$GIS
GENERAL MILLS INC

2016 Q1 Form 10-Q Financial Statement

#000119312516515116 Filed on March 23, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q2 2015 Q1
Revenue $4.002B $4.299B $4.351B
YoY Change -8.01% 0.35% -0.61%
Cost Of Revenue $2.645B $2.766B $2.975B
YoY Change -11.1% -1.43% 3.62%
Gross Profit $1.358B $1.533B $1.376B
YoY Change -1.34% 3.4% -9.04%
Gross Profit Margin 33.92% 35.66% 31.62%
Selling, General & Admin $755.8M $820.5M $744.0M
YoY Change 1.59% -5.56% -10.81%
% of Gross Profit 55.68% 53.53% 54.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $148.7M $144.6M $153.3M
YoY Change -3.0% 0.91% 6.09%
% of Gross Profit 10.95% 9.43% 11.14%
Operating Expenses $755.8M $820.5M $744.0M
YoY Change 1.59% -5.56% -10.81%
Operating Profit $601.7M $712.3M $631.9M
YoY Change -4.78% 16.09% -6.87%
Interest Expense $77.20M -$102.3M -$190.2M
YoY Change -140.59% 42.48% 147.01%
% of Operating Profit 12.83% -14.36% -30.1%
Other Income/Expense, Net
YoY Change
Pretax Income $509.1M $344.0M $457.2M
YoY Change 11.35% -42.9% -23.17%
Income Tax $157.6M $164.3M $116.5M
% Of Pretax Income 30.96% 47.76% 25.48%
Net Earnings $361.7M $186.8M $343.2M
YoY Change 5.39% -53.83% -16.42%
Net Earnings / Revenue 9.04% 4.35% 7.89%
Basic Earnings Per Share $0.61 $0.57
Diluted Earnings Per Share $0.59 $304.1K $0.56
COMMON SHARES
Basic Shares Outstanding 595.6M shares 598.2M shares
Diluted Shares Outstanding 608.5M shares 613.8M shares

Balance Sheet

Concept 2016 Q1 2015 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $783.0M $334.0M $784.0M
YoY Change -0.13% -61.48% -7.44%
Cash & Equivalents $783.0M $334.2M $784.0M
Short-Term Investments
Other Short-Term Assets $487.0M $423.8M $509.0M
YoY Change -4.32% 3.59% 1.39%
Inventory $1.350B $1.541B $1.585B
Prepaid Expenses $169.3M
Receivables $1.391B $1.387B $1.585B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.011B $3.786B $4.464B
YoY Change -10.14% -13.83% -2.06%
LONG-TERM ASSETS
Property, Plant & Equipment $3.605B $3.783B $3.725B
YoY Change -3.23% -4.02% -1.9%
Goodwill $8.692B $8.875B
YoY Change 2.59%
Intangibles $4.510B $4.677B
YoY Change -6.73%
Long-Term Investments
YoY Change
Other Assets $813.6M $811.2M $1.265B
YoY Change -35.68% -29.18% 94.92%
Total Long-Term Assets $17.62B $18.15B $18.92B
YoY Change -6.86% -3.23% 3.01%
TOTAL ASSETS
Total Short-Term Assets $4.011B $3.786B $4.464B
Total Long-Term Assets $17.62B $18.15B $18.92B
Total Assets $21.63B $21.93B $23.38B
YoY Change -7.49% -5.24% 2.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.726B $1.684B $1.481B
YoY Change 16.52% 4.51% 8.9%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $640.3M $615.8M $1.898B
YoY Change -66.26% -44.61% 248.26%
Long-Term Debt Due $1.104B $1.000B $1.751B
YoY Change -36.98% -20.03% 45.43%
Total Short-Term Liabilities $5.254B $4.890B $6.703B
YoY Change -21.62% -9.83% 43.1%
LONG-TERM LIABILITIES
Long-Term Debt $7.024B $7.575B $6.643B
YoY Change 5.74% 17.92% -7.48%
Other Long-Term Liabilities $1.688B $1.745B $1.595B
YoY Change 5.8% 6.18% -12.46%
Total Long-Term Liabilities $8.712B $9.320B $8.238B
YoY Change 5.75% 467.19% -8.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.254B $4.890B $6.703B
Total Long-Term Liabilities $8.712B $9.320B $8.238B
Total Liabilities $15.54B $15.76B $17.94B
YoY Change -13.38% 3.99% 7.97%
SHAREHOLDERS EQUITY
Retained Earnings $11.99B
YoY Change 1.73%
Common Stock $75.50M $1.372B
YoY Change 4.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.450B $6.056B
YoY Change 16.02%
Treasury Stock Shares 161.0M shares 155.9M shares
Shareholders Equity $4.889B $4.997B $5.441B
YoY Change
Total Liabilities & Shareholders Equity $21.63B $21.83B $23.38B
YoY Change -7.49% -5.68% 2.0%

