通用磨坊 2024年度报告

FORM10-K ☑ANNUAL REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FORTHE FISCAL YEAR ENDEDMAY 25, 2025 ☐TRANSITION REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934FOR THE TRANSITION PERIOD FROM __________ TO __________ Commission file number:001-01185________________ GENERAL MILLS, INC.(Exact name of registrant as specified in its charter) (763)764-7600(Registrant’s telephone number,including area code) Securities registered pursuant to Section 12(g)of the Act: None Indicate by check mark if the registrant is a well-known seasonedissuer, as defined in Rule 405 of the Securities Act.Yes☑No Indicate by check mark if the registrant is not required to file reports pursuantto Section 13 or Section 15(d) of the Act. Yes☐No☑ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchange Act of 1934during the preceding 12months (or for such shorterperiod that the registrantwas required to file suchreports),and (2) has been subject to such filing requirements for the past 90 days.Yes☑No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuant to Rule405 of RegulationS-T duringthe preceding 12months (or forsuch shorter periodthat the registrantwas requiredtosubmit such files).Yes☑No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplying with any new or revised financial accounting standards providedpursuant to Section 13(a) of the Exchange Act.☐ Indicate by check markwhether the registrant hasfiled a report onand attestation to its management’sassessment of the effectivenessof itsinternal controlover financialreporting underSection 404(b)of theSarbanes-Oxley Act(15 U.S.C.7262(b)) bythe registeredpublic accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by checkmark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previouslyissued financial statements.☐ Indicate by check mark whether any of those error corrections are restatementsthat required a recovery analysis of incentive-basedcompensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuantto § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as definedin Rule 12b-2 of the Act).Yes☐No☑ Aggregatemarket valueof CommonStock heldby non-affiliatesof theregistrant, basedon theclosing priceof $65.00per shareasreported onthe NewYorkStock Exchangeon November24, 2024(the lastbusiness dayof theregistrant’smost recentlycompletedsecond fiscal quarter): $35,891million. Number of shares of Common Stock outstanding as of June 9, 2025:542,427,490(excluding212,185,838shares held in the treasury). DOCUMENTS INCORPORATEDBY REFERENCE Portions of the registrant’s ProxyStatement for its 2025 Annual Meeting of Shareholders are incorporated by referenceinto Part III. Table of Contents Part IItem 1 Business4Item 1ARisk Factors8Item 1BUnresolved Staff Comments13Item 1CCybersecurity13Item 2Properties14Item 3Legal Proceedings15Item 4Mine Safety Disclosures15Part IIItem 5Market for Registrant’s CommonEquity, Related StockholderMatters and Issuer Purchases ofEquity Securities15Item 7Management’s Discussion and Analysisof Financial Condition and Results of Operations17Item 7AQuantitative and Qualitative Disclosures About Market Risk38Item 8Financial Statements and Supplementary Data40Item 9Changes in and Disagreements With Accountants onAccounting and Financial Disclosure89Item 9AControls and Procedures89Item 9BOther Information90Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspection90Part IIIItem 10Directors, Executive Officers and Corporate Governance90Item 11Executive Compensation90Item 12Security Ownership of Certain Beneficial Owners and Managementand Related Stockholder Matters91Item 13Certain Relationships and Related Transactions,and Director Independence91Item 14Principal Accountant Fees and Services91Part IVItem 15Exhibits and Financial Statement Schedules91Item 16Form 10-K Summary95Signatures96 PARTI ITEM 1 - Business COMPANY OVERVIEW For more than150 years, GeneralMills has beenmaking food theworld loves.Weare a leadingglobal manufacturer andmarketer ofbranded consumerfoods with morethan 100 brandsin 100 countriesacross six continents.In addition toour consolidated op