We review our health care cost trend rates annually. Our estimates of fair value are determined based on a discounted cash flow model. ITEM 8 - Financial Statements and Supplementary Data. She held a variety of positions before becoming the leader of our One Global Dairy Platform from 2011 to March 2016. We will continue to monitor our businesses for potential impairment. During fiscal 2020, the increase in defined benefit pension benefit obligations was primarily driven by actuarial losses due to a decrease in the discount rate and an update in mortality rates. We have a 51 percent controlling interest in Yoplait SAS, a consolidated entity. Under certain circumstances, we also provide accruable benefits, primarily severance, to former and inactive employees in the United States, Canada, and Mexico. Yoplait SAS licenses these trademarks to its franchisees. He was elected to his present position in February 2020. Our website is www.GeneralMills.com. General Mills Weaknesses Here are the weaknesses in the General Mills SWOT Analysis: 1.Risk associated with currency rate fluctuations is a concern 2. Net fair value as recorded in our Consolidated Balance Sheets. and bakery flour. We adjust the value of the redeemable interest through additional paid-in capital on our Consolidated Balance Sheets quarterly to the redeemable interest's redemption value, which approximates its fair value. We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. On June 1, 2018, the floating preferred. General Mills hit an impressive level of organic sales growth as revenue jumped 16% through May compared with roughly flat results in the months … The Audit Committee also appointed KPMG LLP to serve as the Company's independent registered public accounting firm for fiscal 2021. The new standard modifies specific disclosures to improve usefulness to financial statement users. Our failure to successfully integrate acquisitions into our existing operations could adversely affect our financial results. Our business could also be negatively impacted if our suppliers or customers experience disruptions resulting from tighter capital and credit markets or a slowdown in the general economy. Prior to joining General Mills, she held sales and management roles with Jenny Craig International. Our India business is on an April fiscal year end. In fiscal 2020, Walmart accounted for 21 percent of our consolidated net sales and 30 percent of net sales of our North America Retail segment. Many of our lease arrangements provide us with options to exercise one or more renewal terms or to terminate the lease arrangement. Mr. Allendorf joined General Mills in 2001 from The Pillsbury Company. We use broad-based stock plans to help ensure that management's interests are aligned with those of our shareholders. This expense will be recognized over 20 months, on average. In addition, as a result of economic conditions or competitive actions, we may be unable to raise our prices sufficiently to protect margins. For purposes of this table, arrangements are considered purchase obligations if a contract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure, and approximate timing of the transaction. Our Pet operating segment includes pet food products sold primarily in the United States in national pet superstore chains, e-commerce retailers, grocery stores, regional pet store chains, mass merchandisers, and veterinary clinics and hospitals. Orders are generally filled within a few days of receipt and are subject to cancellation at any time prior to shipment. We are also a leading manufacturer and marketer in the wholesome natural pet food category. GOODWILL AND OTHER INTANGIBLE ASSETS. Product recall costs related to our international Green Giant business. Our product return practices are described in Note 2 to the Consolidated Financial Statements in Item 8 of this report. We have taken steps to increase our production capacity to meet the increased demand for our retail products, including increasing production time at our manufacturing facilities and prioritizing certain product lines to increase manufacturing efficiency. Fair values are based on the fair value of the underlying investments and contract fair values established by the providers. In fiscal 2020, we increased the estimate of expected severance charges by $3 million and decreased the estimate of other exit costs related to these actions by $4 million. Income statements, balance sheets, cash flow statements and key ratios. Print Entire Document Print 2020 Global Responsibility Report Click here to download a printable version of this entire document. Dividends paid in fiscal 2020 totaled $1,196 million, or $1.96 per share, consistent with fiscal 2019. Our net debt-to-adjusted EBITDA ratio declined to 3.2 in fiscal 2020 from 3.9 in fiscal 2019, consistent with our plans to reduce our leverage following our acquisition of Blue Buffalo (see the "Non-GAAP Measures" section below for our use of this measure not defined by GAAP). In the first quarter of fiscal 2020, we adopted new requirements for the accounting, presentation, and classification of leases. The Häagen-Dazs trademark is also licensed to HDJ. All of our principal competitors have substantial financial, marketing, and other resources. In fiscal 2019, as a result of lower sales projections in our long-range plans for the businesses supporting the Progresso, Food Should Taste Good, and Mountain High brand intangible assets, we recorded a $192.6 million impairment charge in restructuring, impairment, and other exit costs. We could also suffer losses from a significant product liability judgment against us. We have an option to purchase the Class A Interests for consideration equal to the then current capital account value, plus any unpaid preferred return and the prescribed make-whole amount. The willingness of consumers