General Mills Files 2024 10-K

TL;DR

General Mills dropped its 2024 10-K. All systems go.

AI Summary

General Mills Inc. filed its 10-K for the fiscal year ending May 26, 2024, reporting on its financial performance and business operations. The company, headquartered in Minneapolis, MN, is a major player in the grain mill products industry. This filing provides a comprehensive overview of its financial health, strategic initiatives, and risk factors for investors.

Why It Matters

This 10-K filing provides crucial insights into General Mills' financial standing and strategic direction, impacting investors and stakeholders by detailing performance and future outlook.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

• 754.6 — Revenue (This figure likely represents a key financial metric for the fiscal year, though the specific unit (e.g., millions, billions) is not explicitly stated in the provided snippet.)

Key Players & Entities

• GENERAL MILLS INC (company) — Filer of the 10-K
• 0000040704 (company) — Central Index Key for General Mills Inc.
• MINNEAPOLIS (location) — City of General Mills Inc. headquarters
• MN (location) — State of General Mills Inc. headquarters
• 55426 (location) — ZIP code of General Mills Inc. headquarters
• May 26, 2024 (date) — Fiscal year end date
• 20240626 (date) — Filing date

FAQ

Key Financial Figures

• $65.18 — trant, based on the closing price of $65.18 per share as reported on the New Y

Filing Documents

• d764890d10k.htm (10-K) — 3953KB
• d764890dex43.htm (EX-4.3) — 212KB
• d764890dex191.htm (EX-19.1) — 132KB
• d764890dex211.htm (EX-21.1) — 20KB
• d764890dex231.htm (EX-23.1) — 3KB
• d764890dex311.htm (EX-31.1) — 20KB
• d764890dex312.htm (EX-31.2) — 20KB
• d764890dex321.htm (EX-32.1) — 6KB
• d764890dex322.htm (EX-32.2) — 5KB
• d764890dex971.htm (EX-97.1) — 40KB
• g764890d764890dex191p6i4.gif (GRAPHIC) — 10KB
• g764890d764890dex191p6i5.gif (GRAPHIC) — 8KB
• g764890d764890dex191p6i6.gif (GRAPHIC) — 6KB
• g764890d764890dex191p6i7.gif (GRAPHIC) — 2KB
• g764890gis202410kp95i0.gif (GRAPHIC) — 0KB
• 0001193125-24-168943.txt ( ) — 20197KB
• gis-20240526.xsd (EX-101.SCH) — 130KB
• gis-20240526_cal.xml (EX-101.CAL) — 152KB
• gis-20240526_def.xml (EX-101.DEF) — 648KB
• gis-20240526_lab.xml (EX-101.LAB) — 1508KB
• gis-20240526_pre.xml (EX-101.PRE) — 1030KB
• d764890d10k_htm.xml (XML) — 3649KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 8 Item 1B Unresolved Staff Comments 13 Item 1C Cybersecurity 13 Item 2

Properties

Properties 14 Item 3

Legal Proceedings

Legal Proceedings 14 Item 4 Mine Safety Disclosures 15 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 87 Item 9A

Controls and Procedures

Controls and Procedures 88 Item 9B Other Information 88 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 88 Part III Item 10 Directors, Executive Officers and Corporate Governance 88 Item 11

Executive Compensation

Executive Compensation 88 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13 Certain Relationships and Related Transactions, and Director Independence 89 Item 14 Principal Accountant Fees and Services 89 Part IV Item 15 Exhibits and Financial Statement Schedules 90 Item 16 Form 10-K Summary 93

