$GIS
GENERAL MILLS INC

2021 Q1 Form 10-Q Financial Statement

#000119312521092576 Filed on March 24, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q2 2020 Q1
Revenue $4.520B $5.023B $4.180B
YoY Change 8.13% 20.7% -0.43%
Cost Of Revenue $2.966B $3.253B $2.777B
YoY Change 6.81% 20.89% 0.79%
Gross Profit $1.554B $1.770B $1.403B
YoY Change 10.74% 21.13% -2.76%
Gross Profit Margin 34.38% 35.24% 33.57%
Selling, General & Admin $716.3M $927.1M $746.6M
YoY Change -4.06% 25.47% 7.18%
% of Gross Profit 46.1% 52.38% 53.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $159.4M $138.3M $148.7M
YoY Change 7.2% -11.06% -3.75%
% of Gross Profit 10.26% 7.81% 10.6%
Operating Expenses $716.3M $927.1M $746.6M
YoY Change -4.06% 25.47% 7.18%
Operating Profit $826.6M $842.9M $650.8M
YoY Change 27.01% 16.68% -0.08%
Interest Expense $106.0M -$118.6M $109.8M
YoY Change -3.46% -4.97% -16.06%
% of Operating Profit 12.82% -14.07% 16.87%
Other Income/Expense, Net
YoY Change
Pretax Income $754.0M $733.0M $571.3M
YoY Change 31.98% 19.01% 5.43%
Income Tax $162.0M $139.6M $118.2M
% Of Pretax Income 21.49% 19.05% 20.69%
Net Earnings $595.7M $625.7M $454.1M
YoY Change 31.18% 9.73% 1.63%
Net Earnings / Revenue 13.18% 12.46% 10.86%
Basic Earnings Per Share $0.97 $0.75
Diluted Earnings Per Share $0.96 $1.014M $0.74
COMMON SHARES
Basic Shares Outstanding 615.0M shares 609.9M shares 607.9M shares
Diluted Shares Outstanding 619.4M shares 612.8M shares

Balance Sheet

Concept 2021 Q1 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.754B $1.739B $607.0M
YoY Change 353.71% 245.94% 10.97%
Cash & Equivalents $2.754B $1.678B $606.9M
Short-Term Investments $61.60M
Other Short-Term Assets $323.0M $402.1M $428.0M
YoY Change -24.53% -19.18% 14.44%
Inventory $1.759B $1.426B $1.542B
Prepaid Expenses $194.5M
Receivables $1.776B $1.615B $1.731B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.612B $5.121B $4.309B
YoY Change 53.47% 22.33% 3.33%
LONG-TERM ASSETS
Property, Plant & Equipment $3.506B $3.581B $3.535B
YoY Change -0.83% -5.46% -7.53%
Goodwill $14.03B $13.92B $13.95B
YoY Change 0.6% -0.52% -0.53%
Intangibles $7.148B $7.096B $7.108B
YoY Change 0.56% -0.99% -1.21%
Long-Term Investments
YoY Change
Other Assets $1.348B $1.086B $1.346B
YoY Change 0.15% 11.38% 25.61%
Total Long-Term Assets $26.04B $25.69B $25.94B
YoY Change 0.37% -0.92% -0.67%
TOTAL ASSETS
Total Short-Term Assets $6.612B $5.121B $4.309B
Total Long-Term Assets $26.04B $25.69B $25.94B
Total Assets $32.65B $30.81B $30.25B
YoY Change 7.93% 2.31% -0.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.392B $3.248B $2.932B
YoY Change 15.7% 13.79% 6.58%
Accrued Expenses $102.0M $110.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $184.6M $279.0M $1.175B
YoY Change -84.28% -81.0% -40.41%
Long-Term Debt Due $3.900B $2.332B $863.7M
YoY Change 351.52% 66.95% -38.62%
Total Short-Term Liabilities $9.590B $7.492B $6.697B
YoY Change 43.2% 5.71% -10.91%
LONG-TERM LIABILITIES
Long-Term Debt $9.767B $10.93B $11.59B
YoY Change -15.73% -5.99% -0.46%
Other Long-Term Liabilities $1.502B $1.545B $1.537B
YoY Change -2.23% 6.63% 19.92%
Total Long-Term Liabilities $11.27B $12.47B $13.13B
YoY Change -14.15% -4.59% 1.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.590B $7.492B $6.697B
Total Long-Term Liabilities $11.27B $12.47B $13.13B
Total Liabilities $22.86B $21.91B $21.85B
YoY Change 4.64% -1.26% -2.83%
SHAREHOLDERS EQUITY
Retained Earnings $16.66B $15.98B $15.36B
YoY Change 8.43% 6.57% 4.32%
Common Stock $1.429B $1.424B $1.410B
YoY Change 1.34% -2.61% -5.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.351B $6.433B
YoY Change -5.1%
Treasury Stock Shares 142.8M shares 144.8M shares 148.8M shares
Shareholders Equity $8.890B $8.059B $7.575B
YoY Change
Total Liabilities & Shareholders Equity $32.65B $30.81B $30.25B
YoY Change 7.94% 2.31% -0.12%