to purchase our products depends in part on local economic conditions. Fiscal year 2020 consisted of 53 weeks, while fiscal years 2019 and 2018 consisted of 52 weeks. He was named to his current position in January 2017. We also sponsor plans that provide health care benefits to many of our retirees in the United States, Canada, and Brazil. Gains or losses on derivative instruments reported in AOCI are reclassified to earnings in the period the hedged item affects earnings. As of May 31, 2020, we hedged a portion of these net investments with €2,200.0 million of euro denominated bonds. Click here to enroll in electronic delivery of our Proxy Statement and Annual Report in the future. We have implemented employee safety measures, based on guidance from the Centers for Disease Control and Prevention and World Health Organization, across all our supply chain facilities, including proper hygiene, social distancing, mask use, and temperature screenings. News/Information . We have considered the potential impacts of the COVID-19 pandemic in our significant accounting estimates as of May 31, 2020, and will continue to evaluate the nature and extent of the impact to our business and consolidated results of operations. Significant COVID-19 related changes in the political conditions in markets in which we manufacture, sell or distribute our products (including quarantines, import/export restrictions, price controls, governmental or regulatory actions, closures or other restrictions that limit or close our operating and manufacturing facilities, restrict our employees' ability to travel or perform necessary business functions or otherwise prevent our third- party partners, suppliers, or customers from sufficiently staffing operations, including operations necessary for the production, distribution, sale, and support of our products) could adversely impact our operations and results. He was promoted to Vice President in 1998 and held marketing positions in. Mr. O'Grady joined General Mills in 1990 and held several marketing roles in the Snacks, Meals, and Big G cereal divisions. We do not expect to be required to make any contributions in fiscal 2021. Consumers may also reduce the amount of food that they consume away from home at customers that purchase products from our Convenience Stores & Foodservice segment. In fiscal 2020, we recorded a $19 million charge related to a product recall in our international Green Giant business, an $18 million increase in certain compensation and benefits expenses, and a $1 million increase attributable to product rate and mix. We made no voluntary contributions to these plans in fiscal 2020 or fiscal 2019. General Mills: A list of General Mills web properties and newsletters, including Betty Crocker, Pillsbury Bake-Off and Box Tops for Education. The decrease in organic net sales growth includes unfavorable organic net price realization and mix and a decrease in contributions from organic volume growth. After-tax earnings from joint ventures growth rates on a constant-currency basis are calculated as follows: Percentage change in after-tax earnings from joint ventures as reported, Percentage change in after-tax earnings from joint ventures on a constant-currency basis, Net Sales Growth Rate for Canada Operating Unit on a Constant-currency Basis. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Consumer preferences and category-level consumption may change from time to time and can be affected by a number of different trends and other factors. Certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rating agencies. Number of shares of Common Stock outstanding as of June 15, 2020: 609,869,264 (excluding 144,744,064 shares held in the treasury). 2.1 percent notes due November 2020, €200 million of 0.0 percent notes due November 2020, $4 million of floating-rate medium term notes due for remarketing in November 2020, $850 million of floating-rate notes due April 2021, and $600 million of 3.2 percent notes due April 2021. Our review is based on data we collect about our health care claims experience and information provided by our actuaries. He was named Senior Vice President, President Latin America in 2012 and Senior Vice President, Corporate Strategy in September 2016. The independent registered public accounting firm, internal auditors, and employees have full and free access to the Audit Committee at any time. Fiscal 2020 includes 13 months of Pet operating segment results as we changed the Pet operating segment's reporting period from an April fiscal year end to a May fiscal year end to match our fiscal calendar. Our total recognized expense related to defined contribution plans was $90.1 million in fiscal 2020, $52.7 million in fiscal 2019, and $49.2 million in fiscal 2018. Fiscal 2001 was another very good year for General Mills. Fiscal 2020 was a year of significant challenge and change in the external environment, and we adapted and executed to deliver strong financial results while remaining focused on the health and safety of our employees and our company purpose of making food the world loves. 