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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-K
 
ANNUAL REPORT PURSUANT
 
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR
THE FISCAL YEAR ENDED
MAY 26, 2024
 
TRANSITION REPORT PURSUANT
 
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
 
OF 1934
FOR THE TRANSITION PERIOD FROM __________ TO __________
Commission file number:
001-01185
________________
GENERAL MILLS, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
41-0274440
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
Number One General Mills Boulevard
 
Minneapolis
,
Minnesota
55426
(Address of principal executive offices)
(Zip Code)
(763)
764-7600
(Registrant’s telephone number,
 
including area code)
Securities registered pursuant to Section 12(b)
 
of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange
on which registered
Common Stock, $.10 par value
 
GIS
 
New York Stock Exchange
0.125% Notes due 2025
GIS25A
New York Stock Exchange
0.450% Notes due 2026
 
GIS26
 
New York Stock Exchange
1.500% Notes due 2027
 
GIS27
 
New York Stock Exchange
3.907% Notes due 2029
GIS29
New York Stock Exchange
3.650% Notes due 2030
GIS30A
New York Stock Exchange
3.850% Notes due 2034
GIS34
New York Stock Exchange
Securities registered pursuant to Section 12(g)
 
of the Act: None
Indicate by check mark if the registrant is a well-known seasoned
 
issuer, as defined in Rule 405 of the Securities Act.
Yes
 
No
Indicate by check mark if the registrant is not required to file reports pursuant
 
to Section 13 or Section 15(d) of the Act. Yes
No
Indicate
 
by
 
check
 
mark
 
whether
 
the
 
registrant
 
(1)
 
has
 
filed
 
all
 
reports
 
required
 
to
 
be
 
filed
 
by
 
Section
 
13
 
or
 
15(d)
 
of
 
the
 
Securities
Exchange Act of 1934
 
during the preceding 12
 
months (or for such shorter
 
period that the registrant
 
was required to file such
 
reports),
and (2) has been subject to such filing requirements for the past 90 days.
 
Yes
 
No
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).
Yes
 
No
Indicate
 
by
 
check
 
mark
 
whether
 
the
 
registrant
 
is
 
a
 
large
 
accelerated
 
filer,
 
an
 
accelerated
 
filer,
 
a
 
non-accelerated
 
filer,
 
a
 
smaller
reporting
 
company,
 
or
 
an
 
emerging
 
growth
 
company.
 
See
 
the
 
definitions
 
of
 
“large
 
accelerated
 
filer,”
 
“accelerated
 
filer,”
 
“smaller
reporting company,” and
 
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
Emerging growth company
If
 
an
 
emerging
 
growth
 
company,
 
indicate
 
by
 
check
 
mark
 
if
 
the
 
registrant
 
has
 
elected
 
not
 
to
 
use
 
the
 
extended
 
transition
 
period
 
for
complying with any new or revised financial accounting standards provided
 
pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark
 
whether the registrant has filed
 
a report on and
 
attestation to its management’s
 
assessment of the effectiveness
of its
 
internal control
 
over financial
 
reporting under
 
Section 404(b)
 
of the
 
Sarbanes-Oxley Act
 
(15 U.S.C.
 
7262(b)) by
 
the registered
public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check
 
mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously
 
issued financial statements.
Indicate by check mark whether any of those error corrections are restatements
 
that required a recovery analysis of incentive-based
compensation received by any of the registrant’s
 
executive officers during the relevant recovery period pursuant
 
to § 240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined
 
in Rule 12b-2 of the Act).
Yes
 
No
Aggregate
 
market value
 
of Common
 
Stock held
 
by non-affiliates
 
of the
 
registrant, based
 
on the
 
closing price
 
of $65.18
 
per share
 
as
reported on
 
the New
 
York
 
Stock Exchange
 
on November
 
26, 2023
 
(the last
 
business day
 
of the
 
registrant’s
 
most recently
 
completed
second fiscal quarter): $
37,084
 
million.
Number
 
of
 
shares
 
of
 
Common
 
Stock
 
outstanding
 
as
 
of
 
June
 
10,
 
2024:
558,145,667
 
(excluding
196,467,661
 
shares
 
held
 
in
 
the
treasury).
DOCUMENTS INCORPORATED
 
BY REFERENCE
Portions of the registrant’s Proxy
 
Statement for its 2024 Annual Meeting of Shareholders are incorporated by reference
 
into Part III.
4
PART
 
I
ITEM 1 - Business
 
COMPANY OVERVIEW
For more than
 
150 years, General
 
Mills has been making
 
food the world
 
loves. We
 
are a leading
 
global manufacturer and
 
marketer of
branded consumer
 
foods with more
 
than 100 brands
 
in 100 countries
 
across six continents.
 
In addition to
 
our consolidated operations,
we
 
have
 
50
 
percent
 
interests
 
in
 
two
 
strategic
 
joint
 
ventures
 
that
 
manufacture
 
and
 
market
 
food
 
products
 
sold
 
in
 
approximately
 
130
countries worldwide.
We
 
manage and
 
review the
 
financial results
 
of our
 
business under
 
four operating
 
segments: North
 
America Retail;
 
International; Pet;
and
 
North
 
America
 
Foodservice.
 
See
 
Management’s
 
Discussion
 
and
 
Analysis
 
of
 
Financial
 
Condition
 
and
 
Results
 
of
 
Operations
(MD&A) in Item 7 of this report for a description of our segments.
We offer
 
a variety of human and pet food products that provide great
 
taste, nutrition, convenience, and value for consumers around
 
the
world. Our business is focused on the following large, global categories:
snacks, including grain, fruit and savory snacks, nutrition bars, and
 
frozen hot snacks;
ready-to-eat cereal;
convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes,
 
frozen breakfast, and frozen entrees;
wholesome natural pet food;
refrigerated and frozen dough;
baking mixes and ingredients;
yogurt; and
super-premium ice cream.
Our Cereal Partners Worldwide
 
(CPW) joint venture with Nestlé
 
S.A. (Nestlé) competes in
 
the ready-to-eat cereal category
 
in markets
outside North
 
America, and
 
our Häagen-Dazs
 
Japan, Inc.
 
(HDJ) joint
 
venture
 
competes in
 
the super-premium
 
ice cream
 
category
 
in
Japan. For net sales contributed
 
by each class of similar
 
products, please see Note 17
 
to the Consolidated Financial
 
Statements in Item
8 of this report.
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.
 
Certain terms used throughout this report are defined in a glossary in Item 8 of
 
this report.
Customers
Our
 
primary
 
customers
 
are
 
grocery
 
stores,
 
mass
 
merchandisers,
 
membership
 
stores,
 
natural
 
food
 
chains,
 
drug,
 
dollar
 
and
 
discount
chains, e-commerce
 
retailers, commercial
 
and noncommercial
 
foodservice distributors
 
and operators,
 
restaurants, convenience
 
stores,
and
 
pet
 
specialty
 
stores.
 
We
 
generally
 
sell
 
to
 
these
 
customers
 
through
 
our
 
direct
 
sales
 
force.
 
We
 
use
 
broker
 
and
 
distribution
arrangements for certain products and to serve certain types
 
of customers and certain markets. For further information
 
on our customer
credit
 
and
 
product
 
return practices,
 
please
 
refer
 
to Note
 
2
 
to the
 
Consolidated
 
Financial Statements
 
in
 
Item 8
 
of this
 
report.
 
During
fiscal 2024, Walmart
 
Inc. and its affiliates (Walmart)
 
accounted for 22 percent of our consolidated
 
net sales and 30 percent of net sales
of our
 
North America
 
Retail segment.
 
No other
 
customer accounted
 
for 10
 
percent or
 
more of
 
our consolidated
 
net sales.
 
For further
information on significant customers, please refer to Note 8 to the Consolidated
 
Financial Statements in Item 8 of this report.
Competition
The
 
human
 
and
 
pet
 
food
 
categories
 
are
 
highly
 
competitive,
 
with
 
numerous
 
manufacturers
 
of
 
varying
 
sizes in
 
the
 
United
 
States and
throughout the
 
world. The categories
 
in which
 
we participate
 
also are
 
very competitive.
 
Our principal
 
competitors in
 
these categories
are manufacturers, as
 
well as retailers with
 
their own branded
 
products. Competitors market
 
and sell their products
 
through brick-and-
mortar stores
 
and e-commerce.
 
All our
 
principal competitors
 
have substantial
 
financial, marketing,
 
and other
 
resources. Competition
in
 
our
 
product
 
categories
 
is
 
based
 
on
 
product
 
innovation,
 
product
 
quality,
 
price,
 
brand
 
recognition
 
and
 
loyalty,
 
effectiveness
 
of
marketing,
 
promotional
 
activity,
 
convenient
 
ordering
 
and
 
delivery
 
to
 
the consumer,
 
and the
 
ability
 
to
 
identify
 
and
 
satisfy
 
consumer
preferences.
 
Our
 
principal
 
strategies
 
for
 
competing
 
in
 
each
 
of
 
our
 
segments
 
include
 
unique
 
consumer
 
insights,
 
effective
 
customer
relationships, superior
 
product quality,
 
innovative advertising,
 
product promotion,
 
product innovation
 
aligned with consumers’
 
needs,
an efficient
 
supply chain, and
 
price. In most
 
product categories, we
 
compete not only
 
with other widely
 
advertised, branded
 
products,
but also
 
with regional
 
brands and
 
with generic
 
and private
 
label products
 
that are
 
generally sold
 
at lower
 
prices. Internationally,
 
we
compete with both multi-national and local manufacturers, and each
 
country includes a unique group of competitors.
5
Raw materials, ingredients, and packaging
The
 
principal
 
raw
 
materials
 
that
 
we
 
use
 
are
 
grains
 
(wheat,
 
oats,
 
and
 
corn),
 
dairy
 
products,
 
meat,
 
vegetable
 
oils,
 
sugar,
 
vegetables,
fruits,
 
nuts,
 
and
 
other
 
agricultural
 
products.
 
We
 
also
 
use
 
substantial
 
quantities
 
of
 
carton
 
board,
 
corrugated,
 
plastic,
 
and
 
metal
packaging
 
materials,
 
operating
 
supplies,
 
and
 
energy.
 
Most
 
of
 
these
 
inputs
 
for
 
our
 
domestic
 
and
 
Canadian
 
operations
 
are
 
purchased
from suppliers
 
in the
 
United States. In
 
our other
 
international operations,
 
inputs that
 
are not locally
 
available in
 
adequate supply
 
may
be imported
 
from other
 
countries. The
 
cost of
 
these inputs
 
may fluctuate
 
widely due
 
to external
 
conditions such
 
as weather,
 
climate
change,
 
product
 
scarcity,
 
limited
 
sources
 
of
 
supply,
 
commodity
 
market
 
fluctuations,
 
currency
 
fluctuations,
 
trade
 
tariffs,
 
pandemics,
war,
 
and
 
changes
 
in
 
governmental
 
agricultural
 
and
 
energy
 
policies
 
and
 
regulations.
 
