Our risk management practices are discussed in Item 7A of this report. As of May 31, 2020, the redemption value of the redeemable interest was $545 million. The components of Pet organic net sales growth are shown in the following table: The 18 percent increase in Pet organic net sales growth in fiscal 2020 was driven by an increase in contributions from organic volume growth, including the impact of an extra month in the period, and favorable organic net price realization and mix. Topics general mills, corporate, annual report, 10-k, financial, fiscal, business, history, pdf Collection opensource Language English. The decrease in net sales includes a decrease in contributions from volume growth and unfavorable net price realization and mix. Our lease portfolio primarily consists of operating lease arrangements for certain warehouse and distribution space, office space, retail shops, production facilities, rail cars, production and distribution equipment, automobiles, and office equipment. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. He was named Vice President, Supply Chain Operations in 2007, Senior Vice President, Supply Chain in 2008, Executive Vice President, Supply Chain in 2013, and to his present position in June 2017. We performed sensitivity analyses over the revenue growth rates, operating margins, brand royalty rates and discount rates to assess the impact of other points within a range of potential assumptions. High dependence on US market for its revenues. The Pillsbury brand and the Pillsbury Doughboy character are subject to an exclusive, royalty-free license that was granted to a third party and its successors in the dessert mix and baking mix categories in the United States and under limited circumstances in Canada and Mexico. The estimates in the table below are intended to measure the maximum potential fair value we could lose in one day from adverse changes in market interest rates, foreign exchange rates, commodity prices, and equity prices under normal market conditions. We have certain lease arrangements with variable rental payments. Volatility in the securities markets, interest rates, and other factors could substantially increase our defined benefit pension, other postretirement benefit, and postemployment benefit costs. the evaluation of the Company's discount rates and royalty rates by comparing them against rate ranges that were independently developed using publicly available market data for comparable entities. The Häagen-Dazs trademark is licensed royalty-free and exclusively to Nestlé for ice cream and other frozen dessert products in the United States and Canada. In fiscal 2020, we recorded $8 million of net losses related to certain investment valuation adjustments and the loss on sale of certain corporate investments, compared to $23 million of gains in fiscal 2019. Yes Í No '. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. If we do not maintain the favorable perception of our brands, our business results could be negatively impacted. Performance share units are settled in common stock and are generally subject to a three year performance and vesting period. We work to create holistic value throughout our supply chain, from agriculture and operations to our consumers and communities. For further information on significant customers, please refer to Note 8 to the Consolidated Financial Statements in Item 8 of this report. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived. Diluted EPS totaled $0.65 compared to $0.69 in the prior year. We manage our exposures through a combination of purchase orders, long-term contracts with suppliers, exchange-traded futures and options, and over-the-counter options and swaps. Our North America Retail operating segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers. We offer certain suppliers access to third party services that allow them to view our scheduled payments online. We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Generally, stock-based compensation is recognized straight line over the vesting period. Any amounts reflected on the Consolidated Balance Sheets as accounts payable and accrued liabilities are excluded from the table above. average organic net sales growth and cumulative free cash flow. Sodiaal holds the remaining interests in each of the entities. In fiscal 2018, we recorded a $96.9 million charge related to the impairment of our Yoki, Mountain High, and Immaculate Baking brand intangible assets in restructuring, impairment, and other exit costs. We do not expect to be required to make any contributions in fiscal 2021. The group is committed to continuing the long-standing culture of integrity at General Mills. General Mills Fast Facts. In addition, we make advances to our joint ventures in the form of loans or capital investments. Changes in these factors could cause fluctuations in our earnings and cash flows. Adjusted operating profit of $3.0 billion increased 7 percent on a constant-currency basis. Adjusted Diluted EPS and Related Constant-currency Growth Rate. Yoplait Marques SNC earns a royalty stream through a licensing agreement with Yoplait SAS for the rights to Yoplait and related trademarks. We look for people who want to bring their best—bold thinkers with big hearts who challenge one another and grow together. Our businesses are organized