9
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions)
Nine-Month Period Ended
Feb. 25, 2024
Feb. 26, 2023
Cash Flows - Operating Activities
Net earnings, including earnings attributable to noncontrolling interests
$
1,958.9
$
1,989.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
412.2
411.0
After-tax earnings from joint ventures
(65.7)
(57.9)
Distributions of earnings from joint ventures
31.4
36.6
Stock-based compensation
76.7
86.7
Deferred income taxes
(85.5)
(71.2)
Pension and other postretirement benefit plan contributions
(20.0)
(20.2)
Pension and other postretirement benefit plan costs
(20.2)
(20.2)
Divestitures gain, net
-
(444.6)
Restructuring, impairment, and other exit costs
119.7
(14.6)
Changes in current assets and liabilities, excluding the effects of
acquisitions and divestitures
(9.6)
21.3
Other, net
41.0
110.6
Net cash provided by operating activities
2,438.9
2,027.0
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(485.6)
(351.3)
Acquisition, net of cash acquired
(25.5)
(251.5)
Proceeds from divestitures, net of cash divested
-
633.1
Investments in affiliates, net
(1.5)
(30.8)
Proceeds from disposal of land, buildings, and equipment
0.2
0.8
Other, net
4.8
(6.4)
Net cash used by investing activities
(507.6)
(6.1)
Cash Flows - Financing Activities
Change in notes payable
654.5
159.2
Issuance of long-term debt
1,000.0
501.8
Payment of long-term debt
(900.0)
(600.0)
Proceeds from common stock issued on exercised options
11.1
168.0
Purchases of common stock for treasury
(1,601.6)
(1,152.3)
Dividends paid
(1,028.0)
(967.4)
Distributions to noncontrolling interest holders
(16.6)
(11.4)
Other, net
(47.0)
(53.5)
Net cash used by financing activities
(1,927.6)
(1,955.6)
Effect of exchange rate changes on cash and cash equivalents
(0.6)
(16.0)
Increase in cash and cash equivalents
3.1
49.3
Cash and cash equivalents - beginning of year
585.5
569.4
Cash and cash equivalents - end of period
$
588.6
$
618.7
Cash Flow from changes in current assets and liabilities, excluding the effects
of
acquisitions and divestitures:
Receivables
$
(83.8)
$
(132.4)
Inventories
347.8
(237.0)
Prepaid expenses and other current assets
269.4
151.5
Accounts payable
(543.7)
(41.6)
Other current liabilities
0.7
280.8
Changes in current assets and liabilities
$
(9.6)
$
21.3
See accompanying notes to consolidated financial statements.