We
 
believe
 
that
 
we
 
will
 
be
 
able
 
to
 
obtain
 
an
adequate supply
 
of needed
 
inputs. Occasionally
 
and where
 
possible, we
 
make advance
 
purchases of
 
items significant
 
to our
 
business
in order to ensure continuity 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.
 
Since
 
these
 
inputs
 
generally
 
represent
 
the
 
largest
 
variable
 
cost
 
in
manufacturing our products, to the extent possible, we
 
often manage the risk associated with adverse
 
price movements for some inputs
using a
 
variety of
 
risk management
 
strategies. We
 
also have
 
a grain
 
merchandising operation
 
that provides
 
us efficient
 
access to,
 
and
more informed
 
knowledge of,
 
various commodity
 
markets, principally
 
wheat and
 
oats. This
 
operation holds
 
physical inventories
 
that
are carried at net realizable value and uses derivatives to manage its net inventory
 
position and minimize its market exposures.
TRADEMARKS AND PATENTS
Our
 
products
 
are
 
marketed
 
under
 
a
 
variety
 
of
 
valuable
 
trademarks.
 
Some
 
of
 
the
 
more
 
important
 
trademarks
 
used
 
in
 
our
 
global
operations
 
(set
 
forth
 
in
 
italics
 
in
 
this
 
report)
 
include
Annie’s
,
 
Betty
 
Crocker
,
Bisquick
,
Blue
 
Buffalo
,
Bugles
,
Cascadian
Farm
,
Cheerios
,
Chex
,
Cinnamon
 
Toast
 
Crunch
,
Cocoa Puffs
,
Cookie Crisp
,
Dunkaroos,
 
Edgard
 
& Cooper,
Fiber One
,
Fruit by
 
the Foot
,
Fruit
 
Gushers
,
Fruit
 
Roll-Ups
,
Gardetto’s
,
Gold
 
Medal
,
Golden
 
Grahams
,
Häagen-Dazs
,
Kitano
,
Kix
,
Lärabar
,
Latina
,
Lucky
Charms
,
Muir Glen
,
Nature Valley
,
Nudges, Oatmeal
 
Crisp
,
Old El
 
Paso
,
Pillsbury
,
Progresso
,
Tastefuls,
Total
 
,
 
Totino’s
,
Trix
,
True
Chews,
 
True
 
Solutions,
 
Wanchai
 
Ferry
,
Wheaties
,
Wilderness
,
 
and
Yoki
.
 
We
 
protect
 
these
 
trademarks
 
as
 
appropriate
 
through
registrations in the
 
United States and
 
other jurisdictions. Depending
 
on the jurisdiction,
 
trademarks are generally
 
valid as long
 
as they
are
 
in
 
use
 
or
 
their
 
registrations
 
are
 
properly
 
maintained
 
and
 
they
 
have
 
not
 
been
 
found
 
to
 
have
 
become
 
generic.
 
Registrations
 
of
trademarks can also generally be renewed indefinitely for
 
as long as the trademarks are in use.
 
Some
 
of
 
our
 
products
 
are
 
marketed
 
under
 
or
 
in
 
combination
 
with
 
trademarks
 
that
 
have
 
been
 
licensed
 
from
 
others
 
for
 
both
 
long-
standing
 
products
 
(e.g.,
Reese’s
 
Puffs
 
for
 
cereal,
Green
 
Giant
for vegetables
 
in certain
 
countries, and
Yoplait
and related
 
brands for
fresh dairy
 
in the
 
United States
 
and Canada),
 
and shorter
 
term promotional
 
products (e.g.,
 
fruit snacks
 
sold under
 
various third
 
party
equities).
Our cereal
 
trademarks
 
are licensed
 
to CPW
 
and
 
may be
 
used in
 
association
 
with the
Nestlé
trademark.
 
Nestlé licenses
 
certain
 
of its
trademarks
 
to
 
CPW,
 
including
 
the
Nestlé
 
and
Uncle
 
Toby’s
 
trademarks.
 
The
Häagen-Dazs
 
trademark
 
is
 
licensed
 
royalty-free
 
and
exclusively
 
to
 
Nestlé
 
and
 
authorized
 
sublicensees
 
for
 
ice
 
cream
 
and
 
other
 
frozen dessert
 
products
 
in
 
the
 
United
 
States and
 
Canada.
 
The
Häagen-Dazs
 
trademark is
 
also licensed
 
to HDJ
 
in Japan.
 
The
Pillsbury
 
brand and
 
the
Pillsbury Doughboy
 
character are
 
subject
to
 
an
 
exclusive,
 
royalty-free
 
license
 
that
 
was
 
granted
 
to
 
a
 
third
 
party
 
and
 
its
 
successors
 
in
 
the
 
shelf-stable
 
baking
 
categories
 
in
 
the
United States and under limited circumstances in Canada and Mexico.
 
We
 
continue
 
our
 
focus
 
on
 
developing
 
and
 
marketing
 
innovative,
 
proprietary
 
products,
 
many
 
of
 
which
 
use
 
proprietary
 
expertise,
recipes and formulations. We
 
consider the collective rights under our various patents, which
 
expire from time to time, a valuable asset,
but we do not believe that our businesses are materially dependent upon any
 
single patent or group of related patents.
SEASONALITY
In
 
general,
 
demand
 
for
 
our
 
products
 
is
 
evenly
 
balanced
 
throughout
 
the
 
year.
 
However,
 
within
 
our
 
North
 
America
 
Retail
 
segment
demand
 
for
 
refrigerated
 
dough,
 
frozen
 
baked
 
goods,
 
and
 
baking
 
products
 
is
 
stronger
 
in
 
the
 
fourth
 
calendar
 
quarter.
 
Demand
 
for
Progresso
soup is higher
 
during the
 
fall and winter
 
months. Within
 
our International
 
segment, demand
 
for
Häagen-Dazs
ice cream is
higher during
 
the summer
 
months and
 
demand for
 
baking mix
 
increases during
 
winter months.
 
Due to
 
the offsetting
 
impact of
 
these
demand
 
trends,
 
as well
 
as the
 
different
 
seasons
 
in
 
the
 
northern
 
and
 
southern
 
hemispheres,
 
our
 
International
 
segment’s
 
net
 
sales are
generally evenly balanced throughout the year.
QUALITY AND SAFETY REGULATION
The
 
manufacture
 
and
 
sale
 
of
 
human
 
and
 
pet
 
food
 
products
 
is
 
highly
 
regulated.
 
In
 
the
 
United
 
States,
 
our
 
activities
 
are
 
subject
 
to
regulation by
 
various federal
 
government agencies,
 
including the
 
Food and
 
Drug Administration,
 
Department of
 
Agriculture, Federal
Trade
 
Commission,
 
Department
 
of
 
Commerce,
 
Occupational
 
Safety
 
and
 
Health
 
Administration,
 
and
 
Environmental
 
Protection
Agency,
 
as
 
well
 
as
 
various
 
federal,
 
state,
 
and
 
local
 
agencies
 
relating
 
to
 
the
 
production,
 
packaging,
 
labelling,
 
marketing,
 
storage,
distribution, quality,
 
and safety of food
 
and pet products and
 
the health and safety
 
of our employees.
 
Our business is also
 
regulated by
similar agencies outside of the United States.
 
6
ENVIRONMENTAL
 
MATTERS
As
 
of
 
May
 
26,
 
2024,
 
we
 
were
 
involved
 
with
 
two
 
response
 
actions
 
associated
 
with
 
the
 
alleged
 
or
 
threatened
 
release
 
of
 
hazardous
substances or wastes located in Minneapolis, Minnesota and Moonachie, New
 
Jersey.
 
Our
 
operations
 
are
 
subject
 
to
 
the
 
Clean
 
Air
 
Act,
 
Clean
 
Water
 
Act,
 
Resource
 
Conservation
 
and
 
Recovery
 
Act,
 
Comprehensive
Environmental
 
Response,
 
Compensation,
 
and
 
Liability
 
Act,
 
and
 
the
 
Federal
 
Insecticide,
 
Fungicide,
 
and
 
Rodenticide
 
Act,
 
and
 
all
similar state, local, and foreign environmental laws and regulations applicable
 
to the jurisdictions in which we operate.
Based on current
 
facts and circumstances,
 
we believe that
 
neither the
 
results of our
 
environmental proceedings
 
nor our compliance
 
in
general
 
with
 
environmental
 
laws
 
or
 
regulations
 
will
 
have
 
a
 
material
 
adverse
 
effect
 
upon
 
our
 
capital
 
expenditures,
 
earnings,
 
or
competitive position.
HUMAN CAPITAL MANAGEMENT
 
Recruiting, developing, engaging, and protecting our
 
workforce is critical to executing our strategy and achieving
 
business success. As
of
 
May
 
26,
 
2024,
 
we
 
had
 
approximately
 
34,000
 
employees
 
around
 
the
 
globe,
 
with
 
approximately
 
16,000
 
in
 
the
 
U.S.
 
and
approximately 18,000
 
located in our
 
markets outside
 
of the U.S.
 
Our workforce
 
is divided
 
between approximately
 
13,000 employees
dedicated to the production of our products and approximately 21,
 
000 non-production employees.
 
The
 
efficient
 
production
 
of
 
high-quality
 
products
 
and
 
successful
 
execution
 
of
 
our
 
strategy
 
requires
 
a
 
talented,
 
skilled,
 
and
 
engaged
team of employees. We
 
work to equip our employees with
 
critical skills and expand their contributions
 
over time by providing a range
of training and career
 
development opportunities, including
 
hands-on experiences via
 
challenging work assignments and
 
job rotations,
coaching
 
and mentoring
 
opportunities, and
 
training programs.
 
To
 
foster employee
 
engagement and
 
commitment, we
 
follow a
 
robust
process
 
to
 
listen
 
to
 
employees,
 
take
 
action,
 
and
 
measure
 
our
 
progress
 
with
 
on-going
 
employee
 
conversations,
 
transparent
communications, and employee engagement surveys.
We
 
believe that
 
fostering a culture
 
of inclusion and
 
belonging strengthens
 
our ability to
 
recruit talent and
 
allows all of
 
our employees
to thrive
 
and succeed.
 
We
 
actively cultivate
 
a culture
 
that acknowledges,
 
respects, and
 
values all
 
dimensions of
 
diversity –
 
including
gender, race,
 
sexual orientation, ability,
 
backgrounds, and
 
beliefs. Ensuring
 
diversity of input
 
and perspectives
 
is core to
 
our business
strategy,
 
and
 
we
 
are
 
committed
 
to
 
recruiting,
 
retaining,
 
developing,
 
and
 
advancing
 
a
 
workforce
 
that
 
reflects
 
the
 
diversity
 
of
 
the
consumers we
 
serve. This
 
commitment starts
 
with our
 
company leadership
 
where women
 
represent approximately
 
49 percent
 
of our
officer
 
and
 
director
 
population,
 
and
 
approximately
 
24
 
percent
 
of
 
our
 
officers
 
and
 
directors
 
are
 
racially
 
or
 
ethnically
 
diverse.
 
