General Mills (GIS) 10-K risk factor changes: FY2025 vs FY2024

[removed: Our][added: in our]

[added: ,] and

[removed: Any][added: all or any]

the [added: risk]

[added: of] our

[added: products,] which

[added: we] are [added: unable]

and [added: we]

[added: losses] are

[added: do] not

[added: in] our

[removed: food][added: food,]

[added: of] our

[added: do] not

[removed: products,][added: products or]

[added: our] brands

[added: about] our

maintain [added: the]

[removed: products,][added: products or]

[added: results could be] negatively impacted.

[removed: 30] [added: 31] percent

significant [added: judgments]

customers, please see Note 8 to the Consolidated Financial Statements in Item 8 of this [removed: report.]

[removed: Price][added: Commodity price]

[added: in] raw

[added: material,] packaging,

[added: in] commodity

[removed: sanctions imposed] on Russia for its [removed: invasion of Ukraine),]

and changes in [removed: governmental]

[added: policies] and regulations.

have become, [added: and]

[removed: to be,] more [added: volatile.]

result [added: in]

unexpected [added: increases]

transportation [added: costs.]

[added: productivity] to offset

these increased [added: costs or]

prices, [removed: we][added: and]

[removed: hedge] against changes

[removed: procedures] that [removed: we]

In fiscal 2025,

report.

tariffs

(including

recent

tariffs

imposed

threatened

imposed

States

China,

Canada,

Mexico,

countries and any retaliatory

actions taken by such

countries), pandemics, war

(including sanctions imposed

invasion

of Ukraine),

governmental agricultural

to be,

are unable to increase

increase our prices, we

fully hedge

management procedures

habits

(including

weight

drugs),

be affected

to anticipate, identify or react to

adapting to emerging

e-commerce channels,

or to

introduce new

and improved

a timely

basis, we

may experience

would in

to

in

we

if

we

to

we

are

as

All

we

at

identify

If

do

unable

unable

In fiscal 2024,

tariffs, pandemics, war (including international

agricultural and

energy policies

and may continue

volatile.

increases

material,

costs.

increase productivity

costs or

do not fully

in commodity prices,

and the risk management

we intend.

publicity

time and

to anticipate,

e-commerce channels, or to introduce new and improved products on

timely basis, we may

would in turn cause

our revenues and profitability

for our products could be affected by consumer concerns regarding

[added: pet] food

[added: food] products

[added: consumers] that

[added: stage] needs

the [added: evolving]

strong [added: cash]

[added: as we exited] the

[added: ASU] requires

[added: to a] net [added: decrease]

sales [added: in]

cash [added: in]

mid- to high-single-digit annual growth in adjusted diluted earnings per share [removed: (EPS);]

free cash flow conversion of at least 95 percent of adjusted net earnings [removed: after]

[added: after] tax; and

[added: into] the

[removed: The][added: impact of the]

[added: commercial] strategy

[removed: for][added: for,]

[added: to] global

the [added: Whitebridge]

[added: below] for

[removed: growth][added: growth;]

fiscal [added: 2025]

[added: in] 2024,

[added: and] more

[added: prolonged] than

[added: we] expected.

result, [added: we]

[removed: efficiency to generate adjusted] [added: Adjusted] operating [added: profit]

[removed: were in line] with our [added: first]

[removed: original] targeted

ranges, [removed: even]

[removed: performance against][added: performance,]

the [added: base of]

[removed: three priorities we established] at the beginning of the year:

[removed: On] [added: by] our

[added: did] not achieve [added: our objective]

[removed: or growing][added: fast-growing]

[removed: market share][added: \-to-market]

[removed: in] [added: For] more

$19.5

billion.

profit of $3.3 billion decreased

4 percent.

of $3.4 billion decreased 7

$4.10.

