedmarketing,innovativenewproducts,andeffectivemerchandising.Webelieveourbrand-buildingstrategyisthekeytowinningandsustainingleadingsharepositionsinmarketsaroundtheglobe.Ourfundamental financial goalis togeneratesuperiorreturnsforourshareholdersoverthelongterm.Webelieveachievingthat goal requiresustogenerateaconsistentbalanceofnetsalesgrowth,marginexpansion,cashconversion,andcashreturntoshareholdersovertime.Fiscal 2020 was a year of significant challenge and change in the external environment, and we adapted and executed to deliver strong financial results whileremainingfocusedonthehealthandsafetyofouremployeesandourcompanypurposeofmakingfoodtheworldloves.PriortotheoutbreakoftheCOVID-19pandemic,weexpectedtomeetorexceedeachofourkeyfiscal2020financialtargets.Thevirusoutbreakhadaprofoundimpactonconsumerdemandacrossourmajor markets, including driving an unprecedented increase in demand for food at home and a corresponding decrease in demand for away-from-home food,resulting from efforts to reduce virus transmission. After the onset of the pandemic, elevated at-home food demand accelerated net sales growth in the fourthquarterintheNorthAmericaRetailsegment,whereasignificantshareofnetsalescomesfromcategoriesthatweremostimpactedbyat-homeeating,includingmeals,baking,andcereal.Theimpactofelevatedat-homedemandwaslesspronouncedintheEurope&Australiasegment,reflectingitslowerproportionofnetsalesinthosecategories.ThePetsegmentexperiencedincreaseddemandearlyinthefourthquarterfromstock-uppurchasing,whichpartiallyunwoundbytheendof the quarter. Lower away-from-home food demand reduced growth for the Convenience Stores & Foodservice and Asia & Latin America segments.Consequently, ourfull-year results significantly exceededourinitial annual targets for organicnet salesgrowth, constant-currencygrowthinadjustedoperatingprofitandadjusteddilutedearningspershare(EPS),andfreecashflowconversion.

Wedeliveredonthethreekeyprioritiesweoutlinedatthebeginningoffiscal2020:

First,weacceleratedourorganicnetsalesgrowthratecomparedtoourfiscal2019performance,drivenbystrongexecutiontomeetelevateddemandduringtheCOVID-19pandemic,healthylevelsofinnovation,andasignificantincreaseincapabilitiesandbrand-buildinginvestment.WeexperiencedrobustgrowthinorganicnetsalesinNorthAmericaRetail,aidedbyourabilitytomeetthepandemic-relatedincreaseindemandformealsandbakingcategoriesduringthefourthquarter,aswellasconsistentlystrongresultsinU.S.cerealandimportantimprovementsinU.S.snackbarsandU.S.yogurtthroughouttheyear.WeexceededourorganicnetsalesgrowthgoalforourPetsegment,drivenbyasuccessfulexpansionofBLUEintoadditionalcustomeroutletsandasignificantincreaseinhouseholdpenetrationforthebrand.OrganicnetsalesresultsinourConvenienceStores&Foodservice, Europe&Australia, andAsia&LatinAmerica segments were below fiscal 2019 levels, due to a slow start to the year in each of those segments, as well as the pandemic-related headwindsimpactingConvenienceStores&FoodserviceandAsia&LatinAmericainthesecondhalfoftheyear.

Second,wemaintainedourstrongadjustedoperatingprofitmargins.ThecombinationofourcontinuedstronglevelsofHolisticMarginManagement(HMM)savings, volumegrowth, andpositive net price realization andmix offset input cost inflation andincreased investments in brand building andcapabilities,resultinginsignificantgrowthinconstant-currencyadjustedoperatingprofitandadjusteddilutedEPS.

Third,wereducedourleverage.Ourcontinuedcashdisciplinedeliveredasignificantreductionincoreworkingcapitalandstrongfreecashflowconversion,resultinginreduceddebtandanimportantdecreaseinourleverageratio.

Ourconsolidatednetsalesforfiscal2020rose5percentto$17.6billion.Onanorganicbasis,netsalesincreased4percentcomparedtoyear-agolevels.Operatingprofitof$3.0billionincreased17percent.Adjustedoperatingprofitof$3.0billionincreased7percentonaconstant-currencybasis.DilutedEPSof$3.56wasup23 percent compared to fiscal 2019results. Adjusted diluted EPSof $3.61 increased 12 percent on a constant-currency basis (See the “Non-GAAPMeasures”sectionbelowforadescriptionofouruseofmeasuresnotdefinedbygenerallyacceptedaccountingprinciples(GAAP)).Netcashprovidedbyoperationstotaled$3.7billioninfiscal2020representingaconversionrateof166percentofnetearnings,includingearningsattributabletoredeemableandnoncontrollinginterests.Thiscashgenerationsupportedcapitalinvestmentstotaling$461million,andourresultingfreecashflowwas$3.2billionataconversionrateof143percentofadjustednetearnings,includingearningsattributabletoredeemableandnoncontrollinginterests.Wealsoreturnedcashtoshareholdersthroughdividendstotaling$1.2billionandreducedtotaldebtoutstandingby$1.0billion.Ourratioofnetdebt-to-operatingcashflowwas3.2infiscal2020,andour

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netdebt-to-adjustedearningsbeforenetinterest,incometaxes,depreciationandamortization(netdebt-to-adjustedEBITDA)ratiowas3.2,whichwasfavorabletoourfiscal2020targetof3.5(Seethe“Non-GAAPMeasures”sectionbelowforadescriptionofouruseofmeasuresnotdefinedbyGAAP).Adetailedreviewofourfiscal2020performancecomparedtofiscal2019appearsbelowinthesectiontitled“Fiscal2020ConsolidatedResultsofOperations.”Adetailedreviewofourfiscal2019performancecomparedtoourfiscal2018performanceissetforthinPartII,Item7ofourForm10-KforthefiscalyearendedMay26,2019underthecaption“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations–Fiscal2019ResultsofConsolidatedOperations,”whichisincorporatedhereinbyreference.Wehaveoutlinedthreekeyprioritiesforfiscal2021thatweexpectwillallowustogeneratecompetitiveperformancewhilecontinuingtoadvanceourlong-termgoals:

1) Compete effectively, everywhere we play, leadingtoincreasedbrandpenetration, competitiveservicelevels, strengthenedcustomerpartnerships, andmarketsharegainsinourkeycategories.Weexpectnetsalesgrowthinfiscal2021willbepositivelyimpactedbysuperiorexecutionaswellaselevatedat-homefooddemand,relativetothepre-pandemicperiod.Weanticipateheadwindstofiscal2021netsalesgrowthfromcomparisonsagainstthe53rdweek,theextramonthofPetsegmentresults,andthepandemic-relatedincreaseindemandinthefourthquarteroffiscal2020.Additionally,fiscal2021net sales growth may be negatively impacted by a potential reduction in consumers’ at-home food inventory, which has been elevated during thepandemic.

2) Drive efficiency to fuel investment.WeanticipatethatthecombinationofbenefitsfromourHMMinitiativesandvolumeleverageandheadwindsfrominputcostinflation,increasedinvestmentinourbrandsandcapabilities,highercoststoserviceelevateddemand,andhigherongoinghealthandsafety-relatedexpenseswillresultinanadjustedoperatingprofitmarginthatisapproximatelyinlinewithfiscal2020levels.

3) Reduce leverage to increase financial flexibility.Weexpecttomakefurtherprogressinfiscal2021inreducingournetdebt-to-adjustedEBITDAratio.We expect the largest factor impacting our fiscal 2021 performance will be relative balance of at-home versus away-from-home consumer food demand. Thisbalancewillbedeterminedbyfactorssuchasconsumers’abilityandwillingnesstoeatinrestaurants,theproportionofpeopleworkingfromhome,thereopeningof schools, and changes in consumers’ income levels. While the COVID-19 pandemic has significantly influenced each of these factors in recent months, themagnitudeanddurationofitsfutureimpactremainshighlyuncertain.WeexpectconsumerconcernsaboutCOVID-19virustransmissionandtherecessiontodriveelevateddemandforfoodathome,relativetopre-pandemiclevels.Wearetrackingthelevelofviruscontrol, thepossibilityofasecond-waveoutbreak,theavailabilityofavaccine,GDPgrowth,unemploymentrates, consumerconfidence,andwagegrowth,amongotherfactors,toassessthelikelymagnitudeanddurationofelevatedat-homefooddemand.CertaintermsusedthroughoutthisreportaredefinedinaglossaryinItem8ofthisreport.FISCAL 2020 CONSOLIDATED RESULTS OF OPERATIONSFiscal2020had53weekscomparedto52weeksinfiscal2019.Fiscal2020includes13monthsofPetoperatingsegmentresultsaswechangedthePetoperatingsegment’sreportingperiodfromanAprilfiscalyearendtoaMayfiscalyearendtomatchourfiscalcalendar.Fiscal2019included12monthsofPetoperatingsegmentresults.Infiscal2020,netsalesincreased5percentcomparedtolastyearandorganicnetsalesincreased4percentcomparedtolastyear.Operatingprofitmarginof16.8percentwasup190basispointsfromyear-agolevelsprimarilydrivenbyfavorablenetpricerealizationandmixinfiscal2020,impairmentchargesrecordedforcertain intangible and manufacturing assets in fiscal 2019, and the impact of the 53rdweek in fiscal 2020, partially offset by higher selling, general, andadministrative(SG&A)expensesinfiscal2020.Adjustedoperatingprofitmarginincreased40basispointsto17.3percent,primarilydrivenbyfavorablenetpricerealization and mix in fiscal 2020, the impact of the 53rdweek in fiscal 2020, and the purchase accounting inventory adjustment in fiscal 2019 related to ouracquisitionofBlueBuffaloProducts,Inc.(BlueBuffalo),partiallyoffsetbyhigherSG&Aexpensesinfiscal2020.Dilutedearningspershareof$3.56increased23percentcomparedtofiscal2019.Adjusteddilutedearningspershareof$3.61increased12percentonaconstant-currencybasis(seethe“Non-GAAPMeasures”sectionbelowforadescriptionofouruseofmeasuresnotdefinedbyGAAP).

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Asummaryofourconsolidatedfinancialresultsforfiscal2020follows:

Fiscal 2020In millions, except

per share Fiscal 2020 vs.Fiscal 2019 Percent of Net Sales

Constant-CurrencyGrowth (a)

Netsales $ 17,626.6 5 % Operatingprofit 2,953.9 17 % 16.8 % NetearningsattributabletoGeneralMills 2,181.2 24 % Dilutedearningspershare $ 3.56 23 % Organicnetsalesgrowthrate(a) 4 % Adjustedoperatingprofit(a) 3,058.0 7 % 17.3 % 7 %Adjusteddilutedearningspershare(a) $ 3.61 12 % 12 %(a)Seethe"Non-GAAPMeasures"sectionbelowforouruseofmeasuresnotdefinedbyGAAP. Consolidated net sales wereasfollows:

  Fiscal 2020 Fiscal 2020 vs. Fiscal

2019 Fiscal 2019Netsales(inmillions) $ 17,626.6 5 % $ 16,865.2Contributionsfromvolumegrowth(a) 4 pts Netpricerealizationandmix 2 pts Foreigncurrencyexchange (1)pt Note:Tablemaynotfootduetorounding (a)Measuredintonsbasedonthestatedweightofourproductshipments. The5percentincreaseinnetsalesinfiscal2020reflectshighercontributionsfromvolumegrowthandfavorablenetpricerealizationandmix,partiallyoffsetbyunfavorableforeigncurrencyexchange.The53rdweekinfiscal2020contributed2percentagepointsofnetsalesgrowth,reflecting2percentagepointsofgrowthfromvolume.Thefiscal2020increaseinnetsalesgrowthincludesapproximately3pointsofnetsalesgrowthduetotheimpactoftheCOVID-19pandemic.Componentsoforganicnetsalesgrowthareshowninthefollowingtable:Fiscal 2020 vs. Fiscal 2019 Contributionsfromorganicvolumegrowth(a) 2 ptsOrganicnetpricerealizationandmix 2 ptsOrganicnetsalesgrowth 4 ptsForeigncurrencyexchange (1)ptDivestitures Flat53rdweek 2 ptsNetsalesgrowth 5 ptsNote:Tablemaynotfootduetorounding (a)Measuredintonsbasedonthestatedweightofourproductshipments.Organicnetsalesinfiscal2020increased4percentcomparedtofiscal2019,drivenbyincreasedcontributionsfromorganicvolumegrowthandfavorableorganicnetpricerealizationandmix.Theincreaseinorganicnetsalesgrowthincludesapproximately3pointsoforganicnetsalesgrowthduetotheimpactoftheCOVID-19pandemic.ThedisclosedimpactsattributabletotheCOVID-19pandemiconnetsalesandorganicnetsaleswerecalculatedbaseduponnetsalesinexcessofourexpectationspriortothenetincreaseindemandresultingfromtheCOVID-19pandemic.TheimpactsdisclosedareapproximateandreflectourbestestimateoftheimpactoftheCOVID-19pandemic.Cost of sales increased$388millioninfiscal2020to$11,497million.Theincreasewasprimarilydrivenbya$397millionincreaseduetohighervolume.Infiscal2020,werecordeda$19millionchargerelatedtoaproductrecallinourinternationalGreenGiantbusiness,an$18millionincreaseincertaincompensationandbenefits expenses, and a $1 million increase attributable to product rate and mix. In fiscal 2019, we recorded a $53 million charge related to the fair valueadjustmentofinventoryacquiredintheBlueBuffaloacquisition.Werecordeda$25millionnetincreaseincostofsalesrelatedtomark-to-marketvaluationofcertaincommoditypositionsandgraininventoriesinfiscal2020comparedtoanetincreaseof$36millioninfiscal2019(pleaseseeNote8totheConsolidatedFinancialStatementsinItem8ofthisreportforadditionalinformation).Infiscal2020,werecorded$26millionof

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restructuringchargesincostofsalescomparedto$10millioninfiscal2019.Wealsorecorded$2millionofrestructuringinitiativeproject-relatedcostsincostofsales in fiscal 2020 compared to $1 million in fiscal 2019 (please see Note 4 to the Consolidated Financial Statements in Item 8 of this report for additionalinformation).Gross margin increased6percentinfiscal2020versusfiscal2019.Grossmarginasapercentofnetsalesincreased70basispointsto34.8percentcomparedtofiscal2019.SG&A expensesincreased$216millionto$3,152millioninfiscal 2020comparedtofiscal 2019.TheincreaseinSG&Aexpensesprimarilyreflects increasedcompensationandbenefitsexpensesandmediaandadvertisingexpenses,partiallyoffsetbylowerotherconsumer-relatedexpenses.SG&Aexpensesasapercentofnetsalesinfiscal2020increased50basispointscomparedtofiscal2019.Divestitures loss totaled$30millioninfiscal2019fromthesaleofourLa SalteñafreshpastaandrefrigerateddoughbusinessinArgentinaandthesaleofouryogurtbusinessinChina.Restructuring,  impairment,  and other  exit  costs  totaled $24 million in fiscal 2020 compared to $275 million in fiscal 2019.Wedid not undertake any newrestructuringactionsinfiscal 2020.Infiscal 2019,werecorded$193millionofimpairment chargesrelatedtocertainbrandintangibleassetsanda$15millionchargerelatedtotheimpairmentofcertainmanufacturingassetsinourNorthAmericaRetailandAsia&LatinAmericasegments.Infiscal2019,wealsorecorded$80 million of restructuring charges related to actions to drive efficiencies in targeted areas of our global supply chain. Please see Note 4 to the ConsolidatedFinancialStatementsinItem8ofthisreportforadditionalinformation.Benefit plan non-service income totaled$113millioninfiscal2020comparedto$88millioninfiscal2019,primarilyreflectinglowerinterestcosts(pleaseseeNote2totheConsolidatedFinancialStatementsinItem8ofthisreportforadditionalinformation).Interest, net forfiscal2020totaled$466million,$56millionlowerthanfiscal2019,primarilydrivenbyloweraveragedebtlevels.Oureffective tax rate forfiscal2020was18.5percentcomparedto17.7percentinfiscal2019.The0.8percentagepointincreasewasprimarilyduetocertainnonrecurringdiscretetaxbenefitsinfiscal2019,partiallyoffsetbythebenefitfromthereorganizationofcertainwholly-ownedsubsidiariesandfavorablechangesinearningsmixbyjurisdictioninfiscal2020.Ouradjustedeffectivetaxratewas20.7percentinfiscal2020comparedto21.8percentinfiscal2019(seethe“Non-GAAPMeasures”sectionbelowforadescriptionofouruseofmeasuresnotdefinedbyGAAP).After-tax earnings from joint ventures increased27percentto$91millioninfiscal2020comparedtofiscal2019,primarilydrivenbyhighernetsalesatCPWpartiallyreflectingtheimpactoftheCOVID-19pandemicinthemonthofMarchandourshareoflowerafter-taxrestructuringchargescomparedtofiscal2019.Onaconstant-currencybasis,after-taxearningsfromjointventuresincreased31percent(seethe“Non-GAAPMeasures”sectionbelowforadescriptionofouruseofmeasuresnotdefinedbyGAAP).Thecomponentsofourjointventures’netsalesgrowthareshowninthefollowingtable:Fiscal 2020 vs. Fiscal 2019 CPW HDJ TotalContributionsfromvolumegrowth(a) 2 pts (11)pts Netpricerealizationandmix 3 pts 7 pts Netsalesgrowthinconstantcurrency 4 pts (4)pts 3 ptsForeigncurrencyexchange (4)pts 3 pts (3)ptsNetsalesgrowth Flat (1)pt FlatNote:Tablemaynotfootduetorounding (a)MeasuredintonsbasedonthestatedweightofourproductshipmentsAverage diluted shares outstanding increasedby8millioninfiscal2020fromfiscal2019duetooptionexercises.

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RESULTS OF SEGMENT OPERATIONSOurbusinessesareorganizedintofiveoperatingsegments:NorthAmericaRetail;ConvenienceStores&Foodservice;Europe&Australia;Asia&LatinAmerica;andPet.Fiscal2020includes13monthsofPetoperatingsegmentresultsaswechangedthePetoperatingsegment’sreportingperiodfromanAprilfiscalyearendtoaMayfiscalyearendtomatchourfiscalcalendar.Fiscal2019included12monthsofresults.Thefollowingtablesprovidethedollaramountandpercentageofnetsalesandoperatingprofitfromeachsegmentforfiscal2020andfiscal2019: Fiscal Year 2020 2019In Millions Dollars Percent of Total Dollars Percent of TotalNet Sales NorthAmericaRetail $ 10,750.5 61% $ 9,925.2 59%Europe&Australia 1,838.9 10 1,886.7 11ConvenienceStores&Foodservice 1,816.4 10 1,969.1 12Pet 1,694.6 10 1,430.9 8Asia&LatinAmerica 1,526.2 9 1,653.3 10Total $ 17,626.6 100% $ 16,865.2 100% Segment Operating Profit NorthAmericaRetail $ 2,627.0 75% $ 2,277.2 72%Europe&Australia 113.8 3 123.3 4ConvenienceStores&Foodservice 337.2 10 419.5 13Pet 390.7 11 268.4 9Asia&LatinAmerica 18.7 1 72.4 2Total $ 3,487.4 100% $ 3,160.8 100%Segment operating profit as reviewed by our executive management excludes unallocated corporate items, net gain/loss on divestitures, and restructuring,impairment,andotherexitcoststhatarecentrallymanaged.NORTH AMERICA RETAIL SEGMENTOurNorthAmericaRetailoperatingsegmentreflectsbusinesswithawidevarietyofgrocerystores,massmerchandisers,membershipstores,naturalfoodchains,drug,dollaranddiscountchains,ande-commercegroceryproviders.Ourproductcategoriesinthisbusinesssegmentareready-to-eatcereals,refrigeratedyogurt,soup,mealkits, refrigeratedandfrozendoughproducts,dessert andbakingmixes,frozenpizzaandpizzasnacks,snackbars, fruit snacks,savorysnacks,andawidevarietyoforganicproductsincludingready-to-eatcereal,frozenandshelf-stablevegetables,mealkits,fruitsnacks,snackbars,andrefrigeratedyogurt.NorthAmericaRetailnetsaleswereasfollows: Fiscal 2020 Fiscal 2020 vs. 2019 Percentage Change Fiscal 2019Netsales(inmillions) $ 10,750.5 8 % $ 9,925.2Contributionsfromvolumegrowth(a) 10 pts Netpricerealizationandmix (1)pt Foreigncurrencyexchange Flat Note:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.The8percentincreaseinNorthAmericaRetailnetsalesforfiscal2020wasprimarilydrivenbytheimpactoftheCOVID-19pandemic.Theincreaseinnetsalesincludesanincreaseincontributionsfromvolumegrowth, including2percentagepointsresultingfromthe53rdweek,partially offset byunfavorablenet pricerealizationandmix.

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ThecomponentsofNorthAmericaRetailorganicnetsalesgrowthareshowninthefollowingtable: Fiscal 2020 vs. 2019 Percentage ChangeContributionsfromorganicvolumegrowth(a) 8 ptsOrganicnetpricerealizationandmix (1)ptOrganicnetsalesgrowth 6 ptsForeigncurrencyexchange Flat53rdweek 2 ptsNetsalesgrowth 8 ptsNote:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.NorthAmericaRetailorganicnetsalesincreased6percentinfiscal2020comparedtofiscal2019,primarilydrivenbytheimpactoftheCOVID-19pandemic.Theincreaseinorganicnetsalesincludesanincreaseincontributionsfromorganicvolumegrowth,partiallyoffsetbyunfavorableorganicnetpricerealizationandmix.NetsalesforourNorthAmericaRetailoperatingunitsareshowninthefollowingtable:

In Millions Fiscal 2020 Fiscal 2020 vs. 2019 Percentage

Change Fiscal 2019U.S.Meals&Baking $ 4,408.5 15 % $ 3,839.8U.S.Cereal 2,434.1 8 % 2,255.4U.S.Snacks 2,091.9 2 % 2,060.9U.S.Yogurtandother 919.0 1 % 906.7Canada(a) 897.0 4 % 862.4Total $ 10,750.5 8 % $ 9,925.2(a)Onaconstantcurrencybasis,Canadaoperatingunitnetsalesincreased5percentinfiscal2020.Seethe“Non-GAAPMeasures”sectionbelowforouruseofthismeasurenotdefinedbyGAAP.Segmentoperatingprofitincreased15percentto$2,627millioninfiscal2020,comparedto$2,277millioninfiscal2019,primarilydrivenbyhighercontributionsfromvolumegrowthandtheimpact of the 53rdweekinfiscal 2020. Segmentoperatingprofit increased15percent onaconstant-currencybasis infiscal 2020comparedtofiscal2019(seethe“Non-GAAPMeasures”sectionbelowforouruseofthismeasurenotdefinedbyGAAP).EUROPE & AUSTRALIA SEGMENTOurEurope&AustraliaoperatingsegmentreflectsretailandfoodservicebusinessesinthegreaterEuropeandAustraliaregions.Ourproductcategoriesincluderefrigeratedyogurt,mealkits,snackbars,super-premiumicecream,refrigeratedandfrozendoughproducts,shelfstablevegetables,anddessertandbakingmixes.Revenuesfromfranchisefeesarereportedintheregionorcountrywherethefranchiseeislocated.Europe&Australianetsaleswereasfollows: Fiscal 2020 Fiscal 2020 vs. 2019 Percentage Change Fiscal 2019Netsales(inmillions) $ 1,838.9 (3)% $ 1,886.7Contributionsfromvolumegrowth(a) Flat Netpricerealizationandmix 1 pt Foreigncurrencyexchange (3)pts Note:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.The3percentdecreaseinEurope&Australianetsalesinfiscal2020wasdrivenbyunfavorableforeigncurrencyexchange,partiallyoffsetbyfavorablenetpricerealizationandmix.Fiscal2020netsalesincludesgrowthfromtheimpactoftheCOVID-19pandemic.

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ThecomponentsofEurope&Australiaorganicnetsalesgrowthareshowninthefollowingtable: Fiscal 2020 vs. 2019 Percentage ChangeContributionsfromorganicvolumegrowth(a) (2)ptsOrganicnetpricerealizationandmix 1 ptOrganicnetsalesgrowth (1)ptForeigncurrencyexchange (3)pts53rdweek 2 ptsNetsalesgrowth (3)ptsNote:Tablemaynotfootduetorounding(a)Measuredintonsbasedonthestatedweightofourproductshipments.The 1 percent decrease in Europe &Australia organic net sales growth in fiscal 2020 was driven bya decrease in contributions fromorganic volumegrowth,partiallyoffsetbyfavorableorganicnetpricerealizationandmix.Fiscal2020organicnetsalesincludesgrowthfromtheimpactoftheCOVID-19pandemic.Segmentoperatingprofitdecreased8percentto$114millioninfiscal2020comparedtofiscal2019,primarilydrivenbyhigherinputcostsandlowercontributionsfromvolumegrowth,partiallyoffsetbyfavorablenetpricerealizationandmix.Segmentoperatingprofitdecreased3percentonaconstant-currencybasisinfiscal2020comparedtofiscal2019(seethe“Non-GAAPMeasures”sectionbelowforouruseofthismeasurenotdefinedbyGAAP).CONVENIENCE STORES & FOODSERVICE SEGMENTOur major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals,unbakedandfullybakedfrozendoughproducts,bakingmixes,andbakeryflour.Manyproductswesellarebrandedtotheconsumerandnearlyallarebrandedtoourcustomers.Weselltodistributorsandoperatorsinmanycustomerchannelsincludingfoodservice,conveniencestores,vending,andsupermarketbakeriesintheUnitedStates.ConvenienceStores&Foodservicenetsaleswereasfollows: Fiscal 2020 Fiscal 2020 vs. 2019 Percentage Change Fiscal 2019Netsales(inmillions) $ 1,816.4 (8)% $ 1,969.1Contributionsfromvolumegrowth(a) (6)pts Netpricerealizationandmix (2)pts Note:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.ConvenienceStores&Foodservicenetsalesdecreased8percentinfiscal2020primarilydrivenbytheimpactoftheCOVID-19pandemiconaway-from-homechannels.Thedecreaseinnetsalesincludesadecreaseincontributionsfromvolumegrowthandunfavorablenetpricerealizationandmix.ThecomponentsofConvenienceStores&Foodserviceorganicnetsalesgrowthareshowninthefollowingtable: Fiscal 2020 vs. 2019 Percentage ChangeContributionsfromorganicvolumegrowth(a) (7)ptsOrganicnetpricerealizationandmix (2)ptsOrganicnetsalesgrowth (9)pts53rdweek 1 ptNetsalesgrowth (8)ptsNote:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.The 9 percent decrease in Convenience Stores & Foodservice organic net sales growth in fiscal 2020 was primarily driven by the impact of the COVID-19pandemic.Thedecreaseinorganicnetsalesgrowthincludesadecreaseincontributionsfromorganicvolumegrowthandunfavorableorganicnetpricerealizationandmix.

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Segmentoperatingprofit decreased20percentto$337millioninfiscal 2020,comparedto$420millioninfiscal 2019,primarilydrivenbylowercontributionsfromvolumegrowthandunfavorablenetpricerealizationandmix.PET SEGMENTOurPetoperatingsegmentincludespetfoodproductssoldprimarilyintheUnitedStatesinnationalpetsuperstorechains,e-commerceretailers,grocerystores,regional pet store chains, mass merchandisers, andveterinary clinics andhospitals. Ourproduct categories includedogandcat food(dryfoods, wet foods, andtreats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary,lifestyle,andlife-stageneedsandspandifferentproducttypes,diettypes,breedsizesfordogs,lifestages,flavors,productfunctionsandtextures,andcutsforwetfoods.Fiscal2020includes13monthsofPetoperatingsegmentresultsaswechangedthePetoperatingsegment’sreportingperiodfromanAprilfiscalyearendtoaMayfiscalyearendtomatchourfiscalcalendar.Fiscal2019included12monthsofresults.Petnetsaleswereasfollows: Fiscal 2020 Fiscal 2020 vs. 2019 Percentage Change Fiscal 2019Netsales(inmillions) $ 1,694.6 18 % $ 1,430.9Contributionsfromvolumegrowth(a) 17 pts Netpricerealizationandmix 2 pts Note:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.Petnetsalesincreased18percentinfiscal2020comparedtofiscal2019,drivenbyanincreaseincontributionsfromvolumegrowth,includingtheimpactofanextramonthintheperiod,andfavorablenetpricerealizationandmix.Fiscal2020netsalesincludesgrowthfromtheimpactoftheCOVID-19pandemic.ThecomponentsofPetorganicnetsalesgrowthareshowninthefollowingtable: Fiscal 2020 vs. 2019 Percentage ChangeContributionsfromorganicvolumegrowth(a) 17 ptsOrganicnetpricerealizationandmix 2 ptsOrganicnetsalesgrowth 18 ptsNetsalesgrowth 18 ptsNote:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.The18percentincreaseinPetorganicnetsalesgrowthinfiscal2020wasdrivenbyanincreaseincontributionsfromorganicvolumegrowth,includingtheimpactofanextramonthintheperiod,andfavorableorganicnetpricerealizationandmix.Fiscal2020organicnetsalesincludesgrowthfromtheimpactoftheCOVID-19pandemic.Pet operating profit increased 46 percent to $391 million in fiscal 2020, compared to $268 million in fiscal 2019, primarily driven by a $53 million purchaseaccountingadjustmentrelatedtoinventoryacquiredinfiscal2019,anincreaseincontributionsfromvolumegrowth,favorablenetpricerealizationandmix,andtheimpactofanextramonthintheperiod,partiallyoffsetbyhigherSG&Aexpenses.ASIA & LATIN AMERICA SEGMENTOurAsia&LatinAmericaoperatingsegmentconsistsofretailandfoodservicebusinessesinthegreaterAsiaandSouthAmericaregions.Ourproductcategoriesincludesuper-premiumicecreamandfrozendesserts,mealkits,dessertandbakingmixes,snackbars,saltysnacks,refrigeratedandfrozendoughproducts,andwellness beverages. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our Asia & Latin AmericasegmentalsoincludesproductsmanufacturedintheUnitedStatesforexport,mainlytoCaribbeanandLatinAmericanmarkets,aswellasproductswemanufacturefor sale to our international joint ventures. Revenues fromexport activities and franchise fees are reported in the region or country where the end customer orfranchiseeislocated.

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Asia&LatinAmericanetsaleswereasfollows: Fiscal 2020 Fiscal 2020 vs. 2019 Percentage Change Fiscal 2019Netsales(inmillions) $ 1,526.2 (8)% $ 1,653.3Contributionsfromvolumegrowth(a) (2)pts Netpricerealizationandmix (1)pt Foreigncurrencyexchange (4)pts Note:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.Asia & Latin America net sales decreased 8 percent in fiscal 2020 compared to fiscal 2019, primarily driven by the impact of the COVID-19 pandemic. Thedecreaseinnetsalesincludesunfavorableforeigncurrencyexchange,adecreaseincontributionsfromvolumegrowth,andunfavorablenetpricerealizationandmix.ThecomponentsofAsia&LatinAmericaorganicnetsalesgrowthareshowninthefollowingtable: Fiscal 2020 vs. 2019 Percentage ChangeContributionsfromorganicvolumegrowth(a) (1)ptOrganicnetpricerealizationandmix (1)ptOrganicnetsalesgrowth (2)ptsForeigncurrencyexchange (4)ptsDivestitures(b) (3)pts53rdweek 2 ptsNetsalesgrowth (8)ptsNote:Tablemaynotfootduetorounding.(a)Measuredintonsbasedonthestatedweightofourproductshipments.(b)ImpactofthedivestitureofourLaSalteñabusinessinArgentinaandourYoplaitbusinessinChina.The2percentdecreaseinAsia&LatinAmericaorganicnetsalesinfiscal2020wasprimarilydrivenbytheimpactoftheCOVID-19pandemic.Thedecreaseinorganicnetsalesgrowthincludesunfavorableorganicnetpricerealizationandmixandadecreaseincontributionsfromorganicvolumegrowth.Segmentoperatingprofitdecreased74percentto$19millioninfiscal2020,comparedto$72millioninfiscal2019,primarilydrivenbyanincreaseininputcostsandlowercontributionsfromvolumegrowth.Segmentoperatingprofitdecreased73percentonaconstant-currencybasisinfiscal2020comparedtofiscal2019(seethe“Non-GAAPMeasures”sectionbelowforouruseofthismeasurenotdefinedbyGAAP).UNALLOCATED CORPORATE ITEMSUnallocatedcorporateitemsincludecorporateoverheadexpenses, variancestoplanneddomesticemployeebenefitsandincentives, contributionstotheGeneralMillsFoundation,assetandliabilityremeasurementimpactofhyperinflationaryeconomies,restructuringinitiativeproject-relatedcosts,andotheritemsthatarenotpartofourmeasurementofsegmentoperatingperformance.Thisincludesgainsandlossesfromthemark-to-marketvaluationofcertaincommoditypositionsuntilpassedbacktoouroperatingsegmentsinaccordancewithourpolicyasdiscussedinNote8totheConsolidatedFinancialStatementsinItem8ofthisreport.Infiscal2020,unallocatedcorporateexpenseincreased$169millionto$509millioncomparedto$340millionlastyear,primarilydrivenbycompensationandbenefitsexpenses.Infiscal2020,werecordeda$25millionnetincreaseinexpenserelatedtomark-to-marketvaluationofcertaincommoditypositionsandgraininventoriescomparedtoa$36millionnetincreaseinexpenseintheprioryear.Inaddition,werecorded$26millionofrestructuringcharges,and$2millionofrestructuringinitiativeproject-relatedcostsincostofsalesinfiscal2020,comparedto$10millionofrestructuringchargesand$1millionofrestructuringinitiativeproject-relatedcostsincostofsalesinfiscal2019.Wealsorecordeda$19millionchargerelatedtoaproductrecallinourinternationalGreenGiantbusinessinfiscal 2020. In fiscal 2020, we recorded $8 million of net losses related to certain investment valuation adjustments and the loss on sale of certain corporateinvestments, comparedto $23million of gains in fiscal 2019. In fiscal 2019,werecordeda $16milliongainfromalegal recoveryrelated to our Yoplait SASsubsidiary and $26 million of integration costs related to our acquisition of Blue Buffalo. In addition, we recorded a $3 million loss related to the impact ofhyperinflationaryaccountingforourArgentinasubsidiaryinfiscal2019.

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IMPACT OF INFLATIONWeexperienced input cost inflation of 4 percent in fiscal 2020and 4 percent in fiscal 2019, primarily oncommodity inputs. Weexpect input cost inflation ofapproximately3percentinfiscal 2021.WeattempttominimizetheeffectsofinflationthroughHMM,planning,andoperatingpractices. OurriskmanagementpracticesarediscussedinItem7Aofthisreport.LIQUIDITYThe primary source of our liquidity is cash flowfromoperations. Over the most recent two-year period, our operations have generated $6.5 billion in cash. Asubstantial portion of this operating cash flow has been returned to shareholders through dividends. We also use cash from operations to fund our capitalexpenditures and acquisitions. We typically use a combination of cash, notes payable, and long-term debt, and occasionally issue shares of common stock, tofinancesignificantacquisitions.OursourcesofliquiditywerenotmateriallyimpactedfromtheCOVID-19pandemic.AsofMay31,2020,wehad$566millionofcashandcashequivalentsheldinforeignjurisdictions.AsaresultoftheTaxCutsandJobsAct(TCJA),thehistoricundistributedearningsofourforeignsubsidiariesweretaxedintheU.S.viatheone-timerepatriationtaxinfiscal2018.Wehavere-evaluatedourassertionandhave concluded that although earnings prior to fiscal 2018 will remain permanently reinvested, we will no longer make a permanent reinvestment assertionbeginningwithourfiscal2018earnings.AspartoftheaccountingfortheTCJA,werecordedlocalcountrywithholdingtaxesrelatedtocertainentitiesfromwhichwebeganrepatriatingundistributedearningsandwillcontinuetorecordlocalcountrywithholdingtaxesonallfutureearnings.Asaresultofthetransitiontax,wemayrepatriateourcashandcashequivalentsheldbyourforeignsubsidiarieswithoutsuchfundsbeingsubjecttofurtherU.S.incometaxliability.Cash Flows from Operations

Fiscal YearIn Millions 2020 2019Netearnings,includingearningsattributabletoredeemableandnoncontrollinginterests $ 2,210.8 $ 1,786.2Depreciationandamortization 594.7 620.1After-taxearningsfromjointventures (91.1) (72.0)Distributionsofearningsfromjointventures 76.5 86.7Stock-basedcompensation 94.9 84.9Deferredincometaxes (29.6) 93.5Pensionandotherpostretirementbenefitplancontributions (31.1) (28.8)Pensionandotherpostretirementbenefitplancosts (32.3) 6.1Divestituresloss - 30.0Restructuring,impairment,andotherexitcosts 43.6 235.7Changesincurrentassetsandliabilities,excludingtheeffectsofacquisitionsanddivestitures 793.9 (7.5)Other,net 45.9 (27.9)Netcashprovidedbyoperatingactivities $ 3,676.2 $ 2,807.0During fiscal 2020, cash provided by operations was $3,676 million compared to $2,807 million in the same period last year. The $869 million increase wasprimarilydrivenbyan$801millionchangeincurrentassetsandliabilitiesanda$425millionincreaseinnetearnings,partiallyoffsetbya$192millionchangeinnon-cash restructuring, impairment, and other exit costs and a $123 million change in deferred income taxes. The $801 million change in current assets andliabilities wasprimarilydrivenbya$233millionchangeinothercurrentliabilities, primarilydrivenbychangesinincometaxespayable, tradeandadvertisingaccruals, and incentive accruals, a $230 million change in accounts payable as a result of increased spending on raw materials and packaging as well as thecontinuedextensionofpaymentterms,anda$208millionchangeinprepaidandothercurrentassets,primarilydrivenbythetimingofcertaintaxpaymentsandreceipts.Westrivetogrowcoreworkingcapitalatorbelowtherateofgrowthinournetsales.Forfiscal2020,coreworkingcapitaldecreased$591million,comparedtoanetsalesincreaseof5percent,primarilydrivenbytheincreaseinaccountspayableandlowerinventorybalances.Infiscal2019,coreworkingcapitaldecreased$195million,comparedtoanetsalesincreaseof7percent.

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Cash Flows from Investing Activities

Fiscal YearIn Millions 2020 2019Purchasesofland,buildings,andequipment $ (460.8) $ (537.6)Investmentsinaffiliates,net (48.0) 0.1Proceedsfromdisposalofland,buildings,andequipment 1.7 14.3Proceedsfromdivestitures - 26.4Other,net 20.9 (59.7)Netcashusedbyinvestingactivities $ (486.2) $ (556.5)Infiscal2020,weused$486millionofcashthroughinvestingactivitiescomparedto$556millioninfiscal2019.Weinvested$461millioninland,buildings,andequipmentinfiscal2020,$77millionlessthanfiscal2019.Weexpectcapitalexpenditurestobeapproximately3.5percentofreportednetsalesinfiscal2021.Theseexpenditureswillfundinitiativesthatareexpectedtofuelgrowth,supportinnovativeproducts,andcontinueHMMinitiativesthroughoutthesupplychain.Cash Flows from Financing Activities

Fiscal YearIn Millions 2020 2019Changeinnotespayable $ (1,158.6) $ (66.3)Issuanceoflong-termdebt 1,638.1 339.1Paymentoflong-termdebt (1,396.7) (1,493.8)Proceedsfromcommonstockissuedonexercisedoptions 263.4 241.4Purchasesofcommonstockfortreasury (3.4) (1.1)Dividendspaid (1,195.8) (1,181.7)Investmentsinredeemableinterest - 55.7Distributionstoredeemableandnoncontrollinginterestholders (72.5) (38.5)Other,net (16.0) (31.2)Netcashusedbyfinancingactivities $ (1,941.5) $ (2,176.4)Financingactivitiesused$1.9billionofcashinfiscal2020comparedto$2.2billioninfiscal2019.Wehad$917millionofnetdebtrepaymentsinfiscal2020compared to $1.2 billion of net debt repayments in fiscal 2019. For more information on our debt issuances and payments, please refer to Note 9 to theConsolidatedFinancialStatementsinItem8ofthisreport.Duringfiscal2020,wereceived$263millionofnetproceedsfromcommonstockissuedonexercisedoptionscomparedto$241millioninfiscal2019.Sharerepurchasesinfiscal2020and2019wereinsignificant.Dividendspaidinfiscal2020totaled$1,196million,or$1.96pershare,consistentwithfiscal2019.Selected Cash Flows from Joint VenturesSelectedcashflowsfromourjointventuresaresetforthinthefollowingtable: Fiscal YearInflow (Outflow), in Millions 2020 2019Investmentsinaffiliates,net $ (48.0) $ (0.1)Dividendsreceived 76.5 86.7

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CAPITAL RESOURCESTotalcapitalconsistedofthefollowing:In Millions May 31, 2020 May 26, 2019Notespayable $ 279.0 $ 1,468.7Currentportionoflong-termdebt 2,331.5 1,396.5Long-termdebt 10,929.0 11,624.8Totaldebt 13,539.5 14,490.0Redeemableinterest 544.6 551.7Noncontrollinginterests 291.0 313.2Stockholders'equity 8,058.5 7,054.5Totalcapital $ 22,433.6 $ 22,409.4Thefollowingtabledetailsthefee-paidcommittedanduncommittedcreditlineswehadavailableasofMay31,2020:In Billions Facility Amount Borrowed AmountCreditfacilityexpiring: May2022 $ 2.7 $ -September2022 0.2 -

Totalcommittedcreditfacilities 2.9 -Uncommittedcreditfacilities 0.6 0.2Totalcommittedanduncommittedcreditfacilities $ 3.5 $ 0.2Toensureavailabilityoffunds,wemaintainbankcreditlinesandhavecommercialpaperprogramsavailabletousintheUnitedStatesandEurope.Inresponsetouncertainty surroundingthe availability andcost of commercial paper borrowingsas a result of the COVID-19pandemic, weissued$750million of fixed-ratenotesinApril2020andreducedourborrowingsundercommercialpaperprograms.AstheCOVID-19pandemicevolves,wewillcontinuetoevaluateitsimpacttooursourcesofliquidity.Wealsohaveuncommittedandasset-backedcreditlinesthatsupportourforeignoperations.Certain of our long-termdebt agreements, our credit facilities, and our noncontrolling interests contain restrictive covenants. As of May 31, 2020, we were incompliancewithallofthesecovenants.Wehave$2,332millionoflong-termdebtmaturinginthenext12monthsthatisclassifiedascurrent,including$100millionof6.61percentmedium-termnotesdueforremarketinginOctober2020,€500millionof2.1percentnotesdueNovember2020,€200millionof0.0percentnotesdueNovember2020,$4millionoffloating-ratemediumtermnotesdueforremarketinginNovember2020,$850millionoffloating-ratenotesdueApril2021,and$600millionof3.2percentnotesdueApril2021.Webelievethatcashflowsfromoperations,togetherwithavailableshort-andlong-termdebtfinancing,willbeadequatetomeetourliquidityandcapitalneedsforatleastthenext12months.AsofMay31,2020,ourtotaldebt,includingtheimpactofderivativeinstrumentsdesignatedashedges,was87percentinfixed-rateand13percentinfloating-rateinstruments,comparedto74percentinfixed-rateand26percentinfloating-rateinstrumentsonMay26,2019.Ournetdebttooperatingcashflowratiodeclinedto3.2infiscal2020from5.0infiscal2019,primarilydrivenbyanincreaseincashprovidedbyoperations.Ournetdebt-to-adjustedEBITDAratiodeclinedto3.2infiscal2020from3.9infiscal2019,consistentwithourplanstoreduceourleveragefollowingouracquisitionofBlueBuffalo(seethe“Non-GAAPMeasures”sectionbelowforouruseofthismeasurenotdefinedbyGAAP).We have a 51 percent controlling interest in Yoplait SAS and a 50 percent interest in Yoplait Marques SNC and Liberté Marques Sàrl. SodiaalInternational(Sodiaal)holdstheremaininginterestsineachoftheseentities.Weconsolidatetheseentitiesintoourconsolidatedfinancialstatements.WerecordSodiaal’s50percentinterestinYoplaitMarquesSNCandLibertéMarquesSàrlasnoncontrollinginterests,andits49percentinterestinYoplaitSASasaredeemableintereston our Consolidated Balance Sheets. These euro- and Canadian dollar-denominated interests are reported in U.S. dollars on our Consolidated Balance Sheets.Sodiaalhastheabilitytoputalloraportionofitsredeemableinteresttousatfairvalueonceperyear,uptothreetimesbeforeDecember2024.AsofMay31,2020,theredemptionvalueoftheredeemableinterestwas$545millionwhichapproximatesitsfairvalue.Duringfiscal2019,Sodiaalinvested$56millioninYoplaitSAS.