Signatures

Signatures 94 4 PART I

- Business

ITEM 1 - Business COMPANY OVERVIEW For more than 150 years, General Mills has been making food the world loves. We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents. In addition to our consolidated operations, we have 50 percent interests in two strategic joint ventures that manufacture and market food products sold in approximately 130 countries worldwide. We manage and review the financial results of our business under four operating segments: North America Retail; International; Pet; and North America Foodservice. See Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in Item 7 of this report for a description of our segments. We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; ready-to-eat cereal; convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; wholesome natural pet food; refrigerated and frozen dough; baking mixes and ingredients; yogurt; and super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestl S.A. (Nestl) competes in the ready-to-eat cereal category in markets outside North America, and our Hagen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in Japan. For net sales contributed by each class of similar products, please see Note 17 to the Consolidated Financial 8 of this report. The terms "General Mills," "Company," "registrant," "we," "us," and "our" mean General Mills, Inc. and all subsidiaries included in the

Financial Statements

Financial Statements in Item 8 of this report. During fiscal 2024, Walmart Inc. and its affiliates (Walmart) accounted for 22 percent of our consolidated net sales and 30 percent of net sales of our North America Retail segment. No other customer accounted for 10 percent or more of our consolidated net sales. For further information on significant customers, please refer to Note 8 to the Consolidated

Financial Statements in Item 8 of this report

Financial Statements in Item 8 of this report. Competition The human and pet food categories are highly competitive, with numerous manufacturers of varying sizes in the United throughout the world. The categories in which we participate also are very competitive. Our principal competitors in these categories are manufacturers, as well as retailers with their own branded products. Competitors market and sell their products through brick-and- mortar stores and e-commerce. All our principal competitors have substantial financial, marketing, and other resources. Competition in our product categories is based on product innovation, product quality, price, brand recognition and loyalty, effectiveness of marketing, promotional activity, convenient ordering and delivery to the consumer, and the ability to identify and satisfy consumer preferences. Our principal strategies for competing in each of our segments include unique consumer insights, effective customer relationships, superior product quality, innovative advertising, product promotion, product innovation aligned with consumers' needs, an efficient supply chain, and price. In most product categories, we compete not only with other widely advertised, branded products, but also with regional brands and with generic and private label products that are generally sold at lower prices. Internationally, we compete with both multi-national and local manufacturers, and each country includes a unique group of competitors. 5 Raw materials, ingredients, and packaging The principal raw materials that we use are grains (wheat, oats, and corn), dairy products, meat, vegetable oils, sugar, vegetables, fruits, nuts, and other agricultural products. We also use substantial quantities of carton board, corrugated, plastic, and metal packaging materials, operating

business

business in order to ensure continuity of operations. Our objective is to procure materials meeting both our quality standards and our production needs at price levels that allow a targeted profit margin. Since these inputs generally represent the largest variable cost in manufacturing our products, to the extent possible, we often manage the risk associated with adverse price movements for some inputs using a variety of risk management strategies. We also have a grain merchandising operation that provides us efficient access to, and more informed knowledge of, various commodity markets, principally wheat and oats. This operation holds physical inventories that are carried at net realizable value and uses derivatives to manage its net inventory position and minimize its market exposures. TRADEMARKS AND PATENTS Our products are marketed under a variety of valuable trademarks. Some of the more important trademarks used in our global operations (set forth in italics in this report) include Annie's , Betty Crocker , Bisquick , Blue Buffalo , Bugles , Cascadian Farm , Cheerios , Chex , Cinnamon Toast Crunch , Cocoa Puffs , Cookie Crisp , Dunkaroos, Edgard & Cooper, Fiber One , Fruit by the Foot , Fruit Gushers , Fruit Roll-Ups , Gardetto's , Gold Medal , Golden Grahams , Hagen-Dazs , Kitano , Kix , Lrabar , Latina , Lucky Charms , Muir Glen , Nature Valley , Nudges, Oatmeal Crisp , Old El Paso , Pillsbury , Progresso , Tastefuls, Total , Totino's , Trix , True Chews, True Solutions, Wanchai Ferry , Wheaties , Wilderness , and Yoki . We protect these trademarks as appropriate through registrations in the United States and other jurisdictions. Depending on the jurisdiction, trademarks are generally valid as long as they are in use or their registrations are properly maintained and they have not been found to

- Risk Factors

ITEM 1A - Risk Factors Our

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View this 10-K filing on SEC EDGAR