2019 Q2 Form 10-K Financial Statement

#000119312519184675 Filed on June 28, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $4.162B $3.890B $3.882B
YoY Change 6.98% 2.2% 2.35%
Cost Of Revenue $2.691B $2.467B $2.626B
YoY Change 9.09% -0.56% 6.84%
Gross Profit $1.461B $1.420B $1.257B
YoY Change 2.94% 7.57% -3.92%
Gross Profit Margin 35.11% 36.49% 32.36%
Selling, General & Admin $738.9M $701.7M $679.5M
YoY Change 5.3% 1.2% -1.18%
% of Gross Profit 50.56% 49.43% 54.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $155.5M $184.1M $143.9M
YoY Change -15.54% 18.54% -2.24%
% of Gross Profit 10.64% 12.97% 11.45%
Operating Expenses $738.9M $701.7M $679.5M
YoY Change 5.3% 1.2% -1.18%
Operating Profit $722.4M $717.9M $569.5M
YoY Change 0.63% 14.63% 4.98%
Interest Expense -$124.8M -$103.1M $89.30M
YoY Change 21.05% 48.77% -216.88%
% of Operating Profit -17.28% -14.36% 15.68%
Other Income/Expense, Net
YoY Change
Pretax Income $615.9M $423.9M $503.4M
YoY Change 45.29% -21.49% 8.0%
Income Tax -$72.90M $86.40M -$432.5M
% Of Pretax Income -11.84% 20.38% -85.92%
Net Earnings $570.2M $354.4M $941.4M
YoY Change 60.89% -13.33% 163.11%
Net Earnings / Revenue 13.7% 9.11% 24.25%
Basic Earnings Per Share $0.95 $0.60 $1.64
Diluted Earnings Per Share $0.94 $0.59 $1.62
COMMON SHARES
Basic Shares Outstanding 602.0M shares 572.5M shares
Diluted Shares Outstanding 582.7M shares

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $502.8M $427.9M $953.0M
YoY Change 17.5% -44.14% 6.01%
Cash & Equivalents $450.0M $399.0M $953.1M
Short-Term Investments $52.80M $28.90M
Other Short-Term Assets $497.5M $398.3M $375.0M
YoY Change 24.91% 4.38% 10.29%
Inventory $1.559B $1.642B $1.453B
Prepaid Expenses $189.0M $165.6M
Receivables $1.680B $1.684B $1.497B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.187B $4.124B $4.277B
YoY Change 1.52% 1.53% 3.61%
LONG-TERM ASSETS
Property, Plant & Equipment $3.787B $4.047B $3.626B
YoY Change -6.42% 9.75% 1.43%
Goodwill $14.00B $14.07B $8.867B
YoY Change -0.49% 60.79% 1.86%
Intangibles $7.167B $7.445B
YoY Change -3.74% 64.34%
Long-Term Investments
YoY Change
Other Assets $974.9M $943.0M $866.0M
YoY Change 3.38% 19.99% 13.65%
Total Long-Term Assets $25.92B $26.50B $17.96B
YoY Change -2.17% 49.29% 2.41%
TOTAL ASSETS
Total Short-Term Assets $4.187B $4.124B $4.277B
Total Long-Term Assets $25.92B $26.50B $17.96B
Total Assets $30.11B $30.62B $22.24B
YoY Change -1.67% 40.4% 2.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.854B $2.746B $2.506B
YoY Change 3.93% 29.55% 35.09%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.469B $1.550B $1.211B
YoY Change -5.23% 25.58% -37.65%
Long-Term Debt Due $1.397B $1.600B $1.251B
YoY Change -12.72% 164.61% 106.69%
Total Short-Term Liabilities $7.087B $7.342B $6.210B
YoY Change -3.47% 37.73% 8.11%
LONG-TERM LIABILITIES
Long-Term Debt $11.62B $12.67B $7.164B
YoY Change -8.24% 65.76% -0.17%
Other Long-Term Liabilities $1.449B $1.341B $1.481B
YoY Change 8.05% -11.96% -23.26%
Total Long-Term Liabilities $13.07B $14.01B $7.164B
YoY Change -6.68% 52.84% -21.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.087B $7.342B $6.210B
Total Long-Term Liabilities $13.07B $14.01B $7.164B
Total Liabilities $22.19B $23.36B $17.28B
YoY Change -4.98% 44.03% -1.89%
SHAREHOLDERS EQUITY
Retained Earnings $15.00B $14.46B
YoY Change 3.71% 10.05%
Common Stock $1.462B $1.278B $75.50M
YoY Change 14.41% 6.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.779B $7.168B $8.191B
YoY Change -5.42% -7.67%
Treasury Stock Shares 152.7M shares 161.5M shares 184.5M shares
Shareholders Equity $7.055B $6.141B $4.966B
YoY Change
Total Liabilities & Shareholders Equity $30.11B $30.62B $22.24B
YoY Change -1.67% 40.4% 2.63%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $570.2M $354.4M $941.4M
YoY Change 60.89% -13.33% 163.11%
Depreciation, Depletion And Amortization $155.5M $184.1M $143.9M
YoY Change -15.54% 18.54% -2.24%
Cash From Operating Activities $779.4M $705.7M $568.5M
YoY Change 10.44% -17.61% 18.44%
INVESTING ACTIVITIES
Capital Expenditures -$169.7M -$224.8M -$137.9M
YoY Change -24.51% 7.46% -12.11%
Acquisitions
YoY Change
Other Investing Activities $20.90M -$8.036B -$16.30M
YoY Change -100.26% 58554.74% -226.36%
Cash From Investing Activities -$148.8M -$8.261B -$154.2M
YoY Change -98.2% 3605.92% 7.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -718.4M 7.015B -438.7M
YoY Change -110.24% -1017.5% 66.93%
NET CHANGE
Cash From Operating Activities 779.4M 705.7M 568.5M
Cash From Investing Activities -148.8M -8.261B -154.2M
Cash From Financing Activities -718.4M 7.015B -438.7M
Net Change In Cash -87.80M -539.6M -24.40M
YoY Change -83.73% 311.91% -133.33%
FREE CASH FLOW
Cash From Operating Activities $779.4M $705.7M $568.5M
Capital Expenditures -$169.7M -$224.8M -$137.9M
Free Cash Flow $949.1M $930.5M $706.4M
YoY Change 2.0% -12.69% 10.91%