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Thethird-partyholderoftheGeneralMillsCereals,LLC(GMC)ClassAInterestsreceivesquarterlypreferreddistributionsfromavailablenetincomebasedontheapplication of a floating preferred return rate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $252million).OnJune1,2018,thefloatingpreferredreturnrateonGMC’sClassAInterestswasresettothesumofthree-monthLIBORplus142.5basispoints.ThepreferredreturnrateisadjustedeverythreeyearsthroughanegotiatedagreementwiththeClassAInterestholderorthrougharemarketingauction.Wehaveanoptionto purchasetheClass AInterests for considerationequal to thethencurrent capital account value, plus anyunpaidpreferred returnandtheprescribedmake-wholeamount.Ifwepurchasetheseinterests,anychangeinthethird-partyholder’scapitalaccountfromitsoriginalvaluewillbechargeddirectlytoretainedearningsandwillincreaseordecreasethenetearningsusedtocalculateEPSinthatperiod.OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONSAsofMay31,2020,wehaveissuedguaranteesandcomfortlettersof$130millionforthedebtandotherobligationsofnon-consolidatedaffiliates,mainlyCPW.Inaddition,off-balancesheetarrangementswerenotmaterialasofMay31,2020.As of May 31, 2020, we invested in three variable interest entities (VIEs). None of our VIEs are material to our results of operations, financial condition, orliquidityasofandforthefiscalyearendedMay31,2020.OurdefinedbenefitplansintheUnitedStatesaresubjecttotherequirementsofthePensionProtectionAct(PPA).Inthefuture,thePPAmayrequireustomakeadditionalcontributionstoourdomesticplans.Wedonotexpecttoberequiredtomakeanycontributionsinfiscal2021.Thefollowingtablesummarizesourfutureestimatedcashpaymentsunderexistingcontractualobligations,includingpaymentsduebyperiod: Payments Due by Fiscal YearIn Millions Total 2021 2022 - 2023 2024 - 2025 2026 and ThereafterLong-termdebt(a) $ 13,318.5 $ 2,331.3 $ 2,277.1 $ 2,550.0 $ 6,160.1Accruedinterest 92.8 92.8 - - -Operatingleases(b) 412.5 115.4 171.5 91.9 33.7Financeleases(b) 0.2 0.1 0.1 - -Purchaseobligations(c) 2,548.8 2,271.7 191.7 57.3 28.1Totalcontractualobligations 16,372.8 4,811.3 2,640.4 2,699.2 6,221.9Otherlong-termobligations(d) 1,167.1 - - - -Totallong-termobligations $ 17,539.9 $ 4,811.3 $ 2,640.4 $ 2,699.2 $ 6,221.9

(a) Amounts represent the expected cash payments of our long-term debt and do not include $0.2 million for finance leases or $58.4 million for netunamortizeddebtissuancecosts,premiumsanddiscounts,andfairvalueadjustments.

(b) SeeNote7totheConsolidatedFinancialStatementsinItem8ofthisreportformoreinformationonourleasearrangements.(c) Themajorityofthepurchaseobligationsrepresentcommitmentsforrawmaterialandpackagingtobeutilizedinthenormalcourseofbusinessandfor

consumer marketing spending commitments that support our brands. For purposes of this table, arrangements are considered purchase obligations if acontract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure, and approximate timing of thetransaction. Most arrangements are cancelable without a significant penalty and with short notice (usually 30 days). Any amounts reflected on theConsolidatedBalanceSheetsasaccountspayableandaccruedliabilitiesareexcludedfromthetableabove.

(d) Thefairvalueofourforeignexchange,equity,commodity,andgrainderivativecontractswithapayablepositiontothecounterpartywas$43.1millionasofMay31,2020,basedonfairmarketvaluesasofthatdate.Futurechangesinmarketvalueswillimpacttheamountofcashultimatelypaidorreceivedto settle those instruments in the future. Other long-termobligations mainly consist of liabilities for accrued compensation and benefits, including theunderfundedstatusofcertainofourdefinedbenefitpension,otherpostretirementbenefit,andpostemploymentbenefitplans,andmiscellaneousliabilities.Weexpect to pay approximately $24 million of benefits fromour unfunded postemployment benefit plans and approximately $21 million of deferredcompensationinfiscal2021.Weareunabletoreliablyestimatetheamountofthesepaymentsbeyondfiscal2021.AsofMay31,2020,ourtotalliabilityforuncertaintaxpositionsandaccruedinterestandpenaltieswas$175.8million.

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SIGNIFICANT ACCOUNTING ESTIMATESFor a complete description of our significant accounting policies, please see Note 2 to the Consolidated Financial Statements in Item 8 of this report. Oursignificant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations. These estimatesincludeouraccountingforrevenuerecognition,valuationoflong-livedassets,intangibleassets,redeemableinterest,stock-basedcompensation,incometaxes,anddefinedbenefitpension,otherpostretirementbenefit,andpostemploymentbenefitplans.Considerations related to the COVID-19 pandemicTheimpactthattherecentCOVID-19pandemicwillhaveonourconsolidatedresultsofoperationsisuncertain.Wesawincreasedordersfromretailcustomersacross all geographies in response to increased consumer demand for food at home. We also experienced a COVID-19-related decrease in consumer traffic inaway-from-homefoodoutletsduringthethirdandfourthquartersoffiscal2020.Near-termelevatedretailcustomerordersmayunwindinthecomingmonths,andweareunabletopredictthenatureandtimingofwhenthatimpactmayoccur,ifatall.WehaveconsideredthepotentialimpactsoftheCOVID-19pandemicinoursignificantaccountingestimatesasofMay31,2020,andwillcontinuetoevaluatethenatureandextentoftheimpacttoourbusinessandconsolidatedresultsofoperations.Revenue RecognitionOurrevenuesarereportednetofvariableconsiderationandconsiderationpayabletoourcustomers,includingtradepromotion,consumercouponredemptionandotherreductionstothetransactionprice,includingestimatedallowancesforreturns,unsalableproduct,andpromptpaydiscounts.Tradepromotionsarerecordedusingsignificantjudgmentofestimatedparticipationandperformancelevelsforofferedprogramsatthetimeofsale.Differencesbetweentheestimatedandactualreduction to the transaction price is recognized as a change in estimate in a subsequent period. Our accrued trade and coupon promotion liabilities were $471millionasofMay31,2020,and$410millionasofMay26,2019.Becausetheseamountsaresignificant,ifourestimatesareinaccuratewewouldhavetomakeadjustmentsinsubsequentperiodsthatcouldhaveasignificanteffectonourresultsofoperations.Valuation of Long-Lived AssetsWeestimatetheusefullivesoflong-livedassetsandmakeestimatesconcerningundiscountedcashflowstoreviewforimpairmentwhenevereventsorchangesincircumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Fair value is measured using discounted cash flows orindependentappraisals,asappropriate.Intangible AssetsGoodwill andother indefinite-lived intangible assets are not subject to amortization andare tested for impairment annually andwhenever events or changes incircumstancesindicatethatimpairmentmayhaveoccurred.Ourestimatesoffairvalueforgoodwillimpairmenttestingaredeterminedbasedonadiscountedcashflow model. We use inputs from our long-range planning process to determine growth rates for sales and profits. We also make estimates of discount rates,perpetuitygrowthassumptions,marketcomparables,andotherfactors.Weevaluatetheusefullivesofourotherintangibleassets,mainlybrands,todetermineiftheyarefiniteorindefinite-lived.Reachingadeterminationonusefulliferequiressignificantjudgmentsandassumptionsregardingthefutureeffectsofobsolescence,demand,competition,othereconomicfactors(suchasthestabilityoftheindustry,knowntechnologicaladvances,legislativeactionthatresultsinanuncertainorchangingregulatoryenvironment,andexpectedchangesindistributionchannels),thelevelofrequiredmaintenanceexpenditures,andtheexpectedlivesofotherrelatedgroupsofassets.Intangibleassetsthataredeemedtohavefinitelivesareamortizedonastraight-linebasisovertheirusefullives,generallyrangingfrom4to30years.Ourestimateofthefairvalueofourbrandassetsisbasedonadiscountedcashflowmodelusinginputswhichincludeprojectedrevenuesfromourlong-rangeplan,assumedroyaltyratesthatcouldbepayableifwedidnotownthebrands,andadiscountrate.As of May31, 2020, we had $20 billion of goodwill and indefinite-lived intangible assets. Weassessed our goodwill and brand intangible assets for potentialimpairmentindicatorsusingquantitativeandqualitativefactors,includingtheestimatedimpactsoftheCOVID-19pandemic,asofMay31,2020,andconcludedthatnoimpairmentindicatorswerepresentasofthatdate.Whilewecurrentlybelievethatthefairvalueofeachintangibleexceedsitscarryingvalueandthatthoseintangibleswillcontributeindefinitelytoourcashflows,materiallydifferentassumptionsregardingfutureperformanceofourbusinessesoradifferentweighted-averagecostofcapitalcouldresultinmaterialimpairmentlossesandamortizationexpense.Weperformedourfiscal2020assessmentofourintangibleassetsasofthefirstdayofthesecondquarteroffiscal2020,andwedeterminedtherewasnoimpairmentofourintangibleassetsastheirrelatedfairvaluesweresubstantiallyinexcessofthecarryingvalues,exceptfortheEurope&AustraliareportingunitandtheProgressobrandintangibleasset.

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Theexcessfairvalueasofthefiscal2020testdateoftheEurope&AustraliareportingunitandtheProgressobrandintangibleassetwereasfollows:

In MillionsCarrying Value of Intangible

Asset Excess Fair Value as of Fiscal

2020 Test DateEurope&Australia $ 672.6 14%Progresso $ 330.0 5%Inaddition,whilehavingsignificantcoverageasofourfiscal2020assessmentdate,thePillsburybrandintangibleassethadriskofdecreasingcoverage.Wewillcontinuetomonitorourbusinessesforpotentialimpairment.Redeemable InterestThesignificant assumptionsusedtoestimate theredemptionvalueoftheredeemableinterest includeprojectedrevenuegrowthandprofitability fromourlong-range plan, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. As of May 31, 2020, the redemption value of theredeemableinterestwas$545million.Stock-based CompensationThevaluationofstockoptionsisasignificantaccountingestimatethatrequiresustousejudgmentsandassumptionsthatarelikelytohaveamaterialimpactonourfinancial statements. Annually, we make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and theforfeiturerate.Formoreinformationontheseassumptions,pleaseseeNote12totheConsolidatedFinancialStatementsinItem8ofthisreport.TheestimatedfairvaluesofstockoptionsgrantedandtheassumptionsusedfortheBlack-Scholesoption-pricingmodelwereasfollows:

Fiscal Year 2020 2019 2018Estimatedfairvaluesofstockoptionsgranted $ 7.10 $ 5.35 $ 6.18 Assumptions: Risk-freeinterestrate 2.0 % 2.9 % 2.2 %Expectedterm 8.5 years 8.5 years 8.2 yearsExpectedvolatility 17.4 % 16.3 % 15.8 %Dividendyield 3.6 % 4.3 % 3.6 %

Therisk-freeinterestrateforperiodsduringtheexpectedtermoftheoptionsisbasedontheU.S.Treasuryzero-couponyieldcurveineffectatthetimeofgrant.Anincreaseintheexpectedtermby1year,leavingallotherassumptionsconstant,wouldincreasethegrantdatefairvalueby1percent.Ifallotherassumptionsareheldconstant,aonepercentagepointincreaseinourfiscal2020volatilityassumptionwouldincreasethegrantdatefairvalueofourfiscal2020optionawardsby7percent.To the extent that actual outcomes differ from our assumptions, we are not required to true up grant-date fair value-based expense to final intrinsic values.Historical data has a significant bearing on our forward-looking assumptions. Significant variances between actual and predicted experience could lead toprospectiverevisionsinourassumptions,whichcouldthensignificantlyimpacttheyear-over-yearcomparabilityofstock-basedcompensationexpense.Anycorporateincometaxbenefitrealizeduponexerciseorvestingofanawardinexcessofthatpreviouslyrecognizedinearnings(referredtoasawindfalltaxbenefit)ispresentedintheConsolidatedStatementsofCashFlowsasanoperatingcashflow.Theactualimpactonfutureyears’cashflowswilldepend,inpart,onthevolumeofemployeestockoptionexercisesduringaparticularyearandtherelationshipbetweentheexercise-datemarketvalueoftheunderlyingstockandtheoriginalgrant-datefairvaluepreviouslydeterminedforfinancialreportingpurposes.Realizedwindfalltaxbenefitsandshortfalltaxdeficienciesrelatedtotheexerciseorvestingofstock-basedawardsarerecognizedintheConsolidatedStatementofEarnings. Because employee stock option exercise behavior is not within our control, it is possible that significantly different reported results could occur ifdifferentassumptionsorconditionsweretoprevail.Income TaxesWeapplyamore-likely-than-notthresholdtotherecognitionandderecognitionofuncertaintaxpositions.Accordingly,werecognizetheamountoftaxbenefitthathasagreaterthan50percentlikelihoodofbeingultimatelyrealizeduponsettlement.Futurechangesin

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judgmentrelatedtotheexpectedultimateresolutionofuncertaintaxpositionswillaffectearningsinthequarterofsuchchange.Formoreinformationonincometaxes,pleaseseeNote15totheConsolidatedFinancialStatementsinItem8ofthisreport.Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit PlansWehavedefinedbenefit pensionplanscoveringmanyemployeesintheUnitedStates,Canada,Switzerland,France,andtheUnitedKingdom.Wealsosponsorplansthatprovidehealthcarebenefits tomanyofourretireesintheUnitedStates, Canada,andBrazil. Undercertaincircumstances, wealsoprovideaccruablebenefits, primarily severance, to former and inactive employees in the United States, Canada, and Mexico. Please see Note 14 to the Consolidated FinancialStatementsinItem8ofthisreportforadescriptionofourdefinedbenefitpension,otherpostretirementbenefit,andpostemploymentbenefitplans.We recognize benefits provided during retirement or following employment over the plan participants’ active working lives. Accordingly, we make variousassumptionstopredictandmeasurecostsandobligationsmanyyearspriortothesettlementofourobligations.Assumptionsthatrequiresignificantmanagementjudgmentandhaveamaterialimpactonthemeasurementofournetperiodicbenefitexpenseorincomeandaccumulatedbenefitobligationsincludethelong-termratesofreturnonplanassets,theinterestratesusedtodiscounttheobligationsforourbenefitplans,andhealthcarecosttrendrates.Expected Rate of Return on Plan AssetsOurexpectedrateofreturnonplanassetsisdeterminedbyourassetallocation,ourhistoricallong-terminvestmentperformance,ourestimateoffuturelong-termreturns by asset class (using input from our actuaries, investment services, and investment managers), and long-term inflation assumptions. We review thisassumptionannuallyforeachplan;however,ourannualinvestmentperformanceforoneparticularyeardoesnot,byitself,significantlyinfluenceourevaluation.Ourhistoricalinvestmentreturns(compoundannualgrowthrates)forourUnitedStatesdefinedbenefitpensionandotherpostretirementbenefitplanassetswere15.4percent,8.5percent,10.1percent,8.2percent,and7.9percentforthe1,5,10,15,and20yearperiodsendedMay31,2020.Onaweighted-averagebasis,theexpectedrateofreturnforalldefinedbenefitplanswas6.95percentforfiscal2020,7.25percentforfiscal2019,and7.88percentfor fiscal 2018. For fiscal 2021, we lowered our weighted-average expected rate of return on plan assets for our principal defined benefit pension and otherpostretirementplansintheUnitedStatesto5.67percentduetoassetallocationchangesandexpectedassetreturns.Loweringtheexpectedlong-termrateofreturnonassetsby100basispointswouldincreaseournetpensionandpostretirementexpenseby$79millionforfiscal2021.Amarket-relatedvaluationbasisisusedtoreduceyear-to-yearexpensevolatility.Themarket-relatedvaluationrecognizescertaininvestmentgainsorlossesoverafive-yearperiodfromtheyearinwhichtheyoccur. Investmentgainsorlossesforthispurposearethedifferencebetweentheexpectedreturncalculatedusingthemarket-relatedvalueofassetsandtheactualreturnbasedonthemarket-relatedvalueofassets.Ouroutsideactuariesperformthesecalculationsaspartofourdeterminationofannualexpenseorincome.Discount RatesWe estimate the service and interest cost components of the net periodic benefit expense for our United States and most of our international defined benefitpension, other postretirement benefit, andpostemployment benefit plansutilizingafull yieldcurveapproachbyapplyingthespecific spot rates alongtheyieldcurveusedtodeterminethebenefitobligationtotherelevantprojectedcashflows.OurdiscountrateassumptionsaredeterminedannuallyasofMay31forourdefinedbenefitpension,otherpostretirementbenefit,andpostemploymentbenefitplanobligations.Weworkwithouroutsideactuariestodeterminethetimingandamount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, to develop a forward interest rate curve,includingamargintothatindexbasedonourcreditrisk.Thisforwardinterestratecurveisappliedtoourexpectedfuturecashoutflowstodetermineourdiscountrateassumptions.

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Ourweighted-averagediscountrateswereasfollows:

Defined Benefit Pension

Plans Other Postretirement

Benefit Plans Postemployment Benefit

PlansEffectiverateforfiscal2021servicecosts 3.59 % 3.44 % 2.54 %Effectiverateforfiscal2021interestcosts 2.54 % 2.32 % 1.41 %ObligationsasofMay31,2020 3.20 % 3.02 % 1.85 %Effectiverateforfiscal2020servicecosts 4.19 % 4.04 % 3.51 %Effectiverateforfiscal2020interestcosts 3.47 % 3.28 % 2.84 %ObligationsasofMay31,2019 3.91 % 3.79 % 3.10 %Effectiverateforfiscal2019servicecosts 4.34 % 4.27 % 3.99 %Effectiverateforfiscal2019interestcosts 3.92 % 3.80 % 3.37 %Loweringthe discount rates by100basis points wouldincrease our net definedbenefit pension, other postretirement benefit, andpostemployment benefit planexpense for fiscal 2021 by approximately $54 million. All obligation-related experience gains and losses are amortized using a straight-line method over theaverageremainingserviceperiodofactiveplanparticipantsorovertheaverageremaininglifetimeoftheremainingplanparticipantsiftheplanisviewedas“alloralmostall”inactiveparticipants.Health Care Cost Trend RatesWereviewourhealthcarecosttrendratesannually.Ourreviewisbasedondatawecollectaboutourhealthcareclaimsexperienceandinformationprovidedbyouractuaries. Thisinformationincludesrecentplanexperience, plandesign,overall industryexperienceandprojections, andassumptionsusedbyothersimilarorganizations.Ourinitialhealthcarecosttrendrateisadjustedasnecessarytoremainconsistentwiththisreview,recentexperiences,andshort-termexpectations.Ourinitialhealthcarecosttrendrateassumptionis6.5percentforretireesage65andoverand6.2percentforretireesunderage65attheendoffiscal2020.Ratesaregradeddownannuallyuntiltheultimatetrendrateof4.5percentisreachedin2029forallretirees.Thetrendratesareapplicableforcalculationsonlyiftheretirees’benefitsincreaseasaresultofhealthcareinflation.Theultimatetrendrateisadjustedannually,asnecessary,toapproximatethecurrenteconomicviewontherateoflong-terminflationplusanappropriatehealthcarecostpremium.Assumedtrendratesforhealthcarecostshaveanimportanteffectontheamountsreportedfortheotherpostretirementbenefitplans.Anyarisinghealthcareclaimscost-relatedexperiencegainorlossisrecognizedinthecalculationofexpectedfutureclaims.Oncerecognized,experiencegainsandlossesareamortizedusingastraight-linemethodovertheaverageremainingserviceperiodofactiveplanparticipantsorovertheaverageremaininglifetimeoftheremainingplanparticipantsiftheplanisviewedas“alloralmostall”inactiveparticipants.Financial Statement ImpactIn fiscal 2020, we recorded net defined benefit pension, other postretirement benefit, and postemployment benefit plan income of $2 million compared to $24millionofexpenseinfiscal2019and$23millionofexpenseinfiscal2018.AsofMay31,2020,wehadcumulativeunrecognizedactuarialnetlossesof$2billiononourdefinedbenefit pensionplansandcumulativeunrecognizedactuarial net gainsof$114milliononourpostretirement andpostemployment benefit plans,mainlyastheresultofliabilityincreasesfromlowerinterestrates,partiallyoffsetbyrecentincreasesinthevaluesofplanassets.TheseunrecognizedactuarialnetlosseswillresultinincreasesinourfuturepensionandpostretirementbenefitexpensesbecausetheycurrentlyexceedthecorridorsdefinedbyGAAP.Actual future net defined benefit pension, other postretirement benefit, and postemployment benefit plan income or expense will depend on investmentperformance,changesinfuturediscountrates,changesinhealthcarecosttrendrates,andotherfactorsrelatedtothepopulationsparticipatingintheseplans.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTSInMarch2020,theFinancialAccountingStandardsBoard(FASB)issuedoptionalaccountingguidanceforalimitedperiodoftimetoeasethepotentialburdeninaccounting for reference rate reform. The newstandard provides expedients and exceptions to existing accounting requirements for contract modifications andhedge accounting related to transitioning from discontinued reference rates, such as LIBOR, to alternative reference rates, if certain criteria are met. The newaccountingrequirementscanbeappliedasofthebeginningoftheinterimperiodincludingMarch12,2020,oranydatethereafter,throughDecember31,2022.Weareintheprocessofreviewingourcontractsandarrangementsthatwillbeaffectedbyadiscontinuedreferencerateandanalyzingtheimpactofthisguidanceonourresultsofoperationsandfinancialposition.In December 2019, the FASB issued new accounting requirements related to income taxes. The new standard simplifies the accounting for income taxes byremovingcertainexceptionsrelatedtotheapproachforintraperiodtaxallocation,therecognitionofdeferredtaxliabilitiesforoutsidebasisdifferences,andthemethodologyforcalculatingincometaxesininterimperiods.Thenewstandardalsosimplifiesaspectsofaccountingforfranchisetaxesandenactedchangesintaxlawsorratesandclarifiesaccountingfortransactionsthatresultinastep-upinthetaxbasisofgoodwill.TherequirementsofthenewstandardareeffectiveforannualreportingperiodsbeginningafterDecember15,2020,andinterimperiodswithinthoseannualperiods,whichforusisthefirstquarteroffiscal2022.Earlyadoptionispermitted.Wedonotexpectthisguidancetohaveamaterialimpactonourresultsofoperationsorfinancialposition.InJune2016,theFASBissuednewaccountingrequirementsrelatedtothemeasurementofcreditlossesonfinancialinstruments,includingtradereceivables.Thenewaccountingrequirementsreplacetheincurredlossimpairmentmodelwithaforward-lookingexpectedcreditlossmodel,whichwillgenerallyresultinearlierrecognitionofcreditlosses.TherequirementsofthenewstandardandsubsequentamendmentsareeffectiveforannualreportingperiodsbeginningafterDecember15,2019,andinterimperiodswithinthoseannualperiods,whichforusisthefirstquarteroffiscal2021.Wewilladoptthisguidanceinthefirstquarteroffiscal2021usingamodifiedretrospectivetransitionapproach.WeexpecttorecordanimmaterialcumulativeeffectadjustmenttoretainedearningsasoftheeffectivedatetoalignourcalculationofcreditlossestothenewmodelwithconsiderationoftheeconomicimplicationsoftheCOVID-19pandemic.Wedonotexpectthisguidancetohaveamaterialimpactonourresultsofoperationsorfinancialposition.NON-GAAP MEASURESWehaveincludedinthisreportmeasuresoffinancialperformancethatarenotdefinedbyGAAP.Webelievethatthesemeasuresprovideusefulinformationtoinvestors,andincludethesemeasuresinothercommunicationstoinvestors.Foreachofthesenon-GAAPfinancialmeasures,weareprovidingbelowareconciliationofthedifferencesbetweenthenon-GAAPmeasureandthemostdirectlycomparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors, and any additional materialpurposesforwhichourmanagementorBoardofDirectorsusesthenon-GAAPmeasure.Thesenon-GAAPmeasuresshouldbeviewedinadditionto,andnotinlieuof,thecomparableGAAPmeasure.Several measures below are presented on an adjusted basis. The adjustments are either items resulting from infrequently occurring events or items that, inmanagement’sjudgment,significantlyaffecttheyear-to-yearassessmentofoperatingresults.Organic Net Sales Growth RatesWeprovideorganicnetsalesgrowthratesforourconsolidatednetsalesandsegmentnetsales.ThismeasureisusedinreportingtoourBoardofDirectorsandexecutivemanagementandasacomponentofthemeasurementofourperformanceforincentivecompensationpurposes.Webelievethatorganicnetsalesgrowthrates provide useful information to investors because they provide transparency to underlying performance in our net sales byexcluding the effect that foreigncurrencyexchangeratefluctuations,aswellasacquisitions,divestitures,anda53rdweek,whenapplicable,haveonyear-to-yearcomparability.Areconciliationofthesemeasurestoreportednetsalesgrowthrates,therelevantGAAPmeasures,areincludedinourConsolidatedResultsofOperationsandResultsofSegmentOperationsdiscussionsintheMD&Aabove.Adjusted Diluted EPS and Related Constant-currency Growth RateThismeasureisusedinreportingtoourBoardofDirectorsandexecutivemanagementandasacomponentofthemeasurementofourperformanceforincentivecompensationpurposes.Webelievethatthismeasureprovidesusefulinformationtoinvestorsbecauseitistheprofitabilitymeasureweusetoevaluateearningsperformanceonacomparableyear-to-yearbasis.

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ThereconciliationofourGAAPmeasure,dilutedEPS,toadjusteddilutedEPSandtherelatedconstant-currencygrowthratefollows: Fiscal Year

Per Share Data 2020 20192020 vs. 2019

Change 2018 2017 2016Dilutedearningspershare,asreported $ 3.56 $ 2.90 23 % $ 3.64 $ 2.77 $ 2.77Taxitems(a) (0.09) (0.12) 0.07 - -Restructuringcharges(b) 0.06 0.10 0.11 0.26 0.26Project-relatedcosts(b) - - 0.01 0.05 0.06Mark-to-marketeffects(c) 0.03 0.05 (0.04) (0.01) (0.07)Productrecall(d) 0.03 - - - -CPWrestructuringcharges(e) 0.01 0.02 - - -Investmentactivity,net(f) - (0.03) - - -Nettaxbenefit(g) - (0.01) (0.89) - -Divestituresloss(gain)(h) - 0.03 - 0.01 (0.10)Acquisitiontransactionandintegrationcosts(i) - 0.03 0.10 - -Assetimpairments(j) - 0.26 0.11 - -Legalrecovery(k) - (0.01) - - -

Adjusteddilutedearningspershare $ 3.61 $ 3.22 12 % $ 3.11 $ 3.08 $ 2.92Foreigncurrencyexchangeimpact Flat Adjusteddilutedearningspersharegrowth,onaconstant-currencybasis 12 % Note:Tablemaynotfootduetorounding.

(a) Discretetaxbenefitrelatedtothereorganizationofcertainwhollyownedsubsidiariesinfiscal2020andadiscretetaxbenefitrelatedtoacapitallosscarrybackrecordedinfiscal2019.PleaseseeNote15totheConsolidatedFinancialStatementsinItem8ofthisreport.Fiscal2018representsaprioryearincometaxexpenseadjustment.

(b) Restructuringandproject-relatedchargesforpreviouslyannouncedrestructuringactions.PleaseseeNote4totheConsolidatedFinancialStatementsinItem8ofthisreport.

(c) Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems.PleaseseeNote8totheConsolidatedFinancialStatementsinItem8ofthisreport.

(d) ProductrecallcostsrelatedtoourinternationalGreenGiantbusiness.(e) CPWrestructuringchargesrelatedtoinitiativesdesignedtoimproveprofitabilityandgrowththatwereapprovedinfiscal2018and2019.(f) Valuationgainsoncertaincorporateinvestments.(g) NettaxbenefitresultingfromTCJAaccounting.PleaseseeNote15totheConsolidatedFinancialStatementsinItem8ofthisreport.(h) LossonthesaleofourLaSalteñarefrigerateddoughbusinessinArgentinaandgainonthesaleofouryogurtbusinessinChinainfiscal2019.PleaseseeNote3tothe

ConsolidatedFinancialStatementsinItem8ofthisreport.LossonthesaleofourMartel,Ohiomanufacturingfacilityinfiscal2017.Fiscal2016representsthegainonthesaleofourNorthAmericanGreenGiantproductlines,thelossonthesaleofourGeneralMillsdeVenezuelaCAsubsidiary,andthelossonthesaleofourGeneralMillsArgentinaS.A.foodservicebusiness.

(i) Costs related to the acquisition of Blue Buffalo. Fiscal 2019 represented acquisition integration costs, while fiscal 2018 represented acquisition transaction andintegrationcostsandinterest,netrelatedtothedebtissuedtofinancetheacquisition.

(j) Impairment charges related to ourProgresso, Food Should Taste Good , andMountain Highbrand intangible assets and certain manufacturing assets in our NorthAmericaRetailandAsia&LatinAmericasegmentsinfiscal2019.ImpairmentchargesrelatedtoourYoki, Mountain High, andImmaculate Baking brandintangibleassetsinfiscal2018.PleaseseeNote6totheConsolidatedFinancialStatementsinItem8ofthisreport.

(k) RepresentsalegalrecoveryrelatedtoourYoplaitSASsubsidiary.See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affectingcomparability.

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Free Cash Flow Conversion RateWebelievethismeasureprovidesusefulinformationtoinvestorsbecauseitisimportantforassessingourefficiencyinconvertingearningstocashandreturningcashtoshareholders.Thecalculationoffreecashflowconversionrateandnetcashprovidedbyoperatingactivitiesconversionrate,itsequivalentGAAPmeasure,follows:In Millions Fiscal 2020Netearnings,includingearningsattributabletoredeemableandnoncontrollinginterests,asreported $2,210.8Taxitem(a) $(53.1)Restructuringcharges,netoftax(b) 39.0Project-relatedcosts,netoftax(b) 1.2Mark-to-marketeffects,netoftax(c) 19.0Productrecall,netoftax(d) 17.1CPWrestructuringcosts,netoftax(e) 5.0Investmentactivity,net,netoftax(f) 3.0Adjustednetearnings,includingearningsattributabletoredeemableandnoncontrollinginterests $2,241.8 Netcashprovidedbyoperatingactivities 3,676.2Purchasesofland,buildings,andequipment (460.8)Freecashflow $3,215.4 Netcashprovidedbyoperatingactivitiesconversionrate 166%Freecashflowconversionrate 143%Note:Tablemaynotfootduerounding.

(a) Discretetaxbenefitrelatedtothereorganizationofcertainwhollyownedsubsidiaries.PleaseseeNote15totheConsolidatedFinancialStatementsinItem8ofthisreport.

(b) Restructuringandproject-relatedchargesforpreviouslyannouncedrestructuringactions.PleaseseeNote4totheConsolidatedFinancialStatementsinItem8ofthisreport.

(c) Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems.PleaseseeNote8totheConsolidatedFinancialStatementsinItem8ofthisreport.

(d) ProductrecallcostsrelatedtoourinternationalGreenGiantbusiness.(e) CPWrestructuringchargesrelatedtoinitiativesdesignedtoimproveprofitabilityandgrowththatwereapprovedinfiscal2018and2019.(f) Valuationadjustmentsandthelossonsaleofcertaincorporateinvestments.

See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affectingcomparability.Constant-currency After-Tax Earnings from Joint Ventures Growth RateWe believe that this measure provides useful information to investors because it provides transparency to underlying performance of our joint ventures byexcludingtheeffectthatforeigncurrencyexchangeratefluctuationshaveonyear-to-yearcomparabilitygivenvolatilityinforeigncurrencyexchangemarkets.After-taxearningsfromjointventuresgrowthratesonaconstant-currencybasisarecalculatedasfollows: Fiscal 2020Percentagechangeinafter-taxearningsfromjointventuresasreported 27 %Impactofforeigncurrencyexchange (4) ptsPercentagechangeinafter-taxearningsfromjointventuresonaconstant-currencybasis 31 %Note:Tablemaynotfootduetorounding. Net Sales Growth Rate for Canada Operating Unit on a Constant-currency BasisWe believe this measure of our Canada operating unit net sales provides useful information to investors because it provides transparency to the underlyingperformancefortheCanadaoperatingunitwithinourNorthAmericaRetailsegmentbyexcludingtheeffectthatforeigncurrencyexchangeratefluctuationshaveonyear-to-yearcomparabilitygivenvolatilityinforeigncurrencyexchangemarkets.

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NetsalesgrowthrateforourCanadaoperatingunitonaconstant-currencybasisiscalculatedasfollows: Fiscal 2020Percentagechangeinnetsalesasreported 4 %Impactofforeigncurrencyexchange (1) ptPercentagechangeinnetsalesonaconstant-currencybasis 5 %Note:Tablemaynotfootduetorounding. Constant-currency Segment Operating Profit Growth RatesWebelievethatthismeasureprovidesusefulinformationtoinvestorsbecauseitprovidestransparencytounderlyingperformanceofoursegmentsbyexcludingtheeffectthatforeigncurrencyexchangeratefluctuationshaveonyear-to-yearcomparabilitygivenvolatilityinforeigncurrencyexchangemarkets.Oursegments’operatingprofitgrowthratesonaconstant-currencybasisarecalculatedasfollows: Fiscal 2020

Percentage Change in Operating

Profit as ReportedImpact of Foreign Currency

Exchange

Percentage Change in OperatingProfit on Constant-Currency

BasisNorthAmericaRetail 15 % Flat 15 %Europe&Australia (8) (5) pts (3) Asia&LatinAmerica (74) % (1) pt (73) %Note:Tablemaynotfootduetorounding. Adjusted Effective Income Tax RatesWebelievethismeasureprovidesusefulinformationtoinvestorsbecauseitpresentstheadjustedeffectiveincometaxrateonacomparableyear-to-yearbasis.

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Adjustedeffectiveincometaxratesarecalculatedasfollows: Fiscal Year Ended May 31, 2020 May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016

In MillionsPretax

Earnings (a)IncomeTaxes

PretaxEarnings (a)

IncomeTaxes

PretaxEarnings

(a)IncomeTaxes

PretaxEarnings

(a)IncomeTaxes

PretaxEarnings

(a)IncomeTaxes

Asreported $2,600.2 $480.5 $2,082.0 $367.8 $2,135.6 $57.3 $2,271.3 $655.2 $2,403.6 $755.2Taxitems(b) - 53.1 - 72.9 - (40.9) - - - -Restructuringcharges(c) 50.2 11.2 77.6 14.6 82.7 21.4 224.1 70.2 229.8 69.0Project-relatedcosts(c) 1.5 0.3 1.3 0.2 11.3 3.3 43.9 15.7 57.5 20.7Mark-to-marketeffects(d) 24.7 5.7 36.0 8.3 (32.1) (10.0) (13.9) (5.1) (62.8) (23.2)Productrecall(e) 19.3 2.2 - - - - - - - -Investmentactivity,net(f) 8.4 5.4 (22.8) (5.2) - - - - - -Nettaxbenefit(g) - - - 7.2 - 523.5 - - - -Divestituresloss(gain)(h) - - 30.0 13.6 - - 13.5 4.3 (148.2) (82.2)Acquisitiontransactionandintegrationcosts(i) - - 25.6 5.9 83.9 25.4 - - - -Assetimpairments(j) - - 207.4 47.7 96.9 32.0 - - - -Legalrecovery(k) - - (16.2) (5.4) - - - - - -Hyperinflationaryaccounting(l) - - 3.2 - - - - - - -

Asadjusted $2,704.3 $558.5 $2,424.1 $527.6 $2,378.3 $612.0 $2,538.9 $740.3 $2,479.9 $739.5Effectivetaxrate: Asreported 18.5% 17.7% 2.7% 28.8% 31.4%Asadjusted 20.7% 21.8% 25.7% 29.2% 29.8%

Sumofadjustmentstoincometaxes $78.0 $159.8 $554.7 $85.1 $(15.7)Averagenumberofcommonshares-dilutedEPS 613.3 605.4 585.7 598.0 611.9ImpactofincometaxadjustmentsonadjusteddilutedEPS $(0.13) $(0.26) $(0.95) $(0.14) $0.03Note:Tablemaynotfootduetorounding.

(a) Earningsbeforeincometaxesandafter-taxearningsfromjointventures.(b) Discretetaxbenefitrelatedtothereorganizationofcertainwhollyownedsubsidiariesinfiscal2020andadiscretetaxbenefitrelatedtoacapitalcarrybackrecordedin

fiscal2019.PleaseseeNote15totheConsolidatedFinancialStatementsinItem8ofthisreport.Fiscal2018representsaprioryearincometaxexpenseadjustment.(c) Restructuringandproject-relatedchargesforpreviouslyannouncedrestructuringactions.PleaseseeNote4totheConsolidatedFinancialStatementsinItem8ofthis

report.(d) Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems.PleaseseeNote8totheConsolidatedFinancialStatementsin

Item8ofthisreport(e) ProductrecallcostsrelatedtoourinternationalGreenGiantbusiness.(f) Valuationlossesandthelossonsaleofcertaincorporateinvestmentsinfiscal2020.Valuationgainsoncertaincorporateinvestmentsinfiscal2019.(g) NettaxbenefitresultingfromTCJAaccounting.PleaseseeNote15totheConsolidatedFinancialStatementsinItem8ofthisreport.(h) LossonthesaleofourLaSalteñarefrigerateddoughbusinessinArgentinaandgainonthesaleofouryogurtbusinessinChinainfiscal2019.PleaseseeNote3tothe

ConsolidatedFinancialStatementsinItem8ofthisreport.LossonthesaleofourMartel,Ohiomanufacturingfacilityinfiscal2017.Fiscal2016representsthegainonthesaleofourNorthAmericanGreenGiantproductlines,thelossonthesaleofourGeneralMillsdeVenezuelaCAsubsidiary,andthelossonthesaleofourGeneralMillsArgentinaS.A.foodservicebusiness.

(i) Costs related to the acquisition of Blue Buffalo. Fiscal 2019 represented acquisition integration costs, while fiscal 2018 represented acquisition transaction andintegrationcostsandinterest,netrelatedtothedebtissuedtofinancethetransaction.

(j) Impairment charges related to ourProgresso, Food Should Taste Good , andMountain Highbrand intangible assets and certain manufacturing assets in our NorthAmericaRetailandAsia&LatinAmericasegmentsinfiscal2019.ImpairmentchargesrelatedtoourYoki, Mountain High, andImmaculate Baking brandintangibleassetsinfiscal2018.PleaseseeNote6totheConsolidatedFinancialStatementsinItem8ofthisreport.

(k) RepresentsalegalrecoveryrelatedtoourYoplaitSASsubsidiary.(l) RepresentstheimpactofhyperinflationaryaccountingforourArgentinasubsidiary,whichwassoldinfiscal2019.

Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating Profit Margin)Webelievethismeasureprovidesusefulinformationtoinvestorsbecauseitisimportantforassessingouroperatingprofitmarginonacomparableyear-to-yearbasis.

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Ouradjustedoperatingprofitmarginsarecalculatedasfollows: Fiscal YearPercent of Net Sales 2020 2019 2018 2017 2016 Operatingprofitasreported $ 2,953.9 16.8 % $ 2,515.9 14.9 % $ 2,419.9 15.4 % $ 2,492.1 16.0 % $ 2,719.1 16.4 %Restructuringcharges(a) 50.2 0.3 % 77.6 0.5 % 82.7 0.5 % 221.9 1.4 % 209.3 1.3 %Project-relatedcosts(a) 1.5 - % 1.3 - % 11.3 0.1 % 43.9 0.3 % 57.5 0.4 %Mark-to-marketeffects(b) 24.7 0.1 % 36.0 0.2 % (32.1) (0.2)% (13.9) (0.1)% (62.8) (0.4)%Productrecall(c) 19.3 0.1 % - - % - - % - - % - - %Investmentactivity,net(d) 8.4 - % (22.8) (0.1)% - - % - - % - - %Divestituresloss(gain)(e) - - % 30.0 0.2 % - - % 6.5 - % (148.2) (0.9)%Acquisitiontransactionandintegrationcosts(f) - - % 25.6 0.1 % 34.0 0.2 % - - % - - %Assetimpairments(g) - - % 207.4 1.2 % 96.9 0.6 % - - % - - %Legalrecovery(h) - - % (16.2) (0.1)% - - % - - % - - %Hyperinflationaryaccounting(i) - - % 3.2 - % - - % - - % - - %

Adjustedoperatingprofit $ 3,058.0 17.3 % $ 2,858.0 16.9 % $ 2,612.7 16.6 % $ 2,750.5 17.6 % $ 2,774.9 16.8 %Note:Tablemaynotfootduetorounding.

(a) Restructuringandproject-relatedchargesforpreviouslyannouncedrestructuringactions.PleaseseeNote4totheConsolidatedFinancialStatementsinItem8ofthisreport.

(b) Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems.PleaseseeNote8totheConsolidatedFinancialStatementsinItem8ofthisreport.

(c) ProductrecallcostsrelatedtoourinternationalGreenGiantbusiness.(d) Valuationlossesandthelossonsaleofcertaincorporateinvestmentsinfiscal2020.Valuationgainsoncertaincorporateinvestmentsinfiscal2019.(e) LossonthesaleofourLaSalteñarefrigerateddoughbusinessinArgentinaandgainonthesaleofouryogurtbusinessinChinainfiscal2019.PleaseseeNote3tothe

ConsolidatedFinancialStatementsinItem8ofthisreport.LossonthesaleofourMartel,Ohiomanufacturingfacilityinfiscal2017.Fiscal2016representsthegainonthesaleofourNorthAmericanGreenGiantproductlines,thelossonthesaleofourGeneralMillsdeVenezuelaCAsubsidiary,andthelossonthesaleofourGeneralMillsArgentinaS.A.foodservicebusiness.

(f) Costs related to the acquisition of Blue Buffalo. Fiscal 2019 represented acquisition integration costs, while fiscal 2018 represented acquisition transaction andintegrationcosts.

(g) Impairment charges related to ourProgresso, Food Should Taste Good , andMountain Highbrand intangible assets and certain manufacturing assets in our NorthAmericaRetailandAsia&LatinAmericasegmentsinfiscal2019.ImpairmentchargesrelatedtoourYoki, Mountain High, andImmaculate Baking brandintangibleassetsinfiscal2018.PleaseseeNote6totheConsolidatedFinancialStatementsinItem8ofthisreport.

(h) RepresentsalegalrecoveryrelatedtoourYoplaitSASsubsidiary.(i) RepresentstheimpactofhyperinflationaryaccountingforourArgentinasubsidiary,whichwassoldinfiscal2019.

Adjusted Operating Profit Growth on a Constant-currency BasisWebelievethatthismeasureprovidesusefulinformationtoinvestorsbecauseitistheoperatingprofitmeasureweusetoevaluateoperatingprofitperformanceonacomparableyear-to-yearbasis.Additionally,themeasureisevaluatedonaconstant-currencybasisbyexcludingtheeffectthatforeigncurrencyexchangeratefluctuationshaveonyear-to-yearcomparabilitygiventhevolatilityinforeigncurrencyexchangerates.

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Ouradjustedoperatingprofitgrowthonaconstant-currencybasisiscalculatedasfollows: Fiscal Year 2020 2019 ChangeOperatingprofitasreported $2,953.9 $2,515.9 17 %Restructuringcharges(a) 50.2 77.6 Project-relatedcosts(a) 1.5 1.3 Mark-to-marketeffects(b) 24.7 36.0 Productrecall(c) 19.3 - Investmentactivity,net(d) 8.4 (22.8) Divestituresloss(e) - 30.0 Acquisitionintegrationcosts(f) - 25.6 Assetimpairments(g) - 207.4 Legalrecovery(h) - (16.2) Hyperinflationaryaccounting(i) - 3.2

Adjustedoperatingprofit $3,058.0 $2,858.0 7 %Foreigncurrencyexchangeimpact Flat Adjustedoperatingprofitgrowth,onaconstant-currencybasis 7 %Note:Tablemaynotfootduetorounding.