EPS of $4.21

totaled $2,918

of 126

investments

totaling $625

$2,293

of 97

dividends

$1,339

$1,203

defined by GAAP).

characterized

uncertainty,

were deeper

made important

changes to

a path

growth.

to bring

consumers greater

which strengthened our

pound volume performance

While the level of

incremental investment

2025

pound

household

translate into stronger top- and bottom-line performance over the long

delivered mixed performance against the three priorities we established

growth, with full-year organic

by unfavorable

investments in

value (see the ‘Non-GAAP Measures” section below for our use of

this measure not defined by GAAP).

We

We

We

to

products

to

In

we

of

We

is

to

us

to

generate

of

on

to

competitive

markets,

to

In

experienced

backdrop

initially

As

pivoted our plans and enhanced our

profit and adjusted diluted EPS that

in a

slower-than-anticipated

topline growth

environment.

delivered mixed

priority of

competing effectively,

we did

our objective

of holding

of

global

market [added: value]

and [added: the]

[added: in] the

[removed: The][added: in the]

[added: in] the

[removed: The][added: the consumer]

[added: carrying] value [removed: of]

and equity market-risk-sensitive instruments outstanding as of May [removed: 26,][added: 25,]

[removed: Exchange Rate Volatility][added: Increase in rate volatility]

SEC and in our reports to [removed: shareholders.][added: stockholders.]

[removed: wish to] caution you not to place undue reliance on any such forward-looking statements.

[added: be] affected [added: by a]

[added: partners;] disruptions

[added: or] inefficiencies

supply [added: chain;]

[removed: industry and the] markets for

[removed: our products, including] [added: of] new [removed: product][added: products]

[removed: pricing actions,] [added: actions] and [removed: promotional]

[removed: economic] conditions, including

[added: Decrease in] interest [removed: rates,][added: rates]

[added: product] development

[added: and] innovation;

consumer [added: acceptance]

[removed: products][added: products,]

[added: consumer] reaction

[removed: actions][added: actions,]

promotion [added: levels;]

acquisitions [added: or]

dispositions [added: of]

businesses [added: or]

assets; changes [removed: in capital structure;]

[removed: changes in] the legal and [removed: regulatory]

[removed: environment, including] tax legislation, labeling

and advertising [added: regulations,]

[removed: regulations,] and litigation; impairments [removed: in the carrying]

[removed: value of goodwill,] other intangible [removed: assets, or other long][added: assets;]

\-lived assets, or [removed: changes]

useful [added: lives of]

[added: of goodwill,] other

intangible [added: assets,]

2025.

May 25, 2025

Fiscal 2025

Immaterial

Immaterial

Our future results could

variety of factors, such

as: imposed and threatened

tariffs by the United

States and its trading

dynamics in

foods industry

introductions,

activities,

activities

our

competitors;

conditions,

inflation

interest

rates,

rates,

tariffs,

to pricing

in capital

regulatory environment, including

or other long

changes in the

of critical

safety issues,

including

recalls

demand

for

our

advertising,

promotional

in purchasing and inventory

levels of significant customers;

including

to

in

in

could

of

be

by

or

of

2024.

Fiscal 2024

May 28, 2023

53.5

56.0

65.3

Lower Market Volatility

29.8

30.1

36.7

4.5

5.1

7.6

Lower Market Volatility

1.8

2.1

2.8

Lower Market Volatility

Such

future

results

variety

of

factors,

as:

or

chain;

dynamics in the consumer foods

introductions, advertising activities,

activities of our competitors;

changes in inflation rates,

Mills has been [removed: making]

[added: making] food the [removed: world]

[added: world] loves.

[added: standards] and

approximately [added: 16,000]

[removed: of] our

[removed: business under][added: Business]

[removed: segments:] North

America [removed: Retail;][added: Retail]

[removed: International; Pet;][added: International,]

and [added: business.]

[added: respecting] and

[added: ideas,] and

[added: Operations] (MD&A) in Item 7 of this report for a description of our segments.

