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GENERAL MILLS INC

2010 Q1 Form 10-Q Financial Statement

#000095012310027743 Filed on March 24, 2010

View on sec.gov

Income Statement

Concept 2010 Q1 2009 Q1
Revenue $3.589B $3.537B
YoY Change 1.47% 3.87%
Cost Of Revenue $2.230B $2.260B
YoY Change -1.35% 10.16%
Gross Profit $1.360B $1.278B
YoY Change 6.44% -5.66%
Gross Profit Margin 37.88% 36.11%
Selling, General & Admin $791.9M $670.6M
YoY Change 18.09% 2.57%
% of Gross Profit 58.24% 52.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $112.4M $110.0M
YoY Change 2.18% -2.74%
% of Gross Profit 8.27% 8.61%
Operating Expenses $791.9M $670.6M
YoY Change 18.09% 2.57%
Operating Profit $561.6M $605.7M
YoY Change -7.28% -13.52%
Interest Expense $94.20M $98.60M
YoY Change -4.46% -196.1%
% of Operating Profit 16.77% 16.28%
Other Income/Expense, Net
YoY Change
Pretax Income $467.4M $507.1M
YoY Change -7.83% -14.46%
Income Tax $157.9M $231.7M
% Of Pretax Income 33.78% 45.69%
Net Earnings $332.5M $288.9M
YoY Change 15.09% -32.83%
Net Earnings / Revenue 9.26% 8.17%
Basic Earnings Per Share $0.50 $0.88
Diluted Earnings Per Share $0.48 $0.85
COMMON SHARES
Basic Shares Outstanding 663.6M shares
Diluted Shares Outstanding 689.4M shares

Balance Sheet

Concept 2010 Q1 2009 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $691.0M $937.0M
YoY Change -26.25% 51.13%
Cash & Equivalents $691.3M $937.3M
Short-Term Investments
Other Short-Term Assets $322.9M $455.0M
YoY Change -29.03% -17.87%
Inventory $1.475B $1.361B
Prepaid Expenses
Receivables $1.180B $1.136B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.677B $3.889B
YoY Change -5.45% -1.74%
LONG-TERM ASSETS
Property, Plant & Equipment $3.004B $2.974B
YoY Change 1.02% 0.34%
Goodwill $6.646B
YoY Change
Intangibles $3.741B
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.148B $1.928B
YoY Change -40.45% 4.95%
Total Long-Term Assets $14.54B $15.19B
YoY Change -4.29% -0.78%
TOTAL ASSETS
Total Short-Term Assets $3.677B $3.889B
Total Long-Term Assets $14.54B $15.19B
Total Assets $18.22B $19.08B
YoY Change -4.52% -0.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $690.5M $716.0M
YoY Change -3.56% -9.25%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $581.1M $1.414B
YoY Change -58.9% -41.93%
Long-Term Debt Due $107.0M $518.0M
YoY Change -79.34% -67.17%
Total Short-Term Liabilities $2.986B $4.028B
YoY Change -25.86% -34.41%
LONG-TERM LIABILITIES
Long-Term Debt $5.672B $5.755B
YoY Change -1.44% 59.82%
Other Long-Term Liabilities $1.940B $2.095B
YoY Change -7.41% 7.16%
Total Long-Term Liabilities $1.940B $7.850B
YoY Change -75.29% 41.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.986B $4.028B
Total Long-Term Liabilities $1.940B $7.850B
Total Liabilities $11.74B $13.54B
YoY Change -13.31% 1.51%
SHAREHOLDERS EQUITY
Retained Earnings $8.076B
YoY Change
Common Stock $1.352B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.336B
YoY Change
Treasury Stock Shares 45.70M shares
Shareholders Equity $6.232B $5.537B
YoY Change
Total Liabilities & Shareholders Equity $18.22B $19.08B
YoY Change -4.52% -0.98%

Cashflow Statement

Concept 2010 Q1 2009 Q1
OPERATING ACTIVITIES
Net Income $332.5M $288.9M
YoY Change 15.09% -32.83%
Depreciation, Depletion And Amortization $112.4M $110.0M
YoY Change 2.18% -2.74%
Cash From Operating Activities $571.1M $766.1M
YoY Change -25.45% 62.93%
INVESTING ACTIVITIES
Capital Expenditures -$161.4M -$109.7M
YoY Change 47.13% -2.75%
Acquisitions
YoY Change
Other Investing Activities -$108.2M $12.00M
YoY Change -1001.67% -201.69%
Cash From Investing Activities -$269.6M -$97.70M
YoY Change 175.95% -21.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -443.3M -381.7M
YoY Change 16.14% 49.1%
NET CHANGE
Cash From Operating Activities 571.1M 766.1M
Cash From Investing Activities -269.6M -97.70M
Cash From Financing Activities -443.3M -381.7M
Net Change In Cash -141.8M 286.7M
YoY Change -149.46% 219.98%
FREE CASH FLOW
Cash From Operating Activities $571.1M $766.1M
Capital Expenditures -$161.4M -$109.7M
Free Cash Flow $732.5M $875.8M
YoY Change -16.36% 50.22%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
358100000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
286600000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
86200000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
91000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
324300000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1232400000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
478300000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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2400000 USD
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
276300000 USD
CY2008Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
661000000 USD
CY2009Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
130400000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
136300000 USD
us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
242400000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
397200000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
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us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
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us-gaap Other Noncash Income
OtherNoncashIncome
41300000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
0 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
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gis Acquisitions And Divestitures
AcquisitionsAndDivestitures
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0px;">(3</font><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">) Acquisition</font><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">s</font><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;"> and Divestitures</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">There were no acquisitions</font><font style="font-family:Times New Roman;font-size:10pt;"> or divestitures</font><font style="font-family:Times New Roman;font-size:10pt;"> in the </font><font style="font-family:Times New Roman;font-size:10pt;">nine-month period ended</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">February 28, 2010</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">During the second quarter of fiscal 2009, we sold our </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Pop</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">&#8226;</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Secret </font><font style="font-family:Times New Roman;font-size:10pt;">microwave popcorn product line for $192.5 million in cash, and we recorded a pre-tax gain of $128.8 million. We received cash proceeds of $158.9 million after repayment of a lease obligation and transaction costs.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">D</font><font style="font-family:Times New Roman;font-size:10pt;">uring the first quarter of fiscal 2009, we acquired Humm Foods, Inc. (Humm Foods), the maker of </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">L&#228;rabar </font><font style="font-family:Times New Roman;font-size:10pt;">fruit and nut energy bars. We issued 0.9 million shares of our common stock with a value of $55.0 million to the shareholders of Humm Foods as considerati</font><font style="font-family:Times New Roman;font-size:10pt;">on for the acquisition. We </font><font style="font-family:Times New Roman;font-size:10pt;">recorded the purchase price less tangible </font><font style="font-family:Times New Roman;font-size:10pt;">and intangible net </font><font style="font-family:Times New Roman;font-size:10pt;">assets acquired as goodwill </font><font style="font-family:Times New Roman;font-size:10pt;">of $41.6 million. </font><font style="font-family:Times New Roman;font-size:10pt;">The pro forma effect of this acquisition was not material.</font></p>

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