GENERAL MILLS INC
For the period ended Aug 25, 2024. Filed Sep 18, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Aug 25, 2024 · Filed Sep 18, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-02-25; filed 2024-03-20.
0001193125-24-072690
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-08-25; filed 2024-09-18.
0001193125-24-221344
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 3509 previous paragraphs and 2650 current paragraphs.
2055 unchanged; 29 reworded; 554 added; 1393 removed; 32 previous and 12 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (554)
Current report
Management’s Discussion and Analysis
Current report
key
Current report
priorities
Current report
accelerate
Current report
create
Current report
fuel
Current report
drive
Current report
strong
Current report
generation.
Current report
Amid
Current report
continued
Current report
uncertain
Current report
macroeconomic
Current report
backdrop
Current report
consumers,
Current report
gradually improve
Current report
over the
Current report
course of
Current report
the year,
Current report
though full-year
Current report
category dollar
Current report
growth is expected
Current report
to be below
Current report
our long-term
Current report
projections. We
Current report
expect to increase
Current report
our organic
Current report
net sales growth
Current report
by delivering remarkable
Current report
experiences across
Current report
our leading
Current report
food brands,
Current report
improved
Current report
household
Current report
penetration
Current report
stronger
Current report
share
Current report
trends
Current report
versus
Showing the first 40 of 554 passages. Open the source sections for the rest.
Removed paragraphs (1393)
Previous report
expect the largest
Previous report
factors impacting our performance
Previous report
will be the economic
Previous report
health of consumers, the
Previous report
moderating rate
Previous report
inflation,
Previous report
increasing
Previous report
stability
Previous report
environment.
Previous report
anticipate
Previous report
inflation
Previous report
generate
Previous report
Holistic
Previous report
savings
Previous report
compared to fiscal 2023.
Previous report
Third Quarter Results
Previous report
In the third quarter of fiscal 2024,
Previous report
net sales and organic net sales decreased
Previous report
last year. Operating
Previous report
recoveries
Previous report
recall
Previous report
ice
Previous report
cream
Previous report
higher
Previous report
margin
Previous report
higher input costs and
Previous report
a decrease in contributions
Previous report
Adjusted operating profit margin
Previous report
increased 220 basis points to
Previous report
17.9 percent. Diluted earnings per
Previous report
share of $1.17 increased 27 percent
Previous report
in the third quarter of fiscal
Previous report
Adjusted diluted earnings per
Previous report
$1.17 increased
Previous report
22 percent
Previous report
basis compared
Previous report
2024 decreased
Previous report
a decrease
Previous report
Acquisition and divestitures
Showing the first 40 of 1393 passages. Open the source sections for the rest.
Reworded paragraphs (29)
Previous wording
compared to the same period in fiscal 2023 (see the “Non-GAAP Measures”
Current wording
percent compared to the
Previous wording
A summary of our consolidated financial results for the third quarter of
Current wording
A summary of our consolidated financial results for the first quarter of
Previous wording
(please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of
Current wording
Consolidated Financial Statements in Part I, Item 1 of this report).
Previous wording
period ended February 25, 2024 (please refer to Note 3 to the Consolidated
Current wording
same period last year (please refer to Note 3 to the Consolidated Financial
Previous wording
driven by higher interest rates and higher average long-term debt levels.
Current wording
driven by higher average long-term debt levels.
Previous wording
of fiscal 2023, primarily driven by higher interest rates and higher
Current wording
same period in fiscal 2024, primarily
Previous wording
adopted in the first quarter of fiscal 2024. Please see Note 1
Current wording
in the first quarter of fiscal 2024,
Previous wording
Measures” section below for a description of our use of measures not defined
Current wording
a description of our use of measures not defined by GAAP).
Previous wording
partially offset by favorable organic net price realization
Current wording
by favorable organic net
Previous wording
in fiscal 2024
Current wording
in fiscal 2024. See the “Non-GAAP Measures” section below for our use of
Previous wording
section below for our use of this measure not defined by GAAP.
Current wording
this measure not defined by GAAP.
Previous wording
February 25, 2024, essentially matched
Current wording
International net sales in the first quarter of fiscal 2025 essentially matched
Previous wording
1 percent compared to the same period
Current wording
the same period in fiscal 2024.
Previous wording
fiscal 2023. Please see Note 2 to the
Current wording
(b) Acquisition of a pet food business in Europe in fiscal 2024. Please see Note 2 to
Previous wording
Pet net sales were as follows:
Current wording
North America Pet net sales were as follows:
Previous wording
period in fiscal 2023, driven by an increase in contributions from volume growth
Current wording
an increase in contributions from volume growth.
Previous wording
of fiscal 2024 essentially matched the same period in fiscal 2023.
Current wording
first quarter of fiscal 2025 essentially matched the same period in fiscal 2024.
Previous wording
Earnings prior to fiscal 2018 from our foreign subsidiaries remain permanently
Current wording
prior to fiscal 2018 from our foreign subsidiaries remain permanently reinvested in
Previous wording
at least the next 12 months.
