2012 Q1 Form 10-Q Financial Statement

#000119312513117256 Filed on March 20, 2013

View on sec.gov

Income Statement

Concept 2012 Q1
Revenue $4.120B
YoY Change 13.0%
Cost Of Revenue $2.613B
YoY Change 17.93%
Gross Profit $1.507B
YoY Change 5.35%
Gross Profit Margin 36.59%
Selling, General & Admin $838.7M
YoY Change 6.14%
% of Gross Profit 55.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $135.5M
YoY Change 9.01%
% of Gross Profit 8.99%
Operating Expenses $838.7M
YoY Change 6.14%
Operating Profit $668.6M
YoY Change 2.11%
Interest Expense $96.00M
YoY Change 12.94%
% of Operating Profit 14.36%
Other Income/Expense, Net
YoY Change
Pretax Income $572.6M
YoY Change 0.49%
Income Tax $187.3M
% Of Pretax Income 32.71%
Net Earnings $391.5M
YoY Change -0.15%
Net Earnings / Revenue 9.5%
Basic Earnings Per Share $0.61
Diluted Earnings Per Share $0.58
COMMON SHARES
Basic Shares Outstanding 647.9M shares
Diluted Shares Outstanding 667.3M shares

Balance Sheet

Concept 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $485.0M
YoY Change -10.19%
Cash & Equivalents $485.0M
Short-Term Investments
Other Short-Term Assets $386.0M
YoY Change -7.59%
Inventory $1.528B
Prepaid Expenses
Receivables $1.437B
Other Receivables $0.00
Total Short-Term Assets $3.836B
YoY Change -0.17%
LONG-TERM ASSETS
Property, Plant & Equipment $3.550B
YoY Change 11.62%
Goodwill $8.205B
YoY Change 22.41%
Intangibles $4.728B
YoY Change 24.34%
Long-Term Investments
YoY Change
Other Assets $1.119B
YoY Change 48.76%
Total Long-Term Assets $17.60B
YoY Change 21.91%
TOTAL ASSETS
Total Short-Term Assets $3.836B
Total Long-Term Assets $17.60B
Total Assets $21.44B
YoY Change 17.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.012B
YoY Change 21.9%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $690.8M
YoY Change -29.11%
Long-Term Debt Due $749.1M
YoY Change -27.34%
Total Short-Term Liabilities $3.849B
YoY Change -14.68%
LONG-TERM LIABILITIES
Long-Term Debt $6.195B
YoY Change 27.91%
Other Long-Term Liabilities $1.775B
YoY Change -2.82%
Total Long-Term Liabilities $7.970B
YoY Change 336.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.849B
Total Long-Term Liabilities $7.970B
Total Liabilities $13.19B
YoY Change 8.36%
SHAREHOLDERS EQUITY
Retained Earnings $9.834B
YoY Change 8.62%
Common Stock $1.413B
YoY Change 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.213B
YoY Change -5.51%
Treasury Stock Shares 107.4M shares
Shareholders Equity $6.922B
YoY Change
Total Liabilities & Shareholders Equity $21.44B
YoY Change 17.27%

Cashflow Statement

Concept 2012 Q1
OPERATING ACTIVITIES
Net Income $391.5M
YoY Change -0.15%
Depreciation, Depletion And Amortization $135.5M
YoY Change 9.01%
Cash From Operating Activities $505.1M
YoY Change -22.12%
INVESTING ACTIVITIES
Capital Expenditures -$159.1M
YoY Change 14.38%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change -100.16%
Cash From Investing Activities -$159.0M
YoY Change -20.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -377.5M
YoY Change -22.85%
NET CHANGE
Cash From Operating Activities 505.1M
Cash From Investing Activities -159.0M
Cash From Financing Activities -377.5M
Net Change In Cash -31.40M
YoY Change -23.79%
FREE CASH FLOW
Cash From Operating Activities $505.1M
Capital Expenditures -$159.1M
Free Cash Flow $664.2M
YoY Change -15.68%

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 </font><font style="font-family:Times New Roman;font-size:10pt;">noncontrolling</font><font style="font-family:Times New Roman;font-size:10pt;"> 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 nine-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 February 24, 2013 are not necessarily indicative of the results that may be expected for the 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 </font><font style="font-family:Times New Roman;font-size:10pt;">are</font><font style="font-family:Times New Roman;font-size:10pt;"> 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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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.
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3.65
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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38.15
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P19M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P9Y0M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P8Y6M
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27.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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33.91
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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49745900 shares
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29.99
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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27.48
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780200000 USD
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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;">(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;">February 24, 2013</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;"> </font><font style="font-family:Times New Roman;font-size:10pt;">These matters include a class action lawsuit filed on January&#160;14, 2010, in the United States District Court, Central District of California, alleging that 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 product. We believe that we have meritorious def</font><font style="font-family:Times New Roman;font-size:10pt;">enses against these allegations and will vigorously defend our position.</font></p>
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