Cashflow Statement

Concept 2021 Q1 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $595.7M $625.7M $454.1M
YoY Change 31.18% 9.73% 1.63%
Depreciation, Depletion And Amortization $159.4M $138.3M $148.7M
YoY Change 7.2% -11.06% -3.75%
Cash From Operating Activities $781.1M $1.516B $703.2M
YoY Change 11.08% 94.56% 11.42%
INVESTING ACTIVITIES
Capital Expenditures -$120.2M -$191.4M -$110.9M
YoY Change 8.39% 12.79% -2.8%
Acquisitions
YoY Change
Other Investing Activities -$500.0K $9.800M -$31.00M
YoY Change -98.39% -53.11% -1822.22%
Cash From Investing Activities -$120.7M -$181.6M -$141.9M
YoY Change -14.94% 22.04% 26.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -499.1M -250.1M -511.6M
YoY Change -2.44% -65.19% 0.18%
NET CHANGE
Cash From Operating Activities 781.1M 1.516B 703.2M
Cash From Investing Activities -120.7M -181.6M -141.9M
Cash From Financing Activities -499.1M -250.1M -511.6M
Net Change In Cash 161.3M 1.085B 49.70M
YoY Change 224.55% -1335.42% 513.58%
FREE CASH FLOW
Cash From Operating Activities $781.1M $1.516B $703.2M
Capital Expenditures -$120.2M -$191.4M -$110.9M
Free Cash Flow $901.3M $1.708B $814.1M
YoY Change 10.71% 79.94% 9.25%

Facts In Submission

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us-gaap Payments For Restructuring
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CY2020Q1 gis Restructuring Charges Reversal Including Restructuring Charges Associated With Cost Of Goods Sold
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gis Restructuring Charges Reversal Including Restructuring Charges Associated With Cost Of Goods Sold
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gis Restructuring Charges Reversal Including Restructuring Charges Associated With Cost Of Goods Sold
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us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
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gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
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gis Net Loss Gain On Commodity Positions Reclassified From Unallocated Corporate Items To Segment Operating Profit
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us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
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us-gaap Increase Decrease In Fair Value Of Hedged Item In Price Risk Fair Value Hedge1
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CY2021Q1 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
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55700000 USD
CY2020Q1 gis Net Mark To Market Valuation Of Certain Commodity Positions Recognized In Unallocated Corporate Items
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CY2021Q1 us-gaap Line Of Credit
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gis Allocated Share Based Compensation Expense Including Restructuring And Noncash Items
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CY2020Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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gis Noncontrolling Interests Covenant Compliancee
NoncontrollingInterestsCovenantCompliancee
Our noncontrolling interests contain restrictive covenants. As of February 28, 2021, we were in compliance with all of these covenants.
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CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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CY2021Q1 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
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us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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P21M
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
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 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2020.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.10
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0.007 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.195 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.033 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
73000000.0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
57100000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
595700000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
454100000 USD
us-gaap Net Income Loss
NetIncomeLoss
1923000000.0 USD
us-gaap Net Income Loss
NetIncomeLoss
1555500000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
615000000.0 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.56
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
612800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
619600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
612100000 shares
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.54
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10500000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3400000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10400000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4800000 shares
us-gaap Interest Paid Net
InterestPaidNet
286100000 USD
us-gaap Interest Paid Net
InterestPaidNet
291200000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
459800000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
387100000 USD
CY2019Q3 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
53100000 USD
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt; text-decoration: underline">(14) Contingencies</span></p><p style="margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt"> </span></p><p style="margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: 'Times New Roman', 'serif'; font-size: 10.00pt">During fiscal 2020, we received notice from the tax authorities of the State of São Paulo, Brazil regarding our compliance with its state sales tax requirements. As a result, we have been assessed additional state sales taxes, interest, and penalties. We believe that we have meritorious defenses against this claim and will vigorously defend our position. As of February 28, 2021, we are unable to estimate any possible loss and have not recorded a loss contingency for this matter.</span></p>
CY2021Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
11000000.0 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
11900000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
12900000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
650800000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2596900000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2124400000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4180300000 USD

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