We
embed our culture of inclusion and
 
belonging into our day-to-day ways
 
of working through a number of programs
 
to foster discussion,
build empathy, and
 
increase understanding.
We
 
are
 
committed
 
to
 
maintaining
 
a
 
safe
 
and
 
secure
 
workplace
 
for
 
our
 
employees.
 
We
 
set
 
specific
 
safety
 
standards
 
to
 
identify
 
and
manage critical risks.
 
We
 
use global safety
 
management systems and
 
employee training to
 
ensure consistent implementation
 
of safety
protocols and
 
accurate measurement
 
and tracking of
 
incidents. To
 
provide a safe
 
and secure working
 
environment for our
 
employees,
we prohibit workplace
 
discrimination, and
 
we do not
 
tolerate abusive conduct
 
or harassment. Our
 
attention to the
 
health and safety
 
of
our workforce extends to the workers and communities in our supply chain.
 
We believe that respect
 
for human rights is fundamental to
our strategy and to our commitment to ethical business conduct.
 
INFORMATION ABOUT
 
OUR EXECUTIVE OFFICERS
The section below provides information regarding our executive officers
 
as of June 26, 2024.
Kofi A. Bruce
, age 54, is Chief Financial
 
Officer. 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.
 
He
 
served
 
as
 
Treasurer
 
until
 
2010
 
when
 
he
 
was
named Vice
 
President, Finance for
 
Yoplait.
 
Mr. Bruce
 
reassumed his role
 
as Vice
 
President, Treasurer
 
from 2012 until
 
2014 when
 
he
was named
 
Vice
 
President, Finance
 
for Convenience
 
Stores &
 
Foodservice. He
 
was named
 
Vice
 
President, Controller
 
in 2017,
 
Vice
President, Financial Operations in September 2019, and to his present position
 
in February 2020.
Ricardo
 
Fernandez
,
age
51,
 
is
 
Segment
 
President,
 
International.
 
Mr.
 
Fernandez
 
joined
 
General
 
Mills
 
in
 
2000
 
as
 
an
 
Associate
Marketing Manager and held various marketing roles of increasing
 
responsibility until being named Vice
 
President, Marketing, Frozen
Frontier
 
in
 
2012,
 
Vice
 
President,
 
CPW
 
Marketing
 
in
 
2014,
 
President,
 
Latin
 
America
 
in
 
2016,
 
and
 
President,
 
Morning
 
Foods
 
in
January 2020. He was named to his present position in December 2023.
Paul J. Gallagher
,
age
56, is Chief
 
Supply Chain Officer.
 
Mr.
 
Gallagher joined General
 
Mills in April
 
2019 as Vice
 
President, North
America Supply Chain from Diageo plc. He began
 
his career at Diageo where he spent 25 years serving in a variety
 
of leadership roles
7
in manufacturing,
 
procurement, planning,
 
customer service,
 
and engineering
 
before becoming
 
President, North
 
America Supply
 
from
2013 to March 2019. He was named to his current position in July 2021.
Jeffrey L.
 
Harmening
, age
 
57, is
 
Chairman of
 
the Board
 
and Chief
 
Executive Officer.
 
Mr.
 
Harmening joined
 
General Mills
 
in 1994
and
 
served
 
in
 
various
 
marketing
 
roles
 
in
 
the
 
Betty
 
Crocker,
 
Yoplait,
 
and
 
Big
 
G
 
cereal
 
divisions.
 
He
 
was
 
named
 
Vice
 
President,
Marketing
 
for
 
CPW
 
in
 
2003
 
and
 
Vice
 
President
 
of
 
the
 
Big
 
G
 
cereal
 
division
 
in
 
2007.
 
In
 
2011,
 
he
 
was
 
promoted
 
to
 
Senior
 
Vice
President
 
for
 
the
 
Big
 
G
 
cereal
 
division.
 
Mr.
 
Harmening
 
was
 
appointed
 
Senior
 
Vice
 
President,
 
Chief
 
Executive
 
Officer
 
of
 
CPW
 
in
2012. Mr.
 
Harmening returned from CPW
 
in 2014 and was
 
named Executive Vice
 
President, Chief Operating Officer,
 
U.S. Retail. He
became
 
President,
 
Chief
 
Operating
 
Officer
 
in 2016.
 
He
 
was named
 
Chief
 
Executive
 
Officer
 
in
 
2017
 
and
 
Chairman
 
of the
 
Board
 
in
2018. Mr. Harmening is a director of
 
The Toro Company.
Dana M. McNabb
,
age 48,
is Group President, North America
 
Retail. Ms. McNabb joined General
 
Mills in 1999 and held a
 
variety of
marketing roles
 
in Cereal,
 
Snacks, Meals,
 
and New
 
Products before
 
becoming Vice
 
President, Marketing
 
for CPW
 
in 2011
 
and Vice
President, Marketing
 
for the Circle
 
of Champions
 
Business Unit
 
in 2015. She
 
became President,
 
U.S. Cereal
 
Operating Unit
 
in 2016,
Group President,
 
Europe &
 
Australia in
 
January 2020,
 
Chief Strategy
 
& Growth
 
Officer in
 
July 2021,
 
and was
 
named to
 
her present
position in January 2024.
Jaime
 
Montemayor
,
 
age
 
60,
 
is
 
Chief
 
Digital
 
and
 
Technology
 
Officer.
 
He
 
spent
 
21
 
years
 
at
 
PepsiCo,
 
Inc.,
 
serving
 
in
 
roles
 
of
increasing
 
responsibility,
 
including
 
most
 
recently
 
as
 
Senior
 
Vice
 
President
 
and
 
Chief
 
Information
 
Officer
 
of
 
PepsiCo’s
 
Americas
Foods segment
 
from 2013
 
to 2015, and
 
Senior Vice
 
President and
 
Chief Information
 
Officer,
 
Digital Innovation,
 
Data and Analytics,
PepsiCo from
 
2015 to
 
2016. Mr.
 
Montemayor served
 
as Chief
 
Technology
 
Officer of
 
7-Eleven Inc.
 
in 2017.
 
He assumed
 
his current
role in February 2020 after founding and operating a digital technology
 
consulting company from 2017 until January 2020.
Jon J. Nudi
, age 54, is Group President,
 
Pet, International, and North America
 
Foodservice. Mr.
 
Nudi joined General Mills in 1993 as
a
 
Sales
 
Representative
 
and
 
held
 
a
 
variety
 
of
 
roles
 
in
 
Consumer
 
Foods
 
Sales.
 
In
 
2005,
 
he
 
moved
 
into
 
marketing
 
roles
 
in
 
the
 
Meals
division
 
and
 
was
 
elected
 
Vice
 
President
 
in
 
2007.
 
Mr.
 
Nudi
 
was
 
named
 
Vice
 
President;
 
President,
 
Snacks,
 
in
 
2010,
 
Senior
 
Vice
President;
 
President,
 
Europe/Australasia
 
in
 
2014,
 
Senior
 
Vice
 
President;
 
President,
 
U.S.
 
Retail
 
in
 
2016
 
and
 
Group
 
President,
 
North
America Retail in 2017. He was named to his present position in January
 
2024.
Mark A. Pallot,
age 51,
 
is Vice
 
President, Chief
 
Accounting Officer.
 
Mr.
 
Pallot joined
 
General Mills in
 
2007 and
 
served as
Director,
Financial
 
Reporting
 
until
 
2017,
 
when
 
he was
 
named
 
Vice
 
President,
 
Assistant
 
Controller.
 
He
 
was elected
 
to
 
his
 
present
 
position
 
in
February
 
2020.
 
Prior
 
to
 
joining
 
General
 
Mills,
 
Mr.
 
Pallot
 
held
 
accounting
 
and
 
financial
 
reporting
 
positions
 
at
 
Residential
 
Capital,
LLC, Metris, Inc., CIT Group Inc., and Ernst & Young,
 
LLP.
Lanette Shaffer Werner
, age 53, is Chief Innovation, Technical
 
and Quality Officer.
 
Ms. Shaffer Werner
 
joined General Mills in 1995
and held various R&D roles
 
in Frozen Desserts and
 
Pillsbury before serving
 
as Director of One Global
 
Dairy and Sr.
 
Director for One
Global
 
Cereal.
 
In
 
July
 
2021,
 
Ms.
 
Shaffer
 
Werner
 
was
 
named
 
as
 
Vice
 
President,
 
Innovation,
 
Technical
 
and
 
Quality,
 
U.S.
 
Meals
 
&
Baking Solutions.
 
She was named to her present position in June 2023.
Pankaj Sharma,
age 51, is Segment
 
President, North America Foodservice.
 
Mr. Sharma
 
joined General Mills in
 
2014 and served as
 
a
Marketing
 
Director until
 
2017, when
 
he was
 
named Vice
 
President,
 
Marketing,
 
Europe &
 
Australia.
 
He was
 
promoted to
 
President,
U.S.
 
Yogurt
 
in
 
May
 
2018
 
and
 
President,
 
U.S.
 
Meals
 
&
 
Baking
 
Solutions
 
in
 
July
 
2019.
 
He
 
was
 
named
 
to
 
his
 
current
 
position
 
in
February 2024.
Jacqueline
 
Williams-Roll
,
 
age
 
55,
 
is
 
Chief
 
Human
 
Resources
 
Officer.
 
In
 
this
 
capacity,
 
she
 
also
 
has
 
responsibility
 
for
 
Corporate
Communications.
 
Ms.
 
Williams-Roll
 
joined
 
General
 
Mills
 
in
 
1995.
 
She
 
held
 
human
 
resources
 
leadership
 
roles
 
in
 
Supply
 
Chain,
Finance, Marketing,
 
and Organization
 
Effectiveness and
 
worked a
 
large part
 
of her
 
career on
 
businesses outside
 
of the United
 
States.
She
 
was
 
named
 
Vice
 
President,
 
Human
 
Resources,
 
International
 
in
 
2010,
 
and
 
then
 
promoted
 
to
 
Senior
 
Vice
 
President,
 
Human
Resources
 
Operations
 
in
 
2013.
 
She
 
was
 
named
 
to
 
her
 
present
 
position
 
in
 
2014.
 
Prior
 
to
 
joining
 
General
 
Mills,
 
she
 
held
 
sales
 
and
management roles with Jenny Craig International.
Karen Wilson
 
Thissen
, age
 
57, is
 
General Counsel
 
and Secretary.
 
Ms. Wilson
 
Thissen joined
 
General Mills
 
in June
 
2022.
 