[added: offer] a variety of human and pet food [removed: products that provide great]

[removed: taste, nutrition, convenience, and] value for consumers around [added: the]

[added: products, to] the

Our business is focused on the following large, global [removed: categories:]

S.A. (Nestlé) competes in [added: the]

[removed: the] ready-to-eat cereal category [added: in markets]

[added: Meals,] and

and [added: North]

[removed: sales][added: Sales Representative]

[added: 1999] and

fiscal [removed: 2024,] [added: 2025,] Walmart

net sales and [removed: 30] [added: 31] percent of net sales

[removed: of] our

[removed: The][added: the right]

the [added: Meals]

[removed: The][added: at the law]

Our [removed: objective]

[added: our] production

[added: at] price [added: levels]

profit [added: margin.]

often manage the [removed: risk associated with adverse]

[removed: price movements] for some inputs

using a [added: variety]

[added: a] variety [removed: of]

risk [removed: management]

also [removed: have]

manage and review the financial results of our

business under four operating segments: North America Retail; International;

Pet;

products that provide great taste, nutrition, convenience, and

categories:

to ensure

continuity of

operations.

objective is

to procure

materials meeting

both our quality

that allow a targeted

these inputs generally

represent the largest

variable cost in manufacturing

extent possible, we

risk associated with

adverse price movements

us

informed

that are carried at net

Valley

Tiki

Pets

as they are in use

or their registrations are properly

maintained and they have

not been found to have

fresh dairy in the United States), and shorter term promotional products (e.g., fruit

snacks sold under various third party equities).

and are patent protected.

to time, a valuable asset,

materially dependent upon

of related

patents.

25,

2025,

25,

2025,

We

have

percent

in

that

in

manage and

review the

financial results

four operating

Foodservice.

Operations

We offer

in markets

in

are

generally

these

use

are

innovation,

quality,

that

are

inputs

are

in the

in order to ensure continuity of operations.

is to procure materials meeting both our quality standards and our

levels

allow

targeted

margin.

represent

largest

variable

cost

manufacturing our products, to the extent possible, we

knowledge of,

wheat and

All [added: such]

[removed: such] matters are subject to

25,

2025,

26,

2024,

[removed: MAY 26,] [added: 24,] 2024

whether the registrant has [removed: filed]

[added: and] attestation to its management’s

Statement for its [removed: 2024] [added: 2025] Annual Meeting of Shareholders are incorporated by reference

[Risk [removed: Factors](#a1384)][added: Factors](#a3559)]

MAY 25, 2025

3.600% Notes due 2032

GIS32

New York Stock Exchange

filed a report on

of $65.00

35,891

Number of shares of Common Stock outstanding as of June 9, 2025:

542,427,490

212,185,838

shares held in the treasury).

[Business](#a742)

the

of

of

a report on and

of $65.18

as

26, 2023

37,084

Number

of

shares

Common

Stock

outstanding

June

10,

2024:

558,145,667

196,467,661

shares

held

in

treasury).

[Business](#a538)

[Unresolved Staff [removed: Comments](#a2157)][added: Comments](#a4373)]

[Legal [removed: Proceedings](#a2520)][added: Proceedings](#a5073)]

[Cybersecurity](#a4383)

[Properties](#a4524)

[Cybersecurity](#a2167)

[Properties](#a2302)

[Mine Safety [removed: Disclosures](#a2542)][added: Disclosures](#a5094)]

[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases [removed: of](#a2549)][added: of](#a5101)]

[Equity [removed: Securities](#a2549)][added: Securities](#a5101)]

[Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#a2698)][added: Operations](#a5254)]

[Quantitative and Qualitative Disclosures About Market [removed: Risk](#a8819)][added: Risk](#a15856)]

[Financial Statements and Supplementary [removed: Data](#a9058)][added: Data](#a16625)]

[Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#a26278)][added: Disclosure](#a35336)]

[Controls and [removed: Procedures](#a26290)][added: Procedures](#a35345)]

[Other [removed: Information](#a26400)][added: Information](#a35458)]

[Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspection](#a26400)][added: Inspection](#a35458)]

[Directors, Executive Officers and Corporate [removed: Governance](#a26429)][added: Governance](#a35487)]

