通用磨坊 2024年季度报告

3General Mills, Inc.Table of ContentsPagePART I – Financial InformationItem 1. Financial StatementsConsolidatedStatements ofEarnings forthe quartersandsix-month periodsendedNovember24, 2024andNovember 26, 20234Consolidated Statements of ComprehensiveIncome forthe quartersand six-monthperiods endedNovember24, 2024 and November 26, 20235Consolidated Balance Sheets as of November 24, 2024 and May 26, 20246ConsolidatedStatementsofTotalEquityforthequarters andsix-monthperiodsendedNovember24,2024and November 26, 20237Consolidated Statements of Cash Flows forthe six-monthperiods endedNovember 24,2024andNovember26, 20239Item 2. Management’s Discussionand Analysis of Financial Condition and Results of Operations21Item 3. Quantitative and Qualitative Disclosures About Market Risk39Item 4. Controls and Procedures40PART II – Other InformationItem 2. Unregistered Sales of Equity Securities and Use of Proceeds40Item 5. Other Information40Item 6. Exhibits41Signatures42 4PART I.FINANCIAL INFORMATIONItem 1.Financial Statements.Consolidated Statements of EarningsGENERAL MILLS, INC. AND SUBSIDIARIES(Unaudited) (In Millions, Except per Share Data)Quarter EndedSix-Month Period EndedNov. 24, 2024Nov. 26, 2023Nov. 24, 2024Nov. 26, 2023Net sales$5,240.1$5,139.4$10,088.2$10,044.1Cost of sales3,309.03,373.56,468.36,507.7Selling, general, and administrative expenses852.0830.51,707.11,669.8Restructuring, impairment, and other exit costs1.2123.63.4124.8Operating profit1,077.9811.81,909.41,741.8Benefit plan non-service income(13.8)(20.1)(27.7)(37.1)Interest, net124.6117.8248.2234.8Earnings before income taxes and after-tax earningsfromjoint ventures 967.1714.11,688.91,544.1Income taxes194.8136.0352.2309.2After-tax earnings from joint ventures30.024.249.247.7Net earnings, including earnings attributable tononcontrolling interests802.3602.31,385.91,282.6Net earnings attributable to noncontrolling interests6.66.810.313.6Net earnings attributable to General Mills$795.7$595.5$1,375.6$1,269.0Earnings per share – basic$1.43$1.03$2.46$2.18Earnings per share – diluted$1.42$1.02$2.45$2.16See accompanying notes to consolidated financial statements. 5Consolidated Statements of Comprehensive IncomeGENERAL MILLS, INC. AND SUBSIDIARIES(Unaudited) (In Millions)Quarter EndedSix-Month Period EndedNov. 24, 2024Nov. 26, 2023Nov. 24, 2024Nov. 26, 2023Net earnings, including earnings attributable tononcontrolling interests$802.3$602.3$1,385.9$1,282.6Other comprehensive income (loss), net of tax:Foreign currency translation28.8(22.3)(33.1)(40.4)Other fair value changes:Hedge derivatives9.21.93.2(0.4)Reclassification to earnings:Hedge derivatives1.7(2.4)1.7(2.2)Amortization of losses and prior service costs11.79.223.318.3Other comprehensive income (loss), net of tax51.4(13.6)(4.9)(24.7)Total comprehensiveincome 853.7588.71,381.01,257.9Comprehensive income attributable to noncontrollinginterests5.37.19.514.0Comprehensive income attributable to General Mills$848.4$581.6$1,371.5$1,243.9See accompanying notes to consolidated financial statements. 880.8-Total currentassets7,381.44,580.9Land, buildings, and equipment3,457.03,863.9Goodwill14,427.714,750.7Other intangible assets6,743.36,979.9Other assets1,386.71,294.5Total assets$33,396.1$31,469.9LIABILITIES AND EQUITYCurrent liabilities:Accounts payable$4,068.8$3,987.8Current portion of long-term debt1,821.51,614.1Notes payable264.311.8Other current liabilities1,804.51,419.4Liabilities held for sale65.2-Total currentliabilities8,024.37,033.1Long-term debt12,435.811,304.2Deferred income taxes2,232.92,200.6Other liabilities1,253.91,283.5Total liabilities23,946.921,821.4 Consolidated Statements of TotalEquityGENERAL MILLS, INC. AND SUBSIDIARIES(Unaudited) (In Millions, Except per Share Data)Quarter EndedNov. 24, 2024Nov. 26, 2023SharesAmountSharesAmountTotal equity,beginning balance$9,526.6$10,515.4Common stock,1billion shares authorized, $0.10par value754.675.5754.675.5Additional paid-in capital:Beginning balance1,164.61,185.7Stock compensation plans(4.1)(6.5)Unearned compensation related to stock unit awards(4.6)(0.5)Earned compensation26.123.1Ending balance1,182.01,201.8Retained earnings:Beginning balance21,213.920,163.6Net earnings attributable to General Mills795.7595.5Cash dividends declared ($1.20and $1.18per share)(669.3)(678.2)Ending balance 21,340.320,080.9Common stock in treasury:Beginning balance(198.8)(10,601.9)(173.4)(8,874.3)Shares purchased, including excise tax of $2.6and$7.9million(4.2)(303.0)(12.4)(808.8)Stock compensation plans0.631.60.15.7Ending balance(202.4)(10,873.3)(185.7)(9,677.4)Accumulated other comprehensive loss:Beginning balance(2,576.5)(2,288.1)Comprehensive income (loss)52.7(13.9)Ending balance(2,523.8)(2,302.0)Noncontrolling interests:Beginning balance251.0253.0Comprehensive income5.37.1Distributions to noncontrolling interest holders(7.8)(7.7)Change in ownership interest-0.7Ending balance248.5253.1Total equity,ending balance$ 9,449.2$9,631.9See accompanying notes to consolidate