into five operating segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. Lower away-from-home food demand reduced growth for the Convenience Stores & Foodservice and Asia & Latin America segments. We strive to grow core working capital at or below the rate of growth in our net sales. We did not identify any indicators of impairment, including impacts of the recent COVID-19 pandemic, for any goodwill or indefinite-lived intangible assets as of May 31, 2020. In the future, the PPA may require us to make additional contributions to our domestic plans. and bakery flour. Each restructuring action normally takes one to two years to complete. The components of Convenience Stores & Foodservice organic net sales growth are shown in the following table: The 9 percent decrease in Convenience Stores & Foodservice organic net sales growth in fiscal 2020 was primarily driven by the impact of the COVID-19 pandemic. She held a variety of positions before becoming the leader of our One Global Dairy Platform from 2011 to March 2016. GM cautions readers not to place undue reliance on forward-looking statements. The Yoplait trademark and other related trademarks are owned by Yoplait Marques SNC, an entity in which we own a 50 percent interest. General Mills: A U.S.-based food company. Marketable securities are carried at fair value. Flows as an operating cash flow. At General Mills, our purpose is to serve the world by making food people love. The new accounting requirements allowed for adjustments to reclassification amounts in subsequent periods as a result of changes to the provisional amounts recorded. We have defined benefit pension plans covering many employees in the United States, Canada, Switzerland, France, and the United Kingdom. If we fail to comply with any of these requirements, the related indebtedness, and other unrelated indebtedness, could become due and payable prior to its stated maturity and our ability to obtain additional or alternative financing may also be adversely affected. In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation, and classification of leases. (Exact name of registrant as specified in its charter), (Registrant's telephone number, including area code). Fair value is measured using a discounted cash flow model or independent appraisals, as appropriate. He was named Senior Vice President, President Latin America in 2012 and Senior Vice President, Corporate Strategy in September 2016. Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. Inventories outside of the United States are generally valued at the lower of cost, using the first-in,first-out (FIFO) method, or net realizable value. The result of the reorganization was the creation of the General Mills Pension Plan I (Plan I) and the 2005 Supplemental Retirement Plan I and the Supplemental Retirement Plan I (Grandfathered) (together, the Supplemental Plans I). Internal Control - Integrated Framework (2013). These measures may not be sufficient to prevent the spread of COVID-19 among our employees. When our lease arrangements include lease and non-lease components, we account for lease and non-lease components (e.g. We believe that these measures provide useful information to investors, and include these measures in other communications to investors. Goodwill is not subject to amortization and is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. Of these facilities, 24 are located in the United States (1 of which is leased), 4 in the Greater China region, 1 in the Asia/ Middle East/Africa Region, 2 in Canada (1 of which is leased), 8 in Europe/Australia, and 8 in Latin America and Mexico. Second, we maintained our strong adjusted operating profit margins. We were in compliance with all credit facility covenants as of May 31, 2020. We estimate the value of stock option grants using a Black- Scholes valuation model. At that time we reclassify the gain or loss from unallocated corporate items to segment operating profit, allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in unallocated corporate items. A widespread product recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of product for a period of time. General Mills itself was created in June 1928 when Washburn-Crosby President James Ford Bell merged Washburn-Crosby with three other mills. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Consumer demand for our products may also be impacted by changes in the level of advertising or promotional support. As part of the accounting for the TCJA, we recorded local country withholding taxes related to certain entities from which we began repatriating undistributed earnings and will continue to record local country withholding taxes on all future earnings. Our ability to make, move, and sell products is critical to our success. He served as Treasurer until 2010 when he was named Vice President, Finance for Yoplait. However, on a limited case-by-case. Yoplait SAS pays dividends annually if it meets certain financial metrics set forth in its shareholders' agreement. The failure of third parties on which we rely, including those third parties who supply our ingredients, packaging, capital equipment and other necessary operating materials, contract manufacturers, distributors, contractors, commercial banks, and external business partners, to meet their obligations to us, or significant