[Executive [removed: Compensation](#a26479)][added: Compensation](#a35537)]

[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#a26491)][added: Matters](#a35549)]

[Certain Relationships and Related Transactions, and Director [removed: Independence](#a26631)][added: Independence](#a35703)]

[Principal Accountant Fees and [removed: Services](#a26645)][added: Services](#a35717)]

[Exhibits and Financial Statement [removed: Schedules](#a26668)][added: Schedules](#a35737)]

[Form 10-K [removed: Summary](#a27333)][added: Summary](#a38777)]

[Signatures](#a38785)

[Signatures](#a27341)

part [added: of]

[removed: Our internal][added: our]

also [removed: leverage]

[removed: is] led [added: by]

[removed: by] our

and [removed: Technology]

[added: Our] Vice

Cyber [removed: Security.]

President [removed: of]

[added: of] Cyber [removed: Security,]

who [removed: reports]

[removed: to] our CDTO,

has a [removed: master’s]

degree [removed: in]

information [removed: assurance,]

[removed: 20] years

[removed: of] experience

working [removed: in]

this [removed: field,]

including [removed: more]

than [removed: 12]

years [removed: with]

[removed: strategic] and

[added: He has strategic and] operational responsibility

for all [added: aspects of the Company’s]

cybersecurity program, [added: from how cyber]

[removed: contains, and recovers] from cybersecurity threats.

oversight [added: and]

[removed: Our] Security

[removed: &] Resilience [added: Governance]

internal

leverage

Technology

Enterprise

Architecture.

Security &

Enterprise Architecture,

reports to

master’s

in

assurance,

more

in

field,

more

than

with

risks are identified, to how General Mills detects, responds, contains, and recovers

Security &

is

and more than

He has

aspects of

the company’s

from how

cyber risks

are identified,

to how

General Mills

detects, responds,

and governance

As of May [removed: 26,][added: 25,]

[removed: 26] [added: 28] are located

which [removed: is]

[removed: which primarily] support the segment noted:

[removed: of] warehouse

space, [removed: nearly]

North America [added: Pet]

Retail [removed: and]

[removed: Pet] segments.

own [removed: and]

lease [removed: a]

number [removed: of]

dedicated [removed: sales]

and [removed: administrative]

offices [removed: around]

[removed: totaling approximately 2 million] square feet.

[removed: our] plant locations.

franchise [removed: 389]

[added: ice] cream

2025, we operated

in the United States, 3 in Latin America and Mexico, 5 in Europe/Australia,

4 in the Greater China region, 1 leased in Canada, and 1 in

of

nearly

primarily

North

America

North

America

of

sales

and

administrative

around

totaling

approximately

2 million

have

additional

warehouse,

distribution,

and

office

space

in our

332 (all

387 branded

2024, we operated

in the United

States, 4 in Latin

America and Mexico,

5 in Europe/Australia,

4 in the Greater

China region, 2

in Canada (1 of

leased),

in

- St. Hyacinthe, Canada

- Paranavai, Brazil

have additional warehouse, distribution, and office space in

385 (all

branded ice

symbol “GIS.” [removed: On]

[added: On] June [removed: 10, 2024,][added: 9,]

[added: were] approximately

[removed: 22,800] [added: 21,600] record holders of our common stock.

ended May [removed: 26, 2024:][added: 25, 2025:]

be Purchased [added: Under]

[removed: Under] the Plans or Program [added: (b)]

2025, there

February 24, 2025 -

March 30, 2025

800,197

59.42

800,197

41,334,964

March 31, 2025 -

April 27, 2025

3,266,822

58.49

3,266,822

38,068,142

April 28, 2025 -

May 25, 2025

1,149,979

56.79

1,149,979

36,918,163

5,216,998

58.26

5,216,998

36,918,163

there were

(b)

February 26, 2024 -

March 31, 2024

\-

\-

\-

61,383,817

April 1, 2024 -

April 28, 2024

2,405,113

70.46

2,405,113

58,978,704

April 29, 2024 -

May 26, 2024

3,319,707

70.83

3,319,707

55,658,997

5,724,820

70.67

5,724,820

55,658,997

[added: million,] and [added: $-]

consolidated [added: Whitebridge]