Prior to
joining
 
General
 
Mills, she
 
spent
 
17 years
 
at Ameriprise
 
Financial,
 
Inc.,
 
serving in
 
roles of
 
increasing
 
responsibility,
 
including
 
most
recently as Executive Vice
 
President and General Counsel
 
from 2017 to June
 
2022, and Executive Vice
 
President and Deputy General
Counsel from
 
2014 to
 
2017.
 
Before
 
joining Ameriprise
 
Financial,
 
Inc., she
 
was a
 
partner at
 
the law
 
firm of
 
Faegre &
 
Benson LLP
(now Faegre Drinker Biddle & Reath LLP).
WEBSITE ACCESS
Our
 
website
 
is
 
https://www.generalmills.com.
We
 
make
 
available,
 
free
 
of
 
charge
 
in
 
the
 
“Investors”
 
portion
 
of
 
this
 
website,
 
annual
reports
 
on
 
Form
 
10-K,
 
quarterly
 
reports
 
on
 
Form
 
10-Q,
 
current
 
reports
 
on
 
Form
 
8-K,
 
and
 
amendments
 
to
 
those
 
reports
 
filed
 
or
 
8
furnished pursuant to Section 13(a)
 
or 15(d) of the Securities Exchange
 
Act of 1934 (1934 Act) as soon
 
as reasonably practicable after
we
 
electronically
 
file
 
such
 
material
 
with,
 
or
 
furnish
 
it
 
to,
 
the
 
Securities
 
and
 
Exchange
 
Commission
 
(SEC).
 
All
 
such
 
filings
 
are
available
 
on the
 
SEC’s
 
website
 
at https://www.sec.gov.
 
Reports
 
of beneficial
 
ownership filed
 
pursuant
 
to Section
 
16(a) of
 
the 1934
Act are also available on our website.
ITEM 1A - Risk Factors
 
Our
 
business
 
is
 
subject
 
to
 
various
 
risks
 
and
 
uncertainties.
 
Any
 
of
 
the
 
risks
 
described
 
below
 
could
 
materially,
 
adversely
 
affect
 
our
business, financial condition, and results of operations.
Business and Industry Risks
 
The
 
categories
 
in
 
which
 
we
 
participate
 
are
 
very
 
competitive,
 
and
 
if
 
we
 
are
not
 
able
 
to
 
compete
 
effectively,
 
our
 
results
 
of
operations could be adversely
affected.
 
The
 
human
 
and
 
pet
 
food
 
categories
 
in
 
which
 
we
 
participate
 
are
 
very
 
competitive.
 
Our principal
 
competitors
 
in
 
these
 
categories
 
are
manufacturers,
 
as
 
well
 
as
 
retailers
 
with
 
their
 
own
 
branded
 
and
 
private
 
label
 
products.
 
Competitors
 
market
 
and
 
sell
 
their
 
products
through
 
brick-and-mortar
 
stores
 
and
 
e-commerce.
 
All
 
of
 
our
 
principal
 
competitors
 
have
 
substantial
 
financial,
 
marketing,
 
and
 
other
resources.
 
In
 
most
 
product
 
categories,
 
we
 
compete
 
not
 
only
 
with
 
other
 
widely
 
advertised
 
branded
 
products,
 
but
 
also
 
with
 
regional
brands
 
and
 
with
 
generic
 
and
 
private
 
label
 
products
 
that
 
are generally
 
sold
 
at
 
lower prices.
 
Competition
 
in
 
our
 
product
 
categories
 
is
based on
 
product
 
innovation, product
 
quality,
 
price,
 
brand recognition
 
and loyalty,
 
effectiveness
 
of marketing,
 
promotional
 
activity,
convenient
 
ordering
 
and
 
delivery
 
to
 
the
 
consumer,
 
and
 
the
 
ability
 
to
 
identify
 
and
 
satisfy
 
consumer
 
preferences.
 
If
 
our
 
large
competitors
 
were
 
to
 
seek
 
an
 
advantage
 
through
 
pricing
 
or
 
promotional
 
changes,
 
we
 
could
 
choose
 
to
 
do
 
the
 
same,
 
which
 
could
adversely affect
 
our margins
 
and profitability.
 
If we
 
did not
 
do the
 
same, our
 
revenues and
 
market share
 
could be
 
adversely affected.
Our market share
 
and revenue growth
 
could also be
 
adversely impacted if
 
we are not
 
successful in introducing
 
innovative products
 
in
response
 
to
 
changing
 
consumer
 
demands
 
or by
 
new product
 
introductions
 
of our
 
competitors.
 
If
 
we
 
are unable
 
to build
 
and
 
sustain
brand
 
equity
 
by
 
offering
 
recognizably
 
superior
 
product
 
quality,
 
we
 
may
 
be
 
unable
 
to
 
maintain
 
premium
 
pricing
 
over
 
generic
 
and
private label products.
 
We may be unable to maintain our profit
 
margins in the face of a consolidating retail environment.
 
There has
 
been significant
 
consolidation in
 
the grocery industry,
 
resulting in
 
customers with increased
 
purchasing power.
 
In addition,
large
 
retail
 
customers
 
may
 
seek
 
to
 
use
 
their
 
position
 
to
 
improve
 
their
 
profitability
 
through
 
improved
 
efficiency,
 
lower
 
pricing,
increased
 
reliance
 
on
 
their
 
own
 
brand
 
name
 
products,
 
increased
 
emphasis
 
on
 
generic
 
and
 
other
 
economy
 
brands,
 
and
 
increased
promotional
 
programs.
 
If we
 
are
 
unable
 
to use
 
our
 
scale, marketing
 
expertise,
 
product
 
innovation,
 
knowledge
 
of consumers’
 
needs,
and category
 
leadership positions
 
to respond
 
to these
 
demands, our
 
profitability and
 
volume growth
 
could be
 
negatively impacted.
 
In
addition, the loss
 
of any large
 
customer could
 
adversely affect our
 
sales and profits.
 
In fiscal 2024,
 
Walmart
 
accounted for 22
 
percent
of our
 
consolidated net
 
sales and
 
30 percent
 
of net
 
sales of
 
our North
 
America Retail
 
segment.
 
For more
 
information on
 
significant
customers, please see Note 8 to the Consolidated Financial Statements in Item 8 of this report.
 
Price
 
changes
 
for
 
the
 
commodities
 
we
 
depend
 
on
 
for
 
raw
 
materials,
 
packaging,
and
 
energy
 
may
 
adversely
 
affect
 
our
profitability.
 
The
 
principal
 
raw
 
materials
 
that
 
we
 
use
 
are
 
commodities
 
that
 
experience
 
price
 
volatility
 
caused
 
by
 
external
 
conditions
 
such
 
as
weather,
 
climate
 
change,
 
product
 
scarcity,
 
limited
 
sources
 
of
 
supply,
 
commodity
 
market
 
fluctuations,
 
currency
 
fluctuations,
 
trade
tariffs, pandemics, war (including international
 
sanctions imposed on Russia for its invasion of Ukraine),
 
and changes in governmental
agricultural and
 
energy policies
 
and regulations.
 
Commodity prices
 
have become,
 
and may continue
 
to be, more
 
volatile. Commodity
price
 
changes
 
may
 
result
 
in
 
unexpected
 
increases
 
in
 
raw
 
material,
 
packaging,
 
energy,
 
and
 
transportation
 
costs.
 
If
 
we
 
are
 
unable
 
to
increase productivity
 
to offset
 
these increased
 
costs or
 
increase our
 
prices, we
 
may experience
 
reduced margins
 
and profitability.
 
We
do not fully
 
hedge against changes
 
in commodity prices,
 
and the risk management
 
procedures that we
 
do use may
 
not always work
 
as
we intend.
 
Concerns with the safety and quality of our products could cause consumers
 
to
avoid certain products or ingredients.
 
We
 
could
 
be
 
adversely
 
affected
 
if
 
consumers
 
in
 
our
 
principal
 
markets
 
lose
 
confidence
 
in
 
the
 
safety
 
and
 
quality
 
of
 
certain
 
of
 
our
products
 
or
 
ingredients.
 
Adverse
 
publicity
 
about
 
these
 
types
 
of
 
concerns,
 
whether
 
or
 
not
 
valid,
 
may
 
discourage
 
consumers
 
from
buying our products or cause production and delivery disruptions.
 
9
We
 
may be
 
unable to
 
anticipate changes
 
in consumer
 
preferences and
 
trends,
which may
 
result in
 
decreased demand
 
for our
products.
 
Our success
 
depends in
 
part on
 
our ability
 
to anticipate
 
the tastes,
 
eating habits,
 
and purchasing
 
behaviors of
 
consumers and
 
to offer
products
 
that
 
appeal
 
to
 
their
 
preferences
 
in
 
channels
 
where
 
they
 
shop.
 
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.
 
If we
 
fail
 
to anticipate,
 
identify
 
or
react to these changes and trends, such as adapting to emerging
 
e-commerce channels, or to introduce new and improved products on
 
a
timely basis, we may
 
experience reduced demand
 
for our products, which
 
would in turn cause
 
our revenues and profitability
 
to suffer.
Similarly, demand
 
for our products could be affected by consumer concerns regarding
 
the health effects of ingredients such as sodium,
trans fats, genetically
 
modified organisms,
 
sugar, processed
 
wheat, grain-free
 
or legume-rich pet
 
food, or other
 
product ingredients
 
or
attributes.
 
We may be unable to grow
 
our market share or add products that are
 
in faster
growing and more profitable categories.
 
The
 
food
 
industry’s
 
growth
 
potential
 
is
 
constrained
 
by
 
population
 
growth.
 
Our
 
success
 
depends
 
in
 
part
 
on
 
our
 
ability
 
to
 
grow
 
our
business faster than
 
populations are growing
 
in the markets
 
that we serve.
 
One way to
 
achieve that growth
 
is to enhance
 
our portfolio
by adding innovative
 
new products in faster
 
growing and more
 
profitable categories. Our future
 
results will also depend
 
on our ability
to
 
increase
 
market
 
share
 
in
 
our
 
existing
 
product
 
categories.
 
If
 
we
 
do
 
not
 
succeed
 
in
 
developing
 
innovative
 
products
 
for
 
new
 
and
existing categories, our growth and profitability could be adversely
 
affected.
Our results may be negatively impacted if consumers do not maintain
 
their favorable perception of our brands.
 
Maintaining and continually
 
enhancing the value
 
of our many
 
iconic brands is critical
 
to the success of
 
our business. The value
 
of our
brands
 
is
 
based
 
in
 
large
 
part
 
on
 
the
 
degree
 
to
 
which
 
consumers
 
react
 
and
 
respond
 
positively
 
to
 
these
 
brands.
 