(a) Restructuringandproject-relatedchargesforpreviouslyannouncedrestructuringactions.PleaseseeNote4totheConsolidatedFinancialStatementsinItem8ofthisreport.

(b) Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems.PleaseseeNote8totheConsolidatedFinancialStatementsinItem8ofthisreport.

(c) ProductrecallcostsrelatedtoourinternationalGreenGiantbusiness.(d) Valuationlossesandthelossonsaleofcertaincorporateinvestmentsinfiscal2020.Valuationgainsoncertaincorporateinvestmentsinfiscal2019.(e) LossonthesaleofourLaSalteñaandrefrigerateddoughbusinessinArgentinaandthegainonthesaleofouryogurtbusinessinChina.PleaseseeNote3tothe

ConsolidatedFinancialStatementsinItem8ofthisreport.(f) IntegrationcostsresultingfromtheacquisitionofBlueBuffaloinfiscal2018.(g) ImpairmentchargesrelatedtoourProgresso, Food Should Taste Good, andMountain HighbrandintangibleassetsandcertainmanufacturingassetsinourNorth

AmericaRetailandAsia&LatinAmericasegments.PleaseseeNote6totheConsolidatedFinancialStatementsinItem8ofthisreport.(h) RepresentsalegalrecoveryrelatedtoourYoplaitSASsubsidiary.(i) RepresentstheimpactofhyperinflationaryaccountingforourArgentinasubsidiary,whichwassoldinfiscal2019.

Net Debt-to-Adjusted Earnings before Net Interest, Income Taxes, Depreciation and Amortization (EBITDA) RatioWebelievethatthismeasureprovidesusefulinformationtoinvestorsbecauseitisanindicatorofourabilitytoincuradditionaldebtandtoserviceourexistingdebt.

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ThereconciliationofadjustedEBITDAtonetearnings,includingearningsattributabletoredeemableandnoncontrollinginterests,itsGAAPequivalent,aswellasthecalculationofthenetdebt-to-adjustedEBITDAratioareasfollows: Fiscal YearIn Millions 2020 2019Totaldebt(a) $ 13,539.5 $ 14,490.0Cash 1,677.8 450.0Netdebt $ 11,861.7 $ 14,040.0 Netearnings,includingearningsattributabletoredeemableandnoncontrollinginterests,asreported $ 2,210.8 $ 1,786.2Incometaxes 480.5 367.8Interest,net 466.5 521.8Depreciationandamortization 594.7 620.1

EBITDA 3,752.5 3,295.9After-taxearningsfromjointventures (91.1) (72.0)Restructuringcharges(b) 50.2 77.6Project-relatedcosts(b) 1.5 1.3Mark-to-marketeffects(c) 24.7 36.0Productrecall(d) 19.3 -Investmentactivity,net(e) 8.4 (22.8)Divestituresloss(f) - 30.0Acquisitionintegrationcosts(g) - 25.6Assetimpairments(h) - 207.4Legalrecovery(i) - (16.2)Hyperinflationaryaccounting(j) - 3.2

AdjustedEBITDA $ 3,765.6 $ 3,566.0 Netdebt-to-adjustedEBITDAratio 3.2 3.9Note:Tablemaynotfootduetorounding.

(a) Notespayableandlong-termdebt,includingcurrentportion.(b) Restructuringandproject-relatedchargesforpreviouslyannouncedrestructuringactions.PleaseseeNote4totheConsolidatedFinancialStatementsinItem8ofthis

report.(c) Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems.PleaseseeNote8totheConsolidatedFinancialStatementsin

Item8ofthisreport.(d) ProductrecallcostsrelatedtoourinternationalGreenGiantbusiness.(e) Valuationlossesandthelossonsaleofcertaincorporateinvestmentsinfiscal2020.Valuationgainsoncertaincorporateinvestmentsinfiscal2019.(f) Loss on the sale of our La Salteña refrigerated dough business in Argentina and the gain on the sale of our yogurt business in China. Please see Note 3 to the

ConsolidatedFinancialStatementsinItem8ofthisreport.(g) IntegrationcostsresultingfromtheacquisitionofBlueBuffaloinfiscal2018.(h) Impairment charges related to ourProgresso, Food Should Taste Good , andMountain Highbrand intangible assets and certain manufacturing assets in our North

AmericaRetailandAsia&LatinAmericasegments.PleaseseeNote6totheConsolidatedFinancialStatementsinItem8ofthisreport.(i) RepresentsalegalrecoveryrelatedtoourYoplaitSASsubsidiary.(j) RepresentstheimpactofhyperinflationaryaccountingforourArgentinasubsidiary,whichwassoldinfiscal2019.

CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONSOF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995Thisreportcontainsorincorporatesbyreferenceforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995thatarebasedonourcurrentexpectationsandassumptions.Wealsomaymakewrittenororalforward-lookingstatements,includingstatementscontainedinourfilingswiththeSECandinourreportstoshareholders.The words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “plan,” “project,” or similar expressions identify“forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks anduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromhistoricalresultsandthosecurrentlyanticipatedorprojected.Wewishtocautionyounottoplaceunduerelianceonanysuchforward-lookingstatements.

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Inconnectionwiththe“safeharbor”provisionsofthePrivateSecuritiesLitigationReformActof1995,weareidentifyingimportantfactorsthatcouldaffectourfinancialperformanceandcouldcauseouractualresultsinfutureperiodstodiffermateriallyfromanycurrentopinionsorstatements.Ourfutureresultscouldbeaffectedbyavarietyoffactors,suchas:theimpactoftheCOVID-19pandemiconourbusiness,suppliers,consumers,customers,andemployees; disruptions or inefficiencies in the supply chain, including any impact of the COVID-19 pandemic; competitive dynamics in the consumer foodsindustryandthemarketsforourproducts,includingnewproductintroductions,advertisingactivities,pricingactions,andpromotionalactivitiesofourcompetitors;economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumeracceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions ofbusinessesorassets,changesincapitalstructure;changesinthelegalandregulatoryenvironment,includingtaxlegislation,labelingandadvertisingregulations,andlitigation;impairmentsinthecarryingvalueofgoodwill,otherintangibleassets,orotherlong-livedassets,orchangesintheusefullivesofotherintangibleassets;changesinaccountingstandardsandtheimpactofsignificantaccountingestimates;productqualityandsafetyissues,includingrecallsandproductliability;changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, andpreferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes inpurchasingandinventorylevelsofsignificantcustomers;fluctuationsinthecostandavailabilityofsupplychainresources,includingrawmaterials,packaging,andenergy;effectivenessofrestructuringandcostsavinginitiatives; volatilityinthemarketvalueofderivativesusedtomanagepriceriskforcertaincommodities;benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technologysystems;foreigneconomicconditions, includingcurrencyratefluctuations; andpolitical unrestinforeignmarketsandeconomicuncertaintyduetoterrorismorwar.YoushouldalsoconsidertheriskfactorsthatweidentifyinItem1Aofthisreport,whichcouldalsoaffectourfutureresults.Weundertakenoobligationtopubliclyreviseanyforward-lookingstatementstoreflecteventsorcircumstancesafterthedateofthosestatementsortoreflecttheoccurrenceofanticipatedorunanticipatedevents.ITEM 7A - Quantitative and Qualitative Disclosures About Market RiskWeareexposedtomarketriskstemmingfromchangesininterest andforeignexchangeratesandcommodityandequityprices. Changesinthesefactorscouldcausefluctuationsinourearningsandcashflows.Inthenormalcourseofbusiness,weactivelymanageourexposuretothesemarketrisksbyenteringintovarioushedgingtransactions,authorizedunderestablishedpoliciesthatplaceclearcontrolsontheseactivities.Thecounterpartiesinthesetransactionsaregenerallyhighlyrated institutions. We establish credit limits for each counterparty. Our hedging transactions include but are not limited to a variety of derivative financialinstruments. For information on interest rate, foreign exchange, commodity price, and equity instrument risk, please see Note 8 to the Consolidated FinancialStatementsinItem8ofthisreport.VALUE AT RISKTheestimatesinthetablebelowareintendedtomeasurethemaximumpotentialfairvaluewecouldloseinonedayfromadversechangesinmarketinterestrates,foreign exchange rates, commodity prices, and equity prices under normal market conditions. A Monte Carlo value-at-risk (VAR) methodology was used toquantifythemarketriskforourexposures.Themodelsassumednormalmarketconditionsanduseda95percentconfidencelevel.TheVARcalculationusedhistoricalinterestandforeignexchangerates,andcommodityandequitypricesfromthepastyeartoestimatethepotentialvolatilityandcorrelationoftheseratesinthefuture.ThemarketdataweredrawnfromtheRiskMetrics™dataset.Thecalculationsarenotintendedtorepresentactuallossesinfairvaluethatweexpecttoincur.Further,sincethehedginginstrument(thederivative)inverselycorrelateswiththeunderlyingexposure,wewouldexpectthatanylossorgaininthefairvalueofourderivativeswouldbegenerallyoffsetbyanincreaseordecreaseinthefairvalueoftheunderlyingexposure.Thepositionsincluded in the calculations were: debt; investments; interest rate swaps; foreign exchange forwards; commodity swaps, futures, and options; and equityinstruments. The calculations do not include the underlying foreign exchange and commodities or equity-related positions that are offset by these market-risk-sensitiveinstruments.

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ThetablebelowpresentstheestimatedmaximumpotentialVARarisingfromaone-daylossinfairvalueforourinterestrate,foreigncurrency,commodity,andequitymarket-risk-sensitiveinstrumentsoutstandingasofMay31,2020andMay26,2019,andtheaveragefairvalueimpactduringtheyearendedMay31,2020. Fair Value ImpactIn Millions May 31, 2020 Average during fiscal 2020 May 26, 2019Interestrateinstruments $ 78.8 $ 80.3 $ 74.4Foreigncurrencyinstruments 19.3 15.3 16.8Commodityinstruments 2.6 3.0 4.1Equityinstruments 5.0 2.9 2.3

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ITEM 8 - Financial Statements and Supplementary DataREPORT OF MANAGEMENT RESPONSIBILITIESThemanagementofGeneralMills,Inc.isresponsibleforthefairnessandaccuracyoftheconsolidatedfinancialstatements.ThestatementshavebeenpreparedinaccordancewithaccountingprinciplesthataregenerallyacceptedintheUnitedStates,usingmanagement’sbestestimatesandjudgmentswhereappropriate.ThefinancialinformationthroughoutthisAnnualReportonForm10-Kisconsistentwithourconsolidatedfinancialstatements.Managementhasestablishedasystemofinternalcontrolsthatprovidesreasonableassurancethatassetsareadequatelysafeguardedandtransactionsarerecordedaccuratelyinallmaterialrespects,inaccordancewithmanagement’sauthorization.Wemaintainastrongauditprogramthatindependentlyevaluatestheadequacyand effectiveness of internal controls. Our internal controls provide for appropriate separation of duties and responsibilities, and there are documented policiesregarding use of our assets and proper financial reporting. These formally stated and regularly communicated policies demand highly ethical conduct fromallemployees.The Audit Committee of the Board of Directors meets regularly with management, internal auditors, and our independent registered public accounting firm toreviewinternalcontrol,auditing,andfinancialreportingmatters.Theindependentregisteredpublicaccountingfirm,internalauditors,andemployeeshavefullandfreeaccesstotheAuditCommitteeatanytime.The Audit Committee reviewed and approved the Company’s annual financial statements. The Audit Committee recommended, and the Board of Directorsapproved,thattheconsolidatedfinancialstatementsbeincludedintheAnnualReport.TheAuditCommitteealsoappointedKPMGLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2021./s/J.L.Harmening /s/K.A.BruceJ.L.Harmening K.A.BruceChiefExecutiveOfficer ChiefFinancialOfficerJuly2,2020

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Report of Independent Registered Public Accounting FirmTotheStockholdersandBoardofDirectorsGeneralMills,Inc.:Opinions on the Consolidated Financial Statements and Internal Control Over Financial ReportingWehaveauditedtheaccompanyingconsolidatedbalancesheetsofGeneralMills,Inc.andsubsidiaries(the“Company”)asofMay31,2020andMay26,2019,therelated consolidated statements of earnings, comprehensive income, total equity andredeemable interest, andcashflowsfor eachof the years in the three-yearperiodendedMay31,2020,andtherelatednotesandfinancialstatementscheduleII(collectively,the“consolidatedfinancialstatements”).WealsohaveauditedtheCompany’sinternalcontroloverfinancialreportingasofMay31,2020,basedoncriteriaestablishedinInternal Control – Integrated Framework (2013) issuedbytheCommitteeofSponsoringOrganizationsoftheTreadwayCommission.Inouropinion,theconsolidatedfinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thefinancialpositionoftheCompanyasofMay31,2020andMay26,2019,andtheresultsofitsoperationsanditscashflowsforeachofthefiscalyearsinthethree-yearperiodendedMay31,2020,inconformitywithU.S.generallyacceptedaccountingprinciples.Alsoinouropinion,theCompanymaintained,inallmaterialrespects,effectiveinternalcontroloverfinancialreporting as of May 31, 2020 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of SponsoringOrganizationsoftheTreadwayCommission.Change in Accounting PrincipleAs discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for leases as of May27, 2019 due to theadoptionofAccountingStandardsUpdate2016-02,Leases (Topic 842),andrelatedamendments.Basis for OpinionsTheCompany’smanagementisresponsiblefortheseconsolidatedfinancialstatements,formaintainingeffectiveinternalcontroloverfinancialreporting,andforits assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control overFinancial Reporting. Ourresponsibility is to express anopiniononthe Company’s consolidatedfinancial statements andanopinionontheCompany’s internalcontrol overfinancial reportingbasedonouraudits. WeareapublicaccountingfirmregisteredwiththePublicCompanyAccountingOversight Board(UnitedStates)(“PCAOB”)andarerequiredtobeindependentwithrespecttotheCompanyinaccordancewiththeU.S.federalsecuritieslawsandtheapplicablerulesandregulationsoftheSecuritiesandExchangeCommissionandthePCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonableassurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internalcontroloverfinancialreportingwasmaintainedinallmaterialrespects.Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financialstatements, whetherduetoerrororfraud,andperformingproceduresthatrespondtothoserisks.Suchproceduresincludedexamining,onatest basis, evidenceregardingtheamountsanddisclosuresintheconsolidatedfinancialstatements.Ourauditsalsoincludedevaluatingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationoftheconsolidatedfinancialstatements.Ourauditofinternalcontroloverfinancialreporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing andevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Ourauditsalsoincludedperformingsuchotherproceduresasweconsiderednecessaryinthecircumstances.Webelievethatourauditsprovideareasonablebasisforouropinions.Definition and Limitations of Internal Control Over Financial ReportingAcompany’sinternalcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalcontroloverfinancialreportingincludesthosepoliciesandproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsand dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation ofeffectivenesstofutureperiodsaresubjecttotheriskthatcontrolsmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.Critical Audit MatterThecriticalauditmattercommunicatedbelowisamatterarisingfromthecurrentperiodauditoftheconsolidatedfinancialstatementsthatwascommunicatedorrequiredtobecommunicatedtotheauditcommitteeandthat:(1)relatestoaccountsordisclosuresthatarematerialtotheconsolidatedfinancialstatementsand(2)involvedourespeciallychallenging,subjective,orcomplexjudgments.Thecommunicationofacriticalauditmatterdoesnotalterinanywayouropinionontheconsolidatedfinancialstatements,takenasawhole,andwearenot,bycommunicatingthecriticalauditmatterbelow,providingaseparateopiniononthecriticalauditmatterorontheaccountsordisclosurestowhichitrelates.

Evaluation of valuation of goodwill and brands and other indefinite-lived intangible assetsAsdiscussedinNote6totheconsolidatedfinancial statements, thegoodwill andbrandandother indefinite-livedintangibles balancesasof May31, 2020were $13,923.2 million and $6,561.4 million, respectively. The impairment tests for these assets, which are performed annually and whenever events orchangesincircumstancesindicatethatimpairmentmayhaveoccurred,requiretheCompanytoestimatethefairvalueofthereportingunitstowhichgoodwillis assigned as well as the brand and other indefinite-lived intangible assets. The fair value estimates are derived from discounted cash flow analyses thatrequire the Company to make judgments about highly subjective matters, including future operating results, including revenue growth rates and operatingmargins,andanestimateofthediscountratesandroyaltyrates.Weidentifiedtheevaluationofvaluationofgoodwillandbrandsandotherindefinite-livedintangibleassetsasacriticalauditmatter.Therewasasignificantdegreeofjudgmentrequiredinevaluatingauditevidence,whichconsistsprimarilyofforwardlookingassumptionsaboutfutureoperatingresults,specificallytherevenuegrowthrates,operatingmargins,royaltyratesandsubjectiveinputsusedtoestimatethediscountrates.The primary procedures we performed to address this critical audit matter included the following. We evaluated the design and tested the operatingeffectivenessofinternal controlsrelatedtothecritical audit matter. Thisincludedcontrolsrelatedtotheassumptionsaboutfutureoperatingresults andthediscountandroyaltyratesusedtomeasurethereportingunitandbrandandotherintangiblefairvalues.Weperformedsensitivityanalysesovertherevenuegrowth rates, operating margins, brand royalty rates and discount rates to assess the impact of other points within a range of potential assumptions. Weevaluatedtherevenuegrowthratesandoperatingmarginassumptionsbycomparingthemtorecentfinancial performanceandexternal marketandindustrydata. We evaluated whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill andknowledge were used to assist in the evaluation of the Company’s discount rates and royalty rates by comparing them against rate ranges that wereindependentlydevelopedusingpubliclyavailablemarketdataforcomparableentities.

/s/KPMGLLPWehaveservedastheCompany’sauditorsince1928.Minneapolis,MinnesotaJuly2,2020

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Consolidated Statements of EarningsGENERALMILLS,INC.ANDSUBSIDIARIES

(InMillions,ExceptperShareData) Fiscal Year 2020 2019 2018

Netsales $ 17,626.6 $ 16,865.2 $ 15,740.4Costofsales 11,496.7 11,108.4 10,304.8Selling,general,andadministrativeexpenses 3,151.6 2,935.8 2,850.1Divestituresloss - 30.0 -Restructuring,impairment,andotherexitcosts 24.4 275.1 165.6

Operatingprofit 2,953.9 2,515.9 2,419.9Benefitplannon-serviceincome (112.8) (87.9) (89.4)Interest,net 466.5 521.8 373.7

Earningsbeforeincometaxesandafter-taxearningsfromjointventures 2,600.2 2,082.0 2,135.6Incometaxes 480.5 367.8 57.3After-taxearningsfromjointventures 91.1 72.0 84.7Netearnings,includingearningsattributabletoredeemableandnoncontrollinginterests 2,210.8 1,786.2 2,163.0Netearningsattributabletoredeemableandnoncontrollinginterests 29.6 33.5 32.0NetearningsattributabletoGeneralMills $ 2,181.2 $ 1,752.7 $ 2,131.0Earningspershare-basic $ 3.59 $ 2.92 $ 3.69Earningspershare-diluted $ 3.56 $ 2.90 $ 3.64Dividendspershare $ 1.96 $ 1.96 $ 1.96Seeaccompanyingnotestoconsolidatedfinancialstatements.

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Consolidated Statements of Comprehensive IncomeGENERALMILLS,INC.ANDSUBSIDIARIES

(InMillions) Fiscal Year 2020 2019 2018

Netearnings,includingearningsattributabletoredeemableandnoncontrollinginterests $ 2,210.8 $ 1,786.2 $ 2,163.0Othercomprehensiveincome(loss),netoftax: Foreigncurrencytranslation (169.1) (82.8) (37.0)Netactuarial(loss)income (224.6) (253.4) 140.1Otherfairvaluechanges: Securities - - 1.2Hedgederivatives 3.2 12.1 (50.8)

Reclassificationtoearnings: Securities - (2.0) (5.1)Hedgederivatives 4.1 0.9 17.4Amortizationoflossesandpriorservicecosts 77.9 84.6 117.6

Othercomprehensive(loss)income,netoftax (308.5) (240.6) 183.4Totalcomprehensiveincome 1,902.3 1,545.6 2,346.4Comprehensiveincome(loss)attributabletoredeemableandnoncontrollinginterests 10.1 (10.7) 70.5

ComprehensiveincomeattributabletoGeneralMills $ 1,892.2 $ 1,556.3 $ 2,275.9Seeaccompanyingnotestoconsolidatedfinancialstatements.

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Consolidated Balance SheetsGENERALMILLS,INC.ANDSUBSIDIARIES

(InMillions,ExceptParValue) May 31, 2020 May 26, 2019

ASSETS Currentassets: Cashandcashequivalents $ 1,677.8 $ 450.0Receivables 1,615.1 1,679.7Inventories 1,426.3 1,559.3Prepaidexpensesandothercurrentassets 402.1 497.5Totalcurrentassets 5,121.3 4,186.5

Land,buildings,andequipment 3,580.6 3,787.2Goodwill 13,923.2 13,995.8Otherintangibleassets 7,095.8 7,166.8Otherassets 1,085.8 974.9

Totalassets $ 30,806.7 $ 30,111.2 LIABILITIESANDEQUITY   Currentliabilities: Accountspayable $ 3,247.7 $ 2,854.1Currentportionoflong-termdebt 2,331.5 1,396.5Notespayable 279.0 1,468.7Othercurrentliabilities 1,633.3 1,367.8Totalcurrentliabilities 7,491.5 7,087.1

Long-termdebt 10,929.0 11,624.8Deferredincometaxes 1,947.1 2,031.0Otherliabilities 1,545.0 1,448.9

Totalliabilities 21,912.6 22,191.8Redeemableinterest 544.6 551.7Stockholders'equity: Commonstock,754.6sharesissued,$0.10parvalue 75.5 75.5Additionalpaid-incapital 1,348.6 1,386.7Retainedearnings 15,982.1 14,996.7Commonstockintreasury,atcost,sharesof144.8and152.7 (6,433.3) (6,779.0)Accumulatedothercomprehensiveloss (2,914.4) (2,625.4)

Totalstockholders'equity 8,058.5 7,054.5Noncontrollinginterests 291.0 313.2

Totalequity 8,349.5 7,367.7Totalliabilitiesandequity $ 30,806.7 $ 30,111.2Seeaccompanyingnotestoconsolidatedfinancialstatements.

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Consolidated Statements of Total Equity and Redeemable InterestGENERALMILLS,INC.ANDSUBSIDIARIES

(InMillions,ExceptperShareData)  Fiscal Year  2020   2019   2018  Shares Amount   Shares Amount   Shares AmountTotalequity,beginningbalance $ 7,367.7 $ 6,492.4 $ 4,685.5Commonstock 754.6 75.5 754.6 75.5 754.6 75.5Additionalpaid-incapital:   Beginningbalance   1,386.7 1,202.5 1,120.9Sharesissued   - - (39.1)Stockcompensationplans   (12.1) (96.4) (57.9)Unearnedcompensationrelatedtostockunitawards   (85.7) (71.3) (58.1)Earnedcompensation   92.8 82.8 77.0(Increase)decreaseinredemptionvalueofredeemableinterest   (33.1) 269.1 159.7

Endingbalance 1,348.6 1,386.7 1,202.5Retainedearnings:   Beginningbalance   14,996.7 14,459.6 13,138.9Comprehensiveincome   2,181.2 1,752.7 2,131.0Cashdividendsdeclared($1.96,$1.96,and$1.96pershare)   (1,195.8) (1,181.7) (1,139.7)Reclassificationofcertainincometaxeffects   - - 329.4Adoptionofrevenuerecognitionaccountingrequirements - (33.9) -

Endingbalance 15,982.1 14,996.7 14,459.6Commonstockintreasury:   Beginningbalance (152.7)   (6,779.0) (161.5) (7,167.5) (177.7) (7,762.9)Sharespurchased (0.1)   (3.4) - (1.1) (10.9) (601.6)Sharesissued -   - - - 22.7 1,009.0Stockcompensationplans 8.0 349.1 8.8 389.6 4.4 188.0

Endingbalance (144.8) (6,433.3) (152.7) (6,779.0) (161.5) (7,167.5)Accumulatedothercomprehensiveloss:                      Beginningbalance   (2,625.4) (2,429.0) (2,244.5)Comprehensive(loss)income   (289.0) (196.4) 144.9Reclassificationofcertainincometaxeffects - - (329.4)

Endingbalance (2,914.4) (2,625.4) (2,429.0)Noncontrollinginterests:                        Beginningbalance   313.2 351.3 357.6Comprehensiveincome   10.3 0.4 26.9Distributionstoredeemableandnoncontrollinginterestholders (32.5) (38.5) (33.2)

Endingbalance 291.0 313.2 351.3Totalequity,endingbalance $ 8,349.5 $ 7,367.7 $ 6,492.4Redeemableinterest:   Beginningbalance   551.7 776.2 910.9Comprehensive(loss)income   (0.2) (11.1) 43.6Increaseininvestmentinredeemableinterest   - 55.7 -Increase(decrease)inredemptionvalueofredeemableinterest   33.1 (269.1) (159.7)Distributionstoredeemableandnoncontrollinginterestholders (40.0) - (18.6)

Endingbalance     $ 544.6 $ 551.7 $ 776.2Seeaccompanyingnotestoconsolidatedfinancialstatements.                            

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Consolidated Statements of Cash FlowsGENERALMILLS,INC.ANDSUBSIDIARIES

(InMillions) Fiscal Year 2020 2019 2018

CashFlows-OperatingActivities Netearnings,includingearningsattributabletoredeemableandnoncontrollinginterests $ 2,210.8 $ 1,786.2 $ 2,163.0Adjustmentstoreconcilenetearningstonetcashprovidedbyoperatingactivities:

Depreciationandamortization 594.7 620.1 618.8After-taxearningsfromjointventures (91.1) (72.0) (84.7)Distributionsofearningsfromjointventures 76.5 86.7 113.2Stock-basedcompensation 94.9 84.9 77.0Deferredincometaxes (29.6) 93.5 (504.3)Pensionandotherpostretirementbenefitplancontributions (31.1) (28.8) (31.8)Pensionandotherpostretirementbenefitplancosts (32.3) 6.1 4.6Divestituresloss - 30.0 -Restructuring,impairment,andotherexitcosts 43.6 235.7 126.0Changesincurrentassetsandliabilities,excludingtheeffectsofacquisitionsanddivestitures 793.9 (7.5) 542.1Other,net 45.9 (27.9) (182.9)

Netcashprovidedbyoperatingactivities 3,676.2 2,807.0 2,841.0CashFlows-InvestingActivities Purchasesofland,buildings,andequipment (460.8) (537.6) (622.7)Acquisition,netofcashacquired - - (8,035.8)Investmentsinaffiliates,net (48.0) 0.1 (17.3)Proceedsfromdisposalofland,buildings,andequipment 1.7 14.3 1.4Proceedsfromdivestitures - 26.4 -Other,net 20.9 (59.7) (11.0)

Netcashusedbyinvestingactivities (486.2) (556.5) (8,685.4)CashFlows-FinancingActivities Changeinnotespayable (1,158.6) (66.3) 327.5Issuanceoflong-termdebt 1,638.1 339.1 6,550.0Paymentoflong-termdebt (1,396.7) (1,493.8) (600.1)Proceedsfromcommonstockissuedonexercisedoptions 263.4 241.4 99.3Proceedsfromcommonstockissued - - 969.9Purchasesofcommonstockfortreasury (3.4) (1.1) (601.6)Dividendspaid (1,195.8) (1,181.7) (1,139.7)Investmentsinredeemableinterest - 55.7 -Distributionstononcontrollingandredeemableinterestholders (72.5) (38.5) (51.8)Other,net (16.0) (31.2) (108.0)

Netcash(used)providedbyfinancingactivities (1,941.5) (2,176.4) 5,445.5Effectofexchangeratechangesoncashandcashequivalents (20.7) (23.1) 31.8Increase(decrease)incashandcashequivalents 1,227.8 51.0 (367.1)Cashandcashequivalents-beginningofyear 450.0 399.0 766.1Cashandcashequivalents-endofyear $ 1,677.8 $ 450.0 $ 399.0Cashflowfromchangesincurrentassetsandliabilities,excludingtheeffectsofacquisitionsanddivestitures: Receivables $ 37.9 $ (42.7) $ (122.7)Inventories 103.1 53.7 15.6Prepaidexpensesandothercurrentassets 94.2 (114.3) (10.7)Accountspayable 392.5 162.4 575.3Othercurrentliabilities 166.2 (66.6) 84.6

Changesincurrentassetsandliabilities $ 793.9 $ (7.5) $ 542.1Seeaccompanyingnotestoconsolidatedfinancialstatements.

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Notes to Consolidated Financial StatementsGENERALMILLS,INC.ANDSUBSIDIARIES

NOTE 1. BASIS OF PRESENTATION AND RECLASSIFICATIONSBasis of PresentationOur Consolidated Financial Statements include the accounts of General Mills, Inc. and all subsidiaries in which we have a controlling financial interest.Intercompanytransactionsandaccounts,includinganynoncontrollingandredeemableinterests’shareofthosetransactions,areeliminatedinconsolidation.OurfiscalyearendsonthelastSundayinMay.Fiscalyear2020consistedof53weeks,whilefiscalyears2019and2018consistedof52weeks.Certainreclassificationstoourpreviouslyreportedfinancialinformationhavebeenmadetoconformtothecurrentperiodpresentation.SeeNote2foradditionalinformation.Change in Reporting PeriodAspartofalong-termplantoconformthefiscalyearendsofallouroperations,infiscal2020wechangedthereportingperiodofourPetsegmentfromanAprilfiscalyear-endtoaMayfiscalyear-endtomatchourfiscalcalendar.Accordingly,ourfiscal2020resultsinclude13monthsofPetsegmentresultscomparedto12monthsinfiscal2019.Theimpactofthischangewasnotmaterialtoourconsolidatedresultsofoperationsand,therefore,wedidnotrestatepriorperiodfinancialstatementsforcomparability.OurIndiabusinessisonanAprilfiscalyearend.NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESCash and Cash EquivalentsWeconsiderallinvestmentspurchasedwithanoriginalmaturityofthreemonthsorlesstobecashequivalents.InventoriesAllinventories intheUnitedStatesotherthangrainarevaluedat thelowerofcost, usingthelast-in, first-out (LIFO)method, or market. Graininventories arevaluedatnetrealizablevalue,andallrelatedcashcontractsandderivativesarevaluedatfairvalue,withallnetchangesinvaluerecordedinearningscurrently.InventoriesoutsideoftheUnitedStatesaregenerallyvaluedatthelowerofcost,usingthefirst-in,first-out(FIFO)method,ornetrealizablevalue.Shippingcosts associated with the distribution of finishedproduct to our customers are recordedas cost of sales, andare recognized whenthe related finishedproductisshippedtoandacceptedbythecustomer.Land, Buildings, Equipment, and DepreciationLandisrecordedathistoricalcost.Buildingsandequipment,includingcapitalizedinterestandinternalengineeringcosts,arerecordedatcostanddepreciatedoverestimatedusefullives,primarilyusingthestraight-linemethod.Ordinarymaintenanceandrepairsarechargedtocostofsales.Buildingsareusuallydepreciatedover40years,andequipment,furniture,andsoftwareareusuallydepreciatedover3to10years.Fullydepreciatedassetsareretainedinbuildingsandequipmentuntildisposal.Whenanitemissoldorretired,theaccountsarerelievedofitscostandrelatedaccumulateddepreciationandtheresultinggainsandlosses,ifany,arerecognizedinearnings.AsofMay31,2020,assetsheldforsalewereinsignificant.Long-livedassetsarereviewedforimpairmentwhenevereventsorchangesincircumstancesindicatethatthecarryingamountofanasset(orassetgroup)maynotberecoverable.Animpairmentlosswouldberecognizedwhenestimatedundiscountedfuturecashflowsfromtheoperationanddispositionoftheassetgrouparelessthanthecarryingamountoftheassetgroup.Assetgroupshaveidentifiablecashflowsandarelargelyindependentofotherassetgroups.Measurementofanimpairmentlosswouldbebasedontheexcessofthecarryingamountoftheassetgroupoveritsfairvalue.Fairvalueismeasuredusingadiscountedcashflowmodelorindependentappraisals,asappropriate.Goodwill and Other Intangible AssetsGoodwillisnotsubjecttoamortizationandistestedforimpairmentannuallyandwhenevereventsorchangesincircumstancesindicatethatimpairmentmayhaveoccurred. We perform our annual goodwill and indefinite-lived intangible assets impairment test as of the first day of the second quarter of the fiscal year.Impairmenttestingisperformedforeachofourreportingunits.Wecomparethecarryingvalueofareportingunit,includinggoodwill,tothefairvalueoftheunit.Carryingvalueisbasedontheassetsandliabilitiesassociatedwiththeoperationsofthatreportingunit,whichoftenrequiresallocationofsharedorcorporateitemsamongreportingunits.Ifthecarryingamountofareportingunitexceedsitsfairvalue,impairmenthasoccurred.Werecognizean

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impairment chargefor theamount bywhichthecarryingamountof thereportingunit exceedsits fair valueuptothetotal amount of goodwill allocatedtothereportingunit.Ourestimatesoffairvaluearedeterminedbasedonadiscountedcashflowmodel.Growthratesforsalesandprofitsaredeterminedusinginputsfromourlong-rangeplanningprocess.Wealsomakeestimatesofdiscountrates,perpetuitygrowthassumptions,marketcomparables,andotherfactors.Weevaluatetheusefullivesofourotherintangibleassets,mainlybrands,todetermineiftheyarefiniteorindefinite-lived.Reachingadeterminationonusefulliferequiressignificantjudgmentsandassumptionsregardingthefutureeffectsofobsolescence,demand,competition,othereconomicfactors(suchasthestabilityoftheindustry,knowntechnologicaladvances,legislativeactionthatresultsinanuncertainorchangingregulatoryenvironment,andexpectedchangesindistributionchannels),thelevelofrequiredmaintenanceexpenditures,andtheexpectedlivesofotherrelatedgroupsofassets.Intangibleassetsthataredeemedtohavefinitelivesareamortizedonastraight-linebasis,overtheirusefullives,generallyrangingfrom4to30years.Our indefinite-lived intangible assets, mainly intangible assets primarily associated with theBlue Buffalo, Pillsbury ,Totino’s,Yoplait,Old El Paso,Progresso,Annie’s,Häagen-Dazs,and Yokibrands,arealsotestedforimpairmentannuallyandwhenevereventsorchangesincircumstancesindicatethattheircarryingvaluemaynotberecoverable.Ourestimateofthefairvalueofthebrandsisbasedonadiscountedcashflowmodelusinginputswhichincludedprojectedrevenuesfromourlong-rangeplan,assumedroyaltyratesthatcouldbepayableifwedidnotownthebrands,andadiscountrate.Ourfinite-livedintangibleassets,primarilyacquiredfranchiseagreementsandcustomerrelationships,arereviewedforimpairmentwhenevereventsorchangesincircumstancesindicatethatthecarryingamountofanassetmaynotberecoverable.Animpairmentlosswouldberecognizedwhenestimatedundiscountedfuturecashflowsfromthe operation anddisposition of the asset are less thanthe carrying amount of the asset. Assets generally haveidentifiable cashflowsandarelargelyindependentofotherassets.Measurementofanimpairmentlosswouldbebasedontheexcessofthecarryingamountoftheassetoveritsfairvalue.Fairvalueismeasuredusingadiscountedcashflowmodelorothersimilarvaluationmodel,asappropriate.LeasesWedeterminewhetheranarrangementisaleaseatinception.Whenourleasearrangementsincludeleaseandnon-leasecomponents,weaccountforleaseandnon-leasecomponents(e.g.commonareamaintenance)separatelybasedontheirrelativestandaloneprices.Anyleasearrangementswithaninitialtermof12monthsorlessarenotrecordedonourConsolidatedBalanceSheet,andwerecognizeleasecostsfortheseleasearrangements onastraight-line basis overtheleaseterm.Manyofour leasearrangements provideuswithoptionstoexercise oneormorerenewal termsortoterminatetheleasearrangement.Weincludetheseoptionswhenwearereasonablycertaintoexercisethemintheleasetermusedtoestablishourrightofuseassetsand lease liabilities. Generally, our lease agreements do not include an option to purchase the leased asset, residual value guarantees, or material restrictivecovenants.Wehavecertainleasearrangementswithvariablerentalpayments.OurleasearrangementsforourHäagen-Dazsretailshopsoftenincluderentalpaymentsthatarebasedonapercentageofretailsales.Wehaveotherleasearrangementsthatareadjustedperiodicallybasedonaninflationindexorrate.Thefuturevariabilityofthesepaymentsandadjustmentsareunknown,andthereforetheyarenotincludedasminimumleasepaymentsusedtodetermineourrightofuseassetsandleaseliabilities.Variablerentalpaymentsarerecognizedintheperiodinwhichtheobligationisincurred.As most of our lease arrangements do not provide an implicit interest rate, we apply an incremental borrowing rate based on the information available at thecommencementdateoftheleasearrangementtodeterminethepresentvalueofleasepayments.Investments in Unconsolidated Joint VenturesOurinvestmentsincompaniesoverwhichwehavetheabilitytoexercisesignificantinfluencearestatedatcostplusourshareofundistributedearningsorlosses.Wereceive royalty incomefromcertain joint ventures, incur various expenses (primarily research anddevelopment), andrecordthe taximpact of certain jointventureoperationsthatarestructuredaspartnerships.Inaddition,wemakeadvancestoourjointventuresintheformofloansorcapitalinvestments.Wealsosellcertainrawmaterials,semi-finishedgoods,andfinishedgoodstothejointventures,generallyatmarketprices.Inaddition,weassessourinvestmentsinourjointventuresifwehavereasontobelieveanimpairmentmayhaveoccurredincluding,butnotlimitedto,asaresultofongoingoperatinglosses,projecteddecreasesinearnings,increasesintheweighted-averagecostofcapital,orsignificantbusinessdisruptions.Thesignificantassumptionsusedtoestimatefairvalueincluderevenuegrowthandprofitability,royaltyrates,capitalspending,depreciationandtaxes,foreigncurrencyexchangerates,andadiscountrate.Bytheirnature,theseprojectionsandassumptionsareuncertain.Ifweweretodeterminethecurrentfairvalueofourinvestmentwaslessthanthecarryingvalueoftheinvestment,thenwewouldassessiftheshortfallwasofatemporaryorpermanentnatureandwritedowntheinvestmenttoitsfairvalueifweconcludedtheimpairmentisotherthantemporary.Redeemable InterestWehavea51percentcontrollinginterestinYoplaitSAS,aconsolidatedentity.SodiaalInternational(Sodiaal)holdstheremaining49

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percentinterestinYoplaitSAS.Sodiaalhastheabilitytoputalloraportionofitsredeemableinteresttousatfairvalueonceperyear,uptothreetimesbeforeDecember2024.ThisputoptionrequiresustoclassifySodiaal’sinterestasaredeemableinterestoutsideofequityonourConsolidatedBalanceSheetsforaslongas the put is exercisable by Sodiaal. When the put is no longer exercisable, the redeemable interest will be reclassified to noncontrolling interests on ourConsolidatedBalanceSheets.Weadjustthevalueoftheredeemableinterestthroughadditionalpaid-incapitalonourConsolidatedBalanceSheetsquarterlytotheredeemable interest’s redemptionvalue, whichapproximates its fair value. Thesignificant assumptionsusedto estimate theredemptionvalueincludeprojectedrevenuegrowthandprofitabilityfromourlong-rangeplan,capitalspending,depreciation,taxes,foreigncurrencyexchangerates,andadiscountrate.Revenue RecognitionOurrevenuesprimarilyresultfromcontractswithcustomers,whicharegenerallyshort-termandhaveasingleperformanceobligation–thedeliveryofproduct.We recognize revenue for the sale of packaged foods at the point in time when our performance obligation has been satisfied and control of the product hastransferred to our customer, which generally occurs whenthe shipment is accepted by our customer. Sales include shipping and handling charges billed to thecustomerandarereportednetofvariableconsiderationandconsiderationpayabletoourcustomers,includingtradepromotion,consumercouponredemptionandother reductions to the transaction price, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, andother excise taxes are not includedin revenue. Trade promotions are recordedusingsignificant judgment of estimated participation andperformance levels foroffered programs at the time of sale. Differences between estimated and actual reductions to the transaction price are recognized as a change in estimate in asubsequentperiod.Wegenerallydonotallowarightofreturn.However,onalimitedcase-by-casebasiswithpriorapproval,wemayallowcustomerstoreturnproduct.Inlimitedcircumstances,productreturnedinsaleableconditionisresoldtoothercustomersoroutlets.Receivablesfromcustomersgenerallydonotbearinterest.Paymenttermsandcollectionpatternsvaryaroundtheworldandbychannel,andareshort-term,andassuch,wedonothaveanysignificantfinancingcomponents. Ourallowancefordoubtful accountsrepresentsourestimateofprobablenon-paymentsandcredit lossesinourexistingreceivables, asdeterminedbased on a review of past due balances and other specific account data. Account balances are written off against the allowance when we deemthe amount isuncollectible. PleaseseeNote17foradisaggregationofourrevenueintocategoriesthatdepicthowthenature,amount,timing,anduncertaintyofrevenueandcashflowsareaffectedbyeconomicfactors.Wedonothavematerialcontractassetsorliabilitiesarisingfromourcontractswithcustomers.Environmental CostsEnvironmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. Liabilities foranticipatedremediationcostsarerecordedonanundiscountedbasiswhentheyareprobableandreasonablyestimable,generallynolaterthanthecompletionoffeasibilitystudiesorourcommitmenttoaplanofaction.Advertising Production CostsWeexpensetheproductioncostsofadvertisingthefirsttimethattheadvertisingtakesplace.Research and DevelopmentAll expenditures for research and development (R&D) are charged against earnings in the period incurred. R&D includes expenditures for new product andmanufacturingprocessinnovation,andtheannualexpendituresarecomprisedprimarilyofinternalsalaries,wages,consulting,andsuppliesattributabletoR&Dactivities.Othercostsincludedepreciationandmaintenanceofresearchfacilities,includingassetsatfacilitiesthatareengagedinpilotplantactivities.Foreign Currency TranslationFor all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the period-endexchange rates. Income statement accounts are translated using the average exchange rates prevailing during the period. Translation adjustments are reflectedwithinaccumulatedothercomprehensiveloss(AOCI)instockholders’equity.Gainsandlossesfromforeigncurrencytransactionsareincludedinnetearningsfortheperiod,exceptforgainsandlossesoninvestmentsinsubsidiariesforwhichsettlementisnotplannedfortheforeseeablefutureandforeignexchangegainsandlossesoninstrumentsdesignatedasnetinvestmenthedges.ThesegainsandlossesarerecordedinAOCI.Derivative InstrumentsAllderivativesarerecognizedonourConsolidatedBalanceSheetsatfairvaluebasedonquotedmarketpricesorourestimateoftheirfairvalue,andarerecordedin either current or noncurrent assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or othercomprehensiveincome,basedonwhethertheinstrumentisdesignatedandeffectiveasahedgetransactionand,ifso,thetypeofhedgetransaction.GainsorlossesonderivativeinstrumentsreportedinAOCIarereclassifiedtoearningsintheperiodthehedgeditemaffectsearnings.Iftheunderlyinghedgedtransactionceasestoexist,anyassociatedamountsreportedinAOCIarereclassifiedtoearningsatthattime.Stock-based CompensationWegenerallymeasurecompensationexpenseforgrantsofrestrictedstockunitsandperformanceshareunitsusingthevalueofashareofourstockonthedateofgrant.WeestimatethevalueofstockoptiongrantsusingaBlack-Scholesvaluationmodel.Generally,

