GENERAL MILLS INC
For the period ended Aug 24, 2025. Filed Sep 17, 2025.
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 24, 2025 · Filed Sep 17, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-02-23; filed 2025-03-19.
0001193125-25-057880
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-08-24; filed 2025-09-17.
0001193125-25-206304
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 3490 previous paragraphs and 2555 current paragraphs.
1885 unchanged; 31 reworded; 625 added; 1548 removed; 26 previous and 14 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 (625)
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Our key
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priorities in
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are to
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return North
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America Retail
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to volume
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growth, accelerate
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North America
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Pet growth
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with an
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expanded
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portfolio,
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drive efficiencies
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to reinvest
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in growth.
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expect
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category
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growth to
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be below
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projections,
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reflecting
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less
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amid
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continued
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challenging
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backdrop.
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strengthen
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market
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performance,
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investment
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news,
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innovation,
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building, guided by our remarkable
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experience framework. This includes a
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significant strategic investment to launch
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Blue Buffalo into
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the fast-growing United
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States fresh pet food
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sub-category in calendar
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expect the combination
Showing the first 40 of 625 passages. Open the source sections for the rest.
Removed paragraphs (1548)
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imposition
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trade
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policies
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will have
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uncertain. We
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expect tariffs on
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goods imported into
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the U.S. from
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Canada, Mexico, and
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China, and other
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countries upon which
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tariffs
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may
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be imposed,
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to continue
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to be
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met with
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retaliatory
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tariffs
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those countries
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would
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operations as we import
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inputs required for our
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manufacturing processes and
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export our finished products.
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The extent and duration
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tariffs
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resulting impact
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on macroeconomic
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conditions and
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on our
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business are
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uncertain and
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may depend
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on various
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negotiations
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between
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affected
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countries,
Showing the first 40 of 1548 passages. Open the source sections for the rest.
Reworded paragraphs (31)
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and favorable net price realization and mix.
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States yogurt business and favorable net price realization and mix,
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a decrease in contributions from volume growth.
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by a decrease in
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partially offset by favorable net price realization and mix.
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offset by favorable
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In the third quarter of fiscal 2025,
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of fiscal 2025. See the “Non-GAAP
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for a description of our use of measures not defined by GAAP).
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below for a description of our use of measures not defined by GAAP.
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A summary of our consolidated financial results for the third quarter of
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A summary of our consolidated financial results for the first quarter of
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and unfavorable organic net price realization and mix.
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unfavorable organic net price realization and mix
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decrease in contributions from organic volume growth
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and a decrease in contributions from organic volume growth.
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Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report).
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sales in the same period last year (please refer to Note 3 to the Consolidated Financial Statements
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Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report).
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in Part I, Item 1 of this report).
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the same period last year, primarily reflecting
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last year, primarily driven by lower interest
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earnings mix by jurisdiction in fiscal 2025.
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and unfavorable earnings mix by jurisdiction in fiscal 2026.
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primarily due to share repurchases, partially offset by option
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primarily due to share repurchases.
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2024, driven by a decrease in contributions from organic
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2025, driven by unfavorable organic net price realization
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to the same period in
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same period in fiscal 2025 (see the “Non-GAAP Measures” section below for
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fiscal 2024, driven by a decrease in contributions from volume growth,
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in fiscal 2025, driven
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driven by favorable net price realization and mix, partially offset by
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by favorable organic net price realization and mix, partially offset
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driven by a decrease in contributions from volume growth and unfavorable
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by a decrease in contributions from organic volume
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the same period in fiscal 2024 (see the “Non-GAAP Measures” section below
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fiscal 2025 (see the “Non-GAAP Measures” section below for our use
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section below for our use of this measure not defined by GAAP.
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of this measure not defined by GAAP).
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fiscal 2024, driven by an increase in contributions from volume growth,
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fiscal 2025, driven by an increase in contributions from organic
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in expense in
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in expense in the same period last year.
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25, 2024. In addition, we recorded $1 million of restructuring
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In addition, we recorded $1 million
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(b) Acquisition of a pet food business in Europe in fiscal 2024. Please refer
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period last year related to the acquisition of a pet food business in Europe.
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February 23, 2025, we were in compliance with all of these covenants.
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compliance with all of these covenants.
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provide useful information to investors, and include these measures in
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provide useful information to investors, and include these measures in other
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(please refer to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of
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to Note 3 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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adjustments of certain corporate investments in fiscal 2025 and fiscal 2024.
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adjustments of certain corporate investments in fiscal 2026
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Impact of income tax adjustments
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Impact of income tax adjustments on adjusted diluted EPS
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rate fluctuations and tariffs; and political unrest in foreign
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and political unrest in foreign markets and economic uncertainty
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markets and economic uncertainty due to terrorism or war.
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due to terrorism or war.
Rearranged current paragraphs (14)
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Financial Statements in Part I, Item 1 of this report).
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Consolidated Financial Statements in Part I, Item 1 of this report for additional
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quarter of fiscal 2025. Please refer to Note 2 to the Consolidated Financial Statements in Part I,
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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 decreased 4 percent
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use of this measure not defined by GAAP).
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purchases of land, buildings, and equipment, compared to $140 million
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quarter of fiscal 2026, compared to
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in the next 12 months that
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business in fiscal 2025. Please refer to Note 2 to the Consolidated Financial
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Statements in Part I, Item 1 of this report.
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Financial Statements in Part I, Item 1 of this report.
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Adjusted operating profit growth, on a constant-currency basis
Rearranged previous paragraphs (26)
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by favorable earnings mix by jurisdiction in fiscal 2025.
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A summary of our consolidated financial results for the nine-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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(please refer to Note 2 to the Consolidated Financial Statements in Part I, Item 1
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of fiscal 2024, primarily driven by higher average long-term debt levels.
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Net sales growth in constant currency
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to Note 2 to the Consolidated Financial
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period in fiscal 2024, driven by a decrease in contributions from organic
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for our use of this measure not defined by GAAP).
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section below for our use of this measure not defined by GAAP).
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to Note 2 to the Consolidated Financial Statements in
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period in fiscal 2024 (see the “Non-GAAP Measures” section below
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for our use of this measure not defined by GAAP).
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fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure
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the same period in fiscal 2024.
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2024, driven by a decrease in contributions from organic volume
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period in fiscal 2024, driven by an increase in contributions from volume growth
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the same period in fiscal 2024 (see the
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“Non-GAAP Measures” section below for our use of this measure not
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fiscal 2024 (see the “Non-GAAP Measures” section below for our use of this measure
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Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.
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Consolidated Financial Statements in Part I, Item 1 of this report.
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growth, on a constant-currency basis