From time to time, we evaluate potential acquisitions or joint ventures that would further our strategic objectives. A detailed review of our fiscal 2020 performance compared to fiscal 2019 appears below in the section titled "Fiscal 2020 Consolidated Results of Operations." Results from our CPW and HDJ joint ventures are reported for the 12 months ended March 31. the fiscal 2020 test date of the Europe & Australia reporting unit and. The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rate follows: Adjusted diluted earnings per share growth, on a. Fiscal 2019 included 12 months of results. Goodwill for each of our reporting units is tested for impairment annually and whenever events or changes in circumstances indicate. Under the terms of our swap agreements, some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk. These measures may not be sufficient to prevent the spread of COVID-19 among our employees. We also have net investments in foreign subsidiaries that are denominated in euros. On June 1, 2018, the floating preferred. 3. The Häagen-Dazs trademark is also licensed to HDJ. Vice President Investor Relations average organic net sales growth and cumulative free cash flow. Der Hauptsitz ist in Golden Valley, Minnesota, einem Vorort von Minneapolis.Das Unternehmen ist im Aktienindex S&P 500 gelistet. Our allowance for doubtful accounts represents our estimate of probable non-payments and credit losses in our existing receivables, as determined based on a review of past due balances and other specific account data. The defined benefit pension plan and other postretirement benefit plan portfolios are broadly diversified across asset classes. See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. Second, we maintained our strong adjusted operating profit margins. There was a significant degree of judgment required in evaluating audit evidence, which consists primarily of forward looking assumptions about future operating results, specifically the revenue growth rates, operating margins, royalty rates and subjective inputs used to estimate the discount rates. Separate groups of employees have similar historical exercise behavior and therefore were aggregated into a single pool for valuation purposes. Although we do not meet the criteria for cash flow hedge accounting, we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain. A market-related valuation basis is used to reduce. Historical data has a significant bearing on our forward-looking assumptions. Annually, we make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. Fixed Interest Rate Exposures - Fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on changes in the fair value of the underlying debt and derivatives, using incremental borrowing rates currently available on loans with similar terms and maturities. This put option requires us to classify Sodiaal's interest as a redeemable interest outside of equity on our Consolidated Balance Sheets for as long as the put is exercisable by Sodiaal. The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of May 31, 2020, and May 26, 2019, were as follows: Total assets, liabilities, and derivative. We evaluated the revenue growth rates and operating margin assumptions by comparing them to recent financial performance and external market and industry data. After the onset of the pandemic, elevated at-home food demand accelerated net sales growth in the fourth quarter in the North America Retail segment, where a significant share of net sales comes from categories that were most impacted by at-home eating, including meals, baking, and cereal. Gain (loss) recognized in earnings is reported in interest, net for interest rate contracts, in cost of sales for commodity contracts, and in SG&A expenses for equity contracts and foreign exchange contracts. increase in expense related to mark-to-market valuation of certain commodity positions and grain inventories compared to a $36 million net increase in expense in the prior year. We made no voluntary contributions to these plans in fiscal 2020 or fiscal 2019. (a) Plan assets and obligations are measured as of May 31, 2020 and May 31, 2019. In June 2016, the FASB issued new accounting requirements related to the measurement of credit losses on financial instruments, including trade receivables. The categories in which we participate also are very competitive. He was promoted to Vice President, Deputy General Counsel in 2010, first overseeing the legal affairs of the U.S. Retail segment and Consumer Food Sales and then, in 2012, overseeing the legal affairs of the International segment and Global Ethics and Compliance. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit, which often requires allocation of shared or corporate items among reporting units. We paid $30.1 million in issuance costs that were recorded in additional paid-in capital. Prior to joining General Mills, she held sales and management roles with Jenny Craig International. During the third quarter of fiscal 2020, we entered into a €600.0 million notional amount interest rate swap to convert our €600.0 million fixed rate notes due January 15, 2026, to a floating rate. Please see Note 3 to the Consolidated Financial Statements in Item 8 of this report. Headquartered in Minneapolis, Minnesota, USA, General Mills had fiscal 2019 worldwide sales of US $17.9 billion including the company's US $1 billion proportionate of joint-venture net sales. NOTE 4. Discrete tax benefit related to the reorganization of certain wholly owned subsidiaries in fiscal 2020 and a discrete tax benefit related to a capital carryback recorded in fiscal 2019. We consider all investments purchased with an original maturity of three months or less to be cash equivalents. This forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions. Primary exposures include U.S. Treasury rates, LIBOR, Euribor, and commercial paper rates in the United States and Europe. Basic and diluted EPS were calculated using the following: Average number of common shares-basic EPS. 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. ', Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. Joint venture earnings and cash flow activity is as follows: Summary combined financial information for the joint ventures on a 100 percent basis is as follows: NOTE 6. Please see Note 3 to the Consolidated Financial Statements in Item 8 of this report. Our ability to make, move, and sell products is critical to our success. To the extent that actual outcomes differ from our assumptions, we are not required to true up grant-date fair value-based expense to final intrinsic values. As of May 31, 2020, and May 26, 2019, a comparison of cost and market values of our marketable debt and equity securities is as follows: During fiscal 2020, we received $16.0 million of proceeds and recorded $4.0 million of realized losses from the sale of marketable securities. Organic net sales in fiscal 2020 increased 4 percent compared to fiscal 2019, driven by increased contributions from organic volume growth and favorable organic net price realization and mix. We estimate the fair value of each option on the grant date using a Black-Scholesoption-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. In those circumstances, we could experience a reduction in sales of higher margin products or a shift in our product mix to lower margin offerings. Addeddate 2019-10-23 04:02:14 Identifier We could be adversely affected if consumers in our principal markets lose confidence in the safety and quality of certain of our products or ingredients. Most of these inputs for our domestic and Canadian operations are purchased from suppliers in the United States. There were no realized gains or losses from sales of marketable securities in fiscal 2019. Our product categories include dog and cat food (dry foods, wet foods, and treats) made with whole meats, fruits, and vegetables and other high-quality natural ingredients. The adoption of this guidance did not impact our results of operations or financial position. We may face additional production disruptions in the future, which may place constraints on our ability to produce products in a timely manner or may increase our costs. Our success depends in part on our ability to grow our business faster than populations are growing in the markets that we serve. that impairment may have occurred. Our product categories include refrigerated yogurt, meal kits, snack bars, super-premium ice cream, refrigerated and frozen dough products, shelf stable vegetables, and dessert and baking mixes. Our consolidated net sales for fiscal 2020 rose 5 percent to $17.6 billion. We maintain a strong audit program that independently evaluates the adequacy and effectiveness of internal controls. Liberté Marques Sàrl earns a royalty stream through licensing agreements with certain Yoplait group companies for the rights to Liberté and related trademarks. We do not fully hedge against changes in commodity prices, and the risk management procedures that we do use may not always work as we intend. Please refer to the Proxy Statement for additional details. These swap contracts mature in fiscal 2021. (Exact name of registrant as specified in its charter), (Registrant's telephone number, including area code). The adoption did not have a material impact on our results of operations or financial position. Once recognized, experience gains and losses are amortized using a straight-line method over the average remaining service period of active plan participants or over the average remaining lifetime of the remaining plan participants if the plan is viewed as "all or almost all" inactive participants. FAIR VALUE MEASUREMENTS AND FINANCIAL STATEMENT PRESENTATION. Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors (such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels), the level of required maintenance expenditures, and the expected lives of other related groups of assets. We expense the production costs of advertising the first time that the advertising takes place. Performance share units are earned primarily based on our future achievement of three-year goals for. Where necessary information is not available, prepared, or analyzed to determine a reasonable estimate, no provisional amount should be recorded. Although we believe that our operating cash flows, financial assets, access to capital and credit markets, and revolving credit agreements will permit us to meet our financing needs for the foreseeable future, there can be no assurance that future volatility or disruption in the capital and credit markets will not impair our liquidity or increase our costs of borrowing. For the fiscal year ended May 31, 2020, the amount of gain reclassified from AOCI into cost of sales was $5.1 million and the amount of loss reclassified from AOCI into SG&A was $0.5 million. An impairment loss would be recognized when estimated undiscounted future cash flows from the operation and disposition of the asset are less than the carrying amount of the asset. On the acquisition dates, we recorded the $281.4 million fair value of Sodiaal's 50 percent euro-denominated interest in Yoplait Marques SNC and 50 percent Canadian dollar-denominated interest in Liberté Marques Sàrl as noncontrolling interests on our Consolidated Balance Sheets. Fiscal 2020 organic net sales includes growth from the impact of the COVID-19 pandemic. High dependence on US market for its revenues. Adjusted effective income tax rates are calculated as follows: Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating Profit Margin). We saw increased orders from retail customers across all geographies in response to increased consumer demand for food at home. The actual impact on future years' cash flows will depend, in part, on the volume of employee stock option exercises during a particular year and the relationship between the exercise- date market value of the underlying stock and the original grant-date fair value previously determined for financial reporting purposes. Total committed and uncommitted credit facilities. He was named to his current position in February 2019. Classification of marketable securities as current or noncurrent is dependent upon our intended holding period and the security's maturity date. Our internal controls provide for appropriate separation of duties and responsibilities, and there are documented policies regarding use of our assets and proper financial reporting. Our India business is on an April fiscal year end. We engage with stakeholders to accelerate progress on social and environmental initiatives. We have outlined three key priorities for fiscal 2021 that we expect will allow us to generate competitive performance while continuing to advance our long-term goals: We expect the largest factor impacting our fiscal 2021 performance will be relative balance of at-home versus away-from-home consumer food demand. Fiscal 2019 represented acquisition integration costs, while fiscal 2018 represented acquisition transaction and integration costs. Environmental costs relating to existing conditions caused by past operations that do not contribute to current or future revenues are expensed. In fiscal 2020, we used $486 million of cash through investing activities compared to $556 million in fiscal 2019. We utilize derivatives to manage price risk for some of our principal ingredient and energy costs, including grains (oats, wheat, and corn), oils (principally soybean), dairy products, natural gas, and diesel fuel. General Mills, Inc. was incorporated in Delaware in 1928. We do not expect this guidance to have a material impact on our results of operations or financial position. We expect to record an immaterial cumulative effect adjustment to retained earnings as of the effective date to align our calculation of credit losses to the new model with consideration of the economic implications of the COVID-19 pandemic. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties; however, we have not incurred a material loss. As of May 31, 2020, our total debt, including the impact of derivative instruments designated as hedges, was 87 percent in fixed-rate and 13 percent in floating-rate instruments, compared to 74 percent in fixed-rate and 26 percent in floating-rate instruments on May 26, 2019. Adverse publicity about these types of concerns, whether or not valid, may discourage consumers from buying our products or cause production and delivery disruptions. The Yoplait trademark and other related trademarks are owned by Yoplait Marques SNC, an entity in which we own a 50 percent interest. We performed sensitivity analyses over the revenue growth rates, operating margins, brand royalty rates and discount rates to assess the impact of other points within a range of potential assumptions. Further, since the hedging instrument (the derivative) inversely correlates with the underlying exposure, we would expect that any loss or gain in the fair value of our derivatives would be generally offset by an increase or decrease in the fair value of the underlying exposure. This included controls related to the assumptions about future operating results and the discount and royalty rates used to measure the reporting unit and brand and other intangible fair values. We make decisions to fund related trusts for certain employees and retirees on an annual basis. We also utilize interest rate derivatives to reduce the volatility of our financing costs. Consolidated Statements of Comprehensive Income. The annual financial reports for General Mills from 1929 to 2018. We also recorded a $19 million charge related to a product recall in our international