Brand
 
value
 
could
diminish
 
significantly
 
due
 
to
 
a
 
number
 
of
 
factors,
 
including
 
consumer
 
perception
 
that
 
we
 
have
 
acted
 
in
 
an
 
irresponsible
 
manner,
adverse
 
publicity
 
about
 
our
 
products,
 
our
 
failure
 
to
 
maintain
 
the
 
quality
 
of
 
our
 
products,
 
the
 
failure
 
of
 
our
 
products
 
to
 
deliver
consistently
 
positive
 
consumer
 
experiences,
 
concerns
 
about
 
food
 
safety,
 
or
 
our
 
products
 
becoming
 
unavailable
 
to
 
consumers.
Consumer demand
 
for our
 
products may
 
also be
 
impacted by
 
changes in
 
the level
 
of advertising
 
or promotional
 
support. The
 
use of
social
 
and
 
digital
 
media
 
by
 
consumers,
 
us,
 
and
 
third
 
parties
 
increases
 
the
 
speed
 
and
 
extent
 
that
 
information
 
or
 
misinformation
 
and
opinions can
 
be shared.
 
Negative posts
 
or comments
 
about us,
 
our brands,
 
or our
 
products on
 
social or
 
digital media
 
could seriously
damage
 
our
 
brands
 
and
 
reputation.
 
If
 
we
 
do
 
not
 
maintain
 
the
 
favorable
 
perception
 
of
 
our
 
brands,
 
our
 
business
 
results
 
could
 
be
negatively impacted.
Operating Risks
If
 
we
 
are
 
not
 
efficient
 
in
 
our
 
production,
 
our
 
profitability
 
could
 
suffer
 
as
 
a
result
 
of
 
the
 
highly
 
competitive
 
environment
 
in
which we operate.
 
Our future success and
 
earnings growth depend in
 
part on our ability to
 
be efficient in the
 
production and manufacture of
 
our products
in
 
highly
 
competitive
 
markets.
 
Gaining
 
additional
 
efficiencies
 
may
 
become
 
more
 
difficult
 
over
 
time.
 
Our
 
failure
 
to
 
reduce
 
costs
through
 
productivity
 
gains
 
or
 
by
 
eliminating
 
redundant
 
costs
 
resulting
 
from
 
acquisitions
 
or
 
divestitures
 
could
 
adversely
 
affect
 
our
profitability
 
and
 
weaken
 
our
 
competitive
 
position.
 
Many
 
productivity
 
initiatives
 
involve
 
complex
 
reorganization
 
of
 
manufacturing
facilities
 
and
 
production
 
lines.
 
Such
 
manufacturing
 
realignment
 
may
 
result
 
in
 
the
 
interruption
 
of
 
production,
 
which
 
may
 
negatively
impact
 
product
 
volume
 
and
 
margins.
 
We
 
periodically
 
engage
 
in
 
restructuring
 
and
 
cost
 
savings
 
initiatives
 
designed
 
to
 
increase
 
our
efficiency
 
and
 
reduce
 
expenses.
 
If
 
we
 
are
 
unable
 
to
 
execute
 
those
 
initiatives
 
as
 
planned,
 
we
 
may
 
not
 
realize
 
all
 
or
 
any
 
of
 
the
anticipated benefits, which could adversely affect our business and results of
 
operations.
Disruption of our supply chain could adversely affect our business.
 
Our
 
ability
 
to
 
make,
 
move,
 
and
 
sell
 
products
 
is
 
critical
 
to
 
our
 
success.
 
Damage
 
or
 
disruption
 
to
 
raw
 
material
 
supplies
 
or
 
our
manufacturing
 
or
 
distribution
 
capabilities
 
due
 
to
 
weather,
 
climate
 
change,
 
natural
 
disaster,
 
fire,
 
terrorism,
 
cyber-attack,
 
pandemics,
war,
 
governmental
 
restrictions
 
or
 
mandates,
 
labor
 
shortages,
 
strikes,
 
import/export
 
restrictions,
 
or
 
other
 
factors
 
could
 
impair
 
our
ability to
 
manufacture or
 
sell our
 
products. Many
 
of our
 
product lines
 
are manufactured
 
at a
 
single location
 
or sourced
 
from a
 
single
supplier.
 
The
 
failure
 
of
 
third
 
parties
 
on
 
which
 
we
 
rely,
 
including
 
those
 
third
 
parties
 
who
 
supply
 
our
 
ingredients,
 
packaging,
 
capital
equipment
 
and
 
other
 
necessary
 
operating
 
materials,
 
contract
 
manufacturers,
 
commercial
 
transport,
 
distributors,
 
contractors,
 
and
external business partners, to meet
 
their obligations to us, or significant
 
disruptions in their ability to do
 
so, may negatively impact our
operations. Our
 
suppliers’ policies
 
and practices
 
can damage
 
our reputation
 
and the quality
 
and safety
 
of our
 
products. Disputes
 
with
significant suppliers,
 
including disputes regarding
 
pricing or performance,
 
could adversely affect
 
our ability to
 
supply products to
 
our
customers and
 
could materially
 
and adversely
 
affect our
 
sales, financial
 
condition, and
 
results of
 
operations. Failure
 
to take
 
adequate
steps
 
to
 
mitigate
 
the
 
likelihood
 
or
 
potential
 
impact
 
of
 
such
 
events,
 
or
 
to
 
effectively
 
manage
 
such
 
events
 
if
 
they
 
occur,
 
particularly
 
 
 
10
when a
 
product is
 
sourced from
 
a single
 
location or
 
supplier,
 
could adversely
 
affect our
 
business and
 
results of
 
operations, as
 
well as
require additional resources to restore our supply chain.
 
Short term or
 
sustained increases in
 
consumer demand at
 
our retail customers
 
may exceed our
 
production capacity or
 
otherwise strain
our supply chain. Our failure to meet the demand for our products could
 
adversely affect our business and results of operations.
 
Our international operations are subject to political and economic
 
risks.
 
In fiscal
 
2024, 19
 
percent of
 
our consolidated
 
net sales
 
were generated
 
outside of
 
the United
 
States. We
 
are accordingly
 
subject to
 
a
number of risks relating to doing business internationally,
 
any of which could significantly harm our business. These risks include:
 
political and economic instability;
exchange controls and currency exchange rates;
tariffs on products and ingredients that we import and export;
nationalization or government control of operations;
compliance with anti-corruption regulations;
foreign tax treaties and policies; and
restriction on the transfer of funds to and from foreign countries, including
 
potentially negative tax consequences.
 
Our financial performance
 
on a U.S. dollar
 
denominated basis is subject
 
to fluctuations in currency
 
exchange rates. These fluctuations
could cause material
 
variations in our results
 
of operations. Our principal
 
exposures are to the
 
Australian dollar,
 
Brazilian real, British
pound sterling,
 
Canadian dollar,
 
Chinese renminbi,
 
euro, Japanese
 
yen, Mexican
 
peso, and
 
Swiss franc.
 
From time
 
to time,
 
we enter
into
 
agreements
 
that
 
are
 
intended
 
to
 
reduce
 
the
 
effects
 
of
 
our
 
exposure
 
to
 
currency
 
fluctuations,
 
but
 
these
 
agreements
 
may
 
not
 
be
effective in significantly reducing our exposure.
 
A
 
strengthening
 
in
 
the
 
U.S.
 
dollar
 
relative
 
to
 
other
 
currencies
 
in
 
the
 
countries
 
in
 
which
 
we
 
operate
 
would
 
negatively
 
affect
 
our
reported results of operations and financial results due to currency translation losses and
 
currency transaction losses.
Our business operations could be disrupted if our information technology
 
systems fail to perform adequately or are breached.
 
Information
 
technology
 
serves
 
an
 
important
 
role
 
in
 
the
 
efficient
 
and
 
effective
 
operation
 
of
 
our
 
business.
 
We
 
rely
 
on
 
information
technology networks
 
and systems, including
 
the internet, to
 
process, transmit,
 
and store electronic
 
information to
 
manage a variety
 
of
business processes and
 
to comply with
 
regulatory,
 
legal, and tax requirements.
 
Our information technology
 
systems and infrastructure
are
 
critical
 
to
 
effectively
 
manage
 
our
 
key
 
business
 
processes
 
including
 
digital
 
marketing,
 
order
 
entry
 
and
 
fulfillment,
 
supply
 
chain
management,
 
finance,
 
administration,
 
and
 
other
 
business
 
processes.
 
These
 
technologies
 
enable
 
internal
 
and
 
external
 
communication
among
 
our
 
locations, employees,
 
suppliers,
 
customers,
 
and others
 
and
 
include the
 
receipt and
 
storage of
 
personal information
 
about
our employees,
 
consumers, and
 
proprietary business
 
information. Our
 
information technology
 
systems, some
 
of which
 
are dependent
on services
 
provided
 
by third
 
parties, may
 
be vulnerable
 
to damage,
 
interruption,
 
or shutdown
 
due to
 
any number
 
of causes
 
such as
catastrophic events,
 
natural disasters, fires,
 
power outages, systems
 
failures, telecommunications
 
failures, security breaches,
 
computer
viruses, hackers, employee error
 
or malfeasance, and other
 
causes. Increased cyber-security threats
 
pose a potential risk to
 
the security
and
 
viability
 
of
 
our
 
information
 
technology
 
systems,
 
as
 
well
 
as
 
the
 
confidentiality,
 
integrity,
 
and
 
availability
 
of
 
the
 
data
 
stored
 
on
those systems. The
 
failure of our
 
information technology
 
systems to perform
 
as we anticipate
 
could disrupt
 
our business and
 
result in
transaction
 
errors,
 
processing
 
inefficiencies,
 
data
 
loss,
 
legal
 
claims
 
or
 
proceedings,
 
regulatory
 
penalties,
 
and
 
the
 
loss
 
of
 
sales
 
and
customers. Any
 
interruption of
 
our information
 
technology systems
 
could have
 
operational, reputational,
 
legal, and
 
financial impacts
that may have a material adverse effect on our business.
Our failure to successfully integrate acquisitions into our
 
existing operations could adversely affect our financial results.
 
From
 
time
 
to
 
time,
 
we
 
evaluate
 
potential
 
acquisitions
 
or
 
joint
 
ventures
 
that
 
would
 
further
 
our
 
strategic
 
objectives.
 
Our
 
success
depends, in part,
 
upon our ability
 
to integrate acquired
 
and existing operations.
 
If we are
 
unable to successfully
 
integrate acquisitions,
our financial
 
results could
 
suffer.
 
Additional potential
 
risks associated
 
with acquisitions
 
include
 
additional debt
 
leverage, the
 
loss of
key
 
employees
 
and
 
customers
 
of
 
the
 
acquired
 
business,
 
the
 
assumption
 
of
 
unknown
 
liabilities,
 
the
 
inherent
 
risk
 
associated
 
with
entering a geographic area or line of business in which we have
 
no or limited prior experience, failure to achieve anticipated
 
synergies,
and the impairment of goodwill or other acquisition-related intangible assets.
 
11
Legal and Regulatory Risks
If
 
our
 
products
 
become
 
adulterated,
 
misbranded,
 
or
 
mislabeled,
 
we
 
might
need
 
to
 
recall
 
those
 
items
 
and
 
may
 
experience
product liability claims if
consumers or their pets are injured.
 