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stock-based compensation is recognized straight line over the vesting period. Our stock-based compensation expense is recorded in selling, general andadministrative(SG&A)expensesandcostofsalesinourConsolidatedStatementsofEarningsandallocatedtoeachreportablesegmentinoursegmentresults.Certain equity-based compensation plans contain provisions that accelerate vesting of awards upon retirement, termination, or death of eligible employees anddirectors.Weconsiderastock-basedawardtobevestedwhentheemployee’sordirector’sretentionoftheawardisnolongercontingentonprovidingsubsequentservice.Accordingly,therelatedcompensationcostisgenerallyrecognizedimmediatelyforawardsgrantedtoretirement-eligibleindividualsorovertheperiodfromthegrantdatetothedateretirementeligibilityisachieved,iflessthanthestatedvestingperiod.Wereportthebenefitsoftaxdeductionsinexcessofrecognizedcompensationcostasanoperatingcashflow.Defined Benefit Pension, Other Postretirement Benefit, and Postemployment Benefit PlansWesponsor several domestic and foreign defined benefit plans to provide pension, health care, and other welfare benefits to retired employees. Under certaincircumstances,wealsoprovideaccruablebenefits,primarilyseverance,toformerorinactiveemployeesintheUnitedStates,Canada,andMexico.Werecognizeanobligationforanyofthesebenefitsthatvestoraccumulatewithservice.Postemploymentbenefitsthatdonotvestoraccumulatewithservice(suchasseverancebasedsolelyonannualpayratherthanyearsofservice)arechargedtoexpensewhenincurred.Ourpostemploymentbenefitplansareunfunded.WerecognizetheunderfundedoroverfundedstatusofadefinedbenefitpensionplanasanassetorliabilityandrecognizechangesinthefundedstatusintheyearinwhichthechangesoccurthroughAOCI.Use of EstimatesPreparingourConsolidatedFinancialStatementsinconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesrequiresustomakeestimatesandassumptionsthataffectreportedamountsofassetsandliabilities,disclosuresofcontingentassetsandliabilitiesatthedateofthefinancialstatements,andthereportedamountsofrevenuesandexpensesduringthereportingperiod.Theseestimatesincludeouraccountingforrevenuerecognition,valuationoflong-livedassets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit andpostemploymentbenefitplans.Actualresultscoulddifferfromourestimates.New Accounting StandardsInthefourthquarteroffiscal2020,weadoptednewaccountingrequirementsrelatedtotheannualdisclosurerequirementsfordefinedbenefitpensionandotherpostretirementbenefitplans.Thenewstandardmodifiesspecificdisclosurestoimproveusefulnesstofinancialstatementusers.Weadoptedtherequirementsofthenewstandardusingaretrospectiveapproach.Theadoptionofthisguidancedidnotimpactourresultsofoperationsorfinancialposition.Inthefirstquarteroffiscal2020,weadoptednewaccountingrequirementsforhedgeaccounting.Thenewstandardamendsthehedgeaccountingrecognitionandpresentationrequirementstobetteralignanentity’sriskmanagementactivitiesandfinancialreporting.Thenewstandardalsosimplifiestheapplicationofhedgeaccountingguidance.Theadoptiondidnothaveamaterialimpactonourresultsofoperationsorfinancialposition.Inthefirstquarteroffiscal2020,weadoptednewrequirementsfortheaccounting,presentation,andclassificationofleases.Thisresultsincertainleasesbeingcapitalized as a right of use asset with a related liability onour Consolidated Balance Sheet. Weperformeda reviewof our lease portfolio, implemented leaseaccounting software, and developed a centralized business process with corresponding controls. We adopted this guidance utilizing the cumulative effectadjustment approach, which required application of the guidance at the adoption date, and elected certain practical expedients permitted under the transitionguidance, including not reassessing whether existing contracts contain leases and carrying forward the historical classification of those leases. In addition, weelected not to recognize leases with an initial term of 12 months or less on our Consolidated Balance Sheet and to continue our historical treatment of landeasements, under permitted elections. This guidance did not have a material impact on retained earnings, our Consolidated Statements of Earnings, or ourConsolidatedStatementsofCashFlows.SeeNote7totheConsolidatedFinancialStatementsforadditionalinformationontheimpacttoourConsolidatedBalanceSheet.Inthefirstquarteroffiscal2019,weadoptednewaccountingrequirementsrelatedtothepresentationofnetperiodicdefinedbenefitpensionexpense,netperiodicpostretirement benefit expense, and net periodic postemployment benefit expense (collectively “net periodic benefit expense”). The new standard requires theservice cost component of net periodic benefit expense to be recorded in the same line items as other employee compensation costs within our ConsolidatedStatementsofEarnings.OthercomponentsofnetperiodicbenefitexpensemustbepresentedseparatelyoutsideofoperatingprofitinourConsolidatedStatementsof Earnings. In addition, the newstandard requires that only the service cost component of net periodic benefit expense is eligible for capitalization. The newstandard requires retrospective adoption of the presentation of net periodic benefit expense and prospective application of the capitalization of the service costcomponent.Theimpactoftheadoptionofthisstandardonourresultsofoperationswasadecreasetoouroperatingprofitof$87.9millionand$89.4millionandacorrespondingincreasetobenefitplannon-serviceincomeof$87.9

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millionand$89.4millionforfiscal2019andfiscal2018,respectively.Therewerenochangestoourreportedsegmentoperatingprofit.Inthefirstquarteroffiscal2019,weadoptednewaccountingrequirementsfortherecognitionofrevenuefromcontractswithcustomers.Underthenewstandard,weapplyaprinciples-basedfivestepmodeltorecognizerevenueuponthetransferofcontrolofpromisedgoodstocustomersandinanamountthatreflectstheconsideration for whichweexpect to be entitled to in exchange for those goods. Wedid not identify anymaterial differences resulting fromapplyingthe newrequirements to our revenue contracts. Additionally, we did not identify any significant changes to our business processes, systems, and controls to supportrecognitionanddisclosurerequirementsunderthenewguidance.Weadoptedtherequirementsofthenewstandardandsubsequentamendmentstoallcontractsinthefirst quarter offiscal 2019usingthecumulativeeffect approach.Werecordeda$33.9millioncumulativeeffect adjustment net ofincometaxeffects totheopeningbalanceoffiscal2019retainedearnings,adecreasetodeferredincometaxesof$11.4million,andanincreasetoothercurrentliabilitiesof$45.3millionrelatedtothetimingofrecognitionofcertainpromotionalexpenditures.Inthethirdquarteroffiscal2018,weadoptednewaccountingrequirementsthatcodifySecuritiesandExchangeCommission(SEC)StaffAccountingBulletinNo.118, as it relates to allowing for recognition of provisional amounts related to the U.S. Tax Cuts and Jobs Act (TCJA) in the event that the accounting is notcomplete and a reasonable estimate can be made. Where necessary information is not available, prepared, or analyzed to determine a reasonable estimate, noprovisionalamountshouldberecorded.TheguidanceallowsforameasurementperiodofuptooneyearfromtheenactmentdatetofinalizetheaccountingrelatedtotheTCJA.Infiscal2019,wecompletedouraccountingforthetaxeffectsoftheTCJA.Inthethirdquarter offiscal 2018, weadoptednewaccountingrequirements that providetheoptiontoreclassifystrandedincometaxeffects resultingfromtheTCJAfromAOCItoretainedearnings.WeelectedtoreclassifythestrandedincometaxeffectsoftheTCJAof$329.4millionfromAOCItoretainedearnings.This reclassification consisted of deferred taxes originally recorded in AOCI that exceeded the newly enacted federal corporate tax rate. The new accountingrequirementsallowedforadjustmentstoreclassificationamountsinsubsequentperiodsasaresultofchangestotheprovisionalamountsrecorded.In the first quarter of fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. The adoption of this guidanceresultedintheprospectiverecognitionofrealizedwindfallandshortfalltaxbenefitsrelatedtotheexerciseorvestingofstock-basedawardsinourConsolidatedStatements of Earnings instead of additional paid-in capital within our Consolidated Balance Sheets. We retrospectively adopted the guidance related toreclassification of realized windfall tax benefits, which resulted in reclassifications of cash provided by financing activities to operating activities in ourConsolidated Statements of Cash Flows. Additionally, we retrospectively adopted the guidance related to reclassification of employee tax withholdings, whichresultedinreclassificationsofcashusedbyoperatingactivitiestofinancingactivitiesinourConsolidatedStatementsofCashFlows.Stock-basedcompensationexpensecontinuestoreflectestimatedforfeitures.Inthefirstquarteroffiscal2018,weadoptednewaccountingrequirementsthatpermitreportingentitiestomeasureagoodwillimpairmentlossbytheamountbywhich a reporting unit’s carrying value exceeds the reporting unit’s fair value. Previously, goodwill impairment losses were required to be measured bydeterminingtheimpliedfairvalueofgoodwill.Theadoptionofthisguidancedidnotimpactourresultsofoperationsorfinancialposition.NOTE 3. DIVESTITURESDuring the third quarter of fiscal 2019, we sold our La Salteña fresh pasta and refrigerated dough business in Argentina, and recorded a pre-tax loss of $35.4million.Duringthefourthquarteroffiscal2019,wesoldouryogurtbusinessinChinaandsimultaneouslyenteredintoanewYoplaitlicenseagreementwiththepurchaserfortheiruseoftheYoplait brand.Werecordedapre-taxgainof$5.4million.NOTE 4. RESTRUCTURING, IMPAIRMENT, AND OTHER EXIT COSTSASSET IMPAIRMENTSInfiscal2019,werecordeda$192.6millionchargerelatedtotheimpairmentofourProgresso, Food Should Taste Good , and Mountain High brandintangibleassetsinrestructuring,impairment,andotherexitcosts.Infiscal2019,werecordeda$14.8millionchargeinrestructuring,impairment,andotherexitcostsrelatedtotheimpairmentofcertainmanufacturingassetsinourNorthAmericaRetailandAsia&LatinAmericasegments.In fiscal 2018, we recorded a $96.9 million charge related to the impairment of ourYoki, Mountain High , and Immaculate Bakingbrand intangible assets inrestructuring,impairment,andotherexitcosts.

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RESTRUCTURING INITIATIVESWeviewourrestructuringactivitiesasactionsthathelpusmeetourlong-termgrowthtargets.Activitiesweundertakemustmeetinternalrateofreturnandnetpresentvaluetargets. Eachrestructuringactionnormallytakesonetotwoyearstocomplete. Atcompletion(oraseachmajorstageiscompletedinthecaseofmulti-yearprograms),theprojectbeginstodelivercashsavingsand/orreduceddepreciation.Theseactivitiesresultinvariousrestructuringcosts,includingassetwrite-offs,exitchargesincludingseverance,contractterminationfees,anddecommissioningandothercosts.Accelerateddepreciationassociatedwithrestructuredassets,asusedinthecontextofourdisclosuresregardingrestructuringactivity,referstotheincreaseindepreciationexpensecausedbyshorteningtheusefullifeorupdatingthesalvagevalueofdepreciablefixedassetstocoincidewiththeendofproductionunderanapprovedrestructuringplan.Anyimpairmentoftheassetisrecognizedimmediatelyintheperiodtheplanisapproved.In fiscal 2020, we did not undertake any newrestructuring actions and recorded $50.2 million of restructuring charges for previously announced restructuringactions.Infiscal2019,werecorded$77.6millionofrestructuringchargesprimarilyrelatedtoapprovedrestructuringactionstodriveefficienciesintargetedareasofourglobalsupplychain.Infiscal2020,weincreasedtheestimateofexpectedseverancechargesby$3millionanddecreasedtheestimateofotherexitcostsrelatedtotheseactionsby$4million. Wenowexpect to spenda total of approximately $24million of cashrelated to these actions. Certain actions are subject to unionnegotiationsandworkscounselconsultations, whererequired. Weexpecttheseactionstobecompletedbytheendoffiscal2022.Theremainingexpensetobeincurredisapproximately$8millionofotherexitcosts.Wepaidnet$6.6millionofcashrelatedtorestructuringactionspreviouslyannouncedinfiscal2020,comparedto$49.3millioninfiscal2019.Chargesrecordedinfiscal2019wereasfollows:Expense, in Millions Targetedactionsinglobalsupplychain $ 80.2Chargesassociatedwithrestructuringactionspreviouslyannounced (2.6)Total $ 77.6

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Chargesrecordedinfiscal2018wereasfollows:Expense, in Millions Globalcostsavingsinitiatives $ 49.3Chargesassociatedwithrestructuringactionspreviouslyannounced 33.4Total $ 82.7Restructuringandimpairmentchargesandproject-relatedcostsareclassifiedinourConsolidatedStatementsofEarningsasfollows: Fiscal YearIn Millions 2020 2019 2018Costofsales $ 25.8 $ 9.9 $ 14.0Restructuring,impairment,andotherexitcosts 24.4 275.1 165.6Totalrestructuringandimpairmentcharges 50.2 285.0 179.6Project-relatedcostsclassifiedincostofsales $ 1.5 $ 1.3 $ 11.3Therollforwardofourrestructuringandotherexitcostreserves,includedinothercurrentliabilities,isasfollows:

In Millions Severance Contract

Termination Other Exit Costs TotalReservebalanceasofMay28,2017 $ 81.8 $ 0.7 $ 2.5 $ 85.0Fiscal2018charges,includingforeigncurrencytranslation 40.8 0.2 (0.7) 40.3Utilizedinfiscal2018 (56.6) (0.8) (1.1) (58.5)ReservebalanceasofMay27,2018 66.0 0.1 0.7 66.8Fiscal2019charges,includingforeigncurrencytranslation 7.7 2.5 1.4 11.6Utilizedinfiscal2019 (37.2) (2.6) (2.1) (41.9)ReservebalanceasofMay26,2019 36.5 - - 36.5Fiscal2020charges,includingforeigncurrencytranslation (5.0) 0.8 1.7 (2.5)Utilizedinfiscal2020 (13.7) (0.8) (1.7) (16.2)Reserve balance as of May 31, 2020 $ 17.8 $ - $ - $ 17.8The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly to expense (e.g., assetimpairmentcharges,thegainorlossonthesaleofrestructuredassets,andthewrite-offofspareparts)andotherperiodicexitcostsrecognizedasincurred,asthoseitemsarenotreflectedinourrestructuringandotherexitcostreservesonourConsolidatedBalanceSheets.NOTE 5. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURESWehavea50 percent interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in more than130countriesoutside the United States andCanada. CPWalso markets cereal bars in several Europeancountries andmanufactures private label cereals for customers in theUnitedKingdom.WehaveguaranteedaportionofCPW’sdebtanditspensionobligationintheUnitedKingdom.Wealsohavea50percentinterestinHäagen-DazsJapan,Inc.(HDJ).ThisjointventuremanufacturesandmarketsHäagen-Dazs icecreamproductsandfrozennovelties.ResultsfromourCPWandHDJjointventuresarereportedforthe12monthsendedMarch31.

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Jointventurerelatedbalancesheetactivityisasfollows:In Millions May 31, 2020 May 26, 2019Cumulativeinvestments $ 481.4 $ 452.9Goodwillandotherintangibles 460.5 472.1Aggregateadvancesincludedincumulativeinvestments 279.5 249.0Jointventureearningsandcashflowactivityisasfollows: Fiscal YearIn Millions 2020 2019 2018Salestojointventures $ 5.9 $ 4.2 $ 7.4Netadvances(repayments) 48.0 (0.1) 17.3Dividendsreceived 76.5 86.7 113.2Summarycombinedfinancialinformationforthejointventuresona100percentbasisisasfollows: Fiscal YearIn Millions 2020 2019 2018Netsales: CPW $ 1,654.3 $ 1,647.7 $ 1,734.0HDJ 391.3 396.2 430.4

Totalnetsales 2,045.6 2,043.9 2,164.4Grossmargin 785.3 744.4 853.6Earningsbeforeincometaxes 214.0 155.4 216.2Earningsafterincometaxes 176.5 111.9 176.7

In Millions May 31, 2020 May 26, 2019Currentassets $ 870.0 $ 895.6Noncurrentassets 781.4 839.2Currentliabilities 1,365.6 1,517.3Noncurrentliabilities 104.2 77.1NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETSThecomponentsofgoodwillandotherintangibleassetsareasfollows:In Millions May 31, 2020 May 26, 2019Goodwill $ 13,923.2 $ 13,995.8Otherintangibleassets: Intangibleassetsnotsubjecttoamortization: Brandsandotherindefinite-livedintangibles 6,561.4 6,590.8

Intangibleassetssubjecttoamortization: Franchiseagreements,customerrelationships,andotherfinite-livedintangibles 777.8 786.1Lessaccumulatedamortization (243.4) (210.1)

Intangibleassetssubjecttoamortization 534.4 576.0Otherintangibleassets 7,095.8 7,166.8Total $ 21,019.0 $ 21,162.6Based on the carrying value of finite-lived intangible assets as ofMay31,2020, amortization expense for each of the next five fiscal years is estimated to beapproximately$40million.

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Thechangesinthecarryingamountofgoodwillforfiscal2018,2019,and2020areasfollows:

In Millions North America

Retail Pet

ConvenienceStores &

Foodservice Europe &Australia

Asia & LatinAmerica Joint Ventures Total

BalanceasofMay28,2017 $ 6,406.5 $ - $ 918.8 $ 700.8 $ 312.4 $ 408.7 $ 8,747.2Acquisition - 5,294.9 - - - - 5,294.9Otheractivity,primarilyforeigncurrencytranslation 4.1 - - 29.1 (27.4) 17.1 22.9BalanceasofMay27,2018 6,410.6 5,294.9 918.8 729.9 285.0 425.8 14,065.0Divestitures - - - - (0.5) - (0.5)Purchaseaccountingadjustment - 5.6 - - - - 5.6Otheractivity,primarilyforeigncurrencytranslation (4.1) - - (29.5) (24.3) (16.4) (74.3)BalanceasofMay26,2019 6,406.5 5,300.5 918.8 700.4 260.2 409.4 13,995.8Otheractivity,primarilyforeigncurrencytranslation (2.8) - - (9.7) (56.4) (3.7) (72.6)Balance as of May 31, 2020 $ 6,403.7 $ 5,300.5 $ 918.8 $ 690.7 $ 203.8 $ 405.7 $13,923.2Thechangesinthecarryingamountofotherintangibleassetsforfiscal2018,2019,and2020areasfollows:In Millions TotalBalanceasofMay28,2017 $ 4,530.4Acquisition 3,015.0Impairmentcharge (96.9)Otheractivity,primarilyamortizationandforeigncurrencytranslation (3.4)BalanceasofMay27,2018 $ 7,445.1Impairmentcharge (192.6)Otheractivity,primarilyamortizationandforeigncurrencytranslation (85.7)BalanceasofMay26,2019 $ 7,166.8Otheractivity,primarilyamortizationandforeigncurrencytranslation (71.0)Balance as of May 31, 2020 $ 7,095.8Ourannualgoodwillandindefinite-livedintangibleassetsimpairmenttestwasperformedonthefirstdayofthesecondquarteroffiscal2020,andwedeterminedtherewasnoimpairmentofourintangibleassetsastheirrelatedfairvaluesweresubstantiallyinexcessofthecarryingvalues,exceptfortheEurope&AustraliareportingunitandtheProgressobrandintangibleasset.Theexcessfairvaluesasofthefiscal2020testdateoftheEurope&AustraliareportingunitandtheProgresso brandintangibleassetwereasfollows:In Millions Carrying Value of Intangible Asset Excess Fair Value as of Fiscal 2020 Test Date Europe&Australia $ 672.6 14%Progresso $ 330.0 5%Inaddition,whilehavingsignificantcoverageasofourfiscal2020assessmentdate,thePillsburybrandintangibleassethadriskofdecreasingcoverage.Wewillcontinuetomonitorthesebusinessesforpotentialimpairment.Wedidnotidentifyanyindicatorsofimpairment,includingimpactsoftherecentCOVID-19pandemic,foranygoodwillorindefinite-livedintangibleassetsasofMay31,2020.Infiscal2019,asaresultoflowersalesprojectionsinourlong-rangeplansforthebusinessessupportingtheProgresso,Food Should Taste Good,andMountainHighbrandintangible assets, werecordeda $192.6millionimpairment chargein restructuring, impairment, andother exit costs.Infiscal 2018,werecordeda$96.9millionchargerelatedtotheimpairmentofourYoki,Mountain High,andImmaculate Bakingbrandintangibleassetsinrestructuring,impairment,andotherexitcosts.Significantassumptionsusedintheseassessmentsincludedourlong-rangecashflowprojectionsforthebusinesses,royaltyrates,weighted-averagecostofcapitalrates,andtaxrates.

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NOTE 7. LEASESOurleaseportfolioprimarilyconsistsofoperatingleasearrangementsforcertainwarehouseanddistributionspace,officespace,retailshops,productionfacilities,railcars,productionanddistributionequipment,automobiles,andofficeequipment.Ourleasecostsassociatedwithfinanceleasesandsale-leasebacktransactionsandourleaseincomeassociatedwithlessorandsubleasearrangementsarenotmaterialtoourConsolidatedFinancialStatements.Componentsofourleasecostareasfollows: Fiscal YearIn Millions 2020Operatingleasecost $ 133.5Variableleasecost 14.4Short-termleasecost 23.3Rentexpenseunderalloperatingleasesfromcontinuingoperationswas$184.9millioninfiscal2019and$189.4millioninfiscal2018.Maturitiesofouroperatingandfinanceleaseobligationsbyfiscalyearareasfollows:In Millions Operating Leases Finance LeasesFiscal2021 $ 115.4 $ 0.1Fiscal2022 97.6 0.1Fiscal2023 73.9 -Fiscal2024 56.8 -Fiscal2025 35.1 -Afterfiscal2025 33.7 -Totalnoncancelablefutureleaseobligations $ 412.5 $ 0.2Less:Interest (33.5) -Presentvalueofleaseobligations $ 379.0 $ 0.2Theleasepaymentspresentedinthetableaboveexclude$46.2millionofminimumleasepaymentsforoperatingleaseswehavecommittedtobuthavenotyetcommencedasofMay31,2020.NoncancelablefutureoperatingleasecommitmentsasofMay26,2019,wereasfollows:In Millions Fiscal2020 $ 120.0Fiscal2021 101.7Fiscal2022 85.0Fiscal2023 63.8Fiscal2024 49.1Afterfiscal2024 63.0Totalnoncancelablefutureleasecommitments $ 482.6Theweighted-averageremainingleasetermandweighted-averagediscountrateforouroperatingleasesareasfollows: May 31, 2020Weighted-averageremainingleaseterm 4.6 yearsWeighted-averagediscountrate 4.1 %

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Supplementaloperatingcashflowinformationandnon-cashactivityrelatedtoouroperatingleasesareasfollows: Fiscal YearIn Millions 2020Cashpaidforamountsincludedinthemeasurementofleaseliabilities $ 131.0Rightofuseassetsobtainedinexchangefornewleaseliabilities $ 46.3NOTE 8. FINANCIAL INSTRUMENTS, RISK MANAGEMENT ACTIVITIES, AND FAIR VALUESFINANCIAL INSTRUMENTSThecarrying values of cashandcashequivalents, receivables, accounts payable, other current liabilities, andnotes payable approximate fair value. Marketablesecuritiesarecarriedatfairvalue.AsofMay31,2020,andMay26,2019,acomparisonofcostandmarketvaluesofourmarketabledebtandequitysecuritiesisasfollows: Cost Fair Value Gross Gains Gross Losses Fiscal Year Fiscal Year Fiscal Year Fiscal YearIn Millions 2020 2019 2020 2019 2020 2019 2020 2019Availableforsaledebtsecurities $ 56.7 $ 34.3 $ 56.7 $ 34.3 $ - $ - $ - $ -Equitysecurities 0.3 0.6 4.9 18.5 4.6 17.9 - -

Total $ 57.0 $ 34.9 $ 61.6 $ 52.8 $ 4.6 $ 17.9 $ - $ -During fiscal 2020, we received $16.0 million of proceeds and recorded $4.0 million of realized losses from the sale of marketable securities. There were norealizedgainsorlossesfromsalesofmarketablesecuritiesinfiscal2019.Gainsandlossesaredeterminedbyspecificidentification.Classificationofmarketablesecuritiesascurrentornoncurrentisdependentuponourintendedholdingperiodandthesecurity’smaturitydate.Theaggregateunrealizedgainsandlossesonavailable-for-saledebtsecurities,netoftaxeffects,areclassifiedinAOCIwithinstockholders’equity.Scheduledmaturitiesofourmarketablesecuritiesareasfollows: Marketable SecuritiesIn Millions Cost Fair ValueUnder1year(current) $ 56.7 $ 56.7Equitysecurities 0.3 4.9Total $ 57.0 $ 61.6AsofMay31,2020,wehad$2.3millionofmarketabledebtsecuritiesand$15.9millionofcashandcashequivalentspledgedascollateralforderivativecontracts.AsofMay31,2020,$43.5millionofcertainaccountsreceivablewerepledgedascollateralagainstaforeignuncommittedlineofcredit.Thefairvalueandcarryingamountsoflong-termdebt,includingthecurrentportion,were$14,538.4millionand$13,260.5million,respectively,asofMay31,2020. Thefair value of long-termdebt was estimated usingmarket quotations anddiscounted cashflowsbasedonour current incremental borrowingrates forsimilartypesofinstruments.Long-termdebtisaLevel2liabilityinthefairvaluehierarchy.RISK MANAGEMENT ACTIVITIESAsapartofourongoingoperations,weareexposedtomarketriskssuchaschangesininterestandforeigncurrencyexchangeratesandcommodityandequityprices.Tomanagetheserisks,wemayenterintovariousderivativetransactions(e.g.,futures,options,andswaps)pursuanttoourestablishedpolicies.

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COMMODITY PRICE RISKManycommoditiesweuseintheproductionanddistributionofourproductsareexposedtomarketpricerisks.Weutilizederivativestomanagepriceriskforourprincipalingredientsandenergycosts,includinggrains(oats,wheat,andcorn),oils(principallysoybean),dairyproducts,naturalgas,anddieselfuel.Ourprimaryobjectivewhenenteringintothesederivativecontractsistoachievecertaintywithregardtothefuturepriceofcommoditiespurchasedforuseinoursupplychain.Wemanageourexposuresthroughacombinationofpurchaseorders,long-termcontractswithsuppliers,exchange-tradedfuturesandoptions,andover-the-counteroptionsandswaps.Weoffsetourexposuresbasedoncurrentandprojectedmarketconditionsandgenerallyseektoacquiretheinputsatasclosetoourplannedcostaspossible.We use derivatives to manage our exposure to changes in commodity prices. We do not perform the assessments required to achieve hedge accounting forcommodityderivativepositions.Accordingly,thechangesinthevaluesofthesederivativesarerecordedcurrentlyincostofsalesinourConsolidatedStatementsofEarnings.Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providingcertaintyinthefuturepriceofcommoditiespurchasedforuseinoursupplychain.Accordingly,forpurposesofmeasuringsegmentoperatingperformancethesegainsandlossesarereportedinunallocatedcorporateitemsoutsideofsegmentoperatingresultsuntilsuchtimethattheexposurewearemanagingaffectsearnings.Atthattimewereclassifythegainorlossfromunallocatedcorporateitemstosegmentoperatingprofit,allowingouroperatingsegmentstorealizetheeconomiceffectsofthederivativewithoutexperiencinganyresultingmark-to-marketvolatility,whichremainsinunallocatedcorporateitems.Unallocatedcorporateitemsforfiscal2020,2019,and2018included: Fiscal YearIn Millions 2020 2019 2018Net(loss)gainonmark-to-marketvaluationofcommoditypositions $ (63.0) $ (39.0) $ 14.3Netlossoncommoditypositionsreclassifiedfromunallocatedcorporateitemstosegmentoperatingprofit 35.6 10.0 11.3Netmark-to-marketrevaluationofcertaingraininventories 2.7 (7.0) 6.5Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems $ (24.7) $ (36.0) $ 32.1AsofMay31,2020,thenetnotionalvalueofcommodityderivativeswas$234.5million,ofwhich$159.4millionrelatedtoagriculturalinputsand$75.1millionrelatedtoenergyinputs.Thesecontractsrelatetoinputsthatgenerallywillbeutilizedwithinthenext12months.INTEREST RATE RISKWe are exposed to interest rate volatility with regard to future issuances of fixed-rate debt, and existing and future issuances of floating-rate debt. PrimaryexposuresincludeU.S.Treasuryrates,LIBOR,Euribor,andcommercialpaperratesintheUnitedStatesandEurope.Weuseinterestrateswaps,forward-startinginterest rate swaps, and treasury locks to hedge our exposure to interest rate changes, to reduce the volatility of our financing costs, and to achieve a desiredproportionoffixedrateversusfloating-ratedebt,basedoncurrentandprojectedmarketconditions.Generallyundertheseswaps,weagreewithacounterpartytoexchangethedifferencebetweenfixed-rateandfloating-rateinterestamountsbasedonanagreeduponnotionalprincipalamount.FloatingInterestRateExposures—Floating-to-fixedinterestrateswapsareaccountedforascashflowhedges,asareallhedgesofforecastedissuancesofdebt.Effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on theunderlyingdebt.EffectivegainsandlossesdeferredtoAOCIarereclassifiedintoearningsoverthelifeoftheassociateddebt.FixedInterestRateExposures—Fixed-to-floatinginterestrateswapsareaccountedforasfairvaluehedgeswitheffectivenessassessedbasedonchangesinthefairvalueoftheunderlyingdebtandderivatives,usingincrementalborrowingratescurrentlyavailableonloanswithsimilartermsandmaturities.In advanceof planneddebt financing, weenteredinto $750.0 million notional amount of treasury locks dueApril 02, 2020with anaverage fixed rate of0.67percent.Allofthesetreasurylockswerecashsettledfor$1.4millionduringthefourthquarteroffiscal2020,concurrentwiththeissuanceofour$750.0million10-yearfixedratenotes.

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Inadvanceofplanneddebtfinancing,inthefourthquarteroffiscal2020,weenteredinto$300.0millionnotionalamountoftreasurylocksdueJanuary13,2022withanaveragefixedrateof0.85percent.During the third quarter of fiscal 2020, weentered into a €600.0 million notional amount interest rate swapto convert our €600.0 million fixed rate notes dueJanuary15,2026,toafloatingrate.Duringthesecondquarteroffiscal2020,weenteredintoa$500.0millionnotionalamountinterestrateswaptoconvertaportionofour$850.0millionfloating-ratenotesdueApril16,2021,toafixedrate.As of May 31, 2020, the pre-tax amount of cash-settled interest rate hedge gain or loss remaining in AOCI, which will be reclassified to earnings over theremainingtermoftherelatedunderlyingdebt,follows:In Millions Gain/(Loss)3.15%notesdueDecember15,2021 $ (15.2)2.6%notesdueOctober12,2022 1.71.0%notesdueApril27,2023 (0.7)3.7%notesdueOctober17,2023 (1.1)3.65%notesdueFebruary15,2024 6.64.0%notesdueApril17,2025 (2.8)3.2%notesdueFebruary10,2027 11.41.5%notesdueApril27,2027 (2.3)4.2%notesdueApril17,2028 (8.0)4.55%notesdueApril17,2038 (9.8)5.4%notesdueJune15,2040 (11.2)4.15%notesdueFebruary15,2043 8.94.7%notesdueApril17,2048 (13.2)Netpre-taxhedgelossinAOCI $ (35.7)Thefollowingtablesummarizesthenotionalamountsandweighted-averageinterestratesofourinterestratederivatives.Averagefloatingratesarebasedonratesasoftheendofthereportingperiod.In Millions May 31, 2020 May 26, 2019Pay-floatingswaps-notionalamount $ 666.1 $ 500.0 Averagereceiverate 0.4 % 2.2 %Averagepayrate 0.3 % 3.1 %

Pay-fixedswaps-notionalamount $ 500.0 $ - Averagereceiverate 1.7 % - %Averagepayrate 2.1 % - %

ThefloatingrateswapcontractsoutstandingasofMay31,2020,matureinfiscal2021.ThefixedrateswapcontractsoutstandingasofMay31,2020,matureinfiscal2026.FOREIGN EXCHANGE RISKForeign currency fluctuations affect our net investments in foreign subsidiaries and foreign currency cash flows related to third party purchases, intercompanyloans, product shipments, and foreign-denominated debt. We are also exposed to the translation of foreign currency earnings to the U.S. dollar. Our principalexposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swissfranc. Weprimarilyuseforeigncurrencyforwardcontractstoselectivelyhedgeourforeigncurrencycashflowexposures. Wealsogenerallyswapourforeign-denominated commercial paper borrowings and nonfunctional currency intercompany loans back to U.S. dollars or the functional currency of the entity withforeignexchangeexposure.Thegainsorlossesonthesederivativesoffsettheforeigncurrencyrevaluationgainsorlossesrecordedinearningsontheassociatedborrowings.Wegenerallydonothedgemorethan18monthsinadvance.AsofMay31,2020,thenetnotionalvalueofforeignexchangederivativeswas$967.2million.Wealso have net investments in foreign subsidiaries that are denominated in euros. Wepreviously hedged a portion of these net investments by issuing euro-denominatedcommercialpaperandforeignexchangeforwardcontracts.AsofMay31,2020,wehedged

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aportionofthesenetinvestmentswith€2,200.0millionofeurodenominatedbonds.AsofMay31,2020,wehaddeferrednetforeigncurrencytransactionlossesof$29.9millioninAOCIassociatedwithnetinvestmenthedgingactivity.EQUITY INSTRUMENTSEquitypricemovementsaffectourcompensationexpenseascertaininvestmentsmadebyouremployeesinourdeferredcompensationplanarerevalued.Weuseequityswapstomanagethisrisk.AsofMay31,2020,thenetnotionalamountofourequityswapswas$146.9million.Theseswapcontractsmatureinfiscal2021.FAIR VALUE MEASUREMENTS AND FINANCIAL STATEMENT PRESENTATIONThefairvaluesofourassets,liabilities,andderivativepositionsrecordedatfairvalueandtheirrespectivelevelsinthefairvaluehierarchyasofMay31,2020,andMay26,2019,wereasfollows:  May 31, 2020 May 31, 2020  Fair Values of Assets Fair Values of LiabilitiesIn Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalDerivativesdesignatedashedginginstruments: Interestratecontracts(a)(b) $ - $ 5.6 $ - $ 5.6 $ - $ (7.8) $ - $ (7.8)Foreignexchangecontracts(a)(c) - 19.8 - 19.8 - (3.8) - (3.8)

Total - 25.4 - 25.4 - (11.6) - (11.6)Derivativesnotdesignatedashedginginstruments: Foreignexchangecontracts(a)(c) - 18.8 - 18.8 - (0.2) - (0.2)Commoditycontracts(a)(d) 4.6 1.6 - 6.2 (3.4) (26.7) - (30.1)Graincontracts(a)(d) - 5.0 - 5.0 - (1.2) - (1.2)

Total 4.6 25.4 - 30.0 (3.4) (28.1) - (31.5)Otherassetsandliabilitiesreportedatfairvalue: Marketableinvestments(a)(e) 4.9 56.7 - 61.6 - - - -

Total 4.9 56.7 - 61.6 - - - -Totalassets,liabilities,andderivativepositionsrecordedatfairvalue $ 9.5 $ 107.5 $ - $ 117.0 $ (3.4) $ (39.7) $ - $ (43.1)

(a) Thesecontractsandinvestmentsarerecordedasprepaidexpensesandothercurrentassets,otherassets,othercurrentliabilitiesorotherliabilities,asappropriate,basedonwhetherinagainorlossposition.Certainmarketableinvestmentsarerecordedascashandcashequivalents.

(b) BasedonLIBORandswaprates.AsofMay31,2020,thecarryingamountofhedgeddebtdesignatedasthehedgediteminafairvaluehedgewas$670.9millionandwasclassifiedontheConsolidatedBalanceSheetwithinlong-termdebt.AsofMay31,2020,thecumulativeamountoffairvaluehedgingbasisadjustmentswas$4.8million.

(c) Basedonobservablemarkettransactionsofspotcurrencyratesandforwardcurrencyprices.(d) Basedonpricesoffuturesexchangesandrecentlyreportedtransactionsinthemarketplace.(e) Basedonpricesofcommonstockandbondmatrixpricing.

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May 26, 2019 May 26, 2019 Fair Values of Assets Fair Values of LiabilitiesIn Millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalDerivativesdesignatedashedginginstruments: Interestratecontracts(a)(b) $ - $ - $ - $ - $ - $ (1.9) $ - $ (1.9)Foreignexchangecontracts(a)(c) - 12.9 - 12.9 - (3.3) - (3.3)

Total - 12.9 - 12.9 - (5.2) - (5.2)Derivativesnotdesignatedashedginginstruments: Foreignexchangecontracts(a)(c) - 2.4 - 2.4 - (1.9) - (1.9)Commoditycontracts(a)(d) 1.4 5.2 - 6.6 (4.4) (3.5) - (7.9)Graincontracts(a)(d) - 6.7 - 6.7 - (2.3) - (2.3)

Total 1.4 14.3 - 15.7 (4.4) (7.7) - (12.1)Otherassetsandliabilitiesreportedatfairvalue: Marketableinvestments(a)(e) 18.5 34.3 - 52.8 - - - -Long-livedassets(f) - 19.0 - 19.0 - - - -Indefinite-livedintangibleassets(g) - - 330.0 330.0 - - - -

Total 18.5 53.3 330.0 401.8 - - - -Totalassets,liabilities,andderivativepositionsrecordedatfairvalue $ 19.9 $ 80.5 $ 330.0 $ 430.4 $ (4.4) $ (12.9) $ - $ (17.3)

(a) These contracts and investments are recorded as prepaid expenses and other current assets, other assets, other current liabilities or other liabilities, asappropriate,basedonwhetherinagainorlossposition.Certainmarketableinvestmentsarerecordedascashandcashequivalents.

(b) BasedonLIBORandswaprates. Asof May26, 2019, the carrying amount of hedgeddebt designated as the hedgeditemin a fair value hedgewas$493.3millionandwasclassifiedontheConsolidatedBalanceSheetwithinthecurrentportionoflong-termdebt.AsofMay26,2019,thecumulativeamountoffairvaluehedgingbasisadjustmentswas$6.7million.

(c) Basedonobservablemarkettransactionsofspotcurrencyratesandforwardcurrencyprices.(d) Basedonpricesoffuturesexchangesandrecentlyreportedtransactionsinthemarketplace.(e) Basedonpricesofcommonstockandbondmatrixpricing.(f) Werecorded$61.2millioninnon-cashimpairmentchargesinfiscal2019towritedowncertainlong-livedassetstotheirfairvalue.Fairvaluewasbased

onrecentlyreportedtransactionsforsimilarassetsinthemarketplace. Theseassetshadacarryingvalueof$80.2millionandwereassociatedwiththerestructuringactionsdescribedinNote4.

(g) SeeNote6.Wedidnotsignificantlychangeourvaluationtechniquesfrompriorperiods.

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Informationrelatedtoourcashflowhedges,fairvaluehedges,andotherderivativesnotdesignatedashedginginstrumentsforthefiscalyearsendedMay31,2020,andMay26,2019,follows:

Interest RateContracts

Foreign ExchangeContracts Equity Contracts

CommodityContracts Total

Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearIn Millions 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019DerivativesinCashFlowHedgingRelationships: Amountofgain(loss)recognizedinothercomprehensiveincome(OCI) $ (6.9) $ - $ 11.3 $ 15.7 $ - $ - $ - $ - $ 4.4 $ 15.7Amountofnetgain(loss)reclassifiedfromAOCIintoearnings(a) (9.5) (9.0) 4.6 8.4 - - - - (4.9) (0.6)Amountofnetgainrecognizedinearnings(b) - - - 0.5 - - - - - 0.5

DerivativesinFairValueHedgingRelationships: Amountofnetgain(loss)recognizedinearnings(c) (4.9) 2.4 - - - - - - (4.9) 2.4

DerivativesNotDesignatedasHedgingInstruments: Amountofnetgain(loss)recognizedinearnings(b) (1.4) - 15.7 7.5 8.6 0.7 (55.6) (33.6) (32.7) (25.4)

(a) Gain(loss)reclassifiedfromAOCIintoearningsisreportedininterest, netforinterestrateswapsandincostofsalesandSG&Aexpensesforforeignexchangecontracts.ForthefiscalyearendedMay31,2020,theamountofgainreclassifiedfromAOCIintocostofsaleswas$5.1millionandtheamountoflossreclassifiedfromAOCIintoSG&Awas$0.5million.ForthefiscalyearendedMay26,2019,theamountofgainreclassifiedfromAOCIintocostofsaleswas$10.5millionandtheamountoflossreclassifiedfromAOCIintoSG&Awas$2.1million.

(b) Gainrecognizedinearningsisrelatedtotheineffectiveportionofthehedgingrelationship,reportedinSG&Aexpensesforforeignexchangecontractsandinterest,netforinterestratecontracts.Noamountswerereportedasaresultofbeingexcludedfromtheassessmentofhedgeeffectiveness.

(c) Gain(loss)recognizedinearningsisreportedininterest,netforinterestratecontracts,incostofsalesforcommoditycontracts,andinSG&Aexpensesforequitycontractsandforeignexchangecontracts.

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ThefollowingtablesreconcilethenetfairvaluesofassetsandliabilitiessubjecttooffsettingarrangementsthatarerecordedinourConsolidatedBalanceSheetstothenetfairvaluesthatcouldbereportedinourConsolidatedBalanceSheets: May 31, 2020 Assets Liabilities

Gross Amounts NotOffset in the

Balance Sheet (e)

Gross Amounts NotOffset in the

Balance Sheet (e)

In Millions

GrossAmounts ofRecognizedAssets

GrossLiabilitiesOffset in

theBalanceSheet (a)

NetAmountsof Assets

(b)Financial

Instruments

CashCollateralReceived

NetAmount

(c)

GrossAmounts ofRecognizedLiabilities

GrossAssetsOffset in

theBalanceSheet (a)

NetAmounts

ofLiabilities

(b)Financial

Instruments

CashCollateralPledged

NetAmount(d)

Commoditycontracts $6.2 $ - $6.2 $(4.2) $ - $2.0 $(30.1) $ - $(30.1) $4.2 $ 15.9 $(10.0)Interestratecontracts 6.0 - 6.0 (0.8) - 5.2 (8.0) - (8.0) 0.8 - (7.2)Foreignexchangecontracts 38.6 - 38.6 (3.7) - 34.9 (4.0) - (4.0) 3.7 - (0.3)Equitycontracts 8.6 - 8.6 - - 8.6 - - - - - -Total $59.4 $ - $59.4 $(8.7) $ - $50.7 $(42.1) $ - $(42.1) $8.7 $ 15.9 $(17.5)

May 26, 2019 Assets Liabilities

Gross Amounts NotOffset in the Balance

Sheet (e)

Gross Amounts NotOffset in the Balance

Sheet (e)

In Millions

GrossAmounts

ofRecognizedAssets

GrossLiabilitiesOffset in

theBalanceSheet (a)

NetAmountsof Assets

(b)Financial

Instruments

CashCollateralReceived

NetAmount

(c)

GrossAmounts

ofRecognizedLiabilities

GrossAssetsOffsetin theBalanceSheet(a)

NetAmounts

ofLiabilities

(b)Financial

Instruments

CashCollateralPledged

NetAmount(d)

Commoditycontracts $6.6 $ - $6.6 $(4.9) $ - $1.7 $(7.9) $ - $(7.9) $4.9 $ - $(3.0)Interestratecontracts - - - - - - (2.2) - (2.2) - - (2.2)Foreignexchangecontracts 15.3 - 15.3 (5.1) - 10.2 (5.2) - (5.2) 5.1 - (0.1)Equitycontracts 0.7 - 0.7 (0.7) - - (5.8) - (5.8) 0.7 - (5.1)Total $22.6 $ - $22.6 $(10.7) $ - $11.9 $(21.1) $ - $(21.1) $10.7 $ - $(10.4)

(a) IncludesrelatedcollateraloffsetinourConsolidatedBalanceSheets.(b) NetfairvalueasrecordedinourConsolidatedBalanceSheets.(c) FairvalueofassetsthatcouldbereportednetinourConsolidatedBalanceSheets.(d) FairvalueofliabilitiesthatcouldbereportednetinourConsolidatedBalanceSheets.(e) FairvalueofassetsandliabilitiesreportedonagrossbasisinourConsolidatedBalanceSheets.