disruptions in their ability to do so, may negatively impact our operations. These awards accumulate dividends from the date of grant, but participants only receive payment if the awards vest. Changes in interest rates, mortality rates, health care costs, early retirement rates, investment returns, and the market value of plan assets can affect the funded status of our defined benefit plans and cause volatility in the net periodic benefit cost and future funding requirements of the plans. Pet net sales increased 18 percent in fiscal 2020 compared to fiscal 2019, driven by an increase in contributions from volume growth, including the impact of an extra month in the period, and favorable net price realization and mix. Fiscal 2016 represents the gain on the sale of our North American Green Giant product lines, the loss on the sale of our General Mills de Venezuela CA subsidiary, and the loss on the sale of our General Mills Argentina S.A. foodservice business. In addition, we build the equity of our brands over time with strong consumer-directed marketing, innovative new products, and effective merchandising. Net fair value as recorded in our Consolidated Balance Sheets. As of May 31, 2020, we operated 47 facilities for the production of a wide variety of food products. The annual financial reports for General Mills from 1929 to 2018. 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. Many commodities we use in the production and distribution of our products are exposed to market price risks. After submitting your information, you will receive an email. She was named Vice President for our International business segment from April 2016 to March 2017, and Vice President of the Global Innovation, Technology, and Quality Capabilities Group from April 2017 to July 2018. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 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. In March 2020, the Financial Accounting Standards Board (FASB) issued optional accounting guidance for a limited period of time to ease the potential burden in accounting for reference rate reform. RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS. Our adjusted operating profit margins are calculated as follows: Adjusted Operating Profit Growth on a Constant-currency Basis. There were no realized gains or losses from sales of marketable securities in fiscal 2019. We protect these marks as appropriate through registrations in the United States and other jurisdictions. Although we believe that our operating cash flows, financial assets, access to capital and credit markets, and revolving credit agreements will permit us to meet our financing needs for the foreseeable future, there can be no assurance that future volatility or disruption in the capital and credit markets will not impair our liquidity or increase our costs of borrowing. The annual financial reports for General Mills from 1929 to 2018. During fiscal 2020, customer concentration was as follows: (a) Includes Walmart Inc. and its affiliates. We have included in this report measures of financial performance that are not defined by GAAP. Ten years of annual and quarterly financial statements and annual report data for General Mills (GIS). Our principal domestic retirement plan covering salaried employees has a provision that any excess pension assets would be allocated to active participants if the plan is terminated within five years of a change in control. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Because employee stock option exercise behavior is not within our control, it is possible that significantly different reported results could occur if different assumptions or conditions were to prevail. The decrease in other postretirement obligations was primarily driven by a decrease in expected future claims, partially offset by losses due to a decrease in the discount rate. We also have a 50 percent interest in Häagen-Dazs Japan, Inc. (HDJ). These expenditures will fund initiatives that are expected to fuel growth, support innovative products, and continue HMM initiatives throughout the supply chain. All of these treasury locks were cash settled for $1.4 million during the fourth quarter of fiscal 2020, concurrent with the issuance of our $750.0 million 10-year fixed rate notes. Adjusted operating profit margin increased 40 basis points to 17.3 percent, primarily driven by favorable net price realization and mix in fiscal 2020, the impact of the 53rd week in fiscal 2020, and the purchase accounting inventory adjustment in fiscal 2019 related to our acquisition of Blue Buffalo Products, Inc. (Blue Buffalo), partially offset by higher SG&A expenses in fiscal 2020. Our product categories include super-premium ice cream and frozen desserts, meal kits, dessert and baking mixes, snack bars, salty snacks, refrigerated and frozen dough products, and wellness beverages. common area maintenance) separately based on their relative standalone prices. Our estimates of fair value are determined based on a discounted cash flow model. HOME; Stock Profile; Company Fundamentals; Company Financials; Company Expectations; Company Descriptions; Charts & Quotes; News ; Company Suppliers; Company Competitors; Company Markets Customers; Economic Indicators; INDUSTRIES. the Betty Crocker and Pillsbury USA divisions. Occasionally and where possible, we