$GIS
GENERAL MILLS INC

2022 Q1 Form 10-Q Financial Statement

#000119312522082733 Filed on March 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $4.538B $4.520B
YoY Change 0.39% 8.13%
Cost Of Revenue $3.134B $2.966B
YoY Change 5.66% 6.81%
Gross Profit $1.404B $1.554B
YoY Change -9.67% 10.74%
Gross Profit Margin 30.93% 34.38%
Selling, General & Admin $751.4M $716.3M
YoY Change 4.9% -4.06%
% of Gross Profit 53.53% 46.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $143.7M $159.4M
YoY Change -9.85% 7.2%
% of Gross Profit 10.24% 10.26%
Operating Expenses $751.4M $716.3M
YoY Change 4.9% -4.06%
Operating Profit $815.3M $826.6M
YoY Change -1.37% 27.01%
Interest Expense $86.50M $106.0M
YoY Change -18.4% -3.46%
% of Operating Profit 10.61% 12.82%
Other Income/Expense, Net
YoY Change
Pretax Income $755.9M $754.0M
YoY Change 0.25% 31.98%
Income Tax $123.2M $162.0M
% Of Pretax Income 16.3% 21.49%
Net Earnings $660.3M $595.7M
YoY Change 10.84% 31.18%
Net Earnings / Revenue 14.55% 13.18%
Basic Earnings Per Share $1.09 $0.97
Diluted Earnings Per Share $1.08 $0.96
COMMON SHARES
Basic Shares Outstanding 606.8M shares 615.0M shares
Diluted Shares Outstanding 612.4M shares 619.4M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $844.4M $2.754B
YoY Change -69.34% 353.71%
Cash & Equivalents $844.4M $2.754B
Short-Term Investments
Other Short-Term Assets $723.8M $323.0M
YoY Change 124.09% -24.53%
Inventory $1.710B $1.759B
Prepaid Expenses
Receivables $1.750B $1.776B
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.029B $6.612B
YoY Change -23.95% 53.47%
LONG-TERM ASSETS
Property, Plant & Equipment $3.288B $3.506B
YoY Change -6.21% -0.83%
Goodwill $14.55B $14.03B
YoY Change 3.65% 0.6%
Intangibles $7.011B $7.148B
YoY Change -1.92% 0.56%
Long-Term Investments
YoY Change
Other Assets $1.270B $1.348B
YoY Change -5.81% 0.15%
Total Long-Term Assets $26.12B $26.04B
YoY Change 0.3% 0.37%
TOTAL ASSETS
Total Short-Term Assets $5.029B $6.612B
Total Long-Term Assets $26.12B $26.04B
Total Assets $31.14B $32.65B
YoY Change -4.61% 7.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.475B $3.392B
YoY Change 2.45% 15.7%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $724.3M $184.6M
YoY Change 292.36% -84.28%
Long-Term Debt Due $600.7M $3.900B
YoY Change -84.6% 351.52%
Total Short-Term Liabilities $6.839B $9.590B
YoY Change -28.68% 43.2%
LONG-TERM LIABILITIES
Long-Term Debt $10.94B $9.767B
YoY Change 12.06% -15.73%
Other Long-Term Liabilities $1.118B $1.502B
YoY Change -25.56% -2.23%
Total Long-Term Liabilities $12.06B $11.27B
YoY Change 7.05% -14.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.839B $9.590B
Total Long-Term Liabilities $12.06B $11.27B
Total Liabilities $21.07B $22.86B
YoY Change -7.86% 4.64%
SHAREHOLDERS EQUITY
Retained Earnings $17.71B $16.66B
YoY Change 6.35% 8.43%
Common Stock $1.238B $1.429B
YoY Change -13.4% 1.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.015B $6.351B
YoY Change 10.45%
Treasury Stock Shares 152.4M shares 142.8M shares
Shareholders Equity $9.813B $8.890B
YoY Change
Total Liabilities & Shareholders Equity $31.14B $32.65B
YoY Change -4.61% 7.94%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $660.3M $595.7M
YoY Change 10.84% 31.18%
Depreciation, Depletion And Amortization $143.7M $159.4M
YoY Change -9.85% 7.2%
Cash From Operating Activities $730.3M $781.1M
YoY Change -6.5% 11.08%
INVESTING ACTIVITIES
Capital Expenditures -$126.3M -$120.2M
YoY Change 5.07% 8.39%
Acquisitions
YoY Change
Other Investing Activities $60.50M -$500.0K
YoY Change -12200.0% -98.39%
Cash From Investing Activities -$65.80M -$120.7M
YoY Change -45.48% -14.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -970.3M -499.1M
YoY Change 94.41% -2.44%
NET CHANGE
Cash From Operating Activities 730.3M 781.1M
Cash From Investing Activities -65.80M -120.7M
Cash From Financing Activities -970.3M -499.1M
Net Change In Cash -305.8M 161.3M
YoY Change -289.58% 224.55%
FREE CASH FLOW
Cash From Operating Activities $730.3M $781.1M
Capital Expenditures -$126.3M -$120.2M
Free Cash Flow $856.6M $901.3M
YoY Change -4.96% 10.71%

Facts In Submission

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Our noncontrolling interests contain restrictive covenants. As of February 27, 2022, we were in compliance with all of these covenants.
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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 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 30, 2021.
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<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">(16) 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 27, 2022, we are unable to estimate any possible loss and have not recorded a loss contingency for this matter.</span></p>
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GainLossOnSaleOfBusiness
170100000 USD
CY2021Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4537700000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4520000000.0 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14101600000 USD

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