2012 Q4 Form 10-Q Financial Statement

#000119312512508388 Filed on December 19, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q2 2011 Q4
Revenue $4.882B $4.066B $4.624B
YoY Change 5.58% 11.89% 13.7%
Cost Of Revenue $3.140B $2.570B $3.029B
YoY Change 3.64% 13.23% 24.52%
Gross Profit $1.742B $1.496B $1.595B
YoY Change 9.26% 9.65% -2.41%
Gross Profit Margin 35.69% 36.79% 34.49%
Selling, General & Admin $910.6M $857.4M $877.1M
YoY Change 3.82% 3.45% 8.27%
% of Gross Profit 52.26% 57.31% 55.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $146.9M $142.7M $137.8M
YoY Change 6.6% 20.83% 15.9%
% of Gross Profit 8.43% 9.54% 8.64%
Operating Expenses $910.6M $857.4M $877.1M
YoY Change 3.82% 3.45% 8.27%
Operating Profit $829.0M $638.7M $716.9M
YoY Change 15.64% 19.25% -12.88%
Interest Expense $75.50M -$83.30M $87.20M
YoY Change -13.42% -6.82% 6.86%
% of Operating Profit 9.11% -13.04% 12.16%
Other Income/Expense, Net
YoY Change
Pretax Income $753.5M $454.7M $629.7M
YoY Change 19.66% 1.72% -15.05%
Income Tax $245.4M $135.4M $209.4M
% Of Pretax Income 32.57% 29.78% 33.25%
Net Earnings $541.6M $325.4M $444.8M
YoY Change 21.76% 1.62% -27.55%
Net Earnings / Revenue 11.09% 8.0% 9.62%
Basic Earnings Per Share $0.84 $0.49 $0.69
Diluted Earnings Per Share $0.82 $0.49 $0.67
COMMON SHARES
Basic Shares Outstanding 648.1M shares 648.6M shares 646.3M shares
Diluted Shares Outstanding 664.5M shares 665.8M shares

Balance Sheet

Concept 2012 Q4 2012 Q2 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $735.0M $471.0M $509.0M
YoY Change 44.4% -24.03% -10.07%
Cash & Equivalents $735.0M $471.2M $509.0M
Short-Term Investments
Other Short-Term Assets $387.0M $358.1M $373.0M
YoY Change 3.75% -25.94% -10.49%
Inventory $1.770B $1.479B $1.629B
Prepaid Expenses $178.3M
Receivables $1.674B $1.324B $1.510B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.566B $3.691B $4.022B
YoY Change 13.52% -5.4% 0.12%
LONG-TERM ASSETS
Property, Plant & Equipment $3.814B $3.653B $3.507B
YoY Change 8.74% 9.17% 11.48%
Goodwill $8.604B $8.183B $8.116B
YoY Change 6.02% 21.21% 22.33%
Intangibles $5.026B $4.705B $4.796B
YoY Change 4.81% 23.38% 28.2%
Long-Term Investments $529.0M
YoY Change 1.91%
Other Assets $943.3M $865.3M $1.026B
YoY Change -8.1% 0.32% 22.1%
Total Long-Term Assets $18.39B $17.41B $17.45B
YoY Change 5.4% 17.82% 21.47%
TOTAL ASSETS
Total Short-Term Assets $4.566B $3.691B $4.022B
Total Long-Term Assets $18.39B $17.41B $17.45B
Total Assets $22.95B $21.10B $21.47B
YoY Change 6.92% 12.97% 16.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.245B $1.149B $1.097B
YoY Change 13.53% 15.46% 32.64%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.940B $526.5M $849.0M
YoY Change 128.49% 69.13% -27.43%
Long-Term Debt Due $820.8M $741.2M $1.732B
YoY Change -52.62% -28.13% 14336.67%
Total Short-Term Liabilities $5.736B $3.843B $5.142B
YoY Change 11.56% 5.03% 37.72%
LONG-TERM LIABILITIES
Long-Term Debt $5.572B $6.162B $5.248B
YoY Change 6.18% 11.18% -10.51%
Other Long-Term Liabilities $2.178B $2.190B $1.818B
YoY Change 19.79% 26.34% -5.82%
Total Long-Term Liabilities $7.750B $8.352B $7.066B
YoY Change 9.68% 14.79% 265.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.736B $3.843B $5.142B
Total Long-Term Liabilities $7.750B $8.352B $7.066B
Total Liabilities $14.64B $13.37B $13.58B
YoY Change 7.75% 10.81% 8.71%
SHAREHOLDERS EQUITY
Retained Earnings $10.61B $9.959B $9.642B
YoY Change 10.08% 8.35% 9.05%
Common Stock $1.337B $1.384B $1.394B
YoY Change -4.09% -0.82% 1.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.365B $3.177B $3.255B
YoY Change 3.39% -1.04% -1.36%
Treasury Stock Shares 108.7M shares 106.1M shares 109.7M shares
Shareholders Equity $6.984B $6.422B $6.577B
YoY Change
Total Liabilities & Shareholders Equity $22.95B $21.10B $21.47B
YoY Change 6.92% 12.97% 16.8%