Cashflow Statement

Concept 2016 Q1 2015 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $361.7M $186.8M $343.2M
YoY Change 5.39% -53.83% -16.42%
Depreciation, Depletion And Amortization $148.7M $144.6M $153.3M
YoY Change -3.0% 0.91% 6.09%
Cash From Operating Activities $706.5M $981.4M $698.2M
YoY Change 1.19% 20.15% -2.39%
INVESTING ACTIVITIES
Capital Expenditures -$184.1M -$221.5M -$173.3M
YoY Change 6.23% -10.36% 17.41%
Acquisitions
YoY Change
Other Investing Activities -$3.800M $27.60M -$63.80M
YoY Change -94.04% -76.12% -283.86%
Cash From Investing Activities -$187.9M -$193.9M -$237.1M
YoY Change -20.75% 47.45% 110.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -378.7M -1.238B -516.2M
YoY Change -26.64% 89.37% 0.04%
NET CHANGE
Cash From Operating Activities 706.5M 981.4M 698.2M
Cash From Investing Activities -187.9M -193.9M -237.1M
Cash From Financing Activities -378.7M -1.238B -516.2M
Net Change In Cash 139.9M -450.8M -55.10M
YoY Change -353.9% -1535.67% -163.77%
FREE CASH FLOW
Cash From Operating Activities $706.5M $981.4M $698.2M
Capital Expenditures -$184.1M -$221.5M -$173.3M
Free Cash Flow $890.6M $1.203B $871.5M
YoY Change 2.19% 13.07% 1.0%

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<div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >(1) Background</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been </font><font style='font-family:Times New Roman;font-size:10pt;' >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 </font><font style='font-family:Times New Roman;font-size:10pt;' >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 </font><font style='font-family:Times New Roman;font-size:10pt;' >and any noncontrolling and redeemable interests&#8217; share of those transactions. Operating results for the quarter and nine </font><font style='font-family:Times New Roman;font-size:10pt;' >months ended </font><font style='font-family:Times New Roman;font-size:10pt;' >February 28, 2016</font><font style='font-family:Times New Roman;font-size:10pt;' > are not necessarily indicative of the results that may be expected for the fiscal year ending </font><font style='font-family:Times New Roman;font-size:10pt;' >May 29, 2016</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >These s</font><font style='font-family:Times New Roman;font-size:10pt;' >tatements 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 </font><font style='font-family:Times New Roman;font-size:10pt;' >May 31, 2015</font><font style='font-family:Times New Roman;font-size:10pt;' >. The accounting policies used in preparing these Consolidated Financial Statement</font><font style='font-family:Times New Roman;font-size:10pt;' >s are the same as those described in Note 2 to the Consolidated Financial Statements in that Form 10-K. </font></p></div>
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We estimate the fair value of each stock 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 in Note 11 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2015.
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CY2016Q1 us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
IncreaseDecreaseInFairValueOfHedgedItemInPriceRiskFairValueHedge1
-4400000 USD
CY2016Q1 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
NetMarkToMarketValuationOfCertainCommodityPositionsRecognizedInUnallocatedCorporateItems
-7300000 USD
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2016Q1 gis Accounts Payable To Suppliers That Utilize Third Party Service
AccountsPayableToSuppliersThatUtilizeThirdPartyService
508000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
10600000 shares
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
8127900000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
21932100000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
21631600000 USD
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
754600000 shares
CY2016Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
754600000 shares
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.1
CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.1
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
155900000 shares
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
19500000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
63700000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
92100000 USD
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
30100000 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
200600000 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
CY2016Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
1500000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1561400000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1862500000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
335100000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1408300000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-146500000 USD
gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
93100000 USD
CY2016Q1 gis Reversal Of Severance Costs
ReversalOfSeveranceCosts
2400000 USD
CY2015Q1 gis Reversal Of Severance Costs
ReversalOfSeveranceCosts
2100000 USD
gis Noncontrolling Interests Covenant Compliancee
NoncontrollingInterestsCovenantCompliancee
Our noncontrolling interests contain restrictive covenants. As of February 28, 2016, we were in compliance with all of these covenants.
gis Treasury Stock Aggregate Value Acquired
TreasuryStockAggregateValueAcquired
1161700000 USD
CY2015Q1 gis Treasury Stock Aggregate Value Acquired
TreasuryStockAggregateValueAcquired
192900000 USD
gis Treasury Stock Aggregate Value Acquired
TreasuryStockAggregateValueAcquired
601800000 USD
CY2016Q1 gis Treasury Stock Aggregate Value Acquired
TreasuryStockAggregateValueAcquired
64500000 USD
us-gaap Profit Loss
ProfitLoss
1061600000 USD
us-gaap Profit Loss
ProfitLoss
1346400000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
353800000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
367700000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6000000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10600000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
28600000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
27100000 USD
CY2016Q1 gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
19100000 USD
gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
73400000 USD
CY2015Q1 gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
AllocatedShareBasedCompensationExpenseIncludingRestructuringAndNoncashItems
25400000 USD

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