[removed: statements][added: Consolidated Statements]

[added: new] accounting

[added: actions] that

[added: and] are

accepted [added: accounting]

and [added: divestitures:]

are [added: expected to]

[removed: Our][added: our $]

[added: annually] and

[added: items] are

[added: disclosures] regarding

our [added: $]

reporting [added: as]

[removed: in] the [added: Company as]

independent registered public accounting firm for fiscal [removed: 2025.][added: 2026.]

[added: On] June [removed: 26, 2024][added: 1,]

[removed: consolidated][added: Consolidated Balance]

[added: As of] May 26, 2024, [removed: and May 28, 2023,]

[added: 2024,] the related consolidated [removed: statements of]

[removed: earnings, comprehensive] income, total [removed: equity][added: equity,]

[added: in] interest,

[added: discounted] cash

[added: the] three-year

[added: Balance as of] May 26, [removed: 2024,][added: 2024]

statement [removed: schedule]

[removed: II] (collectively,

internal [removed: control]

over [added: Financial]

financial [removed: reporting as]

[removed: of] May [removed: 26, 2024,] [added: 25, 2025,] based

[removed: on] criteria [removed: established]

[removed: – Integrated] Framework

issued [removed: by the]

[removed: Committee of] Sponsoring Organizations of the Treadway

[added: 2025, in conjunction with] the [removed: Company][added: Company’s]

[added: 2025, and] May 26, 2024, [removed: and][added: respectively.]

May [removed: 28,][added: 25,]

[added: and] the results [added: of]

June 25, 2025

May 25, 2025, and May 26,

statements of earnings, comprehensive

and cash flows

schedule

II

of May 25, 2025, and

each of the fiscal

period ended May 25,

with U.S. generally

Committee

25,

$15,622.4

$6,816.7

sensitivity analyses

revenue growth

ranges

independently

available

June 25, 2025

19,486.6

12,753.6

3,445.8

(95.9)

78.3

3,304.8

(54.4)

524.2

2,835.0

573.7

57.6

2,318.9

2,295.2

4.12

4.10

2.40

2,318.9

(114.9)

17.2

33.9

of

of

been

in

generally

in

in

in

of

use

of

subsidiaries

as

and redeemable

flows

in

period

ended

Company’s

in

as of

2023, and

of its

period

in

generally

in

in

its

as a

26,

$14,750.7

$6,728.6

including

analyses over

the revenue

recent

of the Company’s

against rate ranges

that were independently

as of May [removed: 26,][added: 25,]

[removed: 2024,] [added: 2025,] our disclosure

[removed: 26, 2024,] [added: 25, 2025,] that have materially

of May 25, 2025.

as of May 25, 2025.

June 25, 2025

of May 26, 2024.

as of May 26, 2024.

June 26, 2024

May [removed: 26,][added: 25,]

10b5-1 [removed: trading]

2025, no

trading

2024, no

for our [removed: 2024][added: 2025]

for our [removed: 2024][added: 2025]

[removed: 2024] [added: 2025] Annual Meeting of Shareholders is incorporated herein by reference.

Management” in our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual

[added: out] for

The following table provides certain information as of May [removed: 26, 2024,][added: 25, 2025,]

whose weighted-average term is [removed: 5.05] [added: 4.7] years.

stock units, [removed: 1,323,984]

[removed: performance] share units

(assuming pay [removed: out]

target performance), and [removed: 2,109,395] [added: 2,000,477] restricted stock units that

[removed: restricted] stock units [added: that have]

[added: vested and] been deferred.

[added: These] awards were made [removed: in]

[added: in] lieu of salary [removed: increases]

Compensation Plan, which has [removed: 32,590,666][added: 29,469,159]

grant at May [removed: 26, 2024.][added: 25, 2025.]