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AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSSAsofMay31,2020,theafter-taxamountsofunrealizedgainsandlossesinAOCIrelatedtohedgederivativesfollows:In Millions After-Tax Gain/(Loss)Unrealizedlossesfrominterestratecashflowhedges $ (30.8)Unrealizedgainsfromforeigncurrencycashflowhedges 18.2After-taxlossinAOCIrelatedtohedgederivatives $ (12.6)Thenetamountofpre-taxgainsandlossesinAOCIasofMay31,2020,thatweexpecttobereclassifiedintonetearningswithinthenext12monthsisa$12.9millionnetgain.CREDIT-RISK-RELATED CONTINGENT FEATURESCertainof our derivative instruments containprovisionsthat require ustomaintain aninvestment gradecredit ratingonourdebt fromeachof themajor creditratingagencies.Ifourdebtweretofallbelowinvestmentgrade,thecounterpartiestothederivativeinstrumentscouldrequestfullcollateralizationonderivativeinstruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liabilitypositiononMay31,2020, was$31.4million.Wehavepostednocollateral underthesecontracts. If thecredit-risk-relatedcontingentfeaturesunderlyingtheseagreementshadbeentriggeredonMay31,2020,wewouldhavebeenrequiredtopost$31.4millionofcollateraltocounterparties.CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISKDuringfiscal2020,customerconcentrationwasasfollows:

Percent of total ConsolidatedNorth America

Retail

ConvenienceStores &

FoodserviceEurope &Australia

Asia & LatinAmerica Pet

Walmart(a): Netsales 21% 30% 8% 1% 5% 12%Accountsreceivable 22% 6% 1% 7% 9%

Fivelargestcustomers: Netsales 54% 45% 24% 12% 64%

(a)IncludesWalmartInc.anditsaffiliates. NocustomerotherthanWalmartaccountedfor10percentormoreofourconsolidatednetsales.Weenterintointerestrate,foreignexchange,andcertaincommodityandequityderivatives,primarilywithadiversifiedgroupofhighlyratedcounterparties.Wecontinuallymonitorourpositionsandthecreditratingsofthecounterpartiesinvolvedand,bypolicy,limittheamountofcreditexposuretoanyoneparty.Thesetransactionsmayexposeustopotentiallossesduetotheriskofnonperformancebythesecounterparties;however,wehavenotincurredamaterialloss.Wealsoenterintocommodityfuturestransactionsthroughvariousregulatedexchanges.Theamountoflossduetothecreditriskofthecounterparties,shouldthecounterpartiesfailtoperformaccordingtothetermsofthecontracts,is$14.2million,againstwhichwedonotholdcollateral.Underthetermsofourswapagreements,someofourtransactionsrequirecollateralorothersecuritytosupportfinancialinstrumentssubjecttothresholdlevelsofexposureandcounterpartycreditrisk.CollateralassetsareeithercashorU.S.Treasuryinstrumentsandareheldinatrustaccountthatwemayaccessifthecounterpartydefaults.Weoffercertainsuppliersaccesstothirdpartyservicesthatallowthemtoviewourscheduledpaymentsonline.Thethirdpartyservicesalsoallowsupplierstofinance advances on our scheduled payments at the sole discretion of the supplier and the third party. We have no economic interest in these financingarrangementsandnodirectrelationshipwiththesuppliers,thethirdparties,oranyfinancialinstitutionsconcerningthisservice.Allofouraccountspayableremainasobligations toour suppliers as statedinour supplier agreements. Asof May31, 2020, $1,328.9millionofouraccountspayableis payabletosuppliers whoutilizethesethirdpartyservices.

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NOTE 9. DEBTNOTES PAYABLEThecomponentsofnotespayableandtheirrespectiveweighted-averageinterestratesattheendoftheperiodswereasfollows: May 31, 2020 May 26, 2019

In Millions Notes Payable Weighted- Average

Interest Rate Notes Payable Weighted- Average

Interest Rate U.S.commercialpaper $ 99.9 3.6 % $ 1,298.5 2.7 %Financialinstitutions 179.1 5.1 170.2 9.0 Total $ 279.0 4.6 % $ 1,468.7 3.4 %Toensureavailabilityoffunds,wemaintainbankcreditlinesandhavecommercialpaperprogramsavailabletousintheUnitedStatesandEurope.Wealsohaveuncommittedandasset-backedcreditlinesthatsupportourforeignoperations.Thefollowingtabledetailsthefee-paidcommittedanduncommittedcreditlineswehadavailableasofMay31,2020:In Billions Facility Amount Borrowed AmountCreditfacilityexpiring: May2022 $ 2.7 $ -September2022 0.2 -

Totalcommittedcreditfacilities 2.9 -Uncommittedcreditfacilities 0.6 0.2Totalcommittedanduncommittedcreditfacilities $ 3.5 $ 0.2Thecredit facilities contain covenants, includinga requirement to maintain a fixedchargecoverageratio of at least2.5times.WewereincompliancewithallcreditfacilitycovenantsasofMay31,2020.LONG-TERM DEBTInApril 2020, weissued$750.0 million of2.875percent fixed-rate notes dueApril 15, 2030.Weusedthe net proceeds to repaya portion of our outstandingcommercialpaperandforgeneralcorporatepurposes.InJanuary2020,weissued€600.0millionof0.45percentfixed-ratenotesdueJanuary15,2026and€200.0millionof0.0percentfixed-ratenotesdueNovember16,2020.Weusedthenetproceeds,togetherwithcashonhand,torepay€500.0millionoffloatingratenotesand€300.0millionof0.0percentfixed-ratenotes.InOctober2019,werepaid$500.0millionof2.20percentfixed-ratenoteswithproceedsfromcommercialpaper.InMarch2019,weissued€300.0millionof0.0percentfixed-ratenotesdueJanuary15,2020.Weusedthenetproceeds,togetherwithcashonhand,torepayour€300.0millionfloatingratenotes.InFebruary2019,werepaid$1,150.0millionof5.65percentfixed-ratenoteswithproceedsfromcommercialpaper.

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Asummaryofourlong-termdebtisasfollows:In Millions May 31, 2020 May 26, 20194.2%notesdueApril17,2028 $ 1,400.0 $ 1,400.03.15%notesdueDecember15,2021 1,000.0 1,000.03.7%notesdueOctober17,2023 850.0 850.0Floating-ratenotesdueApril16,2021 850.0 850.04.0%notesdueApril17,2025 800.0 800.03.2%notesdueFebruary10,2027 750.0 750.02.875%notesdueApril15,2030 750.0 -Euro-denominated0.45%notesdueJanuary15,2026 666.1 -4.7%notesdueApril17,2048 650.0 650.03.2%notesdueApril16,2021 600.0 600.0Euro-denominated2.1%notesdueNovember16,2020 555.1 560.1Euro-denominated1.0%notesdueApril27,2023 555.1 560.1Euro-denominatedfloating-ratenotesdueJanuary15,2020 - 560.14.55%notesdueApril17,2038 500.0 500.02.6%notesdueOctober12,2022 500.0 500.05.4%notesdueJune15,2040 500.0 500.04.15%notesdueFebruary15,2043 500.0 500.03.65%notesdueFebruary15,2024 500.0 500.02.2%notesdueOctober21,2019 - 500.0Euro-denominated1.5%notesdueApril27,2027 444.0 448.1Floating-ratenotesdueOctober17,2023 400.0 400.0Euro-denominated0.0%notesdueJanuary15,2020 - 336.1Euro-denominated2.2%notesdueJune24,2021 222.0 224.0Euro-denominated0.0%notesdueNovember16,2020 222.0 -Medium-termnotes,0.56%to6.61%,duefiscal2021orlater 104.2 104.2Other,includingdebtissuancecostsandfinanceleases (58.0) (71.4) 13,260.5 13,021.3Lessamountduewithinoneyear (2,331.5) (1,396.5)Totallong-termdebt $ 10,929.0 $ 11,624.8Principalpaymentsdueonlong-termdebtandfinanceleasesinthenextfivefiscalyearsbasedonstatedcontractualmaturities,ourintenttoredeem,orputrightsofcertainnoteholdersareasfollows:In Millions Fiscal2021 $ 2,331.5Fiscal2022 1,222.1Fiscal2023 1,055.1Fiscal2024 1,750.0Fiscal2025 800.0Certainofourlong-termdebtagreementscontainrestrictivecovenants.AsofMay31,2020,wewereincompliancewithallofthesecovenants.As of May 31, 2020, the $35.7 million pre-tax loss recorded in AOCI associated with our previously designated interest rate swaps will be reclassified to netinterestovertheremaininglivesofthehedgedtransactions.TheamountexpectedtobereclassifiedfromAOCItonetinterestinfiscal2021isa$9.4millionpre-taxloss.NOTE 10. REDEEMABLE AND NONCONTROLLING INTERESTSOurprincipal redeemableandnoncontrollinginterests relatetoourYoplait SAS,Yoplait MarquesSNC,LibertéMarquesSàrl, andGeneral MillsCereals, LLC(GMC)subsidiaries.Inaddition,wehave4foreignsubsidiariesthathavenoncontrollingintereststotaling$4.7millionasofMay31,2020.

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Wehavea51percentcontrollinginterestinYoplaitSASanda50percentinterestinYoplaitMarquesSNCandLibertéMarquesSàrl.Sodiaalholdstheremaininginterestsineachoftheentities.Ontheacquisitiondate,werecordedthe$904.4millionfairvalueofSodiaal’s49percenteuro-denominatedinterestinYoplaitSASasaredeemableinterestonourConsolidatedBalanceSheets.Sodiaalhastheabilitytoputalloraportionofitsredeemableinteresttousatfairvalueonceperyear,uptothreetimesbeforeDecember2024.Weadjustthevalueoftheredeemableinterestthroughadditionalpaid-incapitalonourConsolidatedBalanceSheetsquarterlytotheredeemableinterest’sredemptionvalue,whichapproximatesitsfairvalue.YoplaitSASpaysdividendsannuallyifitmeetscertainfinancialmetricssetforthinitsshareholders’agreement.AsofMay31,2020,theredemptionvalueoftheeuro-denominatedredeemableinterestwas$544.6million.Ontheacquisitiondates, werecordedthe$281.4 million fair value of Sodiaal’s50percent euro-denominated interest in Yoplait Marques SNCand50percentCanadian dollar-denominated interest in Liberté MarquesSàrl as noncontrolling interests on our Consolidated Balance Sheets. Yoplait Marques SNC earns aroyalty stream through a licensing agreement with Yoplait SAS for the rights toYoplaitand related trademarks. Liberté Marques Sàrl earns a royalty streamthroughlicensingagreementswithcertainYoplaitgroupcompaniesfortherightstoLibertéandrelatedtrademarks.Theseentitiespaydividendsannuallybasedontheiravailablecashasoftheirfiscalyearend.Wepaiddividendsof $56.9millioninfiscal 2020and$22.0million in fiscal 2019to Sodiaal under the termsof the Yoplait SAS, Yoplait Marques SNC,andLibertéMarquesSàrlshareholderagreements.AsubsidiaryofYoplaitSAShasenteredintoanexclusivemilksupplyagreementforitsEuropeanoperationswithSodiaalatmarket-determinedpricesthroughJuly1,2021.Netpurchasestotaled$201.8millionforfiscal2020and$210.8millionforfiscal2019.Duringfiscal2019,Sodiaalinvested$55.7millioninYoplaitSAS.TheholderoftheGMCClassAInterestsreceivesquarterlypreferreddistributionsfromavailablenetincomebasedontheapplicationofafloatingpreferredreturnrate to the holder’s capital account balance established in the most recent mark-to-market valuation (currently $251.5 million). On June 1, 2018, the floatingpreferredreturnrateonGMC’sClassAinterestswasresettothesumofthree-monthLIBORplus142.5basispoints.ThepreferredreturnrateisadjustedeverythreeyearsthroughanegotiatedagreementwiththeClassAInterestholderorthrougharemarketingauction.Forfinancialreportingpurposes,theassets,liabilities,resultsofoperations,andcashflowsofournon-whollyownedconsolidatedsubsidiariesareincludedinourConsolidatedFinancialStatements.Thethird-partyinvestor’sshareofthenetearningsofthesesubsidiariesisreflectedinnetearningsattributabletoredeemableandnoncontrollinginterestsinourConsolidatedStatementsofEarnings.Ournoncontrollinginterestscontainrestrictivecovenants.AsofMay31,2020,wewereincompliancewithallofthesecovenants.NOTE 11. STOCKHOLDERS’ EQUITYCumulativepreferencestockof5.0millionshares,withoutparvalue,isauthorizedbutunissued.OnMay6,2014,ourBoardofDirectorsauthorizedtherepurchaseofupto100millionsharesofourcommonstock.Purchasesundertheauthorizationcanbemadein the open market or in privately negotiated transactions, including the use of call options and other derivative instruments, Rule 10b5-1 trading plans, andacceleratedrepurchaseprograms.Theauthorizationhasnospecifiedterminationdate.OnMarch27,2018,weissued22.7millionsharesoftheCompany’scommonstock,parvalue$0.10pershare,atapublicofferingpriceof$44.00persharefortotalproceedsof$1.0billion.Wepaid$30.1millioninissuancecoststhatwererecordedinadditionalpaid-incapital. Thenetproceedsof$969.9millionwereusedtofinanceaportionoftheacquisitionofBlueBuffaloPetProducts,Inc.(“BlueBuffalo”).

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Sharerepurchaseswereasfollows: Fiscal YearIn Millions 2020 2019 2018Sharesofcommonstock 0.1 - 10.9Aggregatepurchaseprice $3.4 $1.1 $601.6Thefollowingtableprovidesdetailsoftotalcomprehensiveincome: Fiscal 2020

General Mills Noncontrolling

Interests RedeemableInterest

In Millions Pretax Tax Net Net NetNetearnings,includingearningsattributabletoredeemableandnoncontrollinginterests $ 2,181.2 $ 12.9 $ 16.7Othercomprehensiveincome(loss): Foreigncurrencytranslation $ (149.1) $ - (149.1) (2.6) (17.4)Netactuarialloss (290.2) 65.6 (224.6) - -Otherfairvaluechanges: Hedgederivatives 4.4 (1.2) 3.2 - -

Reclassificationtoearnings: Hedgederivatives(a) 4.3 (0.7) 3.6 - 0.5Amortizationoflossesandpriorservicecosts(b) 101.3 (23.4) 77.9 - -

Othercomprehensiveloss (329.3) 40.3 (289.0) (2.6) (16.9)Totalcomprehensiveincome(loss) $ 1,892.2 $ 10.3 $ (0.2)(a) LossreclassifiedfromAOCIintoearningsis reportedininterest, net for interest rate swapsandincost of salesandSG&Aexpensesfor foreignexchange

contracts.(b) LossreclassifiedfromAOCIintoearningsisreportedinbenefitplannon-serviceincome.PleaserefertoNote2. Fiscal 2019

General Mills Noncontrolling

Interests RedeemableInterest

In Millions Pretax Tax Net Net NetNetearnings,includingearningsattributabletoredeemableandnoncontrollinginterests $ 1,752.7 $ 13.9 $ 19.6Othercomprehensiveincome(loss): Foreigncurrencytranslation $ (38.3) $ - (38.3) (13.5) (31.0)Netactuarialloss (325.6) 72.2 (253.4) - -Otherfairvaluechanges: Hedgederivatives 15.9 (3.7) 12.2 - (0.1)

Reclassificationtoearnings: Securities(a) (2.6) 0.6 (2.0) - -Hedgederivatives(b) 0.1 0.4 0.5 - 0.4Amortizationoflossesandpriorservicecosts(c) 107.5 (22.9) 84.6 - -

Othercomprehensiveloss (243.0) 46.6 (196.4) (13.5) (30.7)Totalcomprehensiveincome(loss) $ 1,556.3 $ 0.4 $ (11.1)(a) GainreclassifiedfromAOCIintoearningsisreportedininterest,netforsecurities.(b) LossreclassifiedfromAOCIintoearningsis reportedininterest, net for interest rate swapsandincost of salesandSG&Aexpensesfor foreignexchange

contracts.(c) LossreclassifiedfromAOCIintoearningsisreportedinbenefitplannon-serviceincome.PleaserefertoNote2.

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Fiscal 2018

General Mills Noncontrolling

Interests RedeemableInterest

In Millions Pretax Tax Net Net NetNetearnings,includingearningsattributabletoredeemableandnoncontrollinginterests $ 2,131.0 $ 13.4 $ 18.6Othercomprehensiveincome(loss): Foreigncurrencytranslation $ (76.9) $ - (76.9) 13.5 26.4Netactuarialincome 185.5 (45.4) 140.1 - -Otherfairvaluechanges: Securities 1.8 (0.6) 1.2 - -Hedgederivatives (64.7) 14.2 (50.5) - (0.3)

Reclassificationtoearnings: Securities(a) (6.6) 1.5 (5.1) - -Hedgederivatives(b) 24.9 (6.4) 18.5 - (1.1)Amortizationoflossesandpriorservicecosts(c) 176.8 (59.2) 117.6 - -

Othercomprehensiveincome 240.8 (95.9) 144.9 13.5 25.0Totalcomprehensiveincome $ 2,275.9 $ 26.9 $ 43.6

(a) GainreclassifiedfromAOCIintoearningsisreportedininterest,netforsecurities.(b) Loss(gain)reclassifiedfromAOCIintoearningsisreportedininterest,netforinterestrateswapsandincostofsalesandSG&Aexpensesforforeign

exchangecontracts.(c) LossreclassifiedfromAOCIintoearningsisreportedinbenefitplannon-serviceincome.PleaserefertoNote2.

Infiscal2020,2019,and2018,exceptforreclassificationstoearnings,changesinothercomprehensiveincome(loss)wereprimarilynon-cashitems.Accumulatedothercomprehensivelossbalances,netoftaxeffects,wereasfollows:In Millions May 31, 2020 May 26, 2019Foreigncurrencytranslationadjustments $ (889.0) $ (739.9)Unrealizedlossfrom: Hedgederivatives (12.6) (19.4)

Pension,otherpostretirement,andpostemploymentbenefits: Netactuarialloss (2,022.5) (1,880.5)Priorservicecredits 9.7 14.4

Accumulatedothercomprehensiveloss $ (2,914.4) $ (2,625.4)Infiscal2018,weadoptednewaccountingrequirementsthatprovidetheoptiontoreclassifystrandedincometaxeffectsresultingfromtheTCJAfromAOCItoretainedearnings.WeelectedtoreclassifythestrandedincometaxeffectsoftheTCJAof$329.4millionfromAOCItoretainedearnings.PleaseseeNote15foradditionalinformation.NOTE 12. STOCK PLANSWeusebroad-basedstockplanstohelpensurethatmanagement’sinterestsarealignedwiththoseofourshareholders.AsofMay31,2020,atotalof26.4millionshares were available for grant in the form of stock options, restricted stock, restricted stock units, and shares of unrestricted stock under the 2017 StockCompensationPlan(2017Plan).The2017Planalsoprovidesfortheissuanceofcash-settledshare-basedunits,stockappreciationrights,andperformance-basedstockawards.Stock-basedawardsnowoutstandingincludesomegrantedunderthe2009and2011stockplansandthe2006and2011compensationplansfornon-employee directors, under which no further awards may be granted. The stock plans provide for potential accelerated vesting of awards upon retirement,termination,ordeathofeligibleemployeesanddirectors.

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Stock OptionsTheestimatedfairvaluesofstockoptionsgrantedandtheassumptionsusedfortheBlack-Scholesoption-pricingmodelwereasfollows: Fiscal Year 2020 2019 2018Estimatedfairvaluesofstockoptionsgranted $ 7.10 $ 5.35 $ 6.18 Assumptions: Risk-freeinterestrate 2.0 % 2.9 % 2.2 %Expectedterm 8.5 years 8.5 years 8.2 yearsExpectedvolatility 17.4 % 16.3 % 15.8 %Dividendyield 3.6 % 4.3 % 3.6 %

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 assumptionsregardingfuturestockpricevolatility,employeeexercisebehavior,dividendyield,andtheforfeiturerate.Weestimateourfuturestockpricevolatilityusingthehistoricalvolatilityovertheexpectedtermoftheoption,excludingtimeperiodsofvolatilitywebelieveamarketplaceparticipantwouldexcludeinestimatingourstockpricevolatility.Wealsohaveconsidered,butdidnotuse,impliedvolatilityinourestimate,becausetradingactivityinoptionsonourstock,especiallythosewithtenorsofgreaterthan6months,isinsufficienttoprovideareliablemeasureofexpectedvolatility.Our expected term represents the period of time that options granted are expected to be outstanding based on historical data to estimate option exercises andemployeeterminationswithinthevaluationmodel. Separategroupsofemployeeshavesimilarhistorical exercisebehaviorandthereforewereaggregatedintoasingle pool for valuation purposes. The weighted-average expected termfor all employee groups is presented in the table above. The risk-free interest rate forperiodsduringtheexpectedtermoftheoptionsisbasedontheU.S.Treasuryzero-couponyieldcurveineffectatthetimeofgrant.Anycorporateincometaxbenefitrealizeduponexerciseorvestingofanawardinexcessofthatpreviouslyrecognizedinearnings(referredtoasawindfalltaxbenefit)ispresentedinourConsolidatedStatementsofCashFlowsasanoperatingcashflow.Realizedwindfalltaxbenefitsandshortfalltaxdeficienciesrelatedtothe exercise or vesting of stock-based awards are recognized in the Consolidated Statement of Earnings. Werecognizedwindfall tax benefits fromstock-basedpaymentsinincometaxexpenseinourConsolidatedStatementsofEarningsof$27.3millioninfiscal2020,$24.5millioninfiscal2019,and$25.5millioninfiscal2018.Optionsmaybepricedat100percentormoreofthefairmarketvalueonthedateofgrant,andgenerallyvestfouryearsafterthedateofgrant.Optionsgenerallyexpirewithin10yearsandonemonthafterthedateofgrant.Informationonstockoptionactivityfollows:

OptionsOutstanding(Thousands)

Weighted-AverageExercise Price Per

ShareWeighted-Average RemainingContractual Term (Years)

Aggregate IntrinsicValue (Millions)

BalanceasofMay26,2019 23,653.0 $ 47.12 4.82 $ 180.00Granted 2,065.0 53.70 Exercised (7,066.0) 37.98 Forfeitedorexpired (487.4) 55.91

Outstanding as of May 31, 2020 18,164.6 $ 51.21 5.53 $ 222.6Exercisable as of May 31, 2020 8,706.4 $ 47.28 3.25 $ 137.3Stock-basedcompensationexpenserelatedtostockoptionawardswas$13.4millioninfiscal2020,$14.7millioninfiscal2019,and$15.5millioninfiscal2018.Compensation expense related to stock-based payments recognized in our Consolidated Statements of Earnings includes amounts recognized in restructuring,impairment,andotherexitcostsforfiscal2018.

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Netcashproceedsfromtheexerciseofstockoptionslesssharesusedforminimumwithholdingtaxesandtheintrinsicvalueofoptionsexercisedwereasfollows: Fiscal YearIn Millions 2020 2019 2018Netcashproceeds $ 263.4 $ 241.4 $ 99.3Intrinsicvalueofoptionsexercised $ 132.9 $ 126.7 $ 83.6Restricted Stock, Restricted Stock Units, and Performance Share UnitsStock and units settled in stock subject to a restricted period and a purchase price, if any (as determined by the Compensation Committee of the Board ofDirectors),maybegrantedtokeyemployeesunderthe2017Plan.Restrictedstockandrestrictedstockunitsgenerallyvestandbecomeunrestrictedfouryearsafterthe date of grant. Performance share units are earned primarily based on our future achievement of three-year goals for average organic net sales growth andcumulativefreecashflow.Performanceshareunitsaresettledincommonstockandaregenerallysubjecttoathreeyearperformanceandvestingperiod.Thesaleortransferoftheseawardsisrestrictedduringthevestingperiod.Participantsholdingrestrictedstock,butnotrestrictedstockunitsorperformanceshareunits,areentitled to vote on matters submitted to holders of commonstock for a vote. These awards accumulate dividends fromthe date of grant, but participants onlyreceivepaymentiftheawardsvest.Informationonrestrictedstockunitandperformanceshareunitactivityfollows: Equity Classified Liability Classified

Share-Settled Units

(Thousands) Weighted-Average

Grant-Date Fair Value Share-Settled Units

(Thousands) Weighted-Average

Grant-Date Fair ValueNon-vestedasofMay26,2019 4,272.3 $ 53.87 108.1 $ 55.45Granted 1,913.4 53.27 34.2 53.64Vested (1,039.7) 55.81 (29.5) 56.38Forfeitedorexpired (220.5) 53.00 (9.5) 53.73Non-vested as of May 31, 2020 4,925.5 $ 53.26 103.3 $ 54.75

Fiscal Year 2020 2019 2018Numberofunitsgranted(thousands) 1,947.6 1,848.2 1,551.3Weighted-averagepriceperunit $ 53.28 $ 46.14 $ 55.12Thetotalgrant-datefairvalueofrestrictedstockunitawardsthatvestedwas$59.7millioninfiscal2020and$47.1millioninfiscal2019.As of May 31, 2020, unrecognized compensation expense related to non-vested stock options, restricted stock units, and performance share units was $104.0million.Thisexpensewillberecognizedover20months,onaverage.Stock-basedcompensationexpenserelatedtorestrictedstockunitsandperformanceshareunitswas$81.5millionforfiscal2020,$70.2millionforfiscal2019,and$62.4millionfor fiscal 2018. Compensationexpenserelatedto stock-basedpayments recognizedinour ConsolidatedStatements of Earningsincludesamountsrecognizedinrestructuring,impairment,andotherexitcostsforfiscal2019and2018.

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NOTE 13. EARNINGS PER SHAREBasicanddilutedEPSwerecalculatedusingthefollowing: Fiscal YearIn Millions, Except per Share Data 2020 2019 2018NetearningsattributabletoGeneralMills $ 2,181.2 $ 1,752.7 $ 2,131.0Averagenumberofcommonshares-basicEPS 608.1 600.4 576.8Incrementalshareeffectfrom:(a) Stockoptions 2.7 3.1 6.9Restrictedstockunits,performanceshareunits,andother 2.5 1.9 2.0

Averagenumberofcommonshares-dilutedEPS 613.3 605.4 585.7Earningspershare-basic $ 3.59 $ 2.92 $ 3.69Earningspershare-diluted $ 3.56 $ 2.90 $ 3.64(a)Incrementalsharesfromstockoptions,restrictedstockunits,andperformanceshareunitsarecomputedbythetreasurystockmethod.Stockoptions,restrictedstockunits,andperformanceshareunitsexcludedfromourcomputationofdilutedEPSbecausetheywerenotdilutivewereasfollows: Fiscal Year In Millions 2020 2019 2018 Anti-dilutivestockoptions,restrictedstockunits,andperformanceshareunits 8.4 14.1 8.9NOTE 14. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITSDefined Benefit Pension PlansWehavedefinedbenefitpensionplanscoveringmanyemployeesintheUnitedStates,Canada,Switzerland,France,andtheUnitedKingdom.Benefitsforsalariedemployeesarebasedonlengthofserviceandfinalaveragecompensation.Benefitsforhourlyemployeesincludevariousmonthlyamountsforeachyearofcreditedservice.Ourfundingpolicyisconsistentwiththerequirementsofapplicablelaws.WemadenovoluntarycontributionstoourprincipalU.S.plansinfiscal2020orfiscal2019.Wedonotexpecttoberequiredtomakeanycontributionsinfiscal2021.Ourprincipaldomesticretirementplancoveringsalariedemployeeshasaprovisionthat anyexcesspensionassets wouldbeallocatedtoactiveparticipants if theplanis terminatedwithin fiveyearsofachangeincontrol. AllsalariedemployeeshiredonorafterJune1,2013,areeligibleforaretirementprogramthatdoesnotincludeadefinedbenefitpensionplan.Infiscal2018,weapprovedanamendmenttoreorganizetheU.S.qualifieddefinedbenefitpensionplansandthesupplementalpensionplansthatresultedinthespinoff of a portion of the General Mills Pension Plan (the Plan) and the 2005 Supplemental Retirement Plan and the Supplemental Retirement Plan(Grandfathered) (together, theSupplemental Plans)intonewplanseffectiveMay31,2018.Thebenefits offeredtotheplans’ participants wereunchanged. Theresult of the reorganization was the creation of the General Mills Pension Plan I (Plan I) and the 2005 Supplemental Retirement Plan I and the SupplementalRetirementPlanI(Grandfathered)(together,theSupplementalPlansI).Thereorganizationwasmadetofacilitateatargetedinvestmentstrategyovertimeandtoprovide additional flexibility in evaluating opportunities to reduce risk andvolatility. Actuarial gains and losses associated with the Plan andthe SupplementalPlansareamortizedovertheaverageremainingservicelifeoftheactiveparticipants.ActuarialgainsandlossesassociatedwiththePlanIandtheSupplementalPlansIareamortizedovertheaverageremaininglifeoftheparticipants.Other Postretirement Benefit PlansWealsosponsorplansthat providehealthcarebenefits tomanyofourretirees intheUnitedStates, Canada, andBrazil. TheUnitedStatessalariedhealthcarebenefitplaniscontributory,withretireecontributionsbasedonyearsofservice.Wemakedecisionstofundrelatedtrustsforcertainemployeesandretireesonanannualbasis.Wemadenovoluntarycontributionstotheseplansinfiscal2020orfiscal2019.Wedonotexpecttoberequiredtomakeanycontributionsinfiscal2021.

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Health Care Cost Trend RatesAssumedhealthcarecosttrendsareasfollows: Fiscal Year 2020 2019Healthcarecosttrendratefornextyear 6.2% and 6.5% 6.4%and6.7%Ratetowhichthecosttrendrateisassumedtodecline(ultimaterate) 4.5 % 4.5 %Yearthattheratereachestheultimatetrendrate 2029 2029 Wereviewourhealthcarecosttrendratesannually.Ourreviewisbasedondatawecollectaboutourhealthcareclaimsexperienceandinformationprovidedbyouractuaries. Thisinformationincludesrecentplanexperience, plandesign,overall industryexperienceandprojections, andassumptionsusedbyothersimilarorganizations.Ourinitialhealthcarecosttrendrateisadjustedasnecessarytoremainconsistentwiththisreview,recentexperiences,andshort-termexpectations.Ourinitialhealthcarecosttrendrateassumptionis6.5percentforretireesage65andoverand6.2percentforretireesunderage65attheendoffiscal2020.Ratesaregradeddownannuallyuntiltheultimatetrendrateof4.5percentisreachedin2029forallretirees.Thetrendratesareapplicableforcalculationsonlyiftheretirees’benefitsincreaseasaresultofhealthcareinflation.Theultimatetrendrateisadjustedannually,asnecessary,toapproximatethecurrenteconomicviewontherateoflong-terminflationplusanappropriatehealthcarecostpremium.Assumedtrendratesforhealthcarecostshaveanimportanteffectontheamountsreportedfortheotherpostretirementbenefitplans.Postemployment Benefit PlansUndercertaincircumstances,wealsoprovideaccruablebenefits,primarilyseverance,toformerorinactiveemployeesintheUnitedStates,Canada,andMexico.Werecognizeanobligationforanyofthesebenefits thatvestoraccumulatewithservice. Postemploymentbenefits thatdonotvestoraccumulatewithservice(suchasseverancebasedsolelyonannualpayratherthanyearsofservice)arechargedtoexpensewhenincurred.Ourpostemploymentbenefitplansareunfunded.Summarizedfinancialinformationaboutdefinedbenefitpension,otherpostretirementbenefit,andpostemploymentbenefitplansispresentedbelow: Defined Benefit Pension

Plans Other Postretirement

Benefit Plans Postemployment Benefit

Plans Fiscal Year Fiscal Year Fiscal YearIn Millions 2020 2019 2020 2019 2020 2019ChangeinPlanAssets: Fairvalueatbeginningofyear $ 6,291.6 $ 6,177.4 $ 753.8 $ 726.1 Actualreturnonassets 983.7 391.9 65.0 41.3 Employercontributions 32.9 30.4 0.1 0.1 Planparticipantcontributions 6.7 3.9 13.8 15.0 Benefitspayments (317.2) (305.2) (39.2) (28.7) Foreigncurrency (4.5) (6.8) - -

Fairvalueatendofyear(a) $ 6,993.2 $ 6,291.6 $ 793.5 $ 753.8 ChangeinProjectedBenefitObligation: Benefitobligationatbeginningofyear $ 6,750.7 $ 6,416.0 $ 824.1 $ 871.8 $ 128.0 $ 126.7Servicecost 92.7 94.6 9.4 9.9 8.3 7.6Interestcost 230.5 248.0 27.1 33.1 2.6 3.0Planamendment 1.2 - - - - 1.7Curtailment/other (1.2) (0.7) - - - -Planparticipantcontributions 6.7 3.9 13.8 15.0 - -MedicarePartDreimbursements - - 2.7 2.5 - -Actuarialloss(gain) 881.8 301.8 (38.3) (45.4) 17.7 2.6Benefitspayments (317.7) (305.8) (63.5) (62.2) (6.2) (13.2)Foreigncurrency (4.5) (7.1) (1.6) (0.6) (0.1) (0.4)

Projectedbenefitobligationatendofyear(a) $ 7,640.2 $ 6,750.7 $ 773.7 $ 824.1 $ 150.3 $ 128.0Planassetslessthanbenefitobligationasoffiscalyearend

$(647.0) $ (459.1) $ 19.8 $ (70.3) $ (150.3) $ (128.0)

(a)PlanassetsandobligationsaremeasuredasofMay31,2020andMay31,2019.

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Duringfiscal2020,theincreaseindefinedbenefitpensionbenefitobligationswasprimarilydrivenbyactuariallossesduetoadecreaseinthediscountrateandanupdateinmortalityrates.Thedecreaseinotherpostretirementobligationswasprimarilydrivenbyadecreaseinexpectedfutureclaims,partiallyoffsetbylossesduetoadecreaseinthediscountrate.Duringfiscal2019,theincreaseindefinedbenefitpensionbenefitobligationswasprimarilydrivenbyactuariallossesduetoadecreaseinthediscountrate.Thedecreaseinotherpostretirementobligationswasprimarilydrivenbyadecreaseinexpectedfutureclaims,partiallyoffsetbylossesduetoadecreaseinthediscountrate.AsofMay31,2020,otherpostretirementbenefitplanshadbenefitobligationsof$479.4millionthatexceededplanassetsof$248.0million.AsofMay26,2019,other postretirement benefit plans had benefit obligations of $498.4 million that exceeded plan assets of $233.7 million. Postemployment benefit plans are notfundedandhadbenefitobligationsof$150.3millionand$128.0millionasofMay31,2020andMay26,2019,respectively.Theaccumulatedbenefitobligationforalldefinedbenefitpensionplanswas$7,285.2millionasofMay31,2020,and$6,436.9millionasofMay26,2019.AmountsrecognizedinAOCIasofMay31,2020andMay26,2019,areasfollows:

Defined Benefit Pension Plans Other Postretirement

Benefit Plans Postemployment

Benefit Plans

Total Fiscal Year Fiscal Year Fiscal Year Fiscal YearIn Millions 2020 2019 2020 2019 2020 2019 2020 2019Netactuarial(loss)gain $ (2,136.6) $ (1,961.6) $ 129.5 $ 81.0 $ (15.4) $ 0.1 $ (2,022.5) $ (1,880.5)Priorservice(costs)credits (6.0) (5.9) 21.0 26.3 (5.3) (6.0) 9.7 14.4Amountsrecordedinaccumulatedothercomprehensiveloss $ (2,142.6) $ (1,967.5) $ 150.5 $ 107.3 $ (20.7) $ (5.9) $ (2,012.8) $ (1,866.1)

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PlanswithaccumulatedbenefitobligationsinexcessofplanassetsasofMay31,2020andMay26,2019areasfollows: Defined Benefit Pension Plans Fiscal Year In Millions 2020 2019 Projectedbenefitobligation $ 3,512.9 $ 589.7 Accumulatedbenefitobligation 3,200.1 552.2 Planassetsatfairvalue 2,569.9 14.4 Componentsofnetperiodicbenefitexpenseareasfollows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal YearIn Millions 2020 2019 2018 2020 2019 2018 2020 2019 2018Servicecost $ 92.7 $ 94.6 $ 102.9 $ 9.4 $ 9.9 $ 11.6 $ 8.3 $ 7.6 $ 8.6Interestcost 230.5 248.0 217.9 27.1 33.1 30.1 2.6 3.0 2.3Expectedreturnonplanassets (449.9) (445.8) (480.2) (42.1) (40.4) (52.2) - - -Amortizationoflosses(gains) 106.0 109.8 177.0 (2.1) 0.6 0.8 0.4 0.1 0.8Amortizationofpriorservicecosts(credits) 1.6 1.5 1.9 (5.5) (5.5) (5.4) 0.9 0.7 0.6Otheradjustments - - - - - - 17.7 6.7 6.7Settlementorcurtailmentlosses - 0.3 - - - - - - -Net(income)expense $ (19.1) $ 8.4 $ 19.5 $ (13.2) $ (2.3) $ (15.1) $ 29.9 $ 18.1 $19.0AssumptionsWeighted-averageassumptionsusedtodeterminefiscalyear-endbenefitobligationsareasfollows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2020 2019 2020 2019 2020 2019 Discountrate 3.20 % 3.91 % 3.02 % 3.79 % 1.85 % 3.10 %Rateofsalaryincreases 4.44 4.17 - - 4.51 4.47 Weighted-averageassumptionsusedtodeterminefiscalyearnetperiodicbenefitexpenseareasfollows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Postemployment Benefit Plans Fiscal Year Fiscal Year Fiscal Year 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discountrate 3.91 % 4.20 % 4.08 % 3.79 % 4.17 % 3.92 % 3.10 % 3.60 % 2.87 %Servicecosteffectiverate 4.19 4.34 4.37 4.04 4.27 4.27 3.51 3.99 3.54 Interestcosteffectiverate 3.47 3.92 3.45 3.28 3.80 3.24 2.84 3.37 2.67 Rateofsalaryincreases 4.17 4.27 4.25 - - - 4.47 4.44 4.46 Expectedlong-termrateofreturnonplanassets 6.95 7.25 7.88 5.67 5.67 7.59 - - -

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Discount RatesWe estimate the service and interest cost components of the net periodic benefit expense for our United States and most of our international defined benefitpension, other postretirement benefit, andpostemployment benefit plansutilizingafull yieldcurveapproachbyapplyingthespecific spot rates alongtheyieldcurveusedtodeterminethebenefitobligationtotherelevantprojectedcashflows.OurdiscountrateassumptionsaredeterminedannuallyasofMay31forourdefinedbenefitpension,otherpostretirementbenefit,andpostemploymentbenefitplanobligations.WealsousediscountratesasofMay31todeterminedefinedbenefit pension, other postretirement benefit, and postemployment benefit plan income and expense for the following fiscal year. We work with our outsideactuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, todevelopaforwardinterestratecurve,includingamargintothatindexbasedonourcreditrisk.Thisforwardinterestratecurveisappliedtoourexpectedfuturecashoutflowstodetermineourdiscountrateassumptions.Fair Value of Plan AssetsThefairvaluesofourpensionandpostretirementbenefitplans’assetsandtheirrespectivelevelsinthefairvaluehierarchybyassetcategorywereasfollows: Fiscal Year 2020 Fiscal Year 2019

In Millions Level 1 Level 2 Level 3

Total

Assets Level 1 Level 2 Level 3

Total

AssetsFairvaluemeasurementofpensionplanassets: Equity(a) $ 1,039.6 $ 777.7 $ - $ 1,817.3 $ 1,226.2 $ 664.6 $ - $ 1,890.8Fixedincome(b) 1,833.3 1,667.4 - 3,500.7 1,635.5 1,144.9 - 2,780.4Realassetinvestments(c) 223.4 0.1 - 223.5 179.4 59.9 - 239.3Otherinvestments(d) - - 0.2 0.2 - - 0.3 0.3Cashandaccruals 180.3 - - 180.3 186.5 - - 186.5

Fairvaluemeasurementofpensionplanassets $ 3,276.6 $ 2,445.2 $ 0.2 $ 5,722.0 $ 3,227.6 $ 1,869.4 $ 0.3 $ 5,097.3Assetsmeasuredatnetassetvalue(e) 1,271.2 1,194.3Totalpensionplanassets(f) $ 6,993.2 $ 6,291.6 Fairvaluemeasurementofpostretirementbenefitplanassets: Equity(a) $ - $ 46.9 $ - $ 46.9 $ - $ 66.8 $ - $ 66.8Fixedincome(b) 157.5 268.4 - 425.9 139.7 241.4 - 381.1Realassetinvestments(c) 0.1 - - 0.1 0.3 - - 0.3Cashandaccruals 16.7 - - 16.7 11.1 - - 11.1

Fairvaluemeasurementofpostretirementbenefitplanassets $ 174.3 $ 315.3 $ - $ 489.6 $ 151.1 $ 308.2 $ - $ 459.3Assetsmeasuredatnetassetvalue(e) 303.9 294.5Totalpostretirementbenefitplanassets(f) $ 793.5 $ 753.8

(a) Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investmentsinclude: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, andcommingledfundsvaluedatunitvaluesprovidedbytheinvestmentmanagers,whicharebasedonthefairvalueoftheunderlyinginvestments.

(b) Primarilygovernmentandcorporatedebtsecuritiesandfuturesforpurposesoftotalreturn,managingfixedincomeexposuretopolicyallocations,anddurationtargets.Investmentsinclude:fixedincomesecuritiesandbondfuturesgenerallyvaluedatclosingpricesfromnationalexchanges,fixedincomepricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers,whicharebasedonthefairvalueoftheunderlyinginvestments.

(c) Publicly traded common stocks in energy, real estate, and infrastructure for the purpose of total return. Investments include: energy, real estate, andinfrastructure securities generally valued at closing prices from national exchanges, and commingled funds valued at unit values provided by theinvestmentmanagers,whicharebasedonthefairvalueoftheunderlyinginvestments.

(d) Insurance and annuity contracts to provide a stable stream of income for pension retirees. Fair values are based on the fair value of the underlyinginvestmentsandcontractfairvaluesestablishedbytheproviders.

(e) Primarilyprivateinvestmentsandcommoncollectivetruststhataremeasuredatfairvalueusingthenetassetvaluepershare(oritsequivalent)practicalexpedientandhavenotbeenclassifiedinthefairvaluehierarchy.

(f) PlanassetsandobligationsaremeasuredasofMay31,2020andMay31,2019.

