GENERAL MILLS INC
For the period ended May 25, 2025. Filed Jun 26, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jun 26, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-05-26; filed 2024-06-26.
0001193125-24-168943
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-05-25; filed 2025-06-26.
0001193125-25-147079
Item 7. 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 4021 previous paragraphs and 3775 current paragraphs.
2748 unchanged; 54 reworded; 962 added; 1211 removed; 8 previous and 11 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 (962)
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(EPS);
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after tax; and
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strategy
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billion.
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compared to year-ago levels. Operating
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profit of $3.3 billion decreased
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4 percent. Adjusted operating profit
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of $3.4 billion decreased 7
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percent on a
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Diluted EPS declined
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5 percent to
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$4.10. Adjusted diluted
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EPS of $4.21
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decreased 7 percent
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by operations
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totaled $2,918
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of 126
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to noncontrolling
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interests. This
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cash generation
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supported capital
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totaling $625
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flow was
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of 97
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interests.
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returned
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dividends
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defined by GAAP).
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environment
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characterized
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uncertainty,
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value-seeking
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behaviors by
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consumers that
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were deeper
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and more
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prolonged than
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we expected.
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result, we
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made important
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Removed paragraphs (1211)
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term. We
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tax; and
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more
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than
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initially
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expected.
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pivoted our plans and enhanced our
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efficiency to generate adjusted operating
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profit and adjusted diluted EPS that
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were in line with our
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original targeted
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ranges, even
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slower-than-anticipated
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topline growth
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environment. We
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delivered mixed
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performance against
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priority of
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competing effectively,
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we did
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not achieve
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our objective
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of holding
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or growing
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market share
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in more
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than
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global
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priority
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businesses.
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hindered
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uncertain
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environment, which
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resulted in
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greater-than-expected value
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-seeking behaviors
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by consumers.
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Our organic
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1 percent
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Reworded paragraphs (54)
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mid- to high-single-digit annual growth in adjusted diluted earnings per share (EPS);
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mid- to high-single-digit annual growth in adjusted diluted earnings per share
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free cash flow conversion of at least 95 percent of adjusted net earnings after
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free cash flow conversion of at least 95 percent of adjusted net earnings
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measures not defined by generally accepted accounting principles (GAAP)).
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generally accepted accounting principles (GAAP)).
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three priorities we established at the beginning of the year:
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at the beginning of the year:
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section below for our use of this measure not defined by GAAP.
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this measure not defined by GAAP).
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Consolidated Results of Operations.” A detailed review of
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Consolidated Results of Operations.” A detailed review
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performance compared to our fiscal 2022
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of our fiscal 2024 performance compared to our fiscal
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Based on these assumptions, our key full-year fiscal 2025 targets are
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Based on these assumptions, our key full-year fiscal 2026 targets
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Organic net sales are expected to range between flat and up 1 percent.
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Organic net sales are expected to range between down 1 percent and
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See the “Non-GAAP Measures” section below for a description of our use
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See the “Non-GAAP Measures” section below for a description of our
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below for a description of our use of measures not defined by GAAP).
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use of measures not defined by GAAP.
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Certain terms used throughout this report are defined in a glossary in Item 8 of
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Certain terms used throughout this report are defined in a glossary in Item
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-currency basis (see the “Non-GAAP
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constant-currency basis (see
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4 to the
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4 to the Consolidated Financial Statements in Item 8 of this report for additional
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fiscal 2024 decreased 100 basis points compared to fiscal 2023.
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decreased 30 basis points compared to fiscal 2024.
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increased 230 basis points compared to fiscal 2023.
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increased 130 basis points compared to fiscal 2024.
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side dishes business (please refer to Note 3 to the Consolidated Financial Statements
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Consolidated Financial Statements in Item 8 of this report).
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in Item 8 of this report for additional information).
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Statements in Item 8 of this report for additional information.
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The 0.1 percentage point increase was
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percentage point increase was
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divestitures, and restructuring, impairment, and other exit costs that are centrally
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exit costs that are centrally managed.
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ventures. Revenues from export activities are reported in the region or
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export activities are reported in the region or country where the end customer
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and textures and cuts for wet foods.
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cuts for wet foods.
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Pet net sales were as follows:
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North America Pet net sales were as follows:
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input costs, partially offset
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from volume growth and lower input costs, partially offset
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and favorable net price realization and mix.
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from volume growth and favorable net price realization and mix.
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offset by an increase in organic net price realization and
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organic net price realization and mix.
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fiscal 2024 compared to
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2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below
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depreciation and amortization expenses are neither maintained nor available
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amortization expenses are neither maintained nor available by operating
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$18 million of net losses related to valuation adjustments and
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compared to $18 million of net losses related to valuation
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in fiscal 2023 and a $199 million change in restructuring, impairment, and other
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2025, and a $149 million change in restructuring, transformation,
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$774 million in land, buildings, and equipment in fiscal 2024, an
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$625 million in land, buildings, and equipment in fiscal 2025, a
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increase of $85 million from fiscal 2023.
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decrease of $149 million from fiscal 2024.
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and payments, please refer to Note 9 to the Consolidated Financial Statements in
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issuances and payments, please refer to Note 9 to the Consolidated Financial Statements
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million shares of our common stock for $1,404 million.
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million shares of our common stock for $2,002 million.
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$1,363 million, or $2.36 per share.
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totaled $1,363 million, or $2.36
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May 26, 2024, we were in compliance with all of these covenants.
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compliance with all of these covenants.
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for at least the next 12 months.
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in the next 12 months that
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percent fixed-rate notes due April 17, 2025, and
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percent fixed-rate notes due November 15, 2025,
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€750 million of floating-rate notes due November 8,
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€600 million of 0.45 percent fixed-rate notes due January
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will be adequate to meet our liquidity and capital needs for at least the next 12
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debt financing, will be adequate to meet our material contractual
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Rearranged current paragraphs (11)
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use of this measure not defined by GAAP).
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the “Non-GAAP Measures” section below for a description of our use of measures
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to fiscal 2024 (see the “Non-GAAP Measures” section below for our use
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of this measure not defined by GAAP).
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use of this measure not defined by GAAP).
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of net losses related to valuation adjustments in fiscal 2025,
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obligations and overall liquidity and capital needs
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refer to Note 3 to the Consolidated Financial Statements in Item 8 of this report.
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Consolidated Financial Statements in Item 8 of this report.
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Please refer to Note 4 to the Consolidated Financial Statements in
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Adjusted net earnings, including earnings attributable to noncontrolling
Rearranged previous paragraphs (8)
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of measures not defined by GAAP).
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of measures not defined by GAAP.
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country where the end customer is located.
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fiscal 2023 (see the “Non-GAAP Measures” section below for our use of this measure
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compared to fiscal 2023 (see the “Non-GAAP Measures” section below
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Statements in Item 8 of this report.
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Statements in Item 8 of this report.
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Please see Note 3 to the Consolidated Financial Statements in Item 8 of this report.