2025

18,583,239

59.84

29,469,159

82,622

18,665,861

59.84

29,469,159

Includes 12,433,587

stock options,

3,369,206 restricted

779,969 performance

Includes 82,622 restricted

increases

2024

18,812,894

59.19

32,590,666

92,110

18,905,004

59.19

32,590,666

Includes 12,044,367 stock

options, 3,335,148 restricted

Includes 92,110

that have vested and

These

Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Shareholders is incorporated

Statement for our [removed: 2024] [added: 2025] Annual Meeting of Shareholders is incorporated herein

Consolidated Statements of Earnings for the fiscal years ended May [removed: 26, 2024,] [added: 25, 2025,] May [removed: 28,][added: 26,]

[removed: Consolidated Balance Sheets as of May 26, 2024] [added: 2024,] and May 28, 2023.

Consolidated Statements of Cash Flows for the fiscal years ended May [removed: 26, 2024,][added: 25, 2025,]

Statements [removed: of]

[removed: Equity][added: Equity;]

[removed: Interest] for

the [removed: fiscal]

[removed: years] ended

[added: May 26,] 2024, [added: and] May [added: 28, 2023.]

For the fiscal years ended May [added: 25, 2025, May] 26, 2024, [removed: May 28, 2023,] and May [removed: 29, 2022:][added: 28, 2023:]

[removed: [4.3](https://www.sec.gov/Archives/edgar/data/40704/000119312524168943/d764890dex43.htm)][added: [4.3](https://www.sec.gov/Archives/edgar/data/40704/000119312525147079/d938443dex43.htm)]

Description of the Company’s [removed: registered]

[added: registered] securities.

[removed: by] reference

Company’s Quarterly [removed: Report on]

[added: Report on] Form 10-Q for the fiscal quarter ended February 28, 2021).

Company’s Quarterly [removed: Report on]

[added: Report on] Form 10-Q for the fiscal quarter ended February 28, 2021).

[removed: [10.13](http://www.sec.gov/Archives/edgar/data/40704/000089710105001694/gis052984s2_ex10-6.htm)][added: [10.13](http://www.sec.gov/Archives/edgar/data/40704/000119312511347162/d270596dex103.htm)]

[removed: [*](http://www.sec.gov/Archives/edgar/data/40704/000089710105001694/gis052984s2_ex10-6.htm)][added: [10.24](http://www.sec.gov/Archives/edgar/data/40704/000089710101500527/gm012987-ex10_16.txt)]

on Form 10-K for the fiscal year ended May [removed: 29, 2005).][added: 26, 2024).]

[removed: [10.14](http://www.sec.gov/Archives/edgar/data/40704/000119312511347162/d270596dex103.htm)][added: [10.14](http://www.sec.gov/Archives/edgar/data/40704/000119312511347162/d270596dex104.htm)]

[removed: [10.15](http://www.sec.gov/Archives/edgar/data/40704/000119312511347162/d270596dex104.htm)][added: [10.15](http://www.sec.gov/Archives/edgar/data/40704/000119312523238563/d509747dex101.htm)]

Company’s Quarterly [removed: Report on]

[added: Report on] Form 10-Q for the fiscal quarter ended November 27, 2011).

[removed: [10.16](http://www.sec.gov/Archives/edgar/data/40704/000119312523238563/d509747dex101.htm)][added: [10.16](http://www.sec.gov/Archives/edgar/data/40704/000119312523238563/d509747dex102.htm)]

[removed: [10.17](http://www.sec.gov/Archives/edgar/data/40704/000119312523238563/d509747dex102.htm)][added: [10.17](http://www.sec.gov/Archives/edgar/data/40704/000119312523238563/d509747dex103.htm)]

[removed: [10.18](http://www.sec.gov/Archives/edgar/data/40704/000119312523238563/d509747dex103.htm)][added: [10.18](http://www.sec.gov/Archives/edgar/data/40704/000119312517374688/d466309dex101.htm)]

(incorporated [removed: herein]