We may need
 
to recall some of our products if they become adulterated,
 
misbranded, or mislabeled. A widespread product recall could
result in
 
significant losses
 
due to
 
the costs
 
of a
 
recall, the
 
destruction of
 
product inventory,
 
and lost
 
sales due
 
to the
 
unavailability of
product for a period of time.
 
We could
 
also suffer losses from a
 
significant product liability judgment
 
against us. A significant product
recall or
 
product liability
 
case could
 
also result
 
in adverse
 
publicity,
 
damage to
 
our reputation,
 
and a
 
loss of
 
consumer confidence
 
in
our products, which could have an adverse effect on our business results and the
 
value of our brands.
New regulations or regulatory-based claims could adversely
 
affect our business.
 
Our facilities and
 
products are subject
 
to many laws and
 
regulations administered by
 
the United States Department
 
of Agriculture, the
Federal Food and Drug
 
Administration, the Occupational
 
Safety and Health Administration,
 
and other federal, state, local,
 
and foreign
governmental agencies
 
relating to
 
the production,
 
packaging, labelling,
 
storage, distribution,
 
quality,
 
and safety
 
of food
 
products and
the
 
health
 
and
 
safety
 
of
 
our
 
employees.
 
Our
 
failure
 
to
 
comply
 
with
 
such
 
laws
 
and
 
regulations
 
could
 
subject
 
us
 
to
 
lawsuits,
administrative
 
penalties,
 
and civil
 
remedies,
 
including fines,
 
injunctions,
 
and recalls
 
of our
 
products.
 
We
 
advertise our
 
products and
could be
 
the target
 
of claims
 
relating to
 
alleged false
 
or deceptive
 
advertising
 
under federal,
 
state, and
 
foreign laws
 
and regulations.
We may also be
 
subject to new laws or regulations restricting our right to advertise our products,
 
including restrictions on the audience
to whom
 
products are
 
marketed. Changes
 
in laws
 
or regulations
 
that impose
 
additional regulatory
 
requirements on
 
us could
 
increase
our cost of doing business or restrict our actions, causing our results of operations
 
to be adversely affected.
 
We
 
are
 
subject
 
to
 
various
 
federal,
 
state,
 
local,
 
and
 
foreign
 
environmental
 
laws
 
and
 
regulations.
 
Our
 
failure
 
to
 
comply
 
with
environmental laws and regulations could subject us
 
to lawsuits, administrative penalties, and civil remedies.
 
We are currently
 
party to
a variety of
 
environmental remediation obligations.
 
Due to regulatory
 
complexities, uncertainties inherent
 
in litigation, and
 
the risk of
unidentified contaminants
 
on current and
 
former properties of
 
ours, the potential
 
exists for remediation,
 
liability,
 
indemnification, and
compliance
 
costs
 
to
 
differ
 
from
 
our
 
estimates.
 
We
 
cannot
 
guarantee
 
that
 
our
 
costs
 
in
 
relation
 
to
 
these
 
matters,
 
or
 
compliance
 
with
environmental
 
laws
 
in
 
general,
 
will
 
not
 
exceed
 
our
 
established
 
liabilities
 
or
 
otherwise
 
have
 
an
 
adverse
 
effect
 
on
 
our
 
business
 
and
results of operations.
Climate change and other sustainability matters could adversely affect
 
our business.
There is
 
growing concern
 
that carbon
 
dioxide and
 
other greenhouse
 
gases in
 
the earth’s
 
atmosphere may
 
have an
 
adverse impact
 
on
global temperatures, weather patterns, and the frequency
 
and severity of extreme weather and natural disasters.
 
If such climate change
has a negative effect on agricultural productivity,
 
we may experience decreased availability and higher pricing for certain commodities
that are necessary
 
for our
 
products. Increased
 
frequency or
 
severity of
 
extreme weather
 
could also impair
 
our production
 
capabilities,
disrupt our
 
supply chain,
 
impact demand
 
for our
 
products, and
 
increase our
 
insurance and
 
other operating
 
costs.
 
Increasing concern
over
 
climate
 
change
 
or
 
other
 
sustainability
 
issues
 
also
 
may
 
adversely
 
impact
 
demand
 
for
 
our
 
products
 
due
 
to
 
changes
 
in
 
consumer
preferences or
 
negative consumer
 
reaction to
 
our commitments
 
and actions
 
to address
 
these issues.
 
We
 
may also
 
become subject
 
to
additional
 
legal
 
and
 
regulatory
 
requirements
 
relating
 
to
 
climate
 
change
 
or
 
other
 
sustainability
 
issues,
 
including
 
greenhouse
 
gas
emission
 
regulations
 
(e.g.,
 
carbon
 
taxes),
 
energy
 
policies,
 
sustainability
 
initiatives
 
(e.g.,
 
single-use
 
plastic
 
limits),
 
and
 
disclosure
obligations.
 
If additional legal
 
and regulatory
 
requirements are
 
enacted and
 
are more aggressive
 
than the sustainability
 
measures that
we are currently
 
undertaking to reduce
 
our emissions and
 
improve our energy
 
efficiency and
 
other sustainability goals,
 
or if we
 
chose
to take actions to achieve more aggressive goals, we may experience significant
 
increases in our costs of operations.
We
 
have announced goals
 
and commitments to
 
reduce our carbon footprint.
 
If we fail to
 
achieve or improperly
 
report on our progress
toward
 
achieving
 
our
 
carbon
 
emissions
 
reduction
 
goals
 
and
 
commitments,
 
then
 
the
 
resulting
 
negative
 
publicity
 
could
 
harm
 
our
reputation and adversely affect demand for our products.
Financial and Economic Risks
Volatility
 
in
 
the
 
market
 
value
 
of
 
derivatives
 
we
 
use
 
to
 
manage
 
exposures
 
to
 
fluctuations
 
in
 
commodity
 
prices
 
may
 
cause
volatility in our gross margins and net earnings.
 
We
 
utilize derivatives
 
to manage
 
price risk
 
for some
 
of our
 
principal ingredient
 
and energy
 
costs, including
 
grains (oats,
 
wheat, and
corn), oils (principally soybean),
 
dairy products, natural gas, and diesel
 
fuel. Changes in the values
 
of these derivatives are recorded
 
in
earnings currently,
 
which may result in
 
volatility in both
 
gross margin and
 
net earnings. These gains
 
and losses are reported
 
in cost of
sales in
 
our
 
Consolidated
 
Statements
 
of
 
Earnings
 
and in
 
unallocated
 
corporate
 
items outside
 
our
 
segment
 
operating
 
results until
 
we
utilize
 
the
 
underlying
 
input
 
in
 
our
 
manufacturing
 
process,
 
at
 
which
 
time
 
the
 
gains
 
and
 
losses
 
are
 
reclassified
 
to
 
segment
 
operating
 
 
 
12
profit. We also
 
record our grain inventories at net realizable value. We
 
may experience volatile earnings as a result of these accounting
treatments.
Economic downturns could limit consumer demand for our products.
 
The
 
willingness
 
of
 
consumers
 
to
 
purchase
 
our
 
products
 
depends
 
in
 
part
 
on
 
local
 
economic
 
conditions.
 
In
 
periods
 
of
 
economic
uncertainty,
 
consumers
 
may
 
purchase
 
more
 
generic,
 
private
 
label,
 
and
 
other
 
economy
 
brands
 
and
 
may
 
forego
 
certain
 
purchases
altogether.
 
In those circumstances,
 
we could experience
 
a reduction in sales
 
of higher margin
 
products or a shift
 
in our product mix
 
to
lower margin
 
offerings.
 
In addition,
 
as a
 
result of
 
economic conditions
 
or competitive
 
actions, we
 
may be
 
unable to
 
raise our
 
prices
sufficiently to
 
protect margins.
 
Consumers may
 
also reduce the
 
amount of food
 
that they consume
 
away from home
 
at customers that
purchase products
 
from our
 
North America
 
Foodservice segment.
 
Any of
 
these events
 
could have
 
an adverse
 
effect on
 
our results
 
of
operations.
 
We
 
have
 
a
 
substantial
 
amount
 
of
 
indebtedness,
 
which
 
could
 
limit
 
financing
 
and
 
other
 
options
 
and
 
in
 
some
 
cases
 
adversely
affect our ability to pay dividends.
 
As
 
of
 
May
 
26,
 
2024,
 
we
 
had
 
total
 
debt
 
and
 
noncontrolling
 
interests
 
of
 
$13.2
 
billion.
 
The
 
agreements
 
under
 
which
 
we
 
have
 
issued
indebtedness
 
do not
 
prevent us
 
from
 
incurring
 
additional unsecured
 
indebtedness
 
in the
 
future.
 
Our level
 
of indebtedness
 
may
 
limit
our:
 
ability to
 
obtain additional
 
financing for
 
working capital,
 
capital expenditures,
 
or general
 
corporate purposes,
 
particularly if
the ratings assigned to our debt securities by rating organizations
 
were revised downward; and
flexibility to
 
adjust to
 
changing business
 
and market
 
conditions and
 
may make
 
us more
 
vulnerable to
 
a downturn
 
in general
economic conditions.
 
There are
 
various financial
 
covenants and
 
other restrictions
 
in our
 
debt instruments
 
and noncontrolling
 
interests. If
 
we fail
 
to comply
with any of
 
these requirements, the
 
related indebtedness,
 
and other unrelated
 
indebtedness, could
 
become due and
 
payable prior
 
to its
stated maturity and our ability to obtain additional or alternative financing
 
may also be adversely affected.
 
Our ability
 
to make
 
scheduled payments
 
on or
 
to refinance
 
our debt
 
and other
 
obligations will
 
depend on
 
our operating
 
and financial
performance,
 
which
 
in
 
turn
 
is
 
subject
 
to
 
prevailing
 
economic
 
conditions
 
and
 
to
 
financial,
 
business,
 
and
 
other
 
factors
 
beyond
 
our
control.
We
 
depend
 
on stable,
 
liquid
 
and
 
well-functioning
 
capital and
 
credit markets
 
to fund
 
our operations.
 
Our financial
 
performance,
 
our
credit ratings,
 
interest rates,
 
the stability
 
of financial
 
institutions with
 
which we
 
partner, and
 
the liquidity
 
of the
 
overall global
 
capital
markets could affect our access to, and the availability,
 
terms and conditions, and cost of capital.
 
Volatility
 
in the
 
securities markets,
 
interest
 
rates,
 
and other
 
factors could
 
substantially
 
increase
 
our defined
 
benefit
pension,
other postretirement benefit, and postemployment
 
benefit costs.
 
We
 
sponsor
 
a number
 
of defined
 
benefit plans
 
for employees
 
in the
 
United
 
States, Canada,
 
and various
 
foreign
 
locations, including
defined
 
benefit
 
pension,
 
retiree
 
health
 
and
 
welfare,
 
severance,
 
and
 
other
 
postemployment
 
plans.
 