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Therewerenomaterialchangesinourlevel3investmentsinfiscal2020andfiscal2019.Expected Rate of Return on Plan AssetsOurexpectedrateofreturnonplanassetsisdeterminedbyourassetallocation,ourhistoricallong-terminvestmentperformance,ourestimateoffuturelong-termreturns by asset class (using input from our actuaries, investment services, and investment managers), and long-term inflation assumptions. We review thisassumptionannuallyforeachplan;however,ourannualinvestmentperformanceforoneparticularyeardoesnot,byitself,significantlyinfluenceourevaluation.Weighted-averageassetallocationsforourdefinedbenefitpensionandotherpostretirementbenefitplansareasfollows: Defined Benefit Pension Plans Other Postretirement Benefit Plans Fiscal Year Fiscal Year 2020 2019 2020 2019 Assetcategory: UnitedStatesequities 19.7 % 20.3 % 18.1 % 19.1 %Internationalequities 11.0 12.5 9.8 11.2 Privateequities 6.2 8.1 4.4 4.9 Fixedincome 52.8 46.7 64.8 61.3 Realassets 10.3 12.4 2.9 3.5

Total 100.0 % 100.0 % 100.0 % 100.0 %Theinvestmentobjectiveforourdefinedbenefitpensionandotherpostretirementbenefitplansistosecurethebenefitobligationstoparticipantsatareasonablecosttous.Ourgoalistooptimizethelong-termreturnonplanassetsatamoderatelevelofrisk.Thedefinedbenefitpensionplanandotherpostretirementbenefitplan portfolios are broadly diversified across asset classes. Within asset classes, the portfolios are further diversified across investment styles and investmentorganizations.FortheU.S.definedbenefitpensionplans,thelong-terminvestmentpolicyallocationis:17percenttoequitiesintheUnitedStates;11percenttointernationalequities;9percenttoprivateequities;50percenttofixedincome;and13percenttorealassets(realestate,energy,andinfrastructure).ForotherU.S.postretirement benefit plans, the long-terminvestment policy allocations are:18 percent to equities in the United States;10 percent to international equities;4percenttoprivateequities;65percenttofixedincome;and3percenttorealassets(realestate,energy,andtimber).Theactualallocationstotheseassetclassesmayvarytacticallyaroundthelong-termpolicyallocationsbasedonrelativemarketvaluations.Contributions and Future Benefit PaymentsWedonot expect to berequired to makecontributions to our definedbenefit pension, other postretirement benefit, andpostemployment benefit plansin fiscal2021.Actualfiscal2021contributionscouldexceedourcurrentprojections,asinfluencedbyourdecisiontoundertakediscretionaryfundingofourbenefittrustsand future changes in regulatory requirements. Estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid fromfiscal2021tofiscal2030asfollows:

In Millions Defined BenefitPension Plans

Other PostretirementBenefit Plans Gross

Payments

MedicareSubsidyReceipts Postemployment Benefit Plans

Fiscal2021 $ 325.4 $ 43.5 $ 3.4 $ 24.5Fiscal2022 331.8 44.5 3.7 19.6Fiscal2023 338.6 45.6 3.5 18.1Fiscal2024 345.9 46.7 2.8 16.8Fiscal2025 354.5 48.0 2.9 15.6Fiscal2026-2030 1,899.7 247.0 14.4 63.6

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Defined Contribution PlansTheGeneralMillsSavingsPlanisadefinedcontributionplanthatcoversdomesticsalaried,hourly,nonunion,andcertainunionemployees.Thisplanisa401(k)savingsplanthatincludesanumberofinvestmentfunds,includingaCompanystockfundandanEmployeeStockOwnershipPlan(ESOP).Wesponsoranothermoneypurchaseplanforcertaindomestichourlyemployeeswithnetassetsof$20.6millionasofMay31,2020,and$22.3millionasofMay26,2019.Wealsosponsordefinedcontributionplansinmanyofourforeignlocations.Ourtotalrecognizedexpenserelatedtodefinedcontributionplanswas$90.1millioninfiscal2020,$52.7millioninfiscal2019,and$49.2millioninfiscal2018.WematchapercentageofemployeecontributionstotheGeneralMillsSavingsPlan.TheCompanymatchisdirectedtoinvestmentoptionsoftheparticipant’schoosing.ThenumberofsharesofourcommonstockallocatedtoparticipantsintheESOPwas4.6millionasofMay31,2020,and5.1millionasofMay26,2019.TheESOP’sonlyassetsareourcommonstockandtemporarycashbalances.TheCompanystockfundandtheESOPcollectivelyheld$464.8millionand$410.1millionofCompanycommonstockasofMay31,2020,andMay26,2019,respectively.

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NOTE 15. INCOME TAXESThecomponentsofearningsbeforeincometaxesandafter-taxearningsfromjointventuresandthecorrespondingincometaxesthereonareasfollows: Fiscal YearIn Millions 2020 2019 2018Earningsbeforeincometaxesandafter-taxearningsfromjointventures: UnitedStates $ 2,402.1 $ 1,788.2 $ 1,884.0Foreign 198.1 293.8 251.6

Totalearningsbeforeincometaxesandafter-taxearningsfromjointventures $ 2,600.2 $ 2,082.0 $ 2,135.6Incometaxes: Currentlypayable: Federal $ 381.0 $ 151.9 $ 441.2Stateandlocal 55.3 35.3 35.2Foreign 73.8 84.6 85.2

Totalcurrent 510.1 271.8 561.6Deferred: Federal 67.8 86.7 (478.5)Stateandlocal (56.6) 21.6 15.7Foreign (40.8) (12.3) (41.5)

Totaldeferred (29.6) 96.0 (504.3)Totalincometaxes $ 480.5 $ 367.8 $ 57.3ThefollowingtablereconcilestheUnitedStatesstatutoryincometaxratewithoureffectiveincometaxrate: Fiscal Year 2020 2019 2018 UnitedStatesstatutoryrate 21.0 % 21.0 % 29.4 %Stateandlocalincometaxes,netoffederaltaxbenefits 2.0 2.5 1.7 Foreignratedifferences (0.8) - (2.0)Provisionalnettaxbenefit - (0.4) (24.5)Stockbasedcompensation (1.1) (1.2) (1.2)Subsidiaryreorganization(a) (2.0) - - Capitalloss(b) - (3.7) - Priorperiodtaxadjustment - - 1.9 Domesticmanufacturingdeduction - - (1.9)Other,net (0.6) (0.5) (0.7)Effectiveincometaxrate 18.5 % 17.7 % 2.7 %

(a) Duringfiscal2020,werecordeda$53.1milliondecreasetoourdeferredincometaxliabilitiesassociatedwiththereorganizationofcertainwhollyownedsubsidiaries.

(b) Duringfiscal2019,werecordedadiscretebenefitrelatedtoacapitallosscarrybackof$72.9million.

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Thetaxeffectsoftemporarydifferencesthatgiverisetodeferredtaxassetsandliabilitiesareasfollows:In Millions May 31, 2020 May 26, 2019Accruedliabilities $ 61.8 $ 50.9Compensationandemployeebenefits 171.4 196.6Pension 148.2 103.2Taxcreditcarryforwards 12.5 7.3Stock,partnership,andmiscellaneousinvestments 80.2 104.2Capitallosses 65.9 73.1Netoperatinglosses 146.6 141.7Other 87.0 71.3Grossdeferredtaxassets 773.6 748.3

Valuationallowance 214.2 213.7Netdeferredtaxassets 559.4 534.6Brands 1,415.0 1,472.6Fixedassets 378.3 377.8Intangibleassets 246.8 259.7Taxleasetransactions 21.5 23.9Inventories 33.0 39.0Stock,partnership,andmiscellaneousinvestments 338.1 330.0Unrealizedhedges 22.4 27.9Other 51.4 34.7Grossdeferredtaxliabilities 2,506.5 2,565.6

Netdeferredtaxliability $ 1,947.1 $ 2,031.0Wehaveestablishedavaluationallowanceagainst certainofthecategoriesofdeferredtaxassetsdescribedaboveascurrentevidencedoesnotsuggestwewillrealize sufficient taxable income of the appropriate character (e.g., ordinary income versus capital gain income) within the carryforward period to allow us torealizethesedeferredtaxbenefits.Informationaboutourvaluationallowancefollows:In Millions May 31, 2020Pillsburyacquisitionlosses $ 108.3Stateandforeignlosscarryforwards 28.2Capitallosscarryforwards 65.8Other 11.9Total $ 214.2AsofMay31,2020,webelieveitismore-likely-than-notthattheremainderofourdeferredtaxassetsarerealizable.Informationaboutourtaxlosscarryforwardsfollows:In Millions May 31, 2020Foreignlosscarryforwards $ 143.5Stateoperatinglosscarryforwards 12.1Totaltaxlosscarryforwards $ 155.6

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Ourforeignlosscarryforwardsexpireasfollows:In Millions May 31, 2020Expireinfiscal2021and2022 $ 3.7Expireinfiscal2023andbeyond 20.8Donotexpire 119.0Totalforeignlosscarryforwards $ 143.5OnMarch 27, 2020, the Coronavirus Aid, Relief, andEconomic Security Act (CARESAct) was signedinto law. TheCARESAct andrelated notices includeseveralsignificantprovisions,includingdelayingcertainpayrolltaxpaymentsandestimatedincometaxpaymentsthatweexpecttodefertofutureperiods.Weexpect the deferral of certain payroll tax payments to continue into fiscal 2021. Wedo not currently expect the CARESAct to have a material impact on ourfinancialresults,includingonourannualestimatedeffectivetaxrateoronourliquidity.WewillcontinuetomonitorandassesstheimpacttheCARESActandsimilarlegislationinothercountriesmayhaveonourbusinessandfinancialresults.OnDecember22,2017,theTCJAwassignedintolaw.TheTCJAresultedinsignificantrevisionstotheU.S.corporateincometaxsystem,includingareductionintheU.S.corporateincometaxrate,implementationofaterritorialsystem,andaone-timedeemedrepatriationtaxonuntaxedforeignearnings.AsaresultoftheTCJA,werecordedaprovisionalbenefitof$523.5millionduringfiscal2018.Duringfiscal2019,wecompletedouraccountingforthetaxeffectsoftheTCJAandrecordedabenefitof$7.2millionwhichincludedadjustmentstothetransitiontaxandthemeasurementofournetU.S.deferredtaxliability.WhileouraccountingfortherecordedimpactoftheTCJAisdeemedtobecomplete,theseamountswerebasedonprevailingregulationsandcurrentlyavailableinformation,andanyadditionalguidanceissuedbytheInternalRevenueService(IRS)couldimpacttheaforementionedamountsinfutureperiods.Thelegislationalsoincludedprovisionsthataffectedourfiscal2019andforwardresults,includingbutnotlimitedto:areductionintheU.S.corporatetaxrateondomestic operations; the creation of a newminimumtax called the base erosion anti-abuse tax; a newprovision that taxes U.S. allocated expenses as well ascurrentlytaxescertainincomefromforeignoperations(GlobalIntangibleLowTaxIncomeorGILTI);anewlimitationondeductibleinterestexpense;therepealofthedomesticmanufacturingdeduction;andlimitationsonthedeductibilityofcertainexecutivecompensation.AsofMay31,2020,wehavenotrecognizedadeferredtaxliabilityforunremittedearningsofapproximately$2.3billionfromourforeignoperationsbecausewecurrently believe our subsidiaries have invested the undistributed earnings indefinitely or the earnings will be remitted in a tax-neutral transaction. It is notpracticable for us to determine the amount of unrecognized tax expense on these reinvested earnings. Deferred taxes are recorded for earnings of our foreignoperationswhenwedeterminethatsuchearningsarenolongerindefinitelyreinvested.AsaresultoftheTCJA,were-evaluatedourassertionandhaveconcludedthat althoughearnings prior to fiscal 2018will remain permanently reinvested, wewill nolonger makea permanent reinvestment assertion beginningwith ourfiscal 2018 earnings. As part of the accounting for the TCJA, we recorded local country withholding taxes related to certain entities from which we beganrepatriatingundistributedearningsandwillcontinuetorecordlocalcountrywithholdingtaxesonallfutureearnings.We are subject to federal income taxes in the United States as well as various state, local, and foreign jurisdictions. A number of years may elapse before anuncertaintaxpositionisauditedandfinallyresolved.Whileitisoftendifficulttopredictthefinaloutcomeorthetimingofresolutionofanyparticularuncertaintaxposition,webelievethatourliabilitiesforincometaxesreflectthemostlikelyoutcome.Weadjusttheseliabilities,aswellastherelatedinterest,inlightofchangingfactsandcircumstances.Settlementofanyparticularpositionwouldusuallyrequiretheuseofcash.Thenumberofyearswithopentaxauditsvariesdependingonthetaxjurisdiction.OurmajortaxingjurisdictionistheUnitedStates(federalandstate).VarioustaxexaminationsbyUnitedStatesstatetaxingauthoritiescouldbeconductedforanyopentaxyear,whichvarybyjurisdiction,butaregenerallyfrom3to5years.Severalstateandforeignexaminationsarecurrentlyinprogress.Wedonotexpecttheseexaminationstoresultinamaterialimpactonourresultsofoperationsorfinancialposition.WehaveeffectivelysettledallissueswiththeIRSforfiscalyears2015andprior.Duringfiscal2017,theBraziliantaxauthority,SecretariadaReceitaFederaldoBrasil(RFB),concludedauditsofour2012and2013taxreturnyears.Theseauditsincluded a review of our determinations of amortization of certain goodwill arising from the acquisition of Yoki Alimentos S.A. The RFB has proposedadjustmentsthateffectivelyeliminatethegoodwillamortizationbenefitsrelatedtothistransaction.Duringfiscal2020,wereceivedproposedadjustmentsrelatedtothegoodwillamortizationbenefitsforour2014and2015taxreturnyears.Webelievewehavemeritoriousdefensesandintendtocontestthedisallowance.

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Weapplyamore-likely-than-notthresholdtotherecognitionandderecognitionofuncertaintaxpositions.Accordingly,werecognizetheamountoftaxbenefitthathasa greater than50percent likelihoodof beingultimately realizeduponsettlement. Futurechangesin judgment relatedto theexpectedultimate resolutionofuncertaintaxpositionswillaffectearningsintheperiodofsuchchange.The following table sets forth changes in our total gross unrecognized tax benefit liabilities, excluding accrued interest, for fiscal 2020 and fiscal 2019.Approximately$79.3millionofthistotalinfiscal2020representstheamountthat,ifrecognized,wouldaffectoureffectiveincometaxrateinfutureperiods.Thisamountdiffersfromthegrossunrecognizedtaxbenefitspresentedinthetablebecausecertainoftheliabilitiesbelowwouldimpactdeferredtaxesifrecognized.WealsowouldrecordadecreaseinU.S.federalincometaxesuponrecognitionofthestatetaxbenefitsincludedtherein. Fiscal YearIn Millions 2020 2019Balance,beginningofyear $ 139.1 $ 196.3Taxpositionsrelatedtocurrentyear: Additions 18.7 19.5Reductions - (0.1)Taxpositionsrelatedtoprioryears: Additions 2.3 3.8Reductions (6.0) (13.2)Settlements (2.9) (41.0)Lapsesinstatutesoflimitations (3.3) (26.2)Balance,endofyear $ 147.9 $ 139.1AsofMay31,2020,weexpecttopayapproximately$0.1millionofunrecognizedtaxbenefitliabilitiesandaccruedinterestwithinthenext12months.Wearenotabletoreasonablyestimatethetimingoffuturecashflowsbeyond12monthsduetouncertaintiesinthetimingoftaxauditoutcomes.Theremainingamountofourunrecognizedtaxliabilitywasclassifiedinotherliabilities.Wereportaccruedinterestandpenaltiesrelatedtounrecognizedtaxbenefitliabilitiesinincometaxexpense.Forfiscal2020,werecognized$3.2millionoftax-relatednetinterestandpenalties,andhad$27.9millionofaccruedinterestandpenaltiesasofMay31,2020.Forfiscal2019,werecognized$0.5millionoftax-relatednetinterestandpenalties,andhad$26.0millionofaccruedinterestandpenaltiesasofMay26,2019.NOTE 16. COMMITMENTS AND CONTINGENCIESAsofMay31,2020,wehaveissuedguaranteesandcomfortlettersof$129.8millionforthedebtandotherobligationsofnon-consolidatedaffiliates,mainlyCPW.Off-balancesheetarrangementswerenotmaterialasofMay31,2020.Duringthesecondquarteroffiscal2020,wereceivednoticefromthetaxauthoritiesoftheStateofSãoPaulo,Brazilregardingourcompliancewithitsstatesalestaxrequirements.Asaresult,wehavebeenassessedadditionalstatesalestaxes,interest,andpenalties.Webelievethatwehavemeritoriousdefensesagainstthisclaimandwillvigorouslydefendourposition.AsofMay31,2020,weareunabletoestimateanypossiblelossandhavenotrecordedalosscontingencyforthismatter.NOTE 17. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATIONWeoperateinthepackagedfoodsindustry.Ouroperatingsegmentsareasfollows:NorthAmericaRetail;ConvenienceStores&Foodservice;Europe&Australia;Asia&LatinAmerica;andPet.OurNorthAmericaRetailoperatingsegmentreflectsbusinesswithawidevarietyofgrocerystores,massmerchandisers,membershipstores,naturalfoodchains,drug,dollaranddiscountchains,ande-commercegroceryproviders.Ourproductcategoriesinthisbusinesssegmentareready-to-eatcereals,refrigeratedyogurt,soup,mealkits, refrigeratedandfrozendoughproducts,dessert andbakingmixes,frozenpizzaandpizzasnacks,snackbars, fruit snacks,savorysnacks,andawidevarietyoforganicproductsincludingready-to-eatcereal,frozenandshelf-stablevegetables,mealkits,fruitsnacks,snackbars,andrefrigeratedyogurt.OurEurope&AustraliaoperatingsegmentreflectsretailandfoodservicebusinessesinthegreaterEuropeandAustraliaregions.Ourproductcategoriesincluderefrigeratedyogurt,mealkits,snackbars,super-premiumicecream,refrigeratedandfrozendoughproducts,shelfstablevegetables,anddessertandbakingmixes.Revenuesfromfranchisefeesarereportedintheregionorcountrywherethefranchiseeislocated.Our major product categories in our Convenience Stores & Foodservice operating segment are ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals,unbakedandfullybakedfrozendoughproducts,bakingmixes,andbakeryflour.Manyproductswe

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sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels includingfoodservice,conveniencestores,vending,andsupermarketbakeriesintheUnitedStates.OurPetoperatingsegmentincludespetfoodproductssoldprimarilyintheUnitedStatesinnationalpetsuperstorechains,e-commerceretailers,grocerystores,regional pet store chains, mass merchandisers, andveterinary clinics andhospitals. Ourproduct categories includedogandcat food(dryfoods, wet foods, andtreats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. Our tailored pet product offerings address specific dietary,lifestyle,andlife-stageneedsandspandifferentproducttypes,diettypes,breedsizesfordogs,lifestages,flavors,productfunctionsandtextures,andcutsforwetfoods.Fiscal2020includes13monthsofPetoperatingsegmentresultsaswechangedthePetoperatingsegment’sreportingperiodfromanAprilfiscalyearendtoaMayfiscalyearendtomatchourfiscalcalendar.Fiscal2019included12monthsofresults.OurAsia&LatinAmericaoperatingsegmentconsistsofretailandfoodservicebusinessesinthegreaterAsiaandSouthAmericaregions.Ourproductcategoriesincludesuper-premiumicecreamandfrozendesserts,mealkits,dessertandbakingmixes,snackbars,saltysnacks,refrigeratedandfrozendoughproducts,andwellness beverages. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our Asia & Latin AmericasegmentalsoincludesproductsmanufacturedintheUnitedStatesforexport,mainlytoCaribbeanandLatinAmericanmarkets,aswellasproductswemanufacturefor sale to our international joint ventures. Revenues fromexport activities and franchise fees are reported in the region or country where the end customer orfranchiseeislocated.Operating profit for these segments excludes unallocated corporate items, gain or loss on divestitures, and restructuring, impairment, and other exit costs.Unallocated corporate items include corporate overhead expenses, variances to planned North American employee benefits and incentives, contributions to theGeneralMillsFoundation,assetandliabilityremeasurementimpactofhyperinflationaryeconomies,restructuringinitiativeproject-relatedcosts,andotheritemsthatarenotpartofourmeasurementofsegmentoperatingperformance.Theseincludegainsandlossesarisingfromtherevaluationofcertaingraininventoriesandgainsandlossesfrommark-to-marketvaluationofcertaincommoditypositionsuntilpassedbacktoouroperatingsegments.Theseitemsaffectingoperatingprofitarecentrally managedat thecorporate level andareexcludedfromthemeasure of segment profitability reviewedbyexecutivemanagement. Underoursupplychainorganization,ourmanufacturing,warehouse,anddistributionactivitiesaresubstantiallyintegratedacrossouroperationsinordertomaximizeefficiencyandproductivity.Asaresult,fixedassetsanddepreciationandamortizationexpensesareneithermaintainednoravailablebyoperatingsegment.

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Ouroperatingsegmentresultswereasfollows: Fiscal YearIn Millions 2020 2019 2018Netsales: NorthAmericaRetail $ 10,750.5 $ 9,925.2 $ 10,115.4Europe&Australia 1,838.9 1,886.7 1,984.6ConvenienceStores&Foodservice 1,816.4 1,969.1 1,930.2Pet 1,694.6 1,430.9 -Asia&LatinAmerica 1,526.2 1,653.3 1,710.2

Total $ 17,626.6 $ 16,865.2 $ 15,740.4Operatingprofit: NorthAmericaRetail $ 2,627.0 $ 2,277.2 $ 2,217.4Europe&Australia 113.8 123.3 142.1ConvenienceStores&Foodservice 337.2 419.5 392.6Pet 390.7 268.4 -Asia&LatinAmerica 18.7 72.4 39.6

Totalsegmentoperatingprofit $ 3,487.4 $ 3,160.8 $ 2,791.7Unallocatedcorporateitems 509.1 339.8 206.2Divestituresloss - 30.0 -Restructuring,impairment,andotherexitcosts 24.4 275.1 165.6Operatingprofit $ 2,953.9 $ 2,515.9 $ 2,419.9NetsalesforourNorthAmericaRetailoperatingunitswereasfollows: Fiscal YearIn Millions 2020 2019 2018U.S.Meals&Baking $ 4,408.5 $ 3,839.8 $ 3,865.7U.S.Cereal 2,434.1 2,255.4 2,251.8U.S.Snacks 2,091.9 2,060.9 2,140.5U.S.Yogurtandother 919.0 906.7 927.4Canada 897.0 862.4 930.0Total $ 10,750.5 $ 9,925.2 $ 10,115.4Netsalesbyclassofsimilarproductswereasfollows: Fiscal YearIn Millions 2020 2019 2018Snacks $ 3,529.7 $ 3,487.4 $ 3,549.3Cereal 2,874.1 2,672.8 2,679.8Convenientmeals 2,814.3 2,538.6 2,572.7Yogurt 2,056.6 2,113.1 2,235.0Dough 1,801.1 1,661.9 1,653.4Pet 1,694.6 1,430.9 -Bakingmixesandingredients 1,674.2 1,663.7 1,709.7Super-premiumicecream 718.1 812.7 803.2Vegetablesandother 463.9 484.1 537.3Total $ 17,626.6 $ 16,865.2 $ 15,740.4Duringthefirstquarteroffiscal2020,wemadecertainchangesintheclassificationofproductsandupdatedfiscal2019andfiscal2018netsalesfigurestomatchthecurrent-yearpresentation.

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Thefollowingtablesprovidefinancialinformationbygeographicarea: Fiscal YearIn Millions 2020 2019 2018Netsales: UnitedStates $ 13,364.5 $ 12,462.8 $ 11,115.6Non-UnitedStates 4,262.1 4,402.4 4,624.8

Total $ 17,626.6 $ 16,865.2 $ 15,740.4

In Millions May 31, 2020 May 26, 2019 Cashandcashequivalents: UnitedStates $ 1,112.0 $ 51.0 Non-UnitedStates 565.8 399.0

Total $ 1,677.8 $ 450.0

In Millions May 31, 2020 May 26, 2019 Land,buildings,andequipment: UnitedStates $ 2,761.6 $ 2,872.8 Non-UnitedStates 819.0 914.4

Total $ 3,580.6 $ 3,787.2 NOTE 18. SUPPLEMENTAL INFORMATIONThecomponentsofcertainConsolidatedBalanceSheetaccountsareasfollows:In Millions May 31, 2020 May 26, 2019Receivables: Customers $ 1,648.3 $ 1,708.5Lessallowancefordoubtfulaccounts (33.2) (28.8)

Total $ 1,615.1 $ 1,679.7

In Millions May 31, 2020 May 26, 2019Inventories: Finishedgoods $ 1,142.6 $ 1,245.9Rawmaterialsandpackaging 392.2 434.9Grain 93.6 92.0ExcessofFIFOoverLIFOcost(a) (202.1) (213.5)

Total $ 1,426.3 $ 1,559.3(a)Inventoriesof$892.6millionasofMay31,2020,and$974.8millionasofMay26,2019,werevaluedatLIFO.ThedifferencebetweenreplacementcostandthestatedLIFOinventoryvalueisnotmateriallydifferentfromthereservefortheLIFOvaluationmethod.

In Millions May 31, 2020 May 26, 2019Prepaidexpensesandothercurrentassets: Prepaidexpenses $ 194.5 $ 189.0Otherreceivables 85.2 250.2Derivativereceivables 70.6 42.2Graincontracts 5.0 6.7Miscellaneous 46.8 9.4

Total $ 402.1 $ 497.5

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In Millions May 31, 2020 May 26, 2019Land,buildings,andequipment: Equipment $ 6,428.0 $ 6,548.3Buildings 2,412.6 2,477.2Capitalizedsoftware 668.5 631.6Constructioninprogress 373.5 343.8Land 66.1 73.6Equipmentunderfinancelease 5.8 5.7Buildingsunderfinancelease 0.3 0.3

Totalland,buildings,andequipment 9,954.8 10,080.5Lessaccumulateddepreciation (6,374.2) (6,293.3)Total $ 3,580.6 $ 3,787.2

In Millions May 31, 2020 May 26, 2019Otherassets: Investmentsinandadvancestojointventures $ 566.7 $ 452.9Rightofuseoperatingleaseassets 365.2 -Pensionassets 21.2 323.5Lifeinsurance 19.5 22.7Miscellaneous 113.2 175.8

Total $ 1,085.8 $ 974.9

In Millions May 31, 2020 May 26, 2019Othercurrentliabilities: Accruedtradeandconsumerpromotions $ 550.4 $ 484.4Accruedpayroll 430.4 345.5Currentportionofoperatingleaseliabilities 102.0 -Accruedinterest,includinginterestrateswaps 92.8 92.6Accruedtaxes 80.3 37.5Derivativepayable,primarilycommodity-related 39.2 13.2Dividendspayable 20.7 19.2Restructuringandotherexitcostsreserve 17.8 36.5Graincontracts 1.2 2.3Miscellaneous 298.5 336.6

Total $ 1,633.3 $ 1,367.8

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In Millions May 31, 2020 May 26, 2019Othernoncurrentliabilities: Accruedcompensationandbenefits,includingobligationsforunderfundedotherpostretirementbenefitandpostemploymentbenefitplans $ 958.7 $ 1,153.3Noncurrentportionofoperatingleaseliabilities 277.0 -Accruedtaxes 238.6 227.1Miscellaneous 70.7 68.5

Total $ 1,545.0 $ 1,448.9CertainConsolidatedStatementsofEarningsamountsareasfollows: Fiscal YearIn Millions 2020 2019 2018Depreciationandamortization $ 594.7 $ 620.1 $ 618.8Researchanddevelopmentexpense 224.4 221.9 219.1Advertisingandmediaexpense(includingproductionandcommunicationcosts) 691.8 601.6 575.9Thecomponentsofinterest,netareasfollows: Fiscal YearExpense (Income), in Millions 2020 2019 2018Interestexpense $ 475.1 $ 530.2 $ 389.5Capitalizedinterest (2.6) (2.8) (4.1)Interestincome (6.0) (5.6) (11.7)Interest,net $ 466.5 $ 521.8 $ 373.7CertainConsolidatedStatementsofCashFlowsamountsareasfollows: Fiscal YearIn Millions 2020 2019 2018Cashinterestpayments $ 418.5 $ 500.1 $ 269.5Cashpaidforincometaxes 403.3 440.8 489.4NOTE 19. QUARTERLY DATA (UNAUDITED)Summarizedquarterlydataforfiscal2020andfiscal2019follows: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year Fiscal Year Fiscal Year Fiscal YearIn Millions, Except Per ShareAmounts 2020 2019 2020 2019 2020 2019 2020 2019Netsales $ 4,002.5 $ 4,094.0 $ 4,420.8 $ 4,411.2 $ 4,180.3 $ 4,198.3 $ 5,023.0 $ 4,161.7Grossmargin 1,389.5 1,342.8 1,569.1 1,509.7 1,403.2 1,443.0 1,768.1 1,461.3NetearningsattributabletoGeneralMills 520.6 392.3 580.8 343.4 454.1 446.8 625.7 570.2EPS: Basic $ 0.86 $ 0.66 $ 0.96 $ 0.57 $ 0.75 $ 0.74 $ 1.03 $ 0.95Diluted $ 0.85 $ 0.65 $ 0.95 $ 0.57 $ 0.74 $ 0.74 $ 1.02 $ 0.94

Duringthefourthquarteroffiscal2020,wechangedthereportingperiodofourPetsegmentfromanAprilfiscalyearendtoaMayfiscalyearendtomatchourfiscalcalendar. Accordingly, ourfiscal2020fourthquarterresultsinclude4monthsofPetsegmentresultscomparedto3monthsinthefourthquarteroffiscal2019.Thefourthquarteroffiscal2020alsoincludedanadditionalweekofresultsacrossallothersegments.Inthefourthquarteroffiscal2020,werecorded$19.3millionofexpenseduetoaproductrecallrelatedtoourinternationalGreenGiantbusinessand$11.5millionofrestructuringcharges.

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Duringthefourthquarteroffiscal2019,wesoldouryogurtbusinessinChinaandsimultaneouslyenteredintoanewYoplaitlicenseagreementwiththepurchaserfortheiruseoftheYoplait brand.Werecordedagainof$5.4million.Inthefourthquarteroffiscal2019,werecordedrestructuringandimpairmentchargesof$7.4million. We recorded $4.3 million of integration costs related to the acquisition of Blue Buffalo and $9.8 million of gains related to an investment valuationadjustmentinthefourthquarteroffiscal2019.Wealsorecordedataxbenefitof$72.9millioninthefourthquarteroffiscal2019.PleaseseeNote15formoreinformation.

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GlossaryAccelerated depreciation associated with restructured assets. Theincrease in depreciation expensecausedbyupdatingthe salvagevalue andshorteningtheusefullifeofdepreciablefixedassetstocoincidewiththeendofproductionunderanapprovedrestructuringplan,butonlyifimpairmentisnotpresent.AOCI.Accumulatedothercomprehensiveincome(loss).Adjusted diluted EPS. DilutedEPSadjustedforcertainitemsaffectingyear-to-yearcomparability.Adjusted EBITDA. Thecalculation of earnings before incometaxes andafter-tax earnings fromjoint ventures, net interest, anddepreciation andamortizationadjustedforcertainitemsaffectingyear-to-yearcomparability.Adjusted operating profit. Operatingprofitadjustedforcertainitemsaffectingyear-to-yearcomparability.Adjusted operating profit margin. Operatingprofitadjustedforcertainitemsaffectingyear-to-yearcomparability,dividedbynetsales.Constant  currency. Financial results translated to United States dollars using constant foreign currency exchange rates based on the rates in effect for thecomparableprior-yearperiod.Topresentthisinformation,currentperiodresultsforentitiesreportingincurrenciesotherthanUnitedStatesdollarsaretranslatedintoUnitedStatesdollarsattheaverageexchangeratesineffectduringthecorrespondingperiodofthepriorfiscalyear,ratherthantheactualaverageexchangeratesineffectduringthecurrentfiscalyear.Therefore,theforeigncurrencyimpactisequaltocurrentyearresultsinlocalcurrenciesmultipliedbythechangeintheaverageforeigncurrencyexchangeratebetweenthecurrentfiscalperiodandthecorrespondingperiodofthepriorfiscalyear.Core working capital. Accountsreceivableplusinventorieslessaccountspayable,allasofthelastdayofourfiscalyear.COVID-19. Coronavirusdisease(COVID-19)isaninfectiousdiseasecausedbyanewlydiscoveredcoronavirus.InMarch2020,theWorldHealthOrganizationdeclaredCOVID-19aglobalpandemic.Derivatives. Financialinstrumentssuchasfutures,swaps,options,andforwardcontractsthatweusetomanageourriskarisingfromchangesincommodityprices,interestrates,foreignexchangerates,andequityprices.Earnings before interest, taxes, depreciation and amortization (EBITDA). Thecalculationofearningsbeforeincometaxesandafter-taxearningsfromjointventures,netinterest,depreciationandamortization.Euribor. EuropeanInterbankOfferedRate.Fair value hierarchy. Forpurposesoffairvaluemeasurement,wecategorizeassetsandliabilitiesintooneofthreelevelsbasedontheassumptions(inputs)usedinvaluingtheassetorliability.Level1providesthemostreliablemeasureoffairvalue,whileLevel3generallyrequiressignificantmanagementjudgment.Thethreelevelsaredefinedasfollows:Level1: Unadjustedquotedpricesinactivemarketsforidenticalassetsorliabilities.

Level2: ObservableinputsotherthanquotedpricesincludedinLevel1,suchasquotedpricesforsimilarassetsorliabilitiesinactivemarketsorquoted

pricesforidenticalassetsorliabilitiesininactivemarkets.Level3: Unobservableinputsreflectingmanagement’sassumptionsabouttheinputsusedinpricingtheassetorliability.

Focus 6 platforms.TheFocus6platformsfortheConvenienceStores&Foodservicesegmentconsistofcereal,yogurt,snacks,frozenmeals,frozenbiscuits,andfrozenbakedgoods.Free cash flow. Netcashprovidedbyoperatingactivitieslesspurchasesofland,buildings,andequipment.Free cash flow conversion rate. Freecashflowdividedbyournetearnings,includingearningsattributabletoredeemableandnoncontrollinginterestsadjustedforcertainitemsaffectingyear-to-yearcomparability.GDP. Grossdomesticproduct.

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Generally  accepted  accounting  principles  (GAAP). Guidelines, procedures, and practices that we are required to use in recording and reporting accountinginformationinourfinancialstatements.Goodwill. Thedifferencebetweenthepurchasepriceofacquiredcompaniesplusthefairvalueofanyredeemableandnoncontrollinginterestsandtherelatedfairvaluesofnetassetsacquired.Gross margin.Netsaleslesscostofsales.Hedge accounting. Accountingforqualifyinghedgesthatallowschangesinahedginginstrument’sfairvaluetooffsetcorrespondingchangesinthehedgediteminthesamereportingperiod.Hedgeaccountingispermittedforcertainhedginginstrumentsandhedgeditemsonlyifthehedgingrelationshipishighlyeffective,andonlyprospectivelyfromthedateahedgingrelationshipisformallydocumented.Holistic Margin Management (HMM).Company-wideinitiativetouseproductivitysavings,mixmanagement,andpricerealizationtooffsetinputcostinflation,protectmargins,andgeneratefundstoreinvestinsales-generatingactivities.Interest  bearing  instruments. Notes payable, long-term debt, including current portion, cash and cash equivalents, and certain interest bearing investmentsclassifiedwithinprepaidexpensesandothercurrentassetsandotherassets.LIBOR. LondonInterbankOfferedRate.Mark-to-market. Theactofdeterminingavalueforfinancialinstruments,commoditycontracts,andrelatedassetsorliabilitiesbasedonthecurrentmarketpriceforthatitem.Net debt. Long-termdebt,currentportionoflong-termdebt,andnotespayable,lesscashandcashequivalents.Net debt-to-adjusted EBITDA ratio. NetdebtdividedbyAdjustedEBITDA.Net  mark-to-market  valuation  of  certain  commodity  positions. Realized and unrealized gains and losses on derivative contracts that will be allocated tosegmentoperatingprofitwhentheexposurewearehedgingaffectsearnings.Net price realization. Theimpactoflistandpromotedpricechanges,netoftradeandotherpricepromotioncosts.Net realizable value.Theestimatedsellingpriceintheordinarycourseofbusiness,lessreasonablypredictablecostsofcompletion,disposal,andtransportation.Noncontrolling interests. Interestsofconsolidatedsubsidiariesheldbythirdparties.Notional principal amount. Theprincipalamountonwhichfixed-rateorfloating-rateinterestpaymentsarecalculated.OCI. Othercomprehensiveincome(loss).Operating  cash  flow  conversion  rate. Net cash provided by operating activities, divided by net earnings, including earnings attributable to redeemable andnoncontrollinginterests.Operating cash flow to net debt ratio. Netdebtdividedbycashprovidedbyoperatingactivities.Organic  net  sales  growth. Net sales growth adjusted for foreign currency translation, as well as acquisitions, divestitures, and a 53rdweek impact, whenapplicable.Project-related costs. Costsincurredrelatedtoourrestructuringinitiativesnotincludedinrestructuringcharges.Redeemable interest. Interestofconsolidatedsubsidiariesheldbyathirdpartythatcanberedeemedoutsideofourcontrolandthereforecannotbeclassifiedasanoncontrollinginterestinequity.Reporting unit. Anoperatingsegmentorabusinessonelevelbelowanoperatingsegment.Strategic Revenue Management (SRM). Acompany-widecapabilityfocusedongeneratingsustainablebenefitsfromnetpricerealizationandmixbyidentifyingandexecutingagainstspecificopportunitiestoapplytoolsincludingpricing,sizing,mixmanagement,andpromotionoptimizationacrosseachofourbusinesses.

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Supply chain input costs. Costs incurredto produceanddeliver product, includingcosts for ingredients andconversion, inventory management, logistics, andwarehousing.TCJA.U.S.TaxCutsandJobsActwhichwassignedintolawonDecember22,2017.Total debt. Notespayableandlong-termdebt,includingcurrentportion.Translation adjustments. Theimpactoftheconversionofourforeignaffiliates’financialstatementstoUnitedStatesdollarsforthepurposeofconsolidatingourfinancialstatements.Variable interest entities (VIEs). Alegalstructurethatisusedforbusinesspurposesthateither(1)doesnothaveequityinvestorsthathavevotingrightsandshareinalltheentity’sprofitsandlossesor(2)hasequityinvestorsthatdonotprovidesufficientfinancialresourcestosupporttheentity’sactivities.Working capital. Currentassetsandcurrentliabilities,allasofthelastdayofourfiscalyear.ITEM 9 - Changes in and Disagreements With Accountants on Accounting and Financial DisclosureNone.ITEM 9A Controls and ProceduresWe,underthesupervisionandwiththeparticipationofourmanagement,includingourChiefExecutiveOfficerandChiefFinancialOfficer,haveevaluatedtheeffectivenessofthedesignandoperationofourdisclosurecontrolsandprocedures(asdefinedinRule13a-15(e)underthe1934Act).Basedonthatevaluation,ourChiefExecutiveOfficerandChiefFinancialOfficerhaveconcludedthat,asofMay31,2020,ourdisclosurecontrolsandprocedureswereeffectivetoensurethatinformationrequiredtobedisclosedbyusinreportsthatwefileorsubmitunderthe1934Actis(1)recorded,processed,summarized,andreportedwithinthetimeperiods specified in applicable rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and ChiefFinancialOfficer,inamannerthatallowstimelydecisionsregardingrequireddisclosure.Therewerenochangesinourinternalcontroloverfinancialreporting(asdefinedinRule13a-15(f)underthe1934Act)duringourfiscalquarterendedMay31,2020,thathavemateriallyaffected,orarereasonablylikelytomateriallyaffect,ourinternalcontroloverfinancialreporting.MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGThemanagementofGeneralMills,Inc.isresponsibleforestablishingandmaintainingadequateinternalcontroloverfinancialreporting,assuchtermisdefinedinRule13a-15(f) underthe1934Act. TheCompany’sinternal controlsystemwasdesignedtoprovidereasonableassurancetoourmanagementandtheBoardofDirectors regarding the preparation and fair presentation of published financial statements. Under the supervision and with the participation of management,includingourChiefExecutiveOfficerandChiefFinancialOfficer,weconductedanassessmentoftheeffectivenessofourinternalcontroloverfinancialreportingas of May 31, 2020. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the TreadwayCommission(COSO)inInternal Control – Integrated Framework (2013).BasedonourassessmentusingthecriteriasetforthbyCOSOinInternal Control – Integrated Framework (2013),managementconcludedthatourinternalcontroloverfinancialreportingwaseffectiveasofMay31,2020.KPMGLLP,ourindependentregisteredpublicaccountingfirm,hasissuedareportontheeffectivenessoftheCompany’sinternalcontroloverfinancialreporting./s/J.L.Harmening /s/K.A.BruceJ.L.Harmening K.A.BruceChiefExecutiveOfficer ChiefFinancialOfficerJuly2,2020Ourindependent registeredpublic accountingfirm’s attestationreport onourinternal control over financial reportingis includedinthe“Report of IndependentRegisteredPublicAccountingFirm”inItem8ofthisreport.

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ITEM 9B - Other InformationNone.PART IIIITEM 10 - Directors, Executive Officers and Corporate GovernanceThe information contained in the sections entitled “Proposal Number 1 - Election of Directors,” “Shareholder Director Nominations,” and “Delinquent Section16(a)Reports”containedinourdefinitiveProxyStatementforour2020AnnualMeetingofShareholdersisincorporatedhereinbyreference.InformationregardingourexecutiveofficersissetforthinItem1ofthisreport.Theinformationregardingour Audit Committee, includingthemembers of theAudit Committee andaudit committee financial experts, set forth inthesectionentitled“BoardCommitteesandTheirFunctions”containedinourdefinitiveProxyStatementforour2020AnnualMeetingofShareholdersisincorporatedhereinbyreference.WehaveadoptedaCodeof Conduct applicable toall employees, includingourprincipal executiveofficer, principal financial officer, andprincipal accountingofficer.AcopyoftheCodeofConductisavailableonourwebsiteatwww.GeneralMills.com. WeintendtopostonourwebsiteanyamendmentstoourCodeofConductandanywaiversfromourCodeofConductforprincipalofficers.ITEM 11 - Executive CompensationThe information contained in the sections entitled “Executive Compensation,” “Director Compensation,” and “Overseeing Risk Management” in our definitiveProxyStatementforour2020AnnualMeetingofShareholdersisincorporatedhereinbyreference.ITEM 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersThe information contained in the section entitled “Ownership of General Mills Common Stock by Directors, Officers and Certain Beneficial Owners” in ourdefinitiveProxyStatementforour2020AnnualMeetingofShareholdersisincorporatedhereinbyreference.Equity Compensation Plan InformationThefollowingtableprovidescertaininformationasofMay31,2020,withrespecttoourequitycompensationplans:

Plan Category

Number of Securities to beIssued upon Exercise of

Outstanding Options, Warrantsand Rights (1)

Weighted-Average ExercisePrice of Outstanding Options,Warrants and Rights (2) (a)

Number of Securities Remaining Available forFuture Issuance Under Equity Compensation

Plans (Excluding Securities Reflected in Column(1)) (3)

Equitycompensationplansapprovedbysecurityholders 25,632,281 (b) $ 51.21 26,444,888 (d)Equitycompensationplansnotapprovedbysecurityholders 115,477 (c) - - Total 25,747,758 $ 51.21 26,444,888

(a) Onlyincludestheweighted-averageexercisepriceofoutstandingoptions,whoseweighted-averagetermis5.53years.(b) Includes 18,164,592stockoptions, 3,914,054restricted stockunits, 1,114,783performanceshare units (assumingpayout for target performance), and

2,438,852restrictedstockunitsthathavevestedandbeendeferred.(c) Includes 115,477 restricted stock units that have vested and been deferred. These awards were made in lieu of salary increases and certain other

compensationandbenefits.Wegrantedtheseawardsunderour1998EmployeeStockPlan,whichprovidedfortheissuanceofstockoptions,restrictedstock,andrestrictedstockunitstoattractandretainemployeesandtoaligntheirinterestswiththoseofshareholders.Wediscontinuedthe1998EmployeeStockPlaninSeptember2003,andnofutureawardsmaybegrantedunderthatplan.

(d) Includesstockoptions,restrictedstock,restrictedstockunits,sharesofunrestrictedstock,stockappreciationrights,andperformanceawardsthatwemayawardunderour2017StockCompensationPlan,whichhad26,444,888sharesavailableforgrantatMay31,2020.

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ITEM 13 - Certain Relationships and Related Transactions, and Director IndependenceTheinformationsetforthinthesectionentitled“BoardIndependenceandRelatedPersonTransactions”containedinourdefinitiveProxyStatementforour2020AnnualMeetingofShareholdersisincorporatedhereinbyreference.ITEM 14 - Principal Accounting Fees and ServicesTheinformationcontainedinthesectionentitled“IndependentRegisteredPublicAccountingFirmFees”inourdefinitiveProxyStatementforour2020AnnualMeetingofShareholdersisincorporatedhereinbyreference.PART IVITEM 15 – Exhibits and Financial Statement Schedules

1. Financial Statements:

ThefollowingfinancialstatementsareincludedinItem8ofthisreport:

ConsolidatedStatementsofEarningsforthefiscalyearsendedMay31,2020,May26,2019,andMay27,2018.

ConsolidatedStatementsofComprehensiveIncomeforthefiscalyearsendedMay31,2020,May26,2019,andMay27,2018.

ConsolidatedBalanceSheetsasofMay31,2020andMay26,2019.

ConsolidatedStatementsofCashFlowsforthefiscalyearsendedMay31,2020,May26,2019,andMay27,2018.

ConsolidatedStatementsofTotalEquityandRedeemableInterestforthefiscalyearsendedMay31,2020,May26,2019,andMay27,2018.

NotestoConsolidatedFinancialStatements.

ReportofManagementResponsibilities.

ReportofIndependentRegisteredPublicAccountingFirm.