make advance purchases of items significant to our business in order to ensure continuity of operations. We receive royalty income from certain joint ventures, incur various expenses (primarily research and development), and record the tax impact of certain joint venture operations that are structured as partnerships. Prior to joining General Mills, Mr. Pallot held accounting and financial reporting positions at Residential Capital, LLC, Metris, Inc., CIT Group Inc., and Ernst & Young, LLP. On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal's 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques Sàrl as noncontrolling interests on our Consolidated Balance Sheets. Ms. Quam joined General Mills in 1993 and held a variety of positions before becoming Vice President, Strategic Planning in 2007. Certain of our long-term debt agreements, our credit facilities, and our noncontrolling interests contain restrictive covenants. Our principal exposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swiss franc. These gains and losses are reported in cost of sales in our Consolidated Statements of Earnings and in unallocated corporate items outside our segment operating results until we utilize the underlying input in our manufacturing process, at which time the gains and losses are reclassified to segment operating profit. We are tracking the level of virus control, the possibility of a second-wave outbreak, the availability of a vaccine, GDP growth, unemployment rates, consumer confidence, and wage growth, among other factors, to assess the likely magnitude and duration of elevated at-home food demand. Annual stock financials by MarketWatch. Scheduled maturities of our marketable securities are as follows: As of May 31, 2020, we had $2.3 million of marketable debt securities and $15.9 million of cash and cash equivalents pledged as collateral for derivative contracts. Income statements, balance sheets, cash flow statements and key ratios. You must click the link in the email to activate your subscription. CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISK. The estimated fair values of stock options granted and the assumptions used for the Black-Scholesoption-pricing model were as follows: Estimated fair values of stock options granted. All such filings are available on the SEC's website at www.sec.gov. In fiscal 2019, we recorded $77.6 million of restructuring charges primarily related to approved restructuring actions to drive efficiencies in targeted areas of our global supply chain. After-taxearnings from joint ventures increased 27 percent to $91 million in fiscal 2020 compared to fiscal 2019, primarily driven by higher net sales at CPW partially reflecting the impact of the COVID-19 pandemic in the month of March and our share of lower after-tax restructuring charges compared to fiscal 2019. And by leading with the values that have helped us to become a leader in food. Historical data has a significant bearing on our forward-looking assumptions. Company Profile & Annual Report for General Mills Access the complete profile. We also record our grain inventories at net realizable value. In fiscal 2020, we recorded a $25 million net. Loss on the sale of our La Salteña and refrigerated dough business in Argentina and the gain on the sale of our yogurt business in China. From time to time, we evaluate potential acquisitions or joint ventures that would further our strategic objectives. The holder of the GMC Class A Interests receives quarterly preferred distributions from available net income based on the application of a floating preferred return rate to the holder's capital account balance established in the most recent mark-to-market valuation (currently $251.5 million). General Mills annual/quarterly revenue history and growth rate from 2006 to 2020. 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. Professionals with specialized skill and knowledge were used to assist in. If current expectations for growth rates for sales and profits are not met, or other market factors and macroeconomic conditions that could be affected by the COVID-19 pandemic or otherwise were to change, then our reporting units could become significantly impaired. If we purchase these interests, any change in the third-party holder's capital account from its original value will be charged directly to retained earnings and will increase or decrease the net earnings used to calculate EPS in that period. The increase in SG&A expenses primarily reflects increased compensation and benefits expenses and media and advertising expenses, partially offset by lower other consumer-related expenses. In fiscal 2019, we recorded a $192.6 million charge related to the impairment of our Progresso, Food Should Taste Good, and Mountain High brand intangible assets in restructuring, impairment, and other exit costs. In addition to our consolidated operations, we have 50 percent interests in two strategic joint ventures that manufacture and market food products sold in more than 130 countries worldwide. The fixed rate swap contracts outstanding as of May 31, 2020, mature in fiscal 2026. Please see Note 3 to the Consolidated Financial Statements in Item 8 of this report. A result of these operations are subject to fluctuations in our costs of borrowing,! 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