Our
 
major
 
defined
 
benefit
 
pension
plans are
 
funded with
 
trust assets
 
invested in
 
a globally
 
diversified portfolio
 
of securities
 
and other
 
investments. Changes
 
in interest
rates, mortality
 
rates, health
 
care costs,
 
early
 
retirement rates,
 
investment
 
returns, and
 
the market
 
value of
 
plan
 
assets can
 
affect
 
the
funded status
 
of our
 
defined benefit
 
plans and
 
cause volatility
 
in the
 
net periodic
 
benefit cost
 
and future
 
funding requirements
 
of the
plans.
 
A
 
significant
 
increase
 
in
 
our
 
obligations
 
or
 
future
 
funding
 
requirements
 
could
 
have
 
a
 
negative
 
impact
 
on
 
our
 
results
 
of
operations and cash flows from operations.
 
A
 
change
 
in
 
the
 
assumptions
 
regarding
 
the
 
future
 
performance
 
of
 
our
 
businesses
 
or
 
a
 
different
 
weighted-average
 
cost
 
of
capital
 
used
 
to
 
value
 
our
 
reporting
 
units
 
or
 
our
 
indefinite-lived
 
intangible
 
assets
 
could
 
negatively
 
affect
 
our
 
consolidated
results of operations and net worth.
 
As of May
 
26, 2024,
 
we had $21.
 
5
 
billion of
 
goodwill and
 
indefinite-lived intangible
 
assets. Goodwill for
 
each of
 
our reporting
 
units
is tested
 
for impairment
 
annually and
 
whenever events
 
or changes
 
in circumstances
 
indicate that
 
impairment may
 
have occurred.
 
We
compare
 
the
 
carrying
 
value
 
of
 
the
 
reporting
 
unit,
 
including
 
goodwill,
 
to
 
the
 
fair
 
value
 
of
 
the
 
reporting
 
unit.
 
If
 
the
 
fair
 
value
 
of
 
the
reporting unit
 
is less than
 
the carrying
 
value of
 
the reporting
 
unit, including
 
goodwill, impairment
 
has occurred.
 
Our estimates
 
of fair
value are determined
 
based on a
 
discounted cash
 
flow model. Growth
 
rates for sales
 
and profits are
 
determined using inputs
 
from our
long-range planning process. We
 
also make estimates of discount rates, perpetuity growth assumptions,
 
market comparables, and other
factors.
 
If
 
current
 
expectations
 
for
 
growth
 
rates
 
for
 
sales
 
and
 
profits
 
are
 
not
 
met,
 
or
 
other
 
market
 
factors
 
and
 
macroeconomic
conditions were to change,
 
then our reporting units could
 
become significantly impaired. While
 
we currently believe that
 
our goodwill
is not impaired, different assumptions regarding
 
the future performance of our businesses could result in significant impairment
 
losses.
 
13
 
We
 
evaluate
 
the
 
useful
 
lives
 
of
 
our
 
intangible
 
assets,
 
primarily
 
intangible
 
assets
 
associated
 
with
 
the
Blue
 
Buffalo
,
Pillsbury
,
Totino’s
,
Old El
 
Paso
,
 
Progresso
,
Annie’s
,
Nudges
,
and
Häagen-Dazs
 
brands, to
 
determine
 
if they
 
are finite
 
or indefinite-
lived.
 
Reaching
 
a
 
determination
 
on
 
useful
 
life
 
requires
 
significant
 
judgments
 
and
 
assumptions
 
regarding
 
the
 
future
 
effects
 
of
obsolescence,
 
demand,
 
competition,
 
other
 
economic
 
factors
 
(such
 
as
 
the
 
stability
 
of
 
the
 
industry,
 
known
 
technological
 
advances,
legislative action
 
that results
 
in an
 
uncertain or
 
changing regulatory
 
environment, and
 
expected changes
 
in distribution
 
channels), the
level of required maintenance expenditures, and the expected lives of other
 
related groups of assets.
 
Our
 
indefinite-lived
 
intangible
 
assets
 
are
 
also
 
tested
 
for
 
impairment
 
annually
 
and
 
whenever
 
events
 
or
 
changes
 
in
 
circumstances
indicate
 
that impairment
 
may have
 
occurred.
 
Our estimate
 
of the
 
fair value
 
of the
 
brands is
 
based on
 
a discounted
 
cash flow
 
model
using inputs
 
including projected
 
revenues from
 
our long-range
 
plan, assumed
 
royalty rates which
 
could be
 
payable if we
 
did not
 
own
the brands, and
 
a discount rate.
 
If current expectations
 
for growth
 
rates for sales
 
and margins
 
are not met,
 
or other market
 
factors and
macroeconomic
 
conditions
 
were
 
to
 
change,
 
then
 
our
 
indefinite-lived
 
intangible
 
assets
 
could
 
become
 
significantly
 
impaired.
Our
Progresso
,
 
Nudges
,
 
Uncle
 
Toby’s
,
and
True
 
Chews
 
brands
 
had
 
risk
 
of
 
decreasing
 
coverage
 
and
 
we
 
continue
 
to
 
monitor
 
these
businesses.
 
For further information
 
on goodwill and intangible
 
assets, please refer to
 
Note 6 to the Consolidated
 
Financial Statements in
 
Item 8 of
this report.
ITEM 1B - Unresolved Staff Comments
 
None.
 
ITEM 1C - Cybersecurity
 
Cybersecurity Risk Management and Strategy
Our
 
enterprise
 
risk
 
management
 
framework
 
considers
 
cybersecurity
 
risk
 
alongside
 
other
 
company
 
risks,
 
as
 
part
 
of
 
our
 
overall
 
risk
assessment
 
process.
 
We
 
leverage
 
an
 
industry-leading
 
framework,
 
the
 
National
 
Institute
 
of Standards
 
and
 
Technology
 
Cybersecurity
Framework, and assess our maturity against that framework in partnership
 
with an independent firm on an annual basis.
 
We
 
assess
 
and
 
manage
 
our
 
cybersecurity
 
risk
 
using
 
various
 
mechanisms,
 
starting
 
with
 
threat
 
intelligence,
 
which
 
provides
 
us
 
a
necessary viewpoint to help
 
us identify trends, understand
 
how certain attacks may affect
 
us, and prepare for
 
evolutions in threat actor
behavior
 
that
 
may
 
require
 
changes
 
to
 
our
 
security
 
posture.
 
To
 
drive
 
readiness,
 
we
 
perform
 
periodic
 
adversarial
 
testing
 
of
 
our
cybersecurity
 
posture through
 
penetration
 
testing, using
 
both internal
 
resources
 
and
 
external expertise,
 
as well
 
as table-top
 
and
 
“red
team” exercises to understand where processes or controls may be insufficient
 
based on adversarial techniques.
Our internal
 
audit team performs
 
regular assessments
 
of our
 
program and
 
selected components.
 
We
 
also leverage
 
retrospectives from
previous
 
cybersecurity
 
incidents
 
to
 
understand
 
weaknesses
 
and
 
to
 
improve
 
our
 
security
 
controls.
 
We
 
assess
 
our
 
critical
 
suppliers
regularly for cybersecurity risk
 
and prescribe remediation
 
activities when necessary.
 
As a part of
 
a collaborative defense approach,
 
we
regularly participate in multiple cybersecurity forums to share threat
 
intelligence, best practices, and points of caution.
We
 
train
 
our
 
employees
 
through
 
annual
 
security
 
training,
 
phishing
 
simulations,
 
and
 
regular
 
communications
 
about
 
timely
cybersecurity
 
topics
 
and
 
threats.
 
We
 
have
 
a
 
documented
 
and
 
well-tested
 
cybersecurity
 
incident
 
response
 
plan
 
that
 
guides
 
us
 
in
responding,
 
containing,
 
and
 
eradicating
 
cybersecurity
 
threats
 
that
 
have
 
breached
 
our
 
preventative
 
controls.
 
We
 
regularly
 
practice
technical recovery,
 
and we maintain cybersecurity insurance.
Cybersecurity Governance
Our
 
cybersecurity
 
program
 
is led
 
by our
 
Chief
 
Digital
 
and Technology
 
Officer
 
(CDTO)
 
and
 
Vice
 
President
 
of
 
Cyber Security.
 
Our
Vice
 
President of
 
Cyber Security,
 
who reports
 
to our CDTO,
 
has a master’s
 
degree in
 
information assurance,
 
and more than
 
20 years
of experience
 
working in
 
this field,
 
including more
 
than 12
 
years with
 
General Mills.
 
He has
 
strategic and
 
operational responsibility
for all
 
aspects of
 
the company’s
 
cybersecurity program,
 
from how
 
cyber risks
 
are identified,
 
to how
 
General Mills
 
detects, responds,
contains, and recovers from cybersecurity threats.
The
 
Audit
 
Committee
 
of
 
our
 
Board
 
of
 
Directors
 
provides
 
oversight
 
for
 
our
 
cybersecurity
 
program.
 
The
 
Audit
 
Committee
 
receives
regular
 
updates
 
from
 
management
 
on
 
the
 
effectiveness
 
of
 
our
 
cybersecurity
 
program,
 
reviews
 
plans
 
on
 
how
 
management
 
will
continually
 
mature
 
the
 
program,
 
and
 
receives
 
updates
 
on
 
special
 
topics
 
that
 
help
 
the
 
committee
 
provide
 
effective
 
oversight
 
of
 
the
program.
 
14
Our Security
 
& Resilience
 
Governance
 
Committee provides
 
oversight
 
and governance
 
for the
 
company’s
 
cybersecurity risk
 
through
quarterly
 
meetings,
 
monthly
 
dashboard
 
reporting
 
on
 
management-aligned
 
program
 
performance
 
targets,
 
and
 
as-needed
 
updates
 
on
cybersecurity
 
incidents.
 
This
 
committee
 
is
 
composed
 
of
 
our
 
Chief
 
Financial
 
Officer,
 
General
 
Counsel,
 
Chief
 
Human
 
Resources
Officer, Chief Supply Chain Officer,
 
and CDTO.
Like
 
most
 
companies,
 
our
 
systems are
 
continually
 
subjected
 
to
 
cybersecurity
 
threats.
 
Although
 
we
 
have
 
not
 
experienced
 
a
 
material
cybersecurity breach,
 
we cannot guarantee
 
that we will
 
not experience
 
a cyber threat
 
or incident in
 
the future.
 
Additional information
on cybersecurity
 
risks we
 
face is included
 
in Item 1A
 
of this report,
 
which should
 
be read
 
in conjunction
 
with the
 
information in
 
this
Item 1C.
 
