General Mills Inc. Files 10-Q for Period Ending February 25, 2024

TL;DR

<b>General Mills Inc. has filed its Q3 2024 10-Q report, detailing financial performance and segment information.</b>

AI Summary

GENERAL MILLS INC (GIS) filed a Quarterly Report (10-Q) with the SEC on March 20, 2024. General Mills Inc. filed a 10-Q report for the period ending February 25, 2024. The filing covers the third quarter of fiscal year 2024. Key dates mentioned include November 27, 2023, and February 25, 2024, for the current reporting period. Previous periods such as May 29, 2023, and February 26, 2023, are also referenced. The report details financial information related to operating segments and corporate non-segments.

Why It Matters

For investors and stakeholders tracking GENERAL MILLS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of General Mills, crucial for understanding the company's performance in the third quarter of fiscal year 2024. The detailed segment information allows for a deeper analysis of which business areas are driving growth or facing challenges, informing investment decisions.

Risk Assessment

Risk Level: medium — GENERAL MILLS INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which inherently carries medium risk due to the potential for unexpected financial results or disclosures that could impact stock price.

Analyst Insight

Monitor future earnings reports and analyst calls for commentary on the performance trends highlighted in this 10-Q.

Financial Highlights

revenue

754.6

revenue Growth

0.10

Key Numbers

• 2024-02-25 — Reporting Period End Date (Conformed period of report)
• 2024-03-20 — Filing Date (Filed as of date)
• 2023-11-27 — Current Period Start Date (Reporting period start date)
• 2023-05-29 — Prior Year Period End Date (Prior year period end date)
• 2023-02-26 — Prior Year Quarter End Date (Prior year quarter end date)

Key Players & Entities

• GENERAL MILLS INC (company) — Filer name
• 2024-02-25 (date) — Conformed period of report
• 2024-03-20 (date) — Filed as of date
• MINNEAPOLIS (location) — Business address city
• MN (location) — Business address state
• 0000040704 (company) — Central Index Key
• 2024 Q3 (period) — Fiscal quarter
• 10-Q (document_type) — Form type

FAQ

Key Dates

• 2024-02-25: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-20: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-11-27: Quarterly Period Start — Start of the current reporting period.
• 2023-05-29: Prior Fiscal Year End — Reference point for prior year financial comparisons.

Filing Documents

• d584889d10q.htm (10-Q) — 1581KB
• d584889dex311.htm (EX-31.1) — 26KB
• d584889dex312.htm (EX-31.2) — 26KB
• d584889dex321.htm (EX-32.1) — 5KB
• d584889dex322.htm (EX-32.2) — 4KB
• 0001193125-24-072690.txt (&nbsp;) — 7698KB
• gis-20240225.xsd (EX-101.SCH) — 68KB
• gis-20240225_cal.xml (EX-101.CAL) — 81KB
• gis-20240225_def.xml (EX-101.DEF) — 264KB
• gis-20240225_lab.xml (EX-101.LAB) — 716KB
• gis-20240225_pre.xml (EX-101.PRE) — 439KB
• d584889d10q_htm.xml (XML) — 1062KB

– Financial Information

PART I – Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Statements of Earnings for the quarters and nine-month periods ended February 25, 2024 and February 26, 2023 4 Consolidated Statements of Comprehensive Income for the quarters and nine-month periods ended February 25, 2024 and February 26, 2023 5 Consolidated Balance Sheets as of February 25, 2024 and May 28, 2023 6 Consolidated Statements of Total Equity for the quarters and nine-month periods ended February 25, 2024 and February 26, 2023 7 Consolidated Statements of Cash Flows for the nine-month periods ended February 25, 2024 and February 26, 2023 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 41

– Other Information

PART II – Other Information

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Other Information

Item 5. Other Information 41

Exhibits

Item 6. Exhibits 42

Signatures

Signatures 43 4 PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. Consolidated Statements of Earnings GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions, Except per Share Data) Quarter Ended Nine-Month Period Ended Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net sales $ 5,099.2 $ 5,125.9 $ 15,143.3 $ 15,064.2 Cost of sales 3,391.8 3,461.1 9,899.5 10,246.6 Selling, general, and administrative expenses 790.9 946.9 2,460.7 2,632.5 Divestitures gain, net - ( 13.7 ) - ( 444.6 ) Restructuring, impairment, and other exit costs 5.8 1.4 130.6 14.1 Operating profit 910.7 730.2 2,652.5 2,615.6 Benefit plan non-service income ( 18.6 ) ( 21.6 ) ( 55.7 ) ( 65.0 ) Interest, net 121.7 98.3 356.5 277.5 Earnings before income taxes and after-tax earnings from joint ventures 807.6 653.5 2,351.7 2,403.1 Income taxes 149.3 108.3 458.5 471.5 After-tax earnings from joint ventures 18.0 12.7 65.7 57.9 Net earnings, including earnings attributable to noncontrolling interests 676.3 557.9 1,958.9 1,989.5 Net earnings attributable to noncontrolling interests 6.2 4.8 19.8 10.5 Net earnings attributable to General Mills $ 670.1 $ 553.1 $ 1,939.1 $ 1,979.0 Earnings per share – basic $ 1.18 $ 0.94 $ 3.35 $ 3.32 Earnings per share – diluted $ 1.17 $ 0.92 $ 3.33 $ 3.28 See accompanying notes to consolidated financial statements. 5 Consolidated Statements of Comprehensive Income GENERAL MILLS, INC. AND SUBSIDIARIES (Unaudited) (In Millions) Quarter Ended Nine-Month Period Ended Feb. 25, 2024 Feb. 26, 2023 Feb. 25, 2024 Feb. 26, 2023 Net earnings, including earnings attributable to noncontrolling interests $ 676.3 $ 557.9 $ 1,958.9 $ 1,989.5 Other comprehensive income (loss), net of tax: Foreign currency translation 2.4 12.5 ( 38.0 ) ( 98.7 ) Other fair value changes: Hedge derivatives ( 6.9 ) ( 5.7 ) ( 7.3 ) ( 23.2 ) Reclassification to earnings: Foreign currency translation - - - (

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Unaudited) (1) Background The accompanying Consolidated Financial General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) 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 required for comprehensive financial 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 and any noncontrolling interests' share of those transactions. Operating results for the fiscal quarter ended February 25, 2024, are not necessarily indicative of the results that may be expected for the fiscal year ending May 26, 2024. These should be read in conjunction with the Consolidated Financial and footnotes included in our Annual Report on Form 10-K for the fiscal year ended May 28, 2023. The accounting policies used in preparing these Consolidated Financial new requirements adopted in the first quarter of fiscal 2024. In the first quarter of fiscal 2024, we adopted optional accounting guidance to ease the burden in accounting for reference rate reform. The new standard provides temporary expedients and exceptions to existing accounting requirements for contract modifications and hedge accounting related to transitioning from discontinued reference rates. This resulted in modifying contracts, where necessary, to apply a new reference rate, primarily SOFR. The adoption of this accounting gu

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