GENERAL MILLS INC
For the period ended Nov 24, 2024. Filed Dec 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.
Nov 24, 2024 · Filed Dec 18, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2024-11-24; filed 2024-12-18.
0001193125-24-281288
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 2650 previous paragraphs and 3397 current paragraphs.
2122 unchanged; 31 reworded; 1223 added; 486 removed; 11 previous and 21 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 (1223)
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delivering
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remarkable
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experiences across our leading food brands, resulting in sustainable improvement
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in volume growth and market share trends over time.
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2025 plan
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calls for
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on taste,
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and value,
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omnichannel
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visibility.
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generate
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Holistic
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savings
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more
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inflation
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expect
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reinvest
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business,
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Second Quarter Results
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increased 33
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percent to
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$1,078 million,
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goodwill impairment
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charge recorded
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by an
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selling, general
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and administrative
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(SG&A) expenses
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and unfavorable
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mix. Operating
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of 20.6
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from volume
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growth, partially
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in SG&A
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expenses and
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unfavorable net
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increased 100
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to 20.3
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Diluted earnings
Showing the first 40 of 1223 passages. Open the source sections for the rest.
Removed paragraphs (486)
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gradually improve
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over the
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course of
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the year,
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though full-year
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category dollar
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growth is expected
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to be below
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our long-term
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projections. We
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expect to increase
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our organic
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net sales growth
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by delivering remarkable
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experiences across
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our leading
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food brands,
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improved
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household
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penetration
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stronger
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trends
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versus
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plan
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calls
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taste,
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omnichannel visibility.
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expect to
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generate higher
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levels of Holistic
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Margin Management
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(HMM) cost savings
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to more
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than offset
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cost inflation
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in fiscal
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expect to
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reinvest in
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the business,
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including plans
Showing the first 40 of 486 passages. Open the source sections for the rest.
Reworded paragraphs (31)
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fiscal 2025 to drive improved volume performance.
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brand-building investment in fiscal 2025 to drive improved volume performance.
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See the “Non-GAAP Measures” section below for a description of our use of measures not
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Measures” section below for a description of our use of measures not defined
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A summary of our consolidated financial results for the first quarter of
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A summary of our consolidated financial results for the second quarter
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to the same period in fiscal
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compared to the same
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by unfavorable net price realization and mix, partially offset by
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unfavorable net price realization and mix.
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unfavorable organic net price realization and mix.
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partially offset by unfavorable organic net price realization
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same period last year (please refer to Note 3 to the Consolidated Financial
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Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
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favorable earnings mix by jurisdiction in the first quarter of fiscal 2025.
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mix by jurisdiction in the second quarter of fiscal 2025.
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first quarter of fiscal 2025 essentially matched the same period in fiscal 2024.
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November 24, 2024, essentially matched the same period in fiscal 2024.
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in the same period last year
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the same period in fiscal 2024.
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driven by a decrease in contributions from volume growth, partially offset
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in fiscal 2024, driven by a decrease in contributions from volume growth, partially
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by favorable net price realization and mix.
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offset by favorable net price realization and mix.
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an increase in contributions from volume growth.
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an increase in contributions from volume growth, partially offset
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by unfavorable net
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by unfavorable net price realization and mix.
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in fiscal 2024. See the “Non-GAAP Measures” section below for our use of
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period in fiscal 2024 (see the “Non-GAAP Measures” section below
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See the “Non-GAAP Measures” section below for our use of measures not defined by
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for our use of this measure not defined by GAAP).
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In addition, we recorded $2 million
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addition, we recorded $2 million of integration costs related
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in the first quarter of fiscal 2025 related to our acquisition of a pet food business in
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to the acquisition of a pet food business in Europe in the
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same period in fiscal 2024. In
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fiscal 2024. In the
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needs for at least the next 12 months.
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and capital needs for at least the next 12 months.
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will continue to monitor these businesses for potential impairment.
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to monitor these businesses for potential impairment.
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the process of analyzing the impact of the ASU on our related disclosures.
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the impact of the ASU on
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resulting from the acquisition of TNT Crust recorded in fiscal 2024.
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resulting from the acquisition of TNT Crust recorded in fiscal 2024. Please see Note
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Please see Note 2 to the Consolidated Financial Statements in Part
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2 to the Consolidated Financial Statements in Part
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Impact of income tax adjustments on adjusted diluted EPS
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Impact of income tax adjustments
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interest bearing investments classified within prepaid expenses and other current
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interest bearing investments classified within prepaid expenses and other
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industry and the markets for
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foods industry and the markets for
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discount rates used to determine plan liabilities; failure or
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discount rates used to determine plan liabilities; failure
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breach of our information technology systems; foreign
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or breach of our information technology
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including currency rate fluctuations; and political unrest in foreign markets
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including currency rate fluctuations; and political unrest in foreign
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and economic uncertainty due to terrorism or war.
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markets and economic uncertainty due to terrorism or war.
Rearranged current paragraphs (21)
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See the “Non-GAAP Measures” section below for our use of measures not defined
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contributions from volume growth, partially offset by
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GAAP Measures” section below for a description of our use of measures
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GAAP Measures” section below for a description of our use of measures
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A summary of our consolidated financial results for the six-month period
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Organic net sales growth rate (a)
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Adjusted diluted earnings per share (a)
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See the “Non-GAAP Measures” section below for our use of measures not defined by GAAP.
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Components of organic net sales growth are shown in the following
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Statements in Part I, Item 1 of this report).
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the same period last year, primarily reflecting
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of fiscal 2024, primarily driven by higher average long-term debt levels.
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by GAAP). The components of our joint ventures’ net sales growth are
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Net sales growth in constant currency
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period a year ago primarily due to share repurchases, partially offset
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section below for our use of this measure not defined by GAAP.
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Measures” section below for our use of this measure not defined by GAAP).
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by unfavorable net price realization and mix.
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and favorable net price realization and mix.
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Measures” section below for our use of this measure not defined by GAAP).
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growth, on a constant-currency basis
Rearranged previous paragraphs (11)
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same period in fiscal 2024, primarily
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a description of our use of measures not defined by GAAP).
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this measure not defined by GAAP.
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below for our use of this measure not defined by GAAP).
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below for our use of this measure not defined by GAAP).
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North America Foodservice net sales in the first quarter of fiscal 2025 essentially
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matched the same period in fiscal 2024.
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North America Foodservice organic net sales in the
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our use of this measure not defined by GAAP).
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Consolidated Financial Statements in Part I, Item 1 of this report.
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Adjusted operating profit growth, on a constant-currency basis