2. Financial Statement Schedule:

ForthefiscalyearsendedMay31,2020,May26,2019,andMay27,2018:

II–ValuationandQualifyingAccounts

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3. Exhibits:

Exhibit No. Description3.1 RestatedCertificateofIncorporationoftheCompany(incorporatedhereinbyreferencetoExhibit3.1totheCompany’sAnnualReportonForm

10-KforthefiscalyearendedMay31,2009). 3.2 By-lawsoftheCompany(incorporatedhereinbyreferencetoExhibit3.2totheCompany’sCurrentReportonForm8-KfiledMarch8,2016). 4.1 Indenture, dated as of February 1, 1996, between the Company and U.S. Bank National Association (f/k/a First Trust of Illinois, National

Association)(incorporatedhereinbyreferencetoExhibit4.1totheCompany’sRegistrationStatementonFormS-3filedFebruary6,1996(Fileno.333-00745)).

4.2 First Supplemental Indenture, datedasofMay18,2009,betweentheCompanyandU.S.BankNationalAssociation(incorporatedhereinby

referencetoExhibit4.2toRegistrant’sAnnualReportonForm10-KforthefiscalyearendedMay31,2009). 4.3 DescriptionoftheCompany’sregisteredsecurities. 10.1* 2001CompensationPlanforNon-EmployeeDirectors(incorporatedhereinbyreferencetoExhibit10.2totheCompany’sQuarterlyReporton

Form10-QforthefiscalquarterendedAugust29,2010). 10.2* 2006CompensationPlanforNon-EmployeeDirectors(incorporatedhereinbyreferencetoExhibit10.5totheCompany’sQuarterlyReporton

Form10-QforthefiscalquarterendedAugust29,2010). 10.3* 2007Stock Compensation Plan (incorporated herein by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form10-Qfor the

fiscalquarterendedAugust29,2010). 10.4*

10.5*

10.6*

2009Stock Compensation Plan (incorporated herein by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form10-Qfor thefiscalquarterendedAugust29,2010).

2011StockCompensationPlan(incorporatedhereinbyreferencetoExhibit10.6totheCompany’sAnnualReportonForm10-KforthefiscalyearendedMay31,2015).

2011CompensationPlanforNon-EmployeeDirectors(incorporatedhereinbyreferencetoExhibit10.2totheCompany’sQuarterlyReportonForm10-QforthefiscalquarterendedNovember27,2011).

10.7*

2016CompensationPlanforNon-EmployeeDirectors(incorporatedhereinbyreferencetoExhibit10.1totheCompany’sQuarterlyReportonForm10-QforthefiscalquarterendedNovember27,2016).

10.8* Executive Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form10-Qfor the fiscal

quarterendedNovember28,2010). 10.9* SeparationPayandBenefitsProgramforOfficers(incorporatedhereinbyreferencetoExhibit10.1totheCompany’sQuarterlyReportonForm

10-QforthefiscalquarterendedFebruary23,2020). 10.10* SupplementalSavingsPlan(incorporatedhereinbyreferencetoExhibit10.11totheCompany’sQuarterlyReportonForm10-Qforthefiscal

quarterendedFebruary22,2009). 10.11* SupplementalRetirementPlan(Grandfathered)(incorporatedhereinbyreferencetoExhibit10.11totheCompany’sAnnualReportonForm

10-KforthefiscalyearendedMay27,2018).

10.12* 2005SupplementalRetirementPlan(incorporatedhereinbyreferencetoExhibit10.12totheCompany’sAnnualReportonForm10-Kforthe

fiscalyearendedMay27,2018).

10.13* DeferredCompensationPlan(Grandfathered)(incorporatedhereinbyreferencetoExhibit10.14totheCompany’sQuarterlyReportonForm

10-QforthefiscalquarterendedFebruary22,2009).

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10.14* 2005DeferredCompensationPlan(incorporatedhereinbyreferencetoExhibit10.15totheCompany’sQuarterlyReportonForm10-QforthefiscalquarterendedFebruary22,2009).

10.15* ExecutiveSurvivorIncomePlan(incorporatedhereinbyreferencetoExhibit10.6totheCompany’sAnnualReportonForm10-Kforthefiscal

yearendedMay29,2005). 10.16* SupplementalBenefitsTrustAgreement,amendedandrestatedasofSeptember26,1988,betweentheCompanyandNorwestBankMinnesota,

N.A.(incorporatedhereinbyreferencetoExhibit10.3totheCompany’sQuarterlyReportonForm10-QforthefiscalquarterendedNovember27,2011).

10.17* SupplementalBenefitsTrustAgreement,datedSeptember26,1988,betweentheCompanyandNorwestBankMinnesota,N.A.(incorporated

hereinbyreferencetoExhibit10.4totheCompany’sQuarterlyReportonForm10-QforthefiscalquarterendedNovember27,2011). 10.18* Formof Performance Share Unit AwardAgreement (incorporated herein byreference to Exhibit 10.18to the Company’s Annual Report on

Form10-KforthefiscalyearendedMay27,2018). 10.19* FormofStockOptionAgreement(incorporatedhereinbyreferencetoExhibit10.19totheCompany’sAnnualReportonForm10-Kforthe

fiscalyearendedMay27,2018). 10.20* FormofRestrictedStockUnitAgreement(incorporatedhereinbyreferencetoExhibit10.20totheCompany’sAnnualReportonForm10-K

forthefiscalyearendedMay27,2018). 10.21* DeferredCompensationPlanforNon-EmployeeDirectors(incorporatedhereinbyreferencetoExhibit10.1totheCompany’sQuarterlyReport

onForm10-QforthefiscalquarterendedNovember26,2017). 10.22* 2017Stock Compensation Plan (incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form10-Qfor the

fiscalquarterendedNovember26,2017). 10.23* SupplementalRetirementPlanI(Grandfathered)(incorporatedhereinbyreferencetoExhibit10.23totheCompany’sAnnualReportonForm

10-KforthefiscalyearendedMay27,2018). 10.24* Supplemental Retirement Plan I (incorporated herein by reference to Exhibit 10.24 to the Company’s Annual Report on Form10-Kfor the

fiscalyearendedMay27,2018). 10.25 Agreements,datedNovember29,1989,byandbetweentheCompanyandNestleS.A.(incorporatedhereinbyreferencetoExhibit10.15tothe

Company’sAnnualReportonForm10-KforthefiscalyearendedMay28,2000). 10.26 Protocol of Cereal Partners Worldwide, dated November 21, 1989, and AddendumNo. 1 to Protocol, dated February 9, 1990, between the

CompanyandNestleS.A.(incorporatedhereinbyreferencetoExhibit10.16totheCompany’sAnnualReportonForm10-KforthefiscalyearendedMay27,2001).

10.27 AddendumNo.2totheProtocolofCerealPartnersWorldwide,datedMarch16,1993,betweentheCompanyandNestleS.A.(incorporated

hereinbyreferencetoExhibit10.18totheCompany’sAnnualReportonForm10-KforthefiscalyearendedMay30,2004). 10.28 Addendum No. 3 to the Protocol of Cereal Partners Worldwide, effective as of March 15, 1993, between the Company and Nestle S.A.

(incorporatedhereinbyreferencetoExhibit10.2totheCompany’sAnnualReportonForm10-KforthefiscalyearendedMay28,2000). 10.29+ AddendumNo.4,effectiveasAugust1,1998,andAddendumNo.5,effectiveasApril1,2000,totheProtocolofCerealPartnersWorldwide

betweentheCompanyandNestleS.A.(incorporatedhereinbyreferencetoExhibit10.26totheCompany’sAnnualReportonForm10-KforthefiscalyearendedMay31,2009).

10.30 AddendumNo.10totheProtocolofCerealPartnersWorldwide,effectiveJanuary1,2010,amongtheCompany,NestleS.A.,andCPWS.A.

(incorporatedhereinbyreferencetoExhibit10.1totheCompany’sQuarterlyReportonForm10-QforthefiscalquarterendedFebruary28,2010).

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10.31+ AddendumNo. 11to theProtocol of Cereal Partners Worldwide, effective July17, 2012, amongtheCompany, Nestle S.A., andCPWS.A.(incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form10-Qfor the fiscal quarter endedAugust 26,2012).

10.32 Five-YearCreditAgreement,datedasofMay18,2016,amongtheCompany,theseveralfinancialinstitutionsfromtimetotimepartytothe

agreement,andBankofAmerica,N.A.,asAdministrativeAgent(incorporatedhereinbyreferencetoExhibit10.1totheCompany’sCurrentReportonForm8-KfiledMay18,2016).

10.33

ExtensionAgreement,datedApril26,2017,amongtheCompany,theseveralfinancialinstitutionsfromtimetotimepartytotheagreement,andBankofAmerica,N.A.,asAdministrativeAgent(incorporatedhereinbyreferencetoExhibit10.1theCompany’sCurrentReportonForm8-KfiledMay1,2017).

10.34 AmendmentNo.1toCredit Agreement, datedasofMay31,2018,amongtheCompany,theseveral financial institutionsfromtimetotime

party to the agreement, and Bank of America, N.A., as Administrative Agent (incorporated herein by reference to Exhibit 10.34 to theCompany’sAnnualReportonForm10-KforthefiscalyearendedMay27,2018).

21.1 SubsidiariesoftheCompany. 23.1 ConsentofIndependentRegisteredPublicAccountingFirm. 31.1 CertificationofChiefExecutiveOfficerpursuanttoSection302oftheSarbanes-OxleyActof2002. 31.2 CertificationofChiefFinancialOfficerpursuanttoSection302oftheSarbanes-OxleyActof2002. 32.1 CertificationofChiefExecutiveOfficerpursuanttoSection906oftheSarbanes-OxleyActof2002. 32.2 CertificationofChiefFinancialOfficerpursuanttoSection906oftheSarbanes-OxleyActof2002. 101 The following materials from the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2020 formatted in Inline

Extensible Business Reporting Language: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Earnings; (iii) theConsolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Total Equity and Redeemable Interest; (v) theConsolidatedStatementsofCashFlows;(vi)theNotestoConsolidatedFinancialStatements;and(vii)ScheduleII–ValuationofQualifyingAccounts.

104 CoverPage,formattedinInlineExtensibleBusinessReportingLanguageandcontainedinExhibit101. ______________* ManagementcontractorcompensatoryplanorarrangementrequiredtobefiledasanexhibitpursuanttoItem15ofForm10-K.+ ConfidentialinformationhasbeenomittedfromtheexhibitandfiledseparatelywiththeSECpursuanttoRule24b-2oftheSecuritiesExchangeActof1934.

PursuanttoItem601(b)(4)(iii)ofRegulationS-K,copiesofcertaininstrumentsdefiningtherightsofholdersofourlong-termdebtarenotfiledand,inlieuthereof,weagreetofurnishcopiestotheSECuponrequest.ITEM 16 - Form 10-K SummaryNotApplicable.

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SignaturesPursuanttotherequirementsofSection13or15(d)oftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned,thereuntodulyauthorized.GENERALMILLS,INC.Date: July2,2020By /s/MarkA.PallotName: MarkA.PallotTitle: VicePresident,ChiefAccountingOfficerPursuanttotherequirementsoftheSecuritiesExchangeActof1934,thisreporthasbeensignedbelowbythefollowingpersonsonbehalfoftheregistrantandinthecapacitiesandonthedatesindicated.Signature Title Date /s/JeffreyLHarmeningJeffreyL.Harmening

ChairmanoftheBoard,ChiefExecutiveOfficer,andDirector(PrincipalExecutiveOfficer)

July2,2020

/s/KofiA.BruceKofiA.Bruce

ChiefFinancialOfficer(PrincipalFinancialOfficer)

July2,2020

/s/MarkA.PallotMarkA.Pallot

VicePresident,ChiefAccountingOfficer(PrincipalAccountingOfficer)

July2,2020

/s/R.KerryClarkR.KerryClark

Director July2,2020

/s/DavidM.CordaniDavidM.Cordani

Director July2,2020

/s/RogerW.FergusonJr.RogerW.FergusonJr.

Director July2,2020

/s/MariaG.HenryMariaG.Henry

Director July2,2020

/s/JoAnnJenkinsJoAnnJenkins

Director July2,2020

/s/ElizabethC.LempresElizabethC.Lempres

Director July2,2020

/s/DianeL.NealDianeL.Neal

Director July2,2020

/s/SteveOdlandSteveOdland

Director July2,2020

/s/MariaA.SastreMariaA.Sastre

Director July2,2020

/s/EricD.SprunkEricD.Sprunk

Director July2,2020

/s/JorgeA.UribeJorgeA.Uribe

Director July2,2020

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General Mills, Inc. and Subsidiaries Schedule II - Valuation of Qualifying Accounts Fiscal YearIn Millions 2020 2019 2018Allowance for doubtful accounts: Balanceatbeginningofyear $ 28.8 $ 28.4 $ 24.3Additionschargedtoexpense 25.9 23.9 26.7Baddebtwrite-offs (22.9) (22.7) (26.9)Otheradjustmentsandreclassifications 1.4 (0.8) 4.3Balanceatendofyear $ 33.2 $ 28.8 $ 28.4Valuation allowance for deferred tax assets: Balanceatbeginningofyear $ 213.7 $ 176.0 $ 231.8Additionschargedtoexpense 4.2 (5.2) 2.4Adjustmentsduetoacquisitions,translationofamounts,andother (3.7) 42.9 (58.2)Balanceatendofyear $ 214.2 $ 213.7 $ 176.0Reserve for restructuring and other exit charges: Balanceatbeginningofyear $ 36.5 $ 66.8 $ 85.0Additionschargedtoexpense,includingtranslationamounts (2.5) 11.6 40.3Netamountsutilizedforrestructuringactivities (16.2) (41.9) (58.5)Balanceatendofyear $ 17.8 $ 36.5 $ 66.8Reserve for LIFO valuation: Balanceatbeginningofyear $ 213.5 $ 213.2 $ 209.1(Decrease)increase (11.4) 0.3 4.1Balanceatendofyear $ 202.1 $ 213.5 $ 213.2

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Exhibit 4.3

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934

AsofMay31,2020,GeneralMills,Inc.(“GeneralMills,”the“Company,”“we,”“us,”and“our”)hadfiveclassesofsecuritiesregisteredunderSection12oftheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”):CommonStock,$.10parvalue;2.100%Notesdue2020;1.000%Notesdue2023;0.450%Notesdue2026;and1.500%Notesdue2027.

DESCRIPTION OF COMMON STOCK

ThefollowingdescriptionofourCommonStockandourcumulativepreferencestockisasummaryanddoesnotpurporttobecomplete.ItissubjecttoandqualifiedinitsentiretybyreferencetoourRestatedCertificateofIncorporation(the“CertificateofIncorporation”)andourBy-laws,asamended(the“By-laws”),eachofwhichareincorporatedbyreferenceasanexhibittoourmostrecentAnnualReportonForm10-K.WeencourageyoutoreadourCertificateofIncorporation,ourBy-lawsandtheapplicableprovisionsoftheGeneralCorporationLawoftheStateofDelaware(“DGCL”)foradditionalinformation.

                 General

OurCertificateofIncorporationcurrentlyauthorizestheissuanceofonebillionsharesofourCommonstock,parvalue$0.10pershare,andfivemillionsharesofcumulativepreferencestock,withoutparvalue,issuableinseries.OurCommonStockislistedandprincipallytradedontheNewYorkStockExchangeunderthesymbol“GIS.”AlloutstandingsharesofourCommonStockarefullypaidandnonassessable.

Dividend Rights

TheholdersofCommonStockareentitledtoreceivedividendswhenandasdeclaredbyourBoardofDirectorsoutoffundslegallyavailableforthatpurpose,providedthatifanysharesofpreferencestockareatthetimeoutstanding,thepaymentofdividendsonCommonStockorotherdistributions(includingpurchasesofCommonStock)maybesubjecttothedeclarationandpaymentoffullcumulativedividends,andtheabsenceofoverdueamountsinanymandatorysinkingfund,onoutstandingsharesofpreferencestock.

Voting Rights

TheholdersofCommonStockareentitledtoonevoteforeachshareonallmattersvotedonbystockholders,includingtheelectionofdirectors,subjecttothevotingrightsofanypreferencestockthenoutstanding.TheholdersofCommonStockarenotentitledtocumulativevotingoftheirsharesintheelectionofdirectors.DirectorsaretobeelectedbyamajorityofthevotescastbytheholdersofCommonStockentitledtovoteandpresentinpersonorrepresentedbyproxy,providedthatifthenumberofnomineesstandingforelectionatanymeetingofthestockholdersexceedsthenumberofdirectorstobeelected,thedirectorswillbeelectedbyapluralityofthevotescast.Exceptasprovidedbylaw,allothermattersaretobedecidedbyavoteofamajorityofvotescastbytheholdersofCommonStockentitledtovoteandpresentinpersonorrepresentedbyproxy.

Liquidation Rights

Intheeventofliquidation,dissolutionorwindingupoftheCompany,holdersofCommonStockareentitledtoshareratablyinanyassetsremainingafterthesatisfactioninfullofthepriorrightsofcreditors,includingholdersofourindebtedness,andtheaggregateliquidationpreferenceofanypreferencestockthenoutstanding.

Other Rights and Preferences

TheholdersofCommonStockdonothaveanyconversionrightsoranypreemptiverightstosubscribeforstockoranyothersecuritiesoftheCompany.TherearenoredemptionorsinkingfundprovisionsapplicabletoourCommonStock.

Effect of Preference Shares

OurBoardofDirectorsisauthorizedtoapprovetheissuanceofoneormoreseriesofpreferencestockwithoutfurtherauthorizationofourstockholdersandtofixthenumberofshares,thedesignations,therelativerightsandthelimitationsofanyseriesofpreferencestock.Asaresult,ourBoardofDirectors,withoutstockholderapproval,couldauthorizetheissuanceofpreferencestockwithvoting,conversionandotherrightsthatcouldproportionatelyreduce,minimizeorotherwiseadverselyaffectthevotingpower

andotherrightsofholdersofCommonStockorotherseriesofpreferencestockorthatcouldhavetheeffectofdelaying,deferringorpreventingachangeinourcontrol.

Transfer Agent

ThetransferagentforCommonStockisEquinitiTrustCompany.

 

DESCRIPTION OF 

2.100% NOTES DUE 2020 1.000% NOTES DUE 2023 0.450% NOTES DUE 2026 1.500% NOTES DUE 2027

Thefollowingdescriptionofour2.100%Notesdue2020(the“2020Notes”),1.000%Notesdue2023(the“2023Notes”),0.450%Notesdue2026(the“2026Notes”)and1.500%Notesdue2027(the“2027Notes,”andtogetherwiththe2020Notes,2023Notes,and2026Notes,the“Notes”)isasummaryanddoesnotpurporttobecomplete.ItissubjecttoandqualifiedinitsentiretybyreferencetotheIndenture,datedasofFebruary1,1996,betweenGeneralMillsandU.S.BankNationalAssociation(f/k/aFirstTrustofIllinois,NationalAssociation),assupplementedbytheFirstSupplementalIndenture,datedasofMay18,2009,betweenGeneralMillsandU.S.BankNationalAssociation(togetherthe“Indenture”),whichareincorporatedbyreferenceasexhibitstoourmostrecentAnnualReportonForm10-K,and,asapplicable,theOfficers’Certificateforthe2020Notes,incorporatedhereinbyreferencetoExhibit4.1totheCompany’sCurrentReportonForm8-KdatedNovember14,2013,theOfficers’Certificateforthe2023Notes,incorporatedhereinbyreferencetoExhibit4.1totheCompany’sCurrentReportonForm8-KdatedApril24,2015,theOfficers’Certificateforthe2026Notes,incorporatedhereinbyreferencetoExhibit4totheCompany’sCurrentReportonForm8-KdatedJanuary15,2020andtheOfficers’Certificateforthe2027Notes,incorporatedhereinbyreferencetoExhibit4.2totheCompany’sCurrentReportonForm8-KdatedApril24,2015.WeencourageyoutoreadtheIndentureandtheOfficers’Certificatesforadditionalinformation.Referencesinthissectiontothe“Company,”“us,”“we”and“our”aresolelytoGeneralMillsandnottoanyofitssubsidiaries,unlessthecontextrequiresotherwise.

                General

Weissued€500,000,000aggregateprincipalamountofour2020NotesonNovember15,2013,€500,000,000aggregateprincipalamountofour2023Notesand€400,000,000aggregateprincipalamountofour2027NotesonApril27,2015,and€600,000,000aggregateprincipalamountofour2026NotesonJanuary15,2020.The2020Notes,2023Notes,2026Notesand2027NotesarelistedandprincipallytradedontheNewYorkStockExchangeunderthesymbols“GIS20,”“GIS23A,”“GIS26”and“GIS27,”respectively.AsofMay31,2020,€500,000,000aggregateprincipalamountofthe2020Notes,€500,000,000aggregateprincipalamountofthe2023Notes,€600,000,000aggregateprincipalamountofthe2026Notesand€400,000,000aggregateprincipalamountofthe2027Noteswereoutstanding.

TheNoteswereeachissuedasaseparateseriesofsecuritiesundertheIndenture.TheNotesandtheIndenturearegovernedby,andaretobeconstruedinaccordancewith,thelawsoftheStateofNewYorkapplicabletoagreementsmadeandtobeperformedwhollywithintheStateofNewYork.

                Interest and Maturity

The2020NoteswillmatureonNovember16,2020,the2023NoteswillmatureonApril27,2023,the2026NoteswillmatureonJanuary15,2026,andthe2027NoteswillmatureonApril27,2027.Wewillpayinterestonthe2020Notesattherateof2.100%peryearannuallyinarrearsonNovember16ofeachyeartoholdersofrecordontheprecedingNovember1.Wewillpayinterestonthe2023Notesattherateof1.000%peryearannuallyinarrearsonApril27ofeachyear,beginningApril27,2016,toholdersofrecordontheprecedingApril12.Wewillpayinterestonthe2026Notesattherateof0.450%peryearannuallyinarrearsonJanuary15ofeachyear,beginningJanuary15,2021,toholdersofrecordontheprecedingJanuary1.Wewillpayinterestonthe2027Notesattherateof1.500%peryearannuallyinarrearsonApril27ofeachyear,beginningApril27,2016,toholdersofrecordontheprecedingApril12.Interestpaymentsforthe2020NotesincludeaccruedinterestfromandincludingNovember15,2013orfromandincludingthelastdateinrespectofwhichinteresthasbeenpaidorprovidedfor,asthecasemaybe,tobutexcludingtheinterestpaymentdateorthedateofmaturity,asthecasemaybe.Interestpaymentsforthe2023and2027NotesincludeaccruedinterestfromandincludingApril27,2015orfromandincludingthelastdateinrespectofwhichinteresthasbeenpaidorprovidedfor,asthecasemaybe,tobutexcludingthenextinterestpaymentdateorthedateofmaturity,asthecasemaybe.Interestpaymentsforthe2026NotesincludeaccruedinterestfromandincludingJanuary15,2020orfromandincludingthelastdateinrespectofwhichinteresthasbeenpaidorprovidedfor,asthecasemaybe,tobutexcludingtheinterestpaymentdateorthedateofmaturity,asthecasemaybe.InterestpayableatthematurityoftheNoteswillbepayabletotheregisteredholdersoftheNotestowhomtheprincipalispayable.

InterestontheNotesiscomputedonthebasisoftheactualnumberofdaysintheperiodforwhichinterestisbeingcalculatedandtheactualnumberofdaysfromandincludingthelastdateonwhichinterestwaspaidontheNotes,tobutexcludingthenextscheduledinterestpaymentdate.ThispaymentconventionisreferredtoasACTUAL/ACTUAL(ICMA)asdefinedintherulebookoftheInternationalCapitalMarketAssociation.IfanyinterestpaymentdateontheNotesfallsonadaythatisnotabusinessday,theinterestpaymentwillbepostponedtothenextdaythatisabusinessday,andnointerestonthatpaymentwillaccruefortheperiodfromandaftertheinterestpaymentdate.IfthematuritydateoftheNotesfallsonadaythatisnotabusinessday,thepaymentof

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interestandprincipalwillbemadeonthenextsucceedingbusinessday,andnointerestonsuchpaymentwillaccruefortheperiodfromandafterthematuritydate.

“Businessday”meansanydaythatisnotaSaturdayorSundayandthatisnotadayonwhichbankinginstitutionsareauthorizedorobligatedbylaworexecutiveordertocloseintheCityofNewYorkorLondonandonwhichtheTrans-EuropeanAutomatedReal-timeGrossSettlementExpressTransfersystem(theTARGET2system),oranysuccessorthereto,operates.

                 Payments in Euro

Allpaymentsofinterestandprincipal,includingpaymentsmadeuponanyredemptionoftheNotes,ispayableineuro.IftheeuroisunavailabletousduetotheimpositionofexchangecontrolsorothercircumstancesbeyondourcontroloriftheeuroisnolongerbeingusedbythethenmemberstatesoftheEuropeanMonetaryUnionthathaveadoptedtheeuroastheircurrencyorforthesettlementoftransactionsbypublicinstitutionsoforwithintheinternationalbankingcommunity,thenallpaymentsinrespectoftheNoteswillbemadeindollarsuntiltheeuroisagainavailabletousorsoused.Theamountpayableonanydateineuroisconvertedintodollarsonthebasisofthemostrecentlyavailablemarketexchangerateforeuro.AnypaymentinrespectoftheNotessomadeindollarswillnotconstituteaneventofdefaultundertheNotesortheIndenturegoverningtheNotes.Neitherthetrusteenorthepayingagentshallhaveanyresponsibilityforanycalculationorconversioninconnectionwiththeforegoing.

                 Issuance of Additional Notes

Wemay,withouttheconsentoftheholdersofNotes,issueadditionalNoteshavingthesamerankingandthesameinterestrate,maturityandothertermsasaseriesoftheNotes(exceptforthepublicofferingpriceandissuedateand,insomecases,thefirstinterestpaymentdate).AnyadditionalNotes,togetherwiththeNoteswiththesameterms,willconstituteasingleseriesofNotesundertheIndenture;providedthat,iftheadditionalNotesarenotfungiblewiththeNotesinthisofferingforUnitedStatesfederalincometaxpurposes,theadditionalNoteswillhavedifferentISINandCUSIPnumbers.NoadditionalNotesofaseriesmaybeissuedifaneventofdefaulthasoccurredwithrespecttothatseriesofNotes.

                 Ranking

TheNotesareourunsecuredandunsubordinatedobligations.TheNotesrankequalinprioritywithallofourexistingandfutureunsecuredandunsubordinatedindebtednessandseniorinrightofpaymenttoallofourexistingandfuturesubordinatedindebtedness.TheNoteseffectivelyrankjuniortoallofourexistingandfuturesecuredindebtednesstotheextentofthevalueoftheassetssecuringsuchindebtedness.Inaddition,becausetheNotesareonlyourobligationandarenotguaranteedbyoursubsidiaries,creditorsofeachofoursubsidiaries,includingtradecreditorsandownersofpreferredequityofoursubsidiaries,generallywillhaveprioritywithrespecttotheassetsandearningsofthesubsidiaryovertheclaimsofourcreditors,includingholdersoftheNotes.TheNotes,therefore,areeffectivelysubordinatedtotheclaimsofcreditors,includingtradecreditors,ofoursubsidiaries,andtoclaimsofownersofpreferredequityofoursubsidiaries.

                 Redemption

Asdiscussedbelow,wemayredeemtheNotesbeforetheymature.TheNotestoberedeemedwillstopbearinginterestontheredemptiondate.WewillgiveholdersofNotesbetween15and45days’noticebeforetheredemptiondate.

Wearenotrequired(i)toregister,transferorexchangetheNotesduringtheperiodfromtheopeningofbusiness15daysbeforethedayanoticeofredemptionrelatingtotheNotesselectedforredemptionissenttothecloseofbusinessonthedaythatnoticeissent,or(ii)toregister,transferorexchangeanyNotessoselectedforredemption,exceptfortheunredeemedportionofanyNotesbeingredeemedinpart.

WemayredeemtheNotes,inwholeorinpart,atanytimeandfromtimetotime.Theredemptionpriceforthe2020NotestoberedeemedonanyredemptiondatethatispriortoAugust16,2020(thedatethatisthreemonthspriortothematuritydate)willbeequaltothegreaterof(1)100%oftheprincipalamountofthe2020Notestoberedeemedand(2)thesumofthepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestonthe2020Notestoberedeemed(excludinganyportionofsuchpaymentsofinterestaccruedasofthedateofredemption)discountedtotheredemptiondateonanannualbasis(ACTUAL/ACTUAL(ICMA))attheapplicableComparableGovernmentBondRate(asdefinedbelow),plus15basispoints,plus,ineachcase,accruedandunpaidinteresttothedateofredemption.Theredemptionpriceforthe2020NotestoberedeemedonanyredemptiondatethatisonorafterAugust16,2020(thedatethatisthreemonthspriortothematuritydate)willbeequalto100%oftheprincipalamountofthe2020Notesbeingredeemedontheredemptiondate,plusaccruedandunpaidinterestonthe2020Notestothedateofredemption.Theredemptionpriceforthe2023NotestoberedeemedonanyredemptiondatethatispriortoJanuary27,2023(thedatethatisthreemonthspriortothematuritydate)willbeequaltothegreaterof(1)100%oftheprincipalamountofthe2023Notestoberedeemedand(2)asdeterminedbyanindependentinvestmentbankselectedbyus,thesumofthepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestonthe2023notestoberedeemed(excludinganyportionofsuchpaymentsofinterestaccruedasof

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thedateofredemption)discountedtotheredemptiondateonanannualbasis(ACTUAL/ACTUAL(ICMA))attheapplicableComparableGovernmentBondRate(asdefinedbelow)plus20basispoints,plus,ineachcase,accruedandunpaidinteresttothedateofredemption.Theredemptionpriceforthe2023NotestoberedeemedonanyredemptiondatethatisonorafterJanuary27,2023(thedatethatisthreemonthspriortothematuritydate)willbeequalto100%oftheprincipalamountofthe2023Notesbeingredeemedontheredemptiondate,plusaccruedandunpaidinterestonthe2023Notestothedateofredemption.Theredemptionpriceforthe2026NotestoberedeemedonanyredemptiondatethatispriortoOctober15,2025(thedatethatisthreemonthspriortothematuritydate)willbeequaltothegreaterof(1)100%oftheprincipalamountofthe2026Notestoberedeemedand(2)asdeterminedbyanindependentinvestmentbankselectedbyus,thesumofthepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestonthenotestoberedeemed(excludinganyportionofsuchpaymentsofinterestaccruedasofthedateofredemption)discountedtotheredemptiondateonanannualbasis(ACTUAL/ACTUAL(ICMA))attheapplicableComparableGovernmentBondRate(asdefinedbelow)plus15basispoints,plus,ineachcase,accruedandunpaidinteresttothedateofredemption.Theredemptionpriceforthe2026NotestoberedeemedonanyredemptiondatethatisonorafterOctober15,2025(thedatethatisthreemonthspriortothematuritydate)willbeequalto100%oftheprincipalamountofthenotesbeingredeemedontheredemptiondate,plusaccruedandunpaidinterestonthenotestothedateofredemption.Theredemptionpriceforthe2027NotestoberedeemedonanyredemptiondatethatispriortoJanuary27,2027(thedatethatisthreemonthspriortothematuritydate)willbeequaltothegreaterof(1)100%oftheprincipalamountofthe2027Notestoberedeemedand(2)asdeterminedbyanindependentinvestmentbankselectedbyus,thesumofthepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestonthe2027Notestoberedeemed(excludinganyportionofsuchpaymentsofinterestaccruedasofthedateofredemption)discountedtotheredemptiondateonanannualbasis(ACTUAL/ACTUAL(ICMA))attheapplicableComparableGovernmentBondRateplus25basispoints,plus,ineachcase,accruedandunpaidinteresttothedateofredemption.Theredemptionpriceforthe2027NotestoberedeemedonanyredemptiondatethatisonorafterJanuary27,2027(thedatethatisthreemonthspriortothematuritydate)willbeequalto100%oftheprincipalamountofthe2027Notesbeingredeemedontheredemptiondate,plusaccruedandunpaidinterestonthe2027Notestothedateofredemption.Inanycase,theprincipalamountofaNotesremainingoutstandingafteraredemptioninpartshallbe€100,000oranintegralmultipleof€1,000inexcessthereof.

InconnectionwithsuchoptionalredemptionofNotes,thefollowingdefinedtermsapply:

·“ComparableGovernmentBondRate”meanstheyieldtomaturity,expressedasapercentage(roundedtothreedecimalplaces,with0.0005beingroundedupwards),onthethirdbusinessdaypriortothedatefixedforredemption,oftheComparableGovernmentBond(asdefinedbelow)onthebasisofthemiddlemarketpriceoftheComparableGovernmentBondprevailingat11:00a.m.(Londontime)onsuchbusinessdayasdeterminedbyanindependentinvestmentbankselectedbyus.

·“ComparableGovernmentBond”means,inrelationtoanyComparableGovernmentBondRatecalculation,atthediscretionofanindependentinvestmentbankselectedbyus,aGermangovernmentbondwhosematurityisclosesttothematurityoftheNotestoberedeemed,orifsuchindependentinvestmentbankinitsdiscretiondeterminesthatsuchsimilarbondisnotinissue,suchotherGermangovernmentbondassuchindependentinvestmentbankmay,withtheadviceofthreebrokersof,and/ormarketmakersin,Germangovernmentbondsselectedbyus,determinetobeappropriatefordeterminingtheComparableGovernmentBondRate.

TheNotesarealsosubjecttoredemptionpriortomaturityifcertaineventsoccurinvolvingUnitedStatestaxation.Ifanyofthesespecialtaxeventsoccur,theNotesmayberedeemedataredemptionpriceof100%oftheirprincipalamountplusaccruedandunpaidinteresttothedatefixedforredemption.See“RedemptionforTaxReasons.”

                Payment of Additional Amounts

Wewill,subjecttotheexceptionsandlimitationssetforthbelow,payasadditionalinterestontheNotessuchadditionalamountsasarenecessaryinorderthatthenetpaymentoftheprincipalofandinterestontheNotestoaholderoftheNotes(orthebeneficialownerforwhosebenefitsuchholderholdstheNotes)whoisnotaUnitedStatesperson(asdefinedbelow),afterwithholdingordeductionforanypresentorfuturetax,assessmentorothergovernmentalchargeimposedbytheUnitedStatesorataxingauthorityintheUnitedStates,willnotbelessthantheamountprovidedintheNotestobethendueandpayable;provided,however,thattheforegoingobligationtopayadditionalamountsshallnotapply:

(1)toanytax,assessmentorothergovernmentalchargethatisimposedbyreasonoftheholder(orthebeneficialownerforwhosebenefitsuchholderholdssuchnote),orafiduciary,settlor,beneficiary,memberorshareholderoftheholderiftheholderisanestate,trust,partnershiporcorporation,orapersonholdingapoweroveranestateortrustadministeredbyafiduciaryholder,beingconsideredas:

(a)beingorhavingbeenengagedinatradeorbusinessintheUnitedStatesorhavingorhavinghadapermanentestablishmentintheUnitedStates;

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(b)havingacurrentorformerconnectionwiththeUnitedStates(otherthanaconnectionarisingsolelyasaresultoftheownershipofthe

Notesorthereceiptofanypaymentortheenforcementofanyrightsthereunder),includingbeingorhavingbeenacitizenorresidentoftheUnitedStates;

(c)beingorhavingbeenapersonalholdingcompany,apassiveforeigninvestmentcompanyoracontrolledforeigncorporationforUnitedStatesincometaxpurposesoracorporationthathasaccumulatedearningstoavoidUnitedStatesfederalincometax;

(d)beingorhavingbeena“10-percentshareholder”oftheCompanyasdefinedinsection871(h)(3)oftheUnitedStatesInternalRevenueCodeof1986,asamended(the“Code”),oranysuccessorprovision;or

(e)beingabankreceivingpaymentsonanextensionofcreditmadepursuanttoaloanagreemententeredintointheordinarycourseofitstradeorbusiness;

(2)toanyholderthatisnotthesolebeneficialowneroftheNotes,oraportionoftheNotes,orthatisafiduciary,partnershiporlimitedliabilitycompany,butonlytotheextentthatabeneficialownerwithrespecttotheholder,abeneficiaryorsettlorwithrespecttothefiduciary,orabeneficialownerormemberofthepartnershiporlimitedliabilitycompanywouldnothavebeenentitledtothepaymentofanadditionalamounthadthebeneficiary,settlor,beneficialownerormemberreceiveddirectlyitsbeneficialordistributiveshareofthepayment;

(3)toanytax,assessmentorothergovernmentalchargethatwouldnothavebeenimposedbutforthefailureoftheholderoranyotherpersontocomplywithcertification,identificationorinformationreportingrequirementsconcerningthenationality,residence,identityorconnectionwiththeUnitedStatesoftheholderorbeneficialowneroftheNotes,ifcomplianceisrequiredbystatute,byregulationoftheUnitedStatesoranytaxingauthoritythereinorbyanapplicableincometaxtreatytowhichtheUnitedStatesisapartyasapreconditiontoexemptionfromsuchtax,assessmentorothergovernmentalcharge;

(4)toanytax,assessmentorothergovernmentalchargethatisimposedotherwisethanbywithholdingbyusoranapplicablepayingorwithholdingagentfromthepayment;

(5)toanytax,assessmentorothergovernmentalchargethatwouldnothavebeenimposedbutforachangeinlaw,regulation,oradministrativeorjudicialinterpretationthatbecomeseffectivemorethan15daysafterthepaymentbecomesdueorisdulyprovidedfor,whicheveroccurslater;

(6)toanyestate,inheritance,gift,sales,excise,transfer,wealth,capitalgainsorpersonalpropertytaxorsimilartax,assessmentorothergovernmentalcharge;

(7)withrespecttothe2020,2023and2027Notes,toanywithholdingordeductionthatisimposedonapaymenttoanindividualandthatisrequiredtobemadepursuanttoanylawimplementingorcomplyingwith,orintroducedinordertoconformto,anyEuropeanUnionDirectiveonthetaxationofsavings;

(8)toanytax,assessmentorothergovernmentalchargerequiredtobewithheldbyanypayingagentfromanypaymentofprincipaloforinterestonanynote,ifsuchpaymentcanbemadewithoutsuchwithholdingbyatleastoneotherpayingagent;

(9)toanytax,assessmentorothergovernmentalchargethatwouldnothavebeenimposedbutforthepresentationbytheholderofanynote,wherepresentationisrequired,forpaymentonadatemorethan30daysafterthedateonwhichpaymentbecamedueandpayableorthedateonwhichpaymentthereofisdulyprovidedfor,whicheveroccurslater;

(10)withrespecttothe2020,2023and2027Notes,toanytax,assessmentorothergovernmentalchargethatisimposedorwithheldsolelybyreasonofthebeneficialownerbeingabank(i)purchasingtheNotesintheordinarycourseofitslendingbusinessor(ii)thatisneither(A)buyingtheNotesforinvestmentpurposesonlynor(B)buyingtheNotesforresaletoathird-partythateitherisnotabankorholdingtheNotesforinvestmentpurposesonly;

(11)toanytax,assessmentorothergovernmentalchargeimposedunderSections1471through1474oftheCode(oranyamendedorsuccessorprovisions),anycurrentorfutureregulationsorofficialinterpretationsthereof,anyagreemententeredintopursuanttoSection1471(b)oftheCodeoranyfiscalorregulatorylegislation,rulesorpracticesadoptedpursuanttoanyintergovernmentalagreemententeredintoinconnectionwiththeimplementationofsuchsectionsoftheCode;or

(12)inthecaseofanycombinationofitems(1),(2),(3),(4),(5),(6),(7),(8),(9),(10)and(11).

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TheNotesaresubjectinallcasestoanytax,fiscalorotherlaworregulationoradministrativeorjudicialinterpretationapplicabletotheNotes.Exceptasspecificallyprovidedunderthisheading“PaymentofAdditionalAmounts,”wearenotrequiredtomakeanypaymentforanytax,assessmentorothergovernmentalchargeimposedbyanygovernmentorapoliticalsubdivisionortaxingauthorityoforinanygovernmentorpoliticalsubdivision.

Asusedunderthisheading“PaymentofAdditionalAmounts”andundertheheading“RedemptionforTaxReasons”,theterm“UnitedStates”meanstheUnitedStatesofAmerica,thestatesoftheUnitedStates,andtheDistrictofColumbia,andtheterm“UnitedStatesperson”meansanyindividualwhoisacitizenorresidentoftheUnitedStatesforUnitedStatesfederalincometaxpurposes,acorporation,partnershiporotherentitycreatedororganizedinorunderthelawsoftheUnitedStates,anystateoftheUnitedStatesortheDistrictofColumbia,oranyestateortrusttheincomeofwhichissubjecttoUnitedStatesfederalincometaxationregardlessofitssource.

Withrespecttothe2020,2023and2027Notes,totheextentpermittedbylaw,wewillmaintainapayingagentinaMemberStateoftheEuropeanUnion(ifany)thatwillnotrequirewithholdingordeductionoftaxpursuanttoEuropeanCouncilDirective2003/48/EConthetaxationofsavingsincomeoranylawimplementingorcomplyingwith,orintroducedinordertoconformto,suchEuropeanCouncilDirective.

                 Redemption for Tax Reasons

If,asaresultofanychangein,oramendmentto,thelaws(oranyregulationsorrulingspromulgatedunderthelaws)oftheUnitedStates(oranytaxingauthorityintheUnitedStates),oranychangein,oramendmentto,anofficialpositionregardingtheapplicationorinterpretationofsuchlaws,regulationsorrulings,webecomeor,baseduponawrittenopinionofindependentcounselselectedbyus,willbecomeobligatedtopayadditionalamountsasdescribedundertheheading“PaymentofAdditionalAmounts”withrespecttotheNotes,thenwemayatanytimeatouroptionredeem,inwhole,butnotinpart,anyseriesoftheNotesonnotlessthan15normorethan45days’priornotice,ataredemptionpriceequalto100%oftheirprincipalamount,togetherwithaccruedandunpaidinterestonsuchNotesto,butnotincluding,thedatefixedforredemption.

                Change of Control Offer to Purchase

Ifachangeofcontroltriggeringeventoccurs,holdersofNotesmayrequireustorepurchasealloranypart(equaltoanintegralmultipleof€1,000)oftheirNotesatapurchasepriceof101%oftheprincipalamount,plusaccruedandunpaidinterest,ifany,onsuchNotestothedateofpurchase(unlessanoticeofredemptionhasbeenmailedwithin30daysaftersuchchangeofcontroltriggeringeventstatingthatalloftheNotesofsuchserieswillberedeemedasdescribedabove);providedthattheprincipalamountofaNoteremainingoutstandingafterarepurchaseinpartshallbe€100,000oranintegralmultipleof€1,000inexcessthereof.WearerequiredtomailtoholdersoftheNotesanoticedescribingthetransactionortransactionsconstitutingthechangeofcontroltriggeringeventandofferingtorepurchasetheNotes.Thenoticemustbemailedwithin30daysafteranychangeofcontroltriggeringevent,andtherepurchasemustoccurnoearlierthan30daysandnolaterthan60daysafterthedatethenoticeismailed.

OnthedatespecifiedforrepurchaseoftheNotes,wewill,totheextentlawful:

·acceptforpaymentallproperlytenderedNotesorportionsofNotes;

·depositwiththepayingagenttherequiredpaymentforallproperlytenderedNotesorportionsofNotes;and

·delivertothetrusteetherepurchasedNotes,accompaniedbyanofficers’certificatestating,amongotherthings,theaggregateprincipalamountofrepurchasedNotes.

WewillcomplywiththerequirementsofRule14e-1undertheSecuritiesExchangeActof1934,asamended,andanyothersecuritieslawsandregulationsapplicabletotherepurchaseoftheNotes.TotheextentthattheserequirementsconflictwiththeprovisionsrequiringrepurchaseoftheNotes,wewillcomplywiththeserequirementsinsteadoftherepurchaseprovisionsandwillnotbeconsideredtohavebreachedourobligationswithrespecttorepurchasingtheNotes.Additionally,ifaneventofdefaultexistsundertheIndenture(whichisunrelatedtotherepurchaseprovisionsoftheNotes),includingeventsofdefaultarisingwithrespecttootherissuesofdebtsecurities,wewillnotberequiredtorepurchasetheNotesnotwithstandingtheserepurchaseprovisions.

WewillnotberequiredtocomplywiththeobligationsrelatingtorepurchasingtheNotesifathirdpartyinsteadsatisfiesthem.