Cashflow Statement

Concept 2012 Q4 2012 Q2 2011 Q4
OPERATING ACTIVITIES
Net Income $541.6M $325.4M $444.8M
YoY Change 21.76% 1.62% -27.55%
Depreciation, Depletion And Amortization $146.9M $142.7M $137.8M
YoY Change 6.6% 20.83% 15.9%
Cash From Operating Activities $828.3M $745.6M $715.7M
YoY Change 15.73% 163.46% 69.64%
INVESTING ACTIVITIES
Capital Expenditures -$123.5M -$252.0M -$132.0M
YoY Change -6.44% 11.8% -12.99%
Acquisitions
YoY Change
Other Investing Activities -$826.1M -$149.1M -$21.00M
YoY Change 3833.81% 553.95% -481.82%
Cash From Investing Activities -$949.6M -$401.1M -$153.0M
YoY Change 520.65% 61.6% 4.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -659.1M -345.1M -375.9M
YoY Change 75.34% -1209.65% -11.64%
NET CHANGE
Cash From Operating Activities 828.3M 745.6M 715.7M
Cash From Investing Activities -949.6M -401.1M -153.0M
Cash From Financing Activities -659.1M -345.1M -375.9M
Net Change In Cash -780.4M -600.0K 186.8M
YoY Change -517.77% -100.91% -224.78%
FREE CASH FLOW
Cash From Operating Activities $828.3M $745.6M $715.7M
Capital Expenditures -$123.5M -$252.0M -$132.0M
Free Cash Flow $951.8M $997.6M $847.7M
YoY Change 12.28% 96.22% 47.79%

Facts In Submission

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0px;">(1) Background</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;">The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions and any noncontrolling and redeemable interests' share of those transactions. Operatin</font><font style="font-family:Times New Roman;font-size:10pt;">g results for the quarter</font><font style="font-family:Times New Roman;font-size:10pt;">ly and six-month periods</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">ended November 25, 2012 are not necessarily indicative of the results that may be expected for t</font><font style="font-family:Times New Roman;font-size:10pt;">he fiscal year ending May 26, 2013. </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;">These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 27, 2012. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 2 to the Consolidated Financi</font><font style="font-family:Times New Roman;font-size:10pt;">al Statements in that Form 10-K. Certain reclassifications to our previously reported financial information have been made to conform to the current period presentation.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p>
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62700000 USD
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
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We estimate the fair value of each option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and dividend yield. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting the other valuation assumptions is explained on pages 78 and 79 in our Annual Report on Form 10-K for the fiscal year ended May 27, 2012.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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3.65
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5.88
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0.016 pure
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P9Y0M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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27.96
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34.89
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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29.41
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26.69
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624300000 USD
CY2012Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
504000000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y7M6D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
38.15
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
23.13
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121600000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
89100000 USD
CY2012Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P21M
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us-gaap Treasury Stock Shares Acquired
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12300000 shares
CY2011Q4 us-gaap Treasury Stock Value Acquired Cost Method
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100900000 USD
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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9600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Treasury Stock Value Acquired Cost Method
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210800000 USD
CY2011Q4 us-gaap Treasury Stock Shares Acquired
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CY2012Q4 us-gaap Treasury Stock Shares Acquired
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CY2012Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
206700000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5700000 shares
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
352100000 USD
us-gaap Interest Paid Net
InterestPaidNet
162000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
344300000 USD
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0px;">(15</font><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">) </font><font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Contingencies</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;">We are party to various pending or threatened legal actions in the ordinary course of our business.&#160; In our opinion, there were no claims or litigation pending as of </font><font style="font-family:Times New Roman;font-size:10pt;">November 25, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> that were reasonably likely to have a material adverse effect on our consolidated financial position or results of operations.</font><font style="font-family:Times New Roman;font-size:10pt;"> These matters include a class action lawsuit filed on January 14, 2010, in the United States District Court, Central District of California, alleging that </font><font style="font-family:Times New Roman;font-size:10pt;">we made false and misleading claims about the digestive health benefits of our </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">YoPlus</font><font style="font-family:Times New Roman;font-size:10pt;"> yogurt produc</font><font style="font-family:Times New Roman;font-size:10pt;">t. The </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">YoPlus</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;">matter is scheduled to go to trial in fiscal 2013. We believe that we have meritorious defenses against these allegations and will vigorously defend our position.</font></p>
CY2012Q3 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
-66700000 USD
gis Number Of Segments
NumberOfSegments
3 segment

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