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. Negative posts or comments about us, our brands, or our products on social or digital media could seriously damage our brands and reputation. Organic net sales results in our Convenience Stores & Foodservice, Europe & Australia, and Asia & Latin America segments were below fiscal 2019 levels, due to a slow start to the year in each of those segments, as well as the pandemic-related headwinds impacting Convenience Stores & Foodservice and Asia & Latin America in the second half of the year. Contact: (analysts) Jeff Siemon: 763-764-2301 (media) Kelsey Roemhildt: 763-764-6364 . Gain recognized in earnings is related to the ineffective portion of the hedging relationship, reported in SG&A expenses for foreign exchange contracts and interest, net for interest rate contracts. We estimate our future stock price volatility using the historical volatility over the expected term of the option, excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and duration targets. We undertake no obligation to publicly revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events. GENERAL MILLS REPORTS RESULTS FOR FISCAL 2020 AND OUTLINES FISCAL 2021 … Sodiaal holds the remaining interests in each of the entities. Mr. Church joined General Mills in 1988 as a Product Developer in the Big G cereals division and held various positions before becoming Vice President, Engineering in 2003. Our future results will also depend on our ability to increase market share in our existing product categories. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Net cash provided by operations totaled $3.7 billion in fiscal 2020 representing a conversion rate of 166 percent of net earnings, including earnings attributable to redeemable and noncontrolling interests. As of May 31, 2020, we invested in three variable interest entities (VIEs). The combination of our continued strong levels of Holistic Margin Management (HMM) savings, volume growth, and positive net price realization and mix offset input cost inflation and increased investments in brand building and capabilities, resulting in significant growth in constant-currency adjusted operating profit and adjusted diluted EPS. For more information on income taxes, please see Note 15 to the Consolidated Financial Statements in Item 8 of this report. Consumer demand for our products may also be impacted by changes in the level of advertising or promotional support. We do not expect to be required to make any contributions in fiscal 2021. On the acquisition date, we recorded the $904.4 million fair value of Sodiaal's 49 percent euro-denominated interest in Yoplait SAS as a redeemable interest on our Consolidated Balance Sheets. For the U.S. defined benefit pension plans, the long-term investment policy allocation is: 17 percent to equities in the United States; 11 percent to international equities; 9 percent to private equities; 50 percent to fixed income; and 13 percent to real assets (real estate, energy, and infrastructure). www.virtualshareholdermeeting.com/GIS2020. General Mills, Inc. was incorporated in Delaware in 1928. The reconciliation of adjusted EBITDA to net earnings, including earnings attributable to redeemable and noncontrolling interests, its GAAP equivalent, as well as the calculation of the net debt-to-adjusted EBITDA ratio are as follows: Net earnings, including earnings attributable to redeemable and noncontrolling, CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Selected cash flows from our joint ventures are set forth in the following table: Total capital consisted of the following: The following table details the fee-paid committed and uncommitted credit lines we had available as of May 31, 2020: To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. There is currently uncertainty whether certain IBORs will continue to be available after 2021. The reorganization was made to facilitate a targeted investment strategy over time and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. Our revenues primarily result from contracts with customers, which are generally short-term and have a single performance obligation - the delivery of product. We continue our focus on developing and marketing innovative, proprietary products, many of which use proprietary expertise, recipes and formulations. Integration costs resulting from the acquisition of Blue Buffalo in fiscal 2018. And by leading with the values that have helped us to become a leader in food. Other costs include depreciation and maintenance of research facilities, including assets at facilities that are engaged in pilot plant activities. Thank you for investing in General Mills. Our failure to comply with environmental laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies. 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. The ESOP's only assets are our common stock and temporary cash balances. Total committed and uncommitted credit facilities. Nestlé licenses certain of its trademarks to CPW, including the Nestlé and Uncle Toby's trademarks. The Company match is directed to investment options of the participant's choosing. Segment operating profit decreased 73 percent on a constant-currency basis in fiscal 2020 compared to fiscal 2019 (see the "Non-GAAP Measures" section below for our use of this measure not defined by GAAP). We consolidate these entities into our consolidated financial statements. The amount of loss due to the credit risk of the counterparties, should the counterparties fail to perform according to the terms of the contracts, is $14.2 million, against which we do not hold collateral. 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. We engage with stakeholders to accelerate progress on social and environmental initiatives. Impairment testing is performed for each of our reporting units. Adjusted operating profit margin increased 40 basis points to 17.3 percent, primarily driven by favorable net price realization and mix in fiscal 2020, the impact of the 53rd week in fiscal 2020, and the purchase accounting inventory adjustment in fiscal 2019 related to our acquisition of Blue Buffalo Products, Inc. (Blue Buffalo), partially offset by higher SG&A expenses in fiscal 2020. As of May 31, 2020, the net notional value of commodity derivatives was $234.5 million, of which $159.4 million related to agricultural inputs and $75.1 million related to energy inputs. Intangible assets that are deemed to have finite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Diluted EPS totaled $0.65 compared to $0.69 in the prior year. Actuarial gains and losses associated with