ForpurposesoftherepurchaseprovisionsoftheNotes,thefollowingtermsareapplicable:

“Change of control”meanstheoccurrenceofanyofthefollowing:(a)theconsummationofanytransaction(including,withoutlimitation,anymergerorconsolidation)resultinginany“person”(asthattermisusedinSection13(d)(3)oftheSecuritiesExchangeActof1934,asamended)(otherthanusoroneofoursubsidiaries)becomingthebeneficialowner(asdefinedinRules13d-3and13d-5undertheSecuritiesExchangeActof1934,asamended),directlyorindirectly,ofmorethan50%ofourvotingstockorothervotingstockintowhichourvotingstockisreclassified,consolidated,exchangedorchanged,measuredbyvotingpowerratherthannumberofshares;(b)thedirectorindirectsale,transfer,conveyanceorotherdisposition(otherthanbywayofmergerorconsolidation),inatransactionoraseriesofrelatedtransactions,ofallorsubstantiallyallofourassetsandtheassetsofoursubsidiaries,takenasawhole,tooneormore“persons”(asthattermisdefinedintheIndenture)(otherthanusoroneofoursubsidiaries);or(c)thefirstdayonwhichamajorityofthemembersofourBoardofDirectorsarenotcontinuingdirectors.Notwithstandingtheforegoing,atransactionwillnotbeconsideredtobeachangeofcontrolif(a)webecomeadirectorindirectwholly-ownedsubsidiaryofaholdingcompanyand(b)(y)immediatelyfollowingthattransaction,thedirectorindirectholdersofthevotingstockoftheholdingcompanyaresubstantiallythesameastheholdersofourvotingstockimmediatelypriortothattransactionor(z)immediatelyfollowingthattransactionnopersonisthebeneficialowner,directlyorindirectly,ofmorethan50%ofthevotingstockoftheholdingcompany.

“Change of control triggering event”meanstheoccurrenceofbothachangeofcontrolandaratingevent.

“Continuing directors”means,asofanydateofdetermination,anymemberofourBoardofDirectorswho(a)wasamemberoftheBoardofDirectorsonthedatetheNoteswereissuedor(b)wasnominatedforelection,electedorappointedtotheBoardofDirectorswiththeapprovalofamajorityofthecontinuingdirectorswhoweremembersoftheBoardofDirectorsatthetimeofsuchnomination,electionorappointment(eitherbyaspecificvoteorbyapprovalofourproxystatementinwhichsuchmemberwasnamedasanomineeforelectionasadirector,withoutobjectiontosuchnomination).

“Fitch”meansFitchRatings.

“Investment grade rating”meansaratingequaltoorhigherthanBBB-(ortheequivalent)byFitch,Baa3(ortheequivalent)byMoody’sandBBB-(ortheequivalent)byS&P,andtheequivalentinvestmentgradecreditratingfromanyreplacementratingagencyorratingagenciesselectedbyus.

“Moody’s”meansMoody’sInvestorsService,Inc.

“Rating agencies”means(a)eachofFitch,Moody’sandS&P;and(b)ifanyofFitch,Moody’sorS&PceasestoratetheNotesorfailstomakearatingoftheNotespubliclyavailableforreasonsoutsideofourcontrol,a“nationallyrecognizedstatisticalratingorganization”(asdefinedinSection3(a)(62)oftheSecuritiesExchangeActof1934,asamended)selectedbyusasareplacementratingagencyforaformerratingagency.

“Rating event”meanstheratingontheNotesisloweredbyeachoftheratingagenciesandtheNotesareratedbelowaninvestmentgraderatingbyeachoftheratingagenciesonanydaywithinthe60-dayperiod(which60-dayperiodwillbeextendedsolongastheratingoftheNotesisunderpubliclyannouncedconsiderationforapossibledowngradebyanyoftheratingagencies)aftertheearlierof(a)theoccurrenceofachangeofcontroland(b)publicnoticeoftheoccurrenceofachangeofcontrolorourintentiontoeffectachangeofcontrol;providedthataratingeventwillnotbedeemedtohaveoccurredinrespectofaparticularchangeofcontrol(andthuswillnotbedeemedaratingeventforpurposesofthedefinitionofchangeofcontroltriggeringevent)ifeachratingagencymakingthereductioninratingdoesnotpubliclyannounceorconfirmorinformthetrusteeinwritingatourrequestthatthereductionwastheresult,inwholeorinpart,ofanyeventorcircumstancecomprisedoforarisingasaresultof,orinrespectof,thechangeofcontrol(whetherornottheapplicablechangeofcontrolhasoccurredatthetimeoftheratingevent).

“S&P”meansS&PGlobalRatings,adivisionofS&PGlobalInc.,anditssuccessors.

“Voting stock”means,withrespecttoanyspecified“person”(asthattermisusedinSection13(d)(3)oftheSecuritiesExchangeActof1934,asamended)asofanydate,thecapitalstockofsuchpersonthatisatthetimeentitledtovotegenerallyintheelectionoftheboardofdirectorsofsuchperson.

                 Sinking Fund

TheNotesarenotsubjectto,orentitledtothebenefitof,anysinkingfund.

Conversion or Exchange Rights

TheNotesarenotconvertibleorexchangeableforsharesofourcommonstockorothersecurities.

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Certain Restrictive Covenants

TheIndenturecontainsrestrictivecovenantsthatapplytheNotes,themostsignificantofwhicharedescribedbelow.

Limitation on Liens on Major Property and United States and Canadian Operating Subsidiaries  

Someofourpropertymaybesubjecttoamortgageorotherlegalmechanismthatgivesourlenderspreferentialrightsinthatpropertyoverotherlenders,includingdirectholdersoftheNotes,oroverourgeneralcreditors,ifwefailtopaythemback.Thesepreferentialrightsarecalled“liens.”TheIndenturerestrictsourabilitytocreate,issue,assume,incurorguaranteeanyindebtednessforborrowedmoneythatissecuredbyamortgage,pledge,lien,securityinterestorotherencumbranceon:

·anyflourmill,manufacturingorpackagingplantorresearchlaboratorylocatedintheUnitedStatesorCanadaownedbyusoroneofourcurrentorfutureUnitedStatesorCanadianoperatingsubsidiaries;or

·anystockordebtissuedbyoneofourcurrentorfutureUnitedStatesorCanadianoperatingsubsidiaries

unlesswealsosecurealltheNotesthatarestilloutstandingundertheIndentureequallywiththeindebtednessbeingsecured.ThispromisedoesnotrestrictourabilitytosellorotherwisedisposeofourinterestsinanyUnitedStatesorCanadianoperatingsubsidiary.

Theserequirementsdonotapplytoliens:

·existingonFebruary1,1996andanyextensions,renewalsorreplacementsofthoseliens;

·relatingtotheconstruction,improvementorpurchaseofaflourmill,plantorlaboratory;

·infavorofusoroneofourUnitedStatesorCanadianoperatingsubsidiaries;

·infavorofgovernmentalunitsforfinancingconstruction,improvementorpurchaseofourproperty;

·existingonanyproperty,stockordebtexistingatthetimeweacquireit,includingliensonproperty,stockordebtofaUnitedStatesorCanadianoperatingsubsidiaryatthetimeitbecameourUnitedStatesorCanadianoperatingsubsidiary;

·relatingtothesaleofourproperty;

·forworkdoneonourproperty;

·relatingtoworkers’compensation,unemploymentinsuranceandsimilarobligations;

·relatingtolitigationorlegaljudgments;

·fortaxes,assessmentsorgovernmentalchargesnotyetdue;or

·consistingofeasementsorotherrestrictions,defectsintitleorencumbrancesonourrealproperty.

WemayalsoavoidsecuringtheNotesequallywiththeindebtednessbeingsecurediftheamountoftheindebtednessbeingsecuredplusthevalueofanysaleandleasebacktransactions,asdescribedbelow,is15%orlessthantheamountofourconsolidatedtotalassetsminusourconsolidatednon-interestbearingcurrentliabilities,asreflectedonourconsolidatedbalancesheet.

Ifamergerorothertransactionwouldcreateanyliensthatarenotpermittedasdescribedabove,wemustgrantanequivalentlientothedirectholdersoftheNotes.

Limitation on Sale and Leaseback Transactions  

TheIndenturealsoprovidesthatweandourUnitedStatesandCanadianoperatingsubsidiarieswillnotenterintoanysaleandleasebacktransactionsonanyofourflourmills,manufacturingorpackagingplantsorresearchlaboratorieslocatedintheUnitedStatesorCanadaownedbyusoroneofourcurrentorfutureUnitedStatesorCanadianoperatingsubsidiaries(“principalproperties”)unlesswesatisfysomerestrictions.Asaleandleasebacktransactioninvolvesoursaletoalenderorotherinvestorofapropertyofoursandourleasingbackthatpropertyfromthatpartyformorethanthreeyears,orasaleofapropertyto,anditsleasebackforthreeormoreyearsfrom,anotherpersonwhoborrowsthenecessaryfundsfromalenderorotherinvestoronthesecurityoftheproperty.

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Wemayenterintoasaleandleasebacktransactioncoveringanyofourprincipalpropertiesonlyif:

·itfallsintotheexceptionsforliensdescribedaboveunder“—LimitationonLiensonMajorPropertyandUnitedStatesandCanadianOperatingSubsidiaries”;or

·within180daysafterthepropertysale,wesetasidefortheretirementoffundeddebt,meaningnotesorbondsthatmatureatormaybeextendedtoadatemorethan12monthsafterissuance,anamountequaltothegreaterof:

☐ thenetproceedsofthesaleoftheprincipalproperty,or

☐ thefairmarketvalueoftheprincipalpropertysold,andineithercase,minus

☐ theprincipalamountofanydebtsecuritiesissuedundertheIndenturethataredeliveredtothetrusteeforretirementwithin120daysafterthepropertysale,and

☐ theprincipalamountofanyfundeddebt,otherthandebtsecuritiesissuedundertheIndenture,voluntarilyretiredbyuswithin120daysafterthepropertysale;or

·theattributablevalue,asdescribedbelow,ofallsaleandleasebacktransactionsplusanyindebtednessthatweincurthat,butfortheexceptioninthesecondtolastparagraphof“—LimitationonLiensonMajorPropertyandUnitedStatesandCanadianOperatingSubsidiaries”above,wouldhaverequiredustosecuretheNotesequallywithit,is15%orlessthantheamountofourconsolidatedtotalassetsminusourconsolidatednon-interestbearingcurrentliabilities,asreflectedonourconsolidatedbalancesheet.

Wedeterminetheattributablevalueofasaleandleasebacktransactionbychoosingthelesserof(1)or(2)below:

1.salepriceoftheleasedpropertyxremainingportionofthebasetermoftheleasethebasetermofthelease

2.thetotalobligationofthelesseeforrentalpaymentsduringtheremainingportionofthebasetermofthelease,discountedtopresentvalueatthehighestinterestrateonanyoutstandingseriesofdebtsecuritiesissuedundertheIndenture.Therentalpaymentsinthiscalculationdonotincludeamountsforpropertytaxes,maintenance,repairs,insurance,waterratesandotheritemsthatarenotpaymentsforthepropertyitself.

Mergers and Similar Events

WearegenerallypermittedundertheIndenturetoconsolidateormergewithanothercompany.Wearealsopermittedtosellorleasesomeorallofourassetstoanothercompany.However,wemaynottakeanyoftheseactionsunlessthefollowingconditions,amongothers,aremet:

·wherewemergeoutofexistenceorsellorleasesubstantiallyallourassets,theothercompanymustbeacorporation,limitedliabilitycompany,partnershiportrustorganizedunderthelawsofastateortheDistrictofColumbiaorunderUnitedStatesfederallawanditmustexpresslyagreeinasupplementalindenturetobelegallyresponsiblefortheNotes;and

·themerger,saleofassetsorothertransactionmustnotbringaboutadefaultontheNotes(forpurposesofthistest,adefaultwouldincludeaneventofdefaultdescribedbelowunder“DefaultandRelatedMatters”andanyeventthatwouldbeaneventofdefaultiftherequirementsforgivingusnoticeofourdefaultorourdefaulthavingtoexistforaspecificperiodoftimeweredisregarded).

Thereisnoprecise,establisheddefinitionofwhatwouldconstituteasaleorleaseofsubstantiallyallofourassetsunderapplicablelawand,accordingly,theremaybeuncertaintyastowhetherasaleorleaseoflessthanallofourassetswouldsubjectustothisprovision.

Ifwemergeoutofexistenceortransfer(exceptthroughalease)substantiallyallourassets,andtheotherfirmbecomesoursuccessorandislegallyresponsiblefortheNotes,wewillberelievedofourownresponsibilityfortheNotes.

Default and Related Matters

Noteholderswillhavespecialrightsifaneventofdefaultoccursandisnotcured.ForeachseriesofNotestheterm“eventofdefault”meansanyofthefollowing:

·wedonotpayinterestonaNoteofthatserieswithin30daysofitsduedate;

·wedonotpaytheprincipaloranypremiumonaNoteofthatseriesonitsduedate;

·wedonotdepositmoneyintoaseparatecustodialaccount,knownasasinkingfund,whensuchadepositisdue,ifweagreetomaintainasinkingfundwithrespecttothatseries;

·weremaininbreachofanyrestrictivecovenantwithrespecttothatseriesoranyothertermoftheIndenturefor60daysafterwereceiveanoticeofdefaultstatingweareinbreach(thenoticemustbesentbyeitherthetrusteeordirectholdersofatleast25%oftheprincipalamountofNotesoftheaffectedseries);or

·wefileforbankruptcyorothereventsofbankruptcy,insolvencyorreorganizationoccur.

Intheeventofourbankruptcy,insolvencyorothersimilarproceeding,alloftheNoteswillautomaticallybedueandimmediatelypayable.Ifanon-bankruptcyeventofdefaulthasoccurredwithrespecttoanyseriesofNotesandhasnotbeencured,thetrusteeorthedirectholdersofnotlessthan25%inprincipalamountoftheNotesoftheaffectedseriesmaydeclaretheentireprincipalamountofalltheNotesofthatseriestobedueandimmediatelypayable.Thisiscalleda“declarationofaccelerationofmaturity.”

AdeclarationofaccelerationofmaturitymaybecanceledbythedirectholdersofatleastamajorityinprincipalamountoftheNotesoftheaffectedseriesifanyotherdefaultsonthoseNoteshavebeenwaivedorcuredandwepayordepositwiththetrusteeanamountsufficienttopaythefollowingwithrespecttotheNotesofthatseries:

·alloverdueinterest;

·principalandpremium,ifany,whichhasbecomedue,otherthanasaresultoftheacceleration,plusanyinterestonthatprincipal;

·interestonoverdueinterest,totheextentthatpaymentislawful;and

·amountspaidoradvancedbythetrusteeandreasonabletrusteecompensationandexpenses.

Exceptincasesofdefault,wherethetrusteehassomespecialduties,thetrusteeisnotrequiredtotakeanyactionundertheIndentureattherequestofanydirectholdersunlesstheholdersofferthetrusteereasonableprotectionfromexpensesandliability,calledan“indemnity.”Ifreasonableindemnityisprovided,thedirectholdersofamajorityinprincipalamountoftheoutstandingNotesoftherelevantseriesmaydirectthetime,methodandplaceofconductinganylawsuitorotherformallegalactionseekinganyremedyavailabletothetrustee.ThesemajoritydirectholdersmayalsodirectthetrusteeinexercisinganytrustorpowerconferredonthetrusteeundertheIndenture.

BeforeaninvestormaybypassthetrusteeandbringitsownlawsuitorotherformallegalactionortakeotherstepstoenforceitsrightsorprotectitsinterestsrelatingtoanyNotesofanyseries,thefollowingmustoccur:

·theinvestormustgivethetrusteewrittennoticethataneventofdefaultwithrespecttotheNotesofthatserieshasoccurredandremainsuncured;

·thedirectholdersofatleast25%inprincipalamountofalloutstandingNotesofthatseriesmustmakeawrittenrequestthatthetrusteetakeactionbecauseofthedefault,andmustofferreasonableindemnitytothetrusteeagainstanycostandliabilitiesoftakingthataction;

·thetrusteemustnothavereceivedfromdirectholdersofamajorityinprincipalamountoftheoutstandingNotesofthatseriesadirectioninconsistentwiththewrittennotice;and

·thetrusteemusthavefailedtotakeactionfor60daysafterreceiptoftheabovenoticeandofferofindemnity.

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However,investorsareentitledatanytimetobringalawsuitforthepaymentofmoneydueonaNoteonorafteritsduedate.

EveryyearwewillcertifyinawrittenstatementtothetrusteethatweareincompliancewiththeIndentureandeachseriesofNotesorspecifyanydefaultthatweknowabout.

Defeasance

Insomecircumstancesdescribedbelow,wemayelecttodischargeourobligationsontheNotesthroughdefeasanceorcovenantdefeasance.

Full Defeasance  

IfthereisachangeinUnitedStatesfederaltaxlawasdescribedbelow,wecouldlegallyreleaseourselvesfromanypaymentorotherobligationsontheNotes,called“fulldefeasance,”ifweputinplacethefollowingarrangementsforinvestorstoberepaid:

·wemustirrevocablydepositintrustforthebenefitofalldirectholdersofthoseNotesmoneyorspecifiedGermangovernmentsecuritiesoracombinationofthesethatwillgenerateenoughcashtomakeinterest,principalandanyotherpaymentsonthoseNotesontheirvariousduedates;

·theremustbeachangeincurrentfederaltaxlaworanInternalRevenueServicerulingthatletsusmakethedepositwithoutcausinginvestorstobetaxedontheNotesanydifferentlythanifwedidnotmakethedepositandsimplyrepaidsuchNotesourselves(undercurrentUnitedStatesfederaltaxlaw,thedepositandourlegalreleasefromthesuchNoteswouldbetreatedasthoughwetookbacksuchNotesandgaveinvestorstheirshareofthecashandnotesorbondsdepositedintrust,inwhichcaseinvestorscouldrecognizegainorlossonthoseNotes);and

·wemustdelivertothetrusteealegalopinionconfirmingtheUnitedStatestaxlawchangedescribedabove.

Inaddition,nodefaultmusthaveoccurredandbecontinuingwithrespecttothoseNotesatthetimethedepositismade(and,withrespectonlytobankruptcyandsimilarevents,duringthe90daysfollowingthedeposit),andwehavedeliveredacertificateandalegalopiniontotheeffectthatthedepositdoesnot:

·causeanyoutstandingNotestobedelisted;

·causethetrusteetohavea“conflictinginterest”withinthemeaningoftheTrustIndentureActof1939;

·resultinabreachorviolationof,orconstituteadefaultunder,anyotheragreementorinstrumenttowhichwearepartyorbywhichwearebound;and

·resultinthetrustarisingfromitconstitutingan“investmentcompany”withinthemeaningoftheInvestmentCompanyActof1940(unlessweregisterthetrust,orfindanexemptionfromregistration,underthatAct).

Ifweeverdidaccomplishfulldefeasance,investorswouldhavetorelysolelyonthetrustdeposit,andcouldnolongerlooktous,forrepaymentontheNotesoftheaffectedseries.Conversely,thetrustdepositwouldlikelybeprotectedfromclaimsofourlendersandothercreditorsifweeverbecomebankruptorinsolvent.

Covenant Defeasance  

UndercurrentUnitedStatesfederaltaxlaw,wecanmakethesametypeofdepositdescribedaboveandbereleasedfrommanyofthecovenantsintheNotes.Thisiscalled“covenantdefeasance.”Inthatevent,investorswouldlosetheprotectionofthosecovenantsbutwouldgaintheprotectionofhavingmoneyandsecuritiessetasideintrusttorepaytheapplicableseriesofNotes.Inordertoachievecovenantdefeasance,wemustdothefollowing:

·makethesamedepositofmoneyand/orGermangovernmentsecuritiesdescribedaboveunder“—FullDefeasance;”

·delivertothetrusteealegalopinionconfirmingthatundercurrentUnitedStatesfederalincometaxlawwemaymaketheabovedepositwithoutcausinginvestorstobetaxedontheapplicableseriesofNotesanydifferentlythanifwedidnotmakethedepositandsimplyrepaidtheapplicableseriesofNotesourselves;and

·complywiththeotherconditionsprecedentdescribedaboveunder“—FullDefeasance.”

Ifweaccomplishcovenantdefeasance,thefollowingprovisions,amongothers,wouldnolongerapply:

·theeventsofdefaultrelatingtobreachofcovenantsdescribedbelowunder“DefaultandRelatedMatters;”and

·anypromisesregardingconductofourbusiness,suchasthosedescribedunder“CertainRestrictiveCovenants”belowandanyothercovenantsapplicabletotheseriesofNotes.

Ifweaccomplishcovenantdefeasance,investorscanstilllooktousforrepaymentoftheapplicableseriesofNotesifthereisashortfallinthetrustdeposit.Dependingontheeventcausingthedefault,however,investorsmaynotbeabletoobtainpaymentoftheshortfall.

Modification and Waiver

TherearethreetypesofchangeswecanmaketotheIndentureandtheNotes.

First,therearechangesthatcannotbemadetotheNoteswithoutspecificinvestorapproval.Theseinclude:

·changeofthestatedduedateforpaymentofprincipalorinterestonaseriesofNotes;

·reductionintheprincipalamountof,therateofinterestpayableonoranypremiumpayableuponredemptionofaseriesofNotes;

·reductionintheamountofprincipalpayableuponaccelerationofthematurityofaseriesofNotesfollowingadefault;

·changeintheplaceorcurrencyofpaymentonaseriesofNotes;

·impairmentofaninvestor’srighttosueforpaymentonaseriesofNotesonoraftertheduedateforsuchpayment;

·reductioninthepercentageofdirectholdersofaseriesofNoteswhoseconsentisrequiredtomodifyoramendtheIndenture;

·reductioninthepercentageofholdersofaseriesofNoteswhoseconsentisrequiredundertheIndenturetowaivecompliancewithprovisionsof,ortowaivedefaultsunder,theIndenture;and

·modificationofanyoftheprovisionsdescribedaboveorotherprovisionsoftheIndenturedealingwithwaiverofdefaultsorcovenantsundertheIndenture,excepttoincreasethepercentagesrequiredforsuchwaiversortoprovidethatotherprovisionsoftheIndenturecannotbechangedwithouttheconsentofeachdirectholderaffectedbythechange.

Second,changesmaybemadebyusandthetrusteewithoutanyvotebyholdersofanyseriesofNotes.Theseinclude:

·evidencingtheassumptionbyasuccessorofourobligationsundertheIndentureandanyseriesofNotes;

·addingtoourcovenantsforthebenefitoftheholdersofanyseriesofNotes,orsurrenderinganyofourrightsorpowersundertheIndenture;

·addingothereventsofdefaultforthebenefitofholdersofanyseriesofNotes;

·makingsuchchangesasmaybenecessarytopermitorfacilitatetheissuanceofanyseriesofNotesinbeareroruncertificatedform;

·establishingtheformsortermsofanyseriesofNotes;

·evidencingtheacceptanceofappointmentbyasuccessortrustee;and

·curinganyambiguity,correctinganyIndentureprovisionthatmaybedefectiveorinconsistentwithotherIndentureprovisionsormakinganyotherchangethatdoesnotadverselyaffecttheinterestsoftheholdersofanyseriesofNotesinanymaterialrespect.

Third,weneedavotebydirectholdersofNotesowningatleastamajorityoftheprincipalamountofeachseriesaffectedbythechangetomakeanyotherchangetotheIndenturethatisnotofthetypedescribedintheprecedingtwoparagraphs.Amajority

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voteofthiskindisalsorequiredtoobtainawaiverofanypastdefault,exceptapaymentdefaultonprincipalorinterestorconcerningaprovisionoftheIndenturethatcannotbechangedwithouttheconsentofthedirectholder.

Whentakingavote,wewilldecidehowmuchprincipalamounttoattributetoaseriesofNotesbyusingthedollarequivalent,asdeterminedbyourBoardofDirectors.

Noteswillnotbeconsideredoutstanding,andthereforewillnotbeeligibletovote,ifownedbyusoroneofouraffiliatesorifwehavedepositedorsetasidemoneyintrustfortheirpaymentorredemption.Noteswillalsonotbeeligibletovoteiftheyhavebeenfullydefeasedasdescribedbelowunder“Defeasance—FullDefeasance.”

WewillgenerallybeentitledtosetanydayasarecorddateforthepurposeofdeterminingthedirectholdersofoutstandingNotesthatareentitledtovoteortakeotheractionundertheIndenture.Insomecircumstances,generallyrelatedtoadefaultbyusonaseriesoftheNotes,thetrusteewillbeentitledtosetarecorddateforactionbyholders.

Trustee

U.S.BankNationalAssociation,astrusteeundertheIndenture,hasbeenappointedbyusaspayingagentandregistrarwithregardtotheNotes.ThetrusteealsoactsasanagentfortheissuanceofourUnitedStatescommercialpaper.Thetrusteeanditsaffiliatescurrentlyprovidecashmanagementandotherbankingandadvisoryservicestousinthenormalcourseofbusinessandmayfromtimetotimeinthefutureprovideotherbankingandadvisoryservicestousintheordinarycourseofbusiness,ineachcaseinexchangeforafee.

                 Book-Entry; Delivery and Form; Global Note

WehaveobtainedtheinformationinthissectionconcerningClearstreamBanking,sociétéanonyme(“Clearstream”)andEuroclearBank,S.A./N.V.,oritssuccessor,asoperatoroftheEuroclearSystem(“Euroclear”)andtheirbook-entrysystemsandproceduresfromsourcesthatwebelievetobereliable.Wetakenoresponsibilityforanaccurateportrayalofthisinformation.Inaddition,thedescriptionoftheclearingsystemsinthissectionreflectsourunderstandingoftherulesandproceduresofClearstreamandEuroclearastheywereineffectatthetimeoftheissuanceoftheNotesofeachseries.Thoseclearingsystemscouldchangetheirrulesandproceduresatanytime.

TheNotesarerepresentedbyoneormorefullyregisteredglobalnotes.Eachsuchglobalnoteisdepositedwith,oronbehalfof,acommondepositary,andregisteredinthenameofthenomineeofthecommondepositaryfortheaccountsofClearstreamandEuroclear.Exceptassetforthbelow,theglobalnotesmaybetransferred,inwholeandnotinpart,onlytoEuroclearorClearstreamortheirrespectivenominees.InvestorsmayholdinterestsintheglobalnotesinEuropethroughClearstreamorEuroclear,eitherasaparticipantinsuchsystemsorindirectlythroughorganizationsthatareparticipantsinsuchsystems.ClearstreamandEuroclearwillholdinterestsintheglobalnotesonbehalfoftheirrespectiveparticipatingorganizationsorcustomersthroughcustomers’securitiesaccountsinClearstream’sorEuroclear’snamesonthebooksoftheirrespectivedepositaries.Book-entryinterestsintheNotesandalltransfersrelatingtotheNotesarereflectedinthebook-entryrecordsofClearstreamandEuroclear.

ThedistributionoftheNotesisclearedthroughClearstreamandEuroclear.Anysecondarymarkettradingofbook-entryinterestsintheNotestakesplacethroughClearstreamandEuroclearparticipantsandsettlesinsame-dayfunds.Ownersofbook-entryinterestsintheNotesreceivepaymentsrelatingtotheirNotesineuro,exceptasdescribedundertheheading“PaymentsinEuro.”

ClearstreamandEuroclearhaveestablishedelectronicsecuritiesandpaymenttransfer,processing,depositaryandcustodiallinksamongthemselvesandothers,eitherdirectlyorthroughcustodiansanddepositaries.TheselinksallowtheNotestobeissued,heldandtransferredamongtheclearingsystemswithoutthephysicaltransferofcertificates.Specialprocedurestofacilitateclearanceandsettlementhavebeenestablishedamongtheseclearingsystemstotradesecuritiesacrossbordersinthesecondarymarket.

ThepoliciesofClearstreamandEuroclearwillgovernpayments,transfers,exchangesandothermattersrelatingtotheinvestor’sinterestintheNotesheldbythem.WehavenoresponsibilityforanyaspectoftherecordskeptbyClearstreamorEuroclearoranyoftheirdirectorindirectparticipants.Wealsodonotsupervisethesesystemsinanyway.

ClearstreamandEuroclearandtheirparticipantsperformtheseclearanceandsettlementfunctionsunderagreementstheyhavemadewithoneanotherorwiththeircustomers.Investorsshouldbeawarethattheyarenotobligatedtoperformorcontinuetoperformtheseproceduresandmaymodifythemordiscontinuethematanytime.

Exceptasprovidedbelow,ownersofbeneficialinterestsintheNoteswillnotbeentitledtohavetheNotesregisteredintheirnames,willnotreceiveorbeentitledtoreceivephysicaldeliveryoftheNotesindefinitiveformandwillnotbeconsideredtheownersorholdersoftheNotesundertheIndenture,includingforpurposesofreceivinganyreportsdeliveredbyusorthetrusteepursuantto

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theIndenture.Accordingly,eachpersonowningabeneficialinterestinaNotemustrelyontheproceduresofthedepositaryand,ifsuchpersonisnotaparticipant,ontheproceduresoftheparticipantthroughwhichsuchpersonownsitsinterest,inordertoexerciseanyrightsofaholderofNotes.

WehavebeenadvisedbyClearstreamandEuroclear,respectively,asfollows:

Clearstream

ClearstreamadvisesthatitisincorporatedunderthelawsofLuxembourgasaprofessionaldepositary.Clearstreamholdssecuritiesforitsparticipatingorganizations(“ClearstreamParticipants”)andfacilitatestheclearanceandsettlementofsecuritiestransactionsbetweenClearstreamParticipantsthroughelectronicbook-entrychangesinaccountsofClearstreamParticipants,therebyeliminatingtheneedforphysicalmovementofcertificates.ClearstreamprovidestoClearstreamParticipants,amongotherthings,servicesforsafekeeping,administration,clearanceandsettlementofinternationallytradedsecuritiesandsecuritieslendingandborrowing.Clearstreaminterfaceswithdomesticmarketsinseveralcountries.Asaprofessionaldepositary,ClearstreamissubjecttoregulationbytheLuxembourgCommissionfortheSupervisionoftheFinancialSector(CommissiondeSurveillanceduSecteurFinancier).ClearstreamParticipantsarerecognizedfinancialinstitutionsaroundtheworld,includingunderwriters,securitiesbrokersanddealers,banks,trustcompanies,clearingcorporationsandcertainotherorganizationsandmayincludetheunderwriters.IndirectaccesstoClearstreamisalsoavailabletoothers,suchasbanks,brokers,dealersandtrustcompaniesthatclearthroughormaintainacustodialrelationshipwithaClearstreamParticipant,eitherdirectlyorindirectly.

DistributionswithrespecttointerestsintheNotesheldbeneficiallythroughClearstreamarecreditedtocashaccountsofClearstreamParticipantsinaccordancewithitsrulesandprocedures.

Euroclear

Euroclearadvisesthatitwascreatedin1968toholdsecuritiesforparticipantsofEuroclear(“EuroclearParticipants”)andtoclearandsettletransactionsbetweenEuroclearParticipantsthroughsimultaneouselectronicbook-entrydeliveryagainstpayment,therebyeliminatingtheneedforphysicalmovementofcertificatesandanyriskfromlackofsimultaneoustransfersofsecuritiesandcash.Euroclearincludesvariousotherservices,includingsecuritieslendingandborrowingandinterfaceswithdomesticmarketsinseveralcountries.EuroclearisoperatedbyEuroclearBankS.A./N.V.(the“EuroclearOperator”).AlloperationsareconductedbytheEuroclearOperator,andallEuroclearsecuritiesclearanceaccountsandEuroclearcashaccountsareaccountswiththeEuroclearOperator.EuroclearParticipantsincludebanks(includingcentralbanks),securitiesbrokersanddealersandotherprofessionalfinancialintermediariesandmayincludetheunderwriters.IndirectaccesstoEuroclearisalsoavailabletootherfirmsthatclearthroughormaintainacustodialrelationshipwithaEuroclearParticipant,eitherdirectlyorindirectly.

TheTermsandConditionsGoverningUseofEuroclearandtherelatedOperatingProceduresoftheEuroclearSystem,ortheEuroclearTermsandConditions,andapplicableBelgianlawgovernsecuritiesclearanceaccountsandcashaccountswiththeEuroclearOperator.Specifically,thesetermsandconditionsgovern:

·transfersofsecuritiesandcashwithinEuroclear;

·withdrawalofsecuritiesandcashfromEuroclear;and

·receiptofpaymentswithrespecttosecuritiesinEuroclear.

AllsecuritiesinEuroclearareheldonafungiblebasiswithoutattributionofspecificcertificatestospecificsecuritiesclearanceaccounts.TheEuroclearOperatoractsundertheTermsandConditionsonlyonbehalfofEuroclearParticipantsandhasnorecordoforrelationshipwithpersonsholdingsecuritiesthroughEuroclearParticipants.

DistributionswithrespecttointerestsintheNotesheldbeneficiallythroughEurocleararecreditedtothecashaccountsofEuroclearParticipantsinaccordancewiththeEuroclearTermsandConditions.

                 Clearance and Settlement Procedures

WeunderstandthatinvestorsthatholdtheirNotesthroughClearstreamorEuroclearaccountswillfollowthesettlementproceduresthatareapplicabletoconventionaleurobondsinregisteredform.NotesarecreditedtothesecuritiescustodyaccountsofClearstreamandEuroclearparticipantsonthebusinessdayfollowingthesettlementdate,forvalueonthesettlementdate.Theyarecreditedeitherfreeofpaymentoragainstpaymentforvalueonthesettlementdate.

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WeunderstandthatsecondarymarkettradingbetweenClearstreamand/orEuroclearparticipantswilloccurintheordinarywayfollowingtheapplicablerulesandoperatingproceduresofClearstreamandEuroclear.Secondarymarkettradingissettledusingproceduresapplicabletoconventionaleurobondsinregisteredform.

Investorsshouldbeawarethatinvestorswillonlybeabletomakeandreceivedeliveries,paymentsandothercommunicationsinvolvingtheNotesthroughClearstreamandEuroclearondayswhenthosesystemsareopenforbusiness.Thosesystemsmaynotbeopenforbusinessondayswhenbanks,brokersandotherinstitutionsareopenforbusinessintheUnitedStates.

Inaddition,becauseoftime-zonedifferences,theremaybeproblemswithcompletingtransactionsinvolvingClearstreamandEuroclearonthesamebusinessdayasintheUnitedStates.UnitedStatesinvestorswhowishtotransfertheirinterestsintheNotes,ortomakeorreceiveapaymentordeliveryoftheNotes,onaparticularday,mayfindthatthetransactionswillnotbeperformeduntilthenextbusinessdayinLuxembourgorBrussels,dependingonwhetherClearstreamorEuroclearisused.

ClearstreamorEuroclearwillcreditpaymentstothecashaccountsofClearstreamcustomersorEuroclearparticipants,asapplicable,inaccordancewiththerelevantsystem’srulesandprocedures,totheextentreceivedbyitsdepositary.ClearstreamortheEuroclearOperator,asthecasemaybe,willtakeanyotheractionpermittedtobetakenbyaholderundertheIndentureonbehalfofaClearstreamcustomerorEuroclearparticipantonlyinaccordancewithitsrelevantrulesandprocedures.

ClearstreamandEuroclearhaveagreedtotheforegoingproceduresinordertofacilitatetransfersoftheNotesamongparticipantsofClearstreamandEuroclear.However,theyareundernoobligationtoperformorcontinuetoperformthoseprocedures,andtheymaydiscontinuethoseproceduresatanytime.

                 Certificated Notes

IfthedepositaryforanyoftheNotesofanyseriesrepresentedbyaregisteredglobalnoteisatanytimeunwillingorunabletocontinueasdepositaryandasuccessordepositaryisnotappointedbyuswithin90days,wewillissueNotesofthatseriesindefinitiveforminexchangefortheregisteredglobalnotethathadbeenheldbythedepositary.AnyNotesissuedindefinitiveforminexchangeforaregisteredglobalnotewillberegisteredinthenameornamesthatthedepositarygivestothetrusteeorotherrelevantagentofthetrustee.Itisexpectedthatthedepositary’sinstructionswillbebasedupondirectionsreceivedbythedepositaryfromparticipantswithrespecttoownershipofbeneficialinterestsintheregisteredglobalnotethathadbeenheldbythedepositary.Inaddition,wemayatanytimedeterminethattheNotesofanyseriesshallnolongerberepresentedbyaglobalnoteandwillissueNotesofsuchseriesindefinitiveforminexchangeforsuchglobalnotepursuanttotheproceduredescribedabove.

 Exhibit 21.1

Subsidiaries of the Registrant

Company Name CountryBLUEBUFFALOCOMPANY,LTD. UnitedStatesC.P.D.CEREALPARTNERSDEUTSCHLANDGmbH&Co.oHG GermanyC.P.W.HELLASBREAKFASTCEREALSSOCIETEANONYME GreeceC.P.W.MEXICOS.deR.L.deC.V. MexicoCEREALASSOCIADOSPORTUGAL,A.E.I.E. PortugalCEREALPARTNERS(MALAYSIA)SDN.BHD. MalaysiaCEREALPARTNERSAUSTRALIAPTYLIMITED AustraliaCEREALPARTNERSESPANA,A.E.I.E. SpainCEREALPARTNERSFRANCE,SNC FranceCEREALPARTNERSGIDATICARETLIMITEDSIRKETI TurkeyCEREALPARTNERSMEXICO,S.A.DEC.V. MexicoCEREALPARTNERSNIGERIALIMITED NigeriaCEREALPARTNERSPOLANDTORUN-PACIFICSp.z.o.o. PolandCEREALPARTNERSRUSLLC RussianFederationCEREALPARTNERSU.K. UnitedKingdomCEREALESC.P.W.CHILELIMITADA(SRL) ChileCPMIDDLEEASTFZCO UnitedArabEmiratesCPWAMADWC—LLC UnitedArabEmiratesCPWBRASILLTDA. BrazilCPWHONGKONGLIMITED HongKongCPWNEWZEALAND NewZealandCPWOPERATIONSS.A.R.L. SwitzerlandCPWPHILIPPINES,INC. PhilippinesCPWROMANIA RomaniaCPWS.A. SwitzerlandCPWSINGAPORE(PTE.)LTD. SingaporeCPWTIANJINLIMITED ChinaGENERALMILLSCAPITAL,INC. UnitedStatesGENERALMILLSFINANCE,INC. UnitedStatesGENERALMILLSHOLDINGB.V. NetherlandsGENERALMILLSHOLDINGK(NETHERLANDS)B.V. NetherlandsGENERALMILLSMAARSSENHOLDING,INC. UnitedStatesGENERALMILLSMARKETING,INC. UnitedStatesGENERALMILLSOPERATIONS,LLC UnitedStatesGMCEREALSHOLDINGS,INC. UnitedStatesGMCEREALSMANAGER,INC. UnitedStatesHAAGEN-DAZSJAPAN,INC. JapanHAAGEN-DAZSKOREACO.,LTD. Korea,RepublicofHAAGEN-DAZSNEDERLANDB.V. NetherlandsTHEPILLSBURYCOMPANY,LLC UnitedStates

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Exhibit23.1

Consent of Independent Registered Public Accounting Firm

TheBoardofDirectorsandStockholdersGeneralMills,Inc.:Weconsenttotheincorporationbyreferenceintheregistrationstatements(Nos.333-219948and33-223919)onFormS-3andtheregistrationstatements(Nos.2-50327, 2-53523, 2-95574, 33-27628, 33-32059, 333-32509, 333-90012, 333-139997, 333-148820, 333-163849, 333-179622, 333-215259, and 333-222589) onFormS-8ofGeneralMills,Inc.ofourreportdatedJuly2,2020,withrespecttotheconsolidatedbalancesheetsofGeneralMills,Inc.andsubsidiariesasofMay31,2020andMay26,2019,therelatedconsolidatedstatementsofearnings,comprehensiveincome,totalequityandredeemableinterest,andcashflowsforeachoftheyearsinthethree-yearperiodendedMay31,2020,andtherelatednotesandfinancialstatementscheduleII,andtheeffectivenessofinternalcontroloverfinancialreportingasofMay31,2020,whichreportappearsintheMay31,2020annualreportonForm10-KofGeneralMills,Inc.OurreportdatedJuly2,2020referstoachangetothemethodofaccountingforleases.

/s/KPMGLLPMinneapolis,MinnesotaJuly2,2020

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF2002 I,JeffreyL.Harmening,certifythat:1.IhavereviewedthisannualreportonForm10-KofGeneralMills,Inc.;

2.Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomakethestatements

made,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;3.Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespectsthefinancial

condition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;4.Theregistrant’sothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedinExchangeAct

Rules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15d-15(f))fortheregistrantandhave:(a) designedsuchdisclosurecontrols andprocedures, or causedsuchdisclosurecontrols andprocedurestobedesignedunderoursupervision, to ensurethat

materialinformationrelatingtotheregistrant,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to

providereasonableassuranceregardingthereliabilityoffinancial reportingandthepreparationoffinancial statementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;(c)evaluatedtheeffectivenessoftheregistrant’sdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsabouttheeffectivenessofthe

disclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and(d)disclosedinthisreportanychangeintheregistrant’sinternalcontroloverfinancialreportingthatoccurredduringtheregistrant’smostrecentfiscalquarter

(theregistrant’sfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,theregistrant’sinternalcontroloverfinancialreporting;and5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the

registrant’sauditorsandtheauditcommitteeoftheregistrant’sboardofdirectors(orpersonsperformingtheequivalentfunctions):(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to

adverselyaffecttheregistrant’sabilitytorecord,process,summarizeandreportfinancialinformation;and(b)anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrant’sinternalcontroloverfinancial

reporting.Date:July2,2020/s/JeffreyL.HarmeningJeffreyL.HarmeningChiefExecutiveOfficer

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Exhibit 31.2CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF2002 I,KofiA.Bruce,certifythat:1.IhavereviewedthisannualreportonForm10-KofGeneralMills,Inc.;

2.Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomakethestatements

made,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;3.Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespectsthefinancial

condition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;4.Theregistrant’sothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedinExchangeAct

Rules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15d-15(f))fortheregistrantandhave:(a) designedsuchdisclosurecontrols andprocedures, or causedsuchdisclosurecontrols andprocedurestobedesignedunderoursupervision, to ensurethat

materialinformationrelatingtotheregistrant,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to

providereasonableassuranceregardingthereliabilityoffinancial reportingandthepreparationoffinancial statementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;(c)evaluatedtheeffectivenessoftheregistrant’sdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsabouttheeffectivenessofthe

disclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and(d)disclosedinthisreportanychangeintheregistrant’sinternalcontroloverfinancialreportingthatoccurredduringtheregistrant’smostrecentfiscalquarter

(theregistrant’sfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,theregistrant’sinternalcontroloverfinancialreporting;and5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the

registrant’sauditorsandtheauditcommitteeoftheregistrant’sboardofdirectors(orpersonsperformingtheequivalentfunctions):(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to

adverselyaffecttheregistrant’sabilitytorecord,process,summarizeandreportfinancialinformation;and(b)anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrant’sinternalcontroloverfinancial

reporting.Date:July2,2020/s/KofiA.BruceKofiA.BruceChiefFinancialOfficer

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Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF2002 I,JeffreyL.Harmening,ChiefExecutiveOfficerofGeneralMills,Inc.(the“Company”),certify,pursuanttoSection906oftheSarbanes-OxleyActof2002,18U.S.C.Section1350,that:(1) the Annual Report on Form 10-K of the Company for the fiscal year ended May 31, 2020 (the “Report”), fully complies with the requirements of

Section13(a)or15(d)oftheSecuritiesExchangeActof1934(15U.S.C.78mor78o(d));and(2)theinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsoftheCompany.

Date:July2,2020/s/JeffreyL.HarmeningJeffreyL.HarmeningChiefExecutiveOfficer

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Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF2002 I,KofiA.Bruce,ChiefFinancialOfficerofGeneralMills,Inc.(the“Company”),certify,pursuanttoSection906oftheSarbanes-OxleyActof2002,18U.S.C.Section1350,that:(1) the Annual Report on Form 10-K of the Company for the fiscal year ended May 31, 2020 (the “Report”), fully complies with the requirements of

Section13(a)or15(d)oftheSecuritiesExchangeActof1934(15U.S.C.78mor78o(d));and(2)theinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsoftheCompany.

Date:July2,2020/s/KofiA.BruceKofiA.BruceChiefFinancialOfficer