Facts In Submission

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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;font-weight:bold;font-style:italic;margin-left:0pt;' >U</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;' >se of Estimates</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></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;' >Preparing our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosu</font><font style='font-family:Times New Roman;font-size:10pt;' >res of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for promotional expenditures, valuation of long-lived as</font><font style='font-family:Times New Roman;font-size:10pt;' >sets, intangible assets,</font><font style='font-family:Times New Roman;font-size:10pt;' > redeemable interest,</font><font style='font-family:Times New Roman;font-size:10pt;' > stock-based compensation, income taxes, and defined benefit pension, </font><font style='font-family:Times New Roman;font-size:10pt;' >other </font><font style='font-family:Times New Roman;font-size:10pt;' >p</font><font style='font-family:Times New Roman;font-size:10pt;' >ostretirement benefit and postemployment benefit plans</font><font style='font-family:Times New Roman;font-size:10pt;' >. Actual results could differ from our estimates.</font></p></div>
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216200000 USD
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243300000 USD
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32100000 USD
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7100000 USD
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10700000 USD
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398300000 USD
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5.35
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P8Y6M
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P8Y2M12D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P8Y6M
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57100000 USD
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0.94
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0.49
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0.57
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0.49
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0.65
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0.66
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0.49
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0.034 pure
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0.025 pure
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0.294 pure
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0.017 pure
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0.027 pure
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430400000 USD
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117900000 USD
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164600000 USD
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16100000 USD
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0 USD
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17300000 USD
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10700000 USD
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7200000 USD
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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;font-weight:bold;margin-left:0pt;' >NOTE</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > </font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' >1</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' >.</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > BASIS OF PRESENTATION AND RECLASSIFICATIONS</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;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >Basis of Presentation</font></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;' >Our Consolidated Financial Statements include the accounts of General Mills, Inc. and all subsidiaries in which we </font><font style='font-family:Times New Roman;font-size:10pt;' >have a controlling financial interest. Intercompany transactions and accounts</font><font style='font-family:Times New Roman;font-size:10pt;' >, including any noncontrolling and redeemable interests&#8217; share o</font><font style='font-family:Times New Roman;font-size:10pt;' >f those transactions,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >are eliminated in consolidation.</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;' >Our fiscal year ends on the last Sunday in May.</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;' >Certain reclassifications to our previously reported financial information have been made to conform to the current period presentation. See Note 2 for additional information. </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;font-weight:bold;font-style:italic;margin-left:0pt;' >Change in Rep</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;' >orting Period</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></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;' >As part of a long-term plan to conform the fiscal year ends of al</font><font style='font-family:Times New Roman;font-size:10pt;' >l our operations, in fiscal 2017</font><font style='font-family:Times New Roman;font-size:10pt;' > we changed the reporting period of </font><font style='font-family:Times New Roman;font-size:10pt;' >General Mills Brasil </font><font style='font-family:Times New Roman;font-size:10pt;' >Alimentos </font><font style='font-family:Times New Roman;font-size:10pt;' >Ltda</font><font style='font-family:Times New Roman;font-size:10pt;' > (Yoki) within our </font><font style='font-family:Times New Roman;font-size:10pt;' >Asia &amp; Latin America</font><font style='font-family:Times New Roman;font-size:10pt;' > segment from an April fiscal year</font><font style='font-family:Times New Roman;font-size:10pt;' >-end to a May fiscal year-end to match our fiscal calendar. Accordingly, in </font><font style='font-family:Times New Roman;font-size:10pt;' >fiscal 2017</font><font style='font-family:Times New Roman;font-size:10pt;' >, our results included 13 months of results from the affected operations. The impact of these changes was not material to our consolidated 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;' >Our </font><font style='font-family:Times New Roman;font-size:10pt;' >Gen</font><font style='font-family:Times New Roman;font-size:10pt;' >eral Mills India business and Pet operating segment</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >are</font><font style='font-family:Times New Roman;font-size:10pt;' > on an April fiscal year end.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p></div>
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96000000 USD

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