General Mills (GIS) Risk Factor Changes

channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets.

long-range planning process.

other postretirement benefit, and postemployment benefit costs.

markets could affect our access to, and the availability, terms and conditions, and cost of capital.

and our ability to obtain additional or alternative financing may also be adversely affected.

the ratings assigned to our debt securities by rating organizations were revised downward; and

to take actions to achieve more aggressive goals, we may experience significant increases in our costs of operations.

has a negative effect on agricultural productivity, we may experience decreased availability and higher pricing for certain commodities

Climate change and other sustainability matters could adversely affect our business.

results of operations to be adversely affected.

New regulations or regulatory-based claims could adversely affect our business.

our products, which could have an adverse effect on our business results and the value of our brands.

We may need to recall some of our products if they become adulterated, misbranded, or mislabeled.

entering a geographic area or line of business in which we have no or limited prior experience, failure to achieve anticipated synergies,

Our failure to successfully integrate acquisitions into our existing operations could adversely affect our financial results.

Our business operations could be disrupted if our information technology systems fail to perform adequately or are breached.

reported results of operations and financial results due to currency translation losses and currency transaction losses.

•restriction on the transfer of funds to and from foreign countries, including potentially negative tax consequences.

United States corporations or to purchase products manufactured outside the country of sale;

the United States on other countries and any retaliatory actions taken by such countries);

number of risks relating to doing business internationally, any of which could significantly harm our business.

Our international operations are subject to political and economic risks.

our supply chain.

additional resources to restore our supply chain.

the anticipated benefits, which could adversely affect our business and results of operations.

Our results may be negatively impacted if consumers do not maintain their favorable perception of our brands.

existing categories, our growth and profitability could be adversely affected.

our products or cause production and delivery disruptions.

Concerns with the safety and quality of our products could cause consumers to avoid certain products or ingredients.

We may be unable to maintain our profit margins in the face of a consolidating retail environment.

distribution channels), the level of required maintenance expenditures,

the future performance of our businesses could result in significant impairment

is not impaired, different assumptions regarding

terms and conditions, and cost of capital.

may experience volatile earnings as a result of these accounting treatments.

record our grain inventories at net realizable value.

has a negative effect on agricultural productivity,

and severity of extreme weather and natural disasters.

global temperatures, weather patterns, and the frequency

to lawsuits, administrative penalties, and civil remedies.

environmental laws and regulations could subject us

misbranded, or mislabeled.

no or limited prior experience, failure to achieve anticipated

Our failure to successfully integrate acquisitions into our

causes.

systems fail to perform adequately or are breached.

number of risks relating to doing business internationally,

adversely affect our business and results of operations.

may also be impacted by changes in the level

to consumers.

their favorable perception of our brands.

our market share or add products that are

that we do use may not always work as we intend.

For further information on goodwill and intangible assets, please refer to Note 6 to the Consolidated Financial Statements in Item 8 of

Buffalo and Progresso brands had risk of decreasing coverage and we continue to monitor these businesses.

macroeconomic conditions were to change, then our indefinite-lived intangible assets could become significantly impaired.

the brands, and a discount rate.

using inputs including projected revenues from our long-range plan, assumed royalty rates which could be payable if we did not own

indicate that impairment may have occurred.

Our indefinite-lived intangible assets are also tested for impairment annually and whenever events or changes in circumstances

advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution

effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological

finite or indefinite-lived.

Pillsbury, Totino’s, Old El Paso, Tiki Pets, Progresso, Annie’s, Edgard & Cooper, and Häagen-Dazs brands, to determine if they are

We evaluate the useful lives of our intangible assets, primarily intangible assets associated with the Blue Buffalo,

remaining goodwill is not impaired, different assumptions regarding the future performance of our businesses could result in

conditions were to change, then our reporting units could become significantly impaired.

factors.

value are determined based on a discounted cash flow model.

reporting unit is less than the carrying value of the reporting unit, including goodwill, impairment has occurred.

compare the carrying value of the reporting unit, including goodwill, to the fair value of the reporting unit.

is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred.

As of May 31, 2026, we had $20.6 billion of goodwill and indefinite-lived intangible assets.

reporting units or our indefinite-lived intangible assets could negatively affect our consolidated results of operations and net

A change in the assumptions regarding the future performance of our businesses or a different discount rate used to value our

plans.

funded status of our defined benefit plans and cause volatility in the net periodic benefit cost and future funding requirements of the

rates, mortality rates, health care costs, early retirement rates, investment returns, and the market value of plan assets can affect the

plans are funded with trust assets invested in a globally diversified portfolio of securities and other investments.

defined benefit pension, retiree health and welfare, severance, and other postemployment plans.

We sponsor a number of defined benefit plans for employees in the United States, Canada, and various foreign locations, including

Volatility in the securities markets, interest rates, and other factors could substantially increase our defined benefit pension,

credit ratings, interest rates, the stability of financial institutions with which we partner, and the liquidity of the overall global capital

We depend on stable, liquid and well-functioning capital and credit markets to fund our operations.

performance, which in turn is subject to prevailing economic conditions and to financial, business, and other factors beyond our

Our ability to make scheduled payments on or to refinance our debt and other obligations will depend on our operating and financial

requirements, the related indebtedness, and other unrelated indebtedness, could become due and payable prior to its stated maturity

There are various financial covenants and other restrictions in our debt instruments.

•flexibility to adjust to changing business and market conditions and may make us more vulnerable to a downturn in general

•ability to obtain additional financing for working capital, capital expenditures, or general corporate purposes, particularly if

indebtedness do not prevent us from incurring additional unsecured indebtedness in the future.

As of May 31, 2026, we had total debt and noncontrolling interests of $13.6 billion.

We have a substantial amount of indebtedness, which could limit financing and other options and in some cases adversely

purchase products from our North America Foodservice segment.

sufficiently to protect margins.

lower margin offerings.

altogether.

uncertainty, consumers may purchase more generic, private label, and other economy brands and may forego certain purchases

The willingness of consumers to purchase our products depends in part on local economic conditions.

profit.