46
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions)
Fiscal Year
2024
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling interests
$
2,518.6
$
2,609.6
$
2,735.0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
552.7
546.6
570.3
After-tax earnings from joint ventures
(84.8)
(81.3)
(111.7)
Distributions of earnings from joint ventures
50.4
69.9
107.5
Stock-based compensation
95.3
111.7
98.7
Deferred income taxes
(48.5)
(22.2)
62.2
Pension and other postretirement benefit plan contributions
(30.1)
(30.1)
(31.3)
Pension and other postretirement benefit plan costs
(27.0)
(27.6)
(30.1)
Divestitures gain, net
-
(444.6)
(194.1)
Restructuring, impairment, and other exit costs (recoveries)
223.5
24.4
(117.1)
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures
10.6
(48.9)
277.4
Other, net
41.9
71.1
(50.7)
Net cash provided by operating activities
3,302.6
2,778.6
3,316.1
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(774.1)
(689.5)
(568.7)
Acquisitions, net of cash acquired
(451.9)
(251.5)
(1,201.3)
Investments in affiliates, net
(2.7)
(32.2)
15.4
Proceeds from disposal of land, buildings, and equipment
0.8
1.3
3.3
Proceeds from divestitures, net of cash divested
-
633.1
74.1
Other, net
30.5
(7.6)
(13.5)
Net cash used by investing activities
(1,197.4)
(346.4)
(1,690.7)
Cash Flows - Financing Activities
Change in notes payable
(20.5)
(769.3)
551.4
Issuance of long-term debt
2,065.2
2,324.4
2,203.7
Payment of long-term debt
(901.5)
(1,421.7)
(3,140.9)
Proceeds from common stock issued on exercised options
25.5
232.3
161.7
Purchases of common stock for treasury
(2,002.4)
(1,403.6)
(876.8)
Dividends paid
(1,363.4)
(1,287.9)
(1,244.5)
Distributions to redeemable and noncontrolling interest holders
(21.3)
(15.7)
(129.8)
Other, net
(53.9)
(62.6)
(28.0)
Net cash used by financing activities
(2,272.3)
(2,404.1)
(2,503.2)
Effect of exchange rate changes on cash and cash equivalents
(0.4)
(12.0)
(58.0)
(Decrease) increase in cash and cash equivalents
(167.5)
16.1
(935.8)
Cash and cash equivalents - beginning of year
585.5
569.4
1,505.2
Cash and cash equivalents - end of year
$
418.0
$
585.5
$
569.4
Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and
Receivables
$
(1.8)
$
(41.2)
$
(166.3)
Inventories
287.6
(319.0)
(85.8)
Prepaid expenses and other current assets
167.0
61.6
(35.3)
Accounts payable
(251.2)
199.8
456.7
Other current liabilities
(191.0)
49.9
108.1
Changes in current assets and liabilities
$
10.6
$
(48.9)
$
277.4
See accompanying notes to consolidated financial statements.