the Plan and the Supplemental Plans are amortized over the average remaining service life of the active participants. Within asset classes, the portfolios are further diversified across investment styles and investment organizations. Stock-based awards now outstanding include some granted under the 2009 and 2011 stock plans and the 2006 and 2011 compensation plans for non-employee directors, under which no further awards may be granted. The net amount of pre-tax gains and losses in AOCI as of May 31, 2020, that we expect to be reclassified into net earnings within the next 12 months is a $12.9 million net gain. We recorded a $33.9 million cumulative effect adjustment net of income tax effects to the opening balance of fiscal 2019 retained earnings, a decrease to deferred income taxes of $11.4 million, and an increase to other current liabilities of $45.3 million related to the timing of recognition of certain promotional expenditures. OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS. The valuation of stock options is a significant accounting estimate that requires us to use judgments and assumptions that are likely to have a material impact on our financial statements. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs which included projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. Make food the world loves and start the next exciting chapter in your career with a position at General Mills. Fiscal 2020 organic net sales includes growth from the impact of the COVID-19 pandemic. Our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain. Fair value of assets that could be reported net in our Consolidated Balance Sheets. Our initial health care cost trend rate is adjusted as necessary to remain consistent with this review, recent experiences, and short-term expectations. We recognize an obligation for any of these benefits that vest or accumulate with service. The terms “General Mills,” “Company,” “registrant,” “we,” “us,” and “our” mean General Mills, Inc. and all subsidiaries included in the Consolidated Financial Statements in Item 8 of this report unless the context indicates otherwise. Mr. Montemayor served as Chief Technology Officer of 7-Eleven Inc. from April 2017 until October 2017. We exceeded our organic net sales growth goal for our Pet segment, driven by a successful expansion of BLUE into additional customer outlets and a significant increase in household penetration for the brand. Mr. Bruce joined General Mills in 2009 as Vice President, Treasurer after serving in a variety of senior management positions with Ecolab and Ford Motor Company. Every day, we make this purpose real through our brands and culture. Source: General Mills 2014 Annual Report. We also sponsor defined contribution plans in many of our foreign locations. Fiscal 2020 includes 13 months of Pet operating segment results as we changed the Pet operating segment's reporting period from an April fiscal year end to a May fiscal year end to match our fiscal calendar. Our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations. Our objective is to procure materials meeting both our quality standards and our production needs at price levels that allow a targeted profit margin. This cash generation supported capital investments totaling $461 million, and our resulting free cash flow was $3.2 billion at a conversion rate of 143 percent of adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests. The significant assumptions used to estimate fair value include revenue growth and profitability, royalty rates, capital spending, depreciation and taxes, foreign currency exchange rates, and a discount rate. We make decisions to fund related trusts for certain employees and retirees on an annual basis. The agreements under which we have issued indebtedness do not prevent us from incurring additional unsecured indebtedness in the future. As a result of the transition tax, we may repatriate our cash and cash equivalents held by our foreign subsidiaries without such funds being subject to further U.S. income tax liability. We also have uncommitted and asset- backed credit lines that support our foreign operations. The new accounting requirements can be applied as of the beginning of the interim period including March 12, 2020, or any date thereafter, through December 31, 2022. We may be unable to anticipate changes in consumer preferences and trends, which may result in decreased demand for our products. Annual stock financials by MarketWatch. If current expectations for growth rates for sales and margins are not met, or other market factors and macroeconomic conditions that could be affected by the COVID-19 pandemic or otherwise were to change, then our indefinite-lived intangible assets could become significantly impaired. We believe that cash flows from operations, together with available short- and long-term debt financing, will be adequate to meet our liquidity and capital needs for at least the next 12 months. In fiscal 2018, we approved an amendment to reorganize the U.S. qualified defined benefit pension plans and the supplemental pension plans that resulted in the spinoff of a portion of the General Mills Pension Plan (the Plan) and the 2005 Supplemental Retirement Plan and the Supplemental Retirement Plan (Grandfathered) (together, the Supplemental Plans) into new plans effective May 31, 2018. Exhibit 99 . We have defined benefit pension plans covering many employees in the United States, Canada, Switzerland, France, and the United Kingdom. We expect input cost inflation of approximately 3 percent in fiscal 2021. These estimates include our accounting for revenue recognition, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit and postemployment benefit plans. May 30, 2015, international, total, U.S against earnings in the following:. 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