Green Giant business in fiscal 2020. The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows: Supplemental operating cash flow information and non-cash activity related to our operating leases are as follows: Cash paid for amounts included in the measurement of lease, Right of use assets obtained in exchange for new lease, NOTE 8. Changes and volatility in consumer purchasing and consumption patterns may increase demand for our products in one quarter (such as occurred in the fourth quarter of fiscal 2020), resulting in decreased consumer demand for our products in subsequent quarters. Our defined benefit plans in the United States are subject to the requirements of the Pension Protection Act (PPA). Sales include shipping and handling charges billed to the customer and are reported net of variable consideration and consideration payable to our customers, including trade promotion, consumer coupon redemption and other reductions to the transaction price, including estimated allowances for returns, unsalable product, and prompt pay discounts. Concentrated within few customers in the US market. None of our VIEs are material to our results of operations, financial condition, or liquidity as of and for the fiscal year ended May 31, 2020. During the fourth quarter of fiscal 2019, we sold our yogurt business in China and simultaneously entered into a new Yoplait license agreement with the purchaser for their use of the Yoplait brand. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. The new standard amends the hedge accounting recognition and presentation requirements to better align an entity's risk management activities and financial reporting. Performance share units are settled in common stock and are generally subject to a three year performance and vesting period. The report is available for download on GeneralMills.com. General Shareholder Information: Investor Relations Department 1-800-245-5703 or 763-764-3202. Actuarial gains and losses associated with the Plan and the Supplemental Plans are amortized over the average remaining service life of the active participants. We paid dividends of $56.9 million in fiscal 2020 and $22.0 million in fiscal 2019 to Sodiaal under the terms of the Yoplait SAS, Yoplait Marques SNC, and Liberté Marques Sàrl shareholder agreements. At Coca-Cola, from 2011 to 2014, Mr. Pollard served as Vice President, Global Connections until he was promoted to Senior Vice President, Strategic Marketing, a role he held until June 2017. Each restructuring action normally takes one to two years to complete. We do not expect this guidance to have a material impact on our results of operations or financial position. Many of our product lines are manufactured at a single location or sourced from a single supplier. We make available, free of charge in the "Investors" portion of this website, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (1934 Act) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (SEC). The calculations do not include the underlying foreign exchange and commodities or equity-related positions that are offset by these market-risk-sensitive instruments. The new standard requires retrospective adoption of the presentation of net periodic benefit expense and prospective application of the capitalization of the service cost component. As of May 31, 2020, we had deferred net foreign currency transaction losses of $29.9 million in AOCI associated with net investment hedging activity. Fiscal 2019 represented acquisition integration costs, while fiscal 2018 represented acquisition transaction and integration costs and interest, net related to the debt issued to finance the transaction. The packaged and pet food categories are highly competitive, with numerous manufacturers of varying sizes in the United States and throughout the world. The agreements under which we have issued indebtedness do not prevent us from incurring additional unsecured indebtedness in the future. We work continuously to improve our core products and to create new products that meet consumers' evolving needs and preferences. Certain terms used throughout this report are defined in a glossary in Item 8 of this report. We experienced input cost inflation of 4 percent in fiscal 2020 and 4 percent in fiscal 2019, primarily on commodity inputs. The fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. The impact of this change was not material to our consolidated results of operations and, therefore, we did not restate prior period financial statements for comparability. We are exposed to interest rate volatility with regard to future issuances of fixed-rate debt, and existing and future issuances of floating-rate debt. Our continued cash discipline delivered a significant reduction in core working capital and strong free cash flow conversion, resulting in reduced debt and an important decrease in our leverage ratio. CONCENTRATIONS OF CREDIT AND COUNTERPARTY CREDIT RISK. We consider the collective rights under our various patents, which expire from time to time, a valuable asset, but we do not believe that our businesses are materially dependent upon any single patent or group of related patents. 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