[removed: to] Exhibit

[removed: [10.19](http://www.sec.gov/Archives/edgar/data/40704/000119312517374688/d466309dex101.htm)][added: [10.19](http://www.sec.gov/Archives/edgar/data/40704/000119312517374688/d466309dex102.htm)]

[removed: [10.20](http://www.sec.gov/Archives/edgar/data/40704/000119312517374688/d466309dex102.htm)][added: [10.20](http://www.sec.gov/Archives/edgar/data/40704/000119312521092576/d133391dex102.htm)]

Company’s Quarterly [removed: Report on]

[added: Report on] Form 10-Q for the fiscal quarter ended November 26, 2017).

[removed: [10.21](http://www.sec.gov/Archives/edgar/data/40704/000119312521092576/d133391dex102.htm)][added: [10.21](http://www.sec.gov/Archives/edgar/data/40704/000119312521092576/d133391dex106.htm)]

[removed: [10.22](http://www.sec.gov/Archives/edgar/data/40704/000119312521092576/d133391dex106.htm)][added: [10.22](http://www.sec.gov/Archives/edgar/data/40704/000119312522255620/d514129dex101.htm)]

Company’s Quarterly [removed: Report on]

[added: Report on] Form 10-Q for the fiscal quarter ended

[removed: [10.23](http://www.sec.gov/Archives/edgar/data/40704/000119312522255620/d514129dex101.htm)][added: [+](http://www.sec.gov/Archives/edgar/data/40704/000095012309021887/c50391exv10w26.htm)]

[removed: [10.24](http://www.sec.gov/Archives/edgar/data/40704/000089710100000853/0000897101-00-000853-0008.txt)][added: [10.23](http://www.sec.gov/Archives/edgar/data/40704/000089710100000853/0000897101-00-000853-0008.txt)]

25,

2025,

2023.

Consolidated Balance Sheets as of May 25, 2025 and May 26, 2024.

Equity for the fiscal years ended May 25, 2025, May 26, 2024, and May 28, 2023.

[10.29](http://www.sec.gov/Archives/edgar/data/0000040704/000119312524237500/d862332dex10.htm)

Credit

Agreement,

dated

as

October

9,

several

party to

Agent

Company’s

Current Report on Form 8-K filed October 15, 2024).

[10.30](http://www.sec.gov/Archives/edgar/data/40704/000119312524221344/d874379dex101.htm)

Form

Performance

Share

Unit

Award

Agreement

herein

by

10.1

to

Company’s

Quarterly

Report

on

Form

10-Q

fiscal

quarter

August 25, 2024).

[10.31](http://www.sec.gov/Archives/edgar/data/40704/000119312524221344/d874379dex102.htm)

[*](http://www.sec.gov/Archives/edgar/data/40704/000119312524221344/d874379dex102.htm)

Form

2023, and May 29, 2022.

Income

26,

2023,

and

29,

2022.

May 28, 2023, and May 29, 2022.

Total

and Redeemable

May 26,

28, 2023,

and May 29, 2022.

Plan

10.6

Executive

Survivor

[10.30](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040704/000119312523177500/d523469dex1030.htm)

Credit Agreement, dated

as of April 12,

2021, as amended

April 3, 2023,

the several financial

10.30

Equity and Redeemable Interest; (v)

Flows; (vi) the Notes

Statements;

(vii)

Schedule

II

Valuation

Accounts.

[removed: ][added: ]

[removed: Additions] [added: (Benefits) additions] charged [removed: (benefits)] to expense

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

June 25, 2025

2025

36.6

(28.5)

33.2

25.0

(1.9)

0.1

253.7

255.5

70.1

0.1

(7.8)

77.1

14.8

4.5

545.6

541.1

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

/s/ R.

Kerry Clark

R.

Kerry Clark

Director

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

June 26, 2024

2022

28.3

36.0

23.0

(26.4)

(4.3)

185.1

229.2

(41.6)

(2.5)

36.8

148.8

3.4

Reserve adjustment

\-

\-

(34.0)

(81.4)

463.4