Current wording
needs for at least the next 12 months.
Previous wording
return rate is adjusted
Current wording
The preferred return rate is adjusted
Previous wording
agreement with the Class A Interest holder or through a remarketing auction.
Current wording
years through a negotiated agreement with the Class A Interest holder
Previous wording
in our Annual Report on Form 10-K for the fiscal year ended May 28, 2023.
Current wording
Report on Form 10-K for the fiscal year ended May 26, 2024.
Previous wording
asset in the fair value hierarchy.
Current wording
are Level 3 assets in the fair value hierarchy.
Previous wording
(b) Acquisition of TNT Crust in fiscal 2023. Please see Note 2 to the Consolidated Financial Statements
Current wording
resulting from the acquisition of TNT Crust recorded in fiscal 2024.
Previous wording
Statements in Part
Current wording
Please see Note 2 to the Consolidated Financial Statements in Part
Previous wording
Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating Profit
Current wording
Adjusted Operating Profit as a Percent of Net Sales (Adjusted Operating
Previous wording
comparability given the volatility in foreign currency exchange rates.
Current wording
year-to-year comparability given the volatility in foreign
Previous wording
Adjusted Diluted EPS and Related Constant-currency Growth Rates
Current wording
Adjusted Diluted EPS and Related Constant-currency Growth Rate
Previous wording
Impact of income tax adjustments
Current wording
Impact of income tax adjustments on adjusted diluted EPS
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
See the “Non-GAAP Measures” section below for a description of our use of measures not
Current report — wording carried from elsewhere
Statements in Part I, Item 1 of this report).
Current report — wording carried from elsewhere
the Consolidated Financial Statements in Part I,
Current report — wording carried from elsewhere
below for our use of this measure not defined by GAAP).
Current report — wording carried from elsewhere
in the first quarter of fiscal 2025, compared
Current report — wording carried from elsewhere
to the same period in fiscal
Current report — wording carried from elsewhere
below for our use of this measure not defined by GAAP).
Current report — wording carried from elsewhere
North America Foodservice net sales in the first quarter of fiscal 2025 essentially
Current report — wording carried from elsewhere
matched the same period in fiscal 2024.
Current report — wording carried from elsewhere
North America Foodservice organic net sales in the
Current report — wording carried from elsewhere
in the first quarter of fiscal 2024.
Current report — wording carried from elsewhere
Consolidated Financial Statements in Part I, Item 1 of this report.
Rearranged previous paragraphs (32)
Previous report — wording carried elsewhere
contributions from volume growth, partially offset by
Previous report — wording carried elsewhere
favorable net price realization and mix.
Previous report — wording carried elsewhere
below for a description of our use of measures not defined by GAAP).
Previous report — wording carried elsewhere
(see the “Non-GAAP Measures” section below for a description of our use
Previous report — wording carried elsewhere
of measures not defined by GAAP).
Previous report — wording carried elsewhere
A summary of our consolidated financial results for the nine-month period
Previous report — wording carried elsewhere
Organic net sales growth rate (a)
Previous report — wording carried elsewhere
Adjusted diluted earnings per share (a)
Previous report — wording carried elsewhere
See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
Previous report — wording carried elsewhere
Components of organic net sales growth are shown in the following
Previous report — wording carried elsewhere
Financial Statements in Part I, Item 1 of this report).
Previous report — wording carried elsewhere
the same period last year, primarily reflecting
Previous report — wording carried elsewhere
The components of our joint ventures’ net sales growth are shown in the following
Previous report — wording carried elsewhere
Net sales growth in constant currency
Previous report — wording carried elsewhere
North America Retail organic net sales in the third quarter
Previous report — wording carried elsewhere
use of this measure not defined by GAAP).
Previous report — wording carried elsewhere
decrease in contributions from volume growth.
Previous report — wording carried elsewhere
favorable organic net price realization and mix, partially offset
Previous report — wording carried elsewhere
(see the “Non-GAAP Measures” section below for our use of this measure
Previous report — wording carried elsewhere
section below for our use of this measure not defined by GAAP).
Previous report — wording carried elsewhere
in contributions from volume growth, partially offset by
Previous report — wording carried elsewhere
favorable net price realization and mix.
Previous report — wording carried elsewhere
partially offset by favorable organic net price
Previous report — wording carried elsewhere
driven by a decrease in contributions
Previous report — wording carried elsewhere
section below for our use of this measure not defined by GAAP).
Previous report — wording carried elsewhere
fiscal 2023 (see the “Non-GAAP Measures” section below for our use of this measure
Previous report — wording carried elsewhere
in Part I, Item 1 of this report.
Previous report — wording carried elsewhere
compared to the same period in fiscal
Previous report — wording carried elsewhere
2023 (see the “Non-GAAP Measures” section
Previous report — wording carried elsewhere
to the Consolidated Financial Statements in Part I, Item 1 of
Previous report — wording carried elsewhere
Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
Previous report — wording carried elsewhere
growth, on a constant-currency basis