ITEM 2 - Properties
 
We
 
own
 
our
 
principal
 
executive
 
offices
 
and
 
main research
 
facilities,
 
which
 
are
 
located
 
in the
 
Minneapolis,
 
Minnesota
 
metropolitan
area. We
 
operate numerous
 
manufacturing facilities
 
and maintain many
 
sales and administrative
 
offices, warehouses,
 
and distribution
centers around the world.
As of May 26,
 
2024, we operated
 
42 facilities for
 
the production of
 
a wide variety
 
of food products.
 
Of these facilities,
 
26 are located
in the United
 
States, 4 in Latin
 
America and Mexico,
 
5 in Europe/Australia,
 
4 in the Greater
 
China region, 2
 
in Canada (1 of
 
which is
leased),
 
and
 
1
 
in
 
the
 
Asia/Middle
 
East/Africa
 
Region.
 
The
 
following
 
is
 
a
 
list
 
of
 
the
 
locations
 
of
 
our
 
principal
 
production
 
facilities,
which primarily support the segment noted:
North America Retail
• St. Hyacinthe, Canada
• Irapuato, Mexico
• Buffalo, New York
• Covington, Georgia
• Reed City, Michigan
• Cincinnati, Ohio
• Belvidere, Illinois
• Fridley, Minnesota
• Wellston, Ohio
• Geneva, Illinois
• Hannibal, Missouri
• Murfreesboro, Tennessee
• Cedar Rapids, Iowa
• Albuquerque, New Mexico
• Milwaukee, Wisconsin
International
• Rooty Hill, Australia
• Nanjing, China
• Inofita, Greece
• Campo Novo do Pareceis, Brazil
• Sanhe, China
• Nashik, India
• Paranavai, Brazil
• Shanghai, China
• San Adrian, Spain
• Pouso Alegre, Brazil
• Arras, France
• Guangzhou, China
• Labatut, France
Pet
• Richmond, Indiana
• Joplin, Missouri
North America Foodservice
• Chanhassen, Minnesota
• Joplin, Missouri
• St. Charles, Missouri
• Green Bay, Wisconsin
We
 
operate
 
numerous
 
grain
 
elevators
 
in
 
the
 
United
 
States
 
in
 
support
 
of
 
our
 
domestic
 
manufacturing
 
activities.
 
We
 
also
 
utilize
approximately
 
17 million
 
square
 
feet
 
of warehouse
 
and
 
distribution
 
space, nearly
 
all of
 
which
 
is leased,
 
that
 
primarily
 
supports
 
our
North America
 
Retail and
 
Pet segments.
 
We
 
own and
 
lease a
 
number of
 
dedicated sales
 
and administrative
 
offices around
 
the world,
totaling approximately 2 million square feet. We
 
have additional warehouse, distribution, and office space in
 
our plant locations.
As part
 
of our
 
Häagen-Dazs
 
business in
 
our International
 
segment
 
we operate
 
385 (all
 
leased) and
 
franchise 389
 
branded ice
 
cream
parlors in various countries around the world, all outside of the United States and Canada.
ITEM 3 - Legal Proceedings
 
We are the
 
subject of various pending or threatened legal
 
actions in the ordinary course of our business. All
 
such matters are subject to
many uncertainties and
 
outcomes that are not
 
predictable with assurance.
 
In our opinion,
 
there were no
 
claims or litigation pending
 
as
of
 
May
 
26,
 
2024,
 
that
 
were
 
reasonably
 
likely
 
to
 
have
 
a
 
material
 
adverse
 
effect
 
on
 
our
 
consolidated
 
financial
 
position
 
or
 
results
 
of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
operations. See
 
the information
 
contained under
 
the section entitled
 
“Environmental Matters”
 
in Item 1
 
of this report
 
for a discussion
of environmental matters in which we are involved.
ITEM 4 - Mine Safety Disclosures
None.
PART
 
II
ITEM 5 - Market for Registrant’s Common
 
Equity, Related Stockholder Matters
 
and Issuer Purchases of Equity Securities
Our common
 
stock is
 
listed on
 
the New
 
York
 
Stock Exchange
 
under the
 
symbol “GIS.” On
 
June 10, 2024,
 
there were
 
approximately
22,800 record holders of our common stock.
 
The
 
following
 
table
 
sets
 
forth
 
information
 
with
 
respect
 
to
 
shares
 
of
 
our
 
common
 
stock
 
that
 
we
 
purchased
 
during
 
the
 
fiscal
 
quarter
ended May 26, 2024:
 
Period
Total
 
Number
of Shares
Purchased (a)
Average Price
Paid Per Share
Total
 
Number of Shares
Purchased as Part of a
Publicly Announced
Program (b)
Maximum Number of
Shares that may yet
be Purchased
Under the Plans or Program
(b)
February 26, 2024 -
March 31, 2024
-
$
-
-
61,383,817
April 1, 2024 -
April 28, 2024
2,405,113
70.46
2,405,113
58,978,704
April 29, 2024 -
May 26, 2024
3,319,707
70.83
3,319,707
55,658,997
Total
5,724,820
$
70.67
5,724,820
55,658,997
(a)
 
The total
 
number of
 
shares purchased
 
includes shares
 
of common
 
stock withheld
 
for the
 
payment of
 
withholding taxes
 
upon the
distribution of deferred option units.
(b)
 
On
 
June
 
27, 2022,
 
our
 
Board of
 
Directors
 
approved
 
a new
 
authorization
 
for
 
the repurchase
 
of
 
up to
 
100,000,000
 
shares of
 
our
common
 
stock
 
and
 
terminated
 
the
 
prior
 
authorization.
 
Purchases
 
can
 
be
 
made
 
in
 
the
 
open
 
market
 
or
 
in
 
privately
 
negotiated
transactions,
 
including
 
the
 
use
 
of
 
call
 
options
 
and
 
other
 
derivative
 
instruments,
 
Rule
 
10b5-1
 
trading
 
plans,
 
and
 
accelerated
repurchase programs. The Board did not specify an expiration date for the
 
authorization.
16
ITEM 7 - Management’s Discussion and Analysis of
 
Financial Condition and Results of Operations
EXECUTIVE OVERVIEW
We
 
are
 
a
 
global packaged
 
foods company.
 
We
 
develop
 
distinctive
 
value-added
 
food
 
products
 
and
 
market
 
them under
 
unique
 
brand
names.
 
We
 
work
 
continuously
 
to
 
improve
 
our
 
core
 
products
 
and
 
to
 
create
 
new
 
products
 
that
 
meet
 
consumers’
 
evolving
 
needs
 
and
preferences.
 
In
 
addition,
 
we
 
build
 
the
 
equity
 
of
 
our
 
brands
 
over
 
time
 
with
 
strong
 
consumer-directed
 
marketing,
 
innovative
 
new
products,
 
and
 
effective
 
merchandising.
 
We
 
believe
 
our
 
brand-building
 
approach
 
is
 
the
 
key
 
to
 
winning
 
and
 
sustaining
 
leading
 
share
positions in markets around the globe.
Our fundamental
 
financial goal is
 
to generate competitively
 
differentiated returns
 
for our shareholders
 
over the long
 
term. We
 
believe
achieving
 
that
 
goal
 
requires
 
us
 
to
 
generate
 
a
 
consistent
 
balance
 
of
 
net
 
sales
 
growth,
 
margin
 
expansion,
 
cash
 
conversion,
 
and
 
cash
return to shareholders over time.
Our long-term growth objectives are to deliver the following performance
 
on average over time:
2 to 3 percent annual growth in organic net sales;
mid-single-digit annual growth in adjusted operating profit;
mid- to high-single-digit annual growth in adjusted diluted earnings per share (EPS);
free cash flow conversion of at least 95 percent of adjusted net earnings after
 
tax; and
cash return to shareholders of 80 to 90 percent of free cash flow,
 
including an attractive dividend yield.
Guided by our
 
purpose to make
 
food the world
 
loves, we are
 
executing our Accelerate
 
strategy to drive
 
sustainable, profitable growth
and
 
top-tier
 
shareholder
 
returns
 
over
 
the
 
long
 
term.
 
The
 
strategy
 
focuses
 
on
 
four
 
pillars
 
to
 
create
 
competitive
 
advantages
 
and
 
win:
boldly
 
building
 
brands,
 
relentlessly
 
innovating,
 
unleashing
 
our
 
scale,
 
and
 
standing
 
for
 
good.
 
We
 
are
 
prioritizing
 
our
 
core
 
markets,
global
 
platforms,
 
and
 
local
 
gem
 
brands
 
that
 
have
 
the
 
best
 
prospects
 
for
 
profitable
 
growth
 
and
 
we
 
are
 
committed
 
to
 
reshaping
 
our
portfolio with strategic acquisitions and divestitures to further enhance
 
our growth profile.
In
 
fiscal
 
2024,
 
we
 
experienced
 
a
 
more
 
challenging
 
category
 
and
 
competitive
 
backdrop
 
than
 
we
 
initially
 
expected.
 
As
 
a
 
result,
 
we
pivoted our plans and enhanced our
 
efficiency to generate adjusted operating
 
profit and adjusted diluted EPS that
 
were in line with our
original targeted
 
ranges, even
 
in a
 
slower-than-anticipated
 
topline growth
 
environment. We
 
delivered mixed
 
performance against
 
the
three priorities we established at the beginning of the year:
 
On our
 
priority of
 
competing effectively,
 
we did
 
not achieve
 
our objective
 
of holding
 
or growing
 
market share
 
in more
 
than
50
 
percent
 
of
 
our
 
global
 
priority
 
businesses.
 
Our
 
fiscal
 
2024
 
performance
 
was
 
hindered
 
by
 
an
 
uncertain
 
macroeconomic
environment, which
 
resulted in
 
greater-than-expected value
 
-seeking behaviors
 
by consumers.
 
Our organic
 
net sales
 
declined
1 percent
 
for the
 
year,
 
with a
 
decrease
 
in contributions
 
from organic
 
volume growth,
 
partially offset
 
by favorable
 
net price
realization and mix in response to 4 percent input cost inflation.
 
We
 
successfully
 
improved
 
our supply
 
chain efficiency,
 
including generating
 
industry-leading
 
Holistic Margin
 
Management
(HMM)
 
cost
 
savings
 
and
 
removing
 
significant
 
disruption-related
 
costs
 
from
 
the
 
supply
 
chain.
 
These
 
efforts
 
allowed
 
us
 
to
continue to invest in our
 
brands and in leading capabilities, such
 
as digital and technology capabilities,
 
that will be critical for
driving future growth.
We
 
maintained our disciplined
 
approach to capital allocation,
 
driving increased
 
operating cash flow that
 
we used to grow our
capital
 
investment
 
level,
 
raise
 
our
 
dividend,
 
and
 
increase
 
our
 
share
 
repurchase
 
activity.
 
We
 
also
 
continued
 
to
 
reshape
 
our
portfolio, including closing on acquisitions
 
that further improved our portfolio’s
 
ability to generate profitable growth
 
over the
long term.
 
Our consolidated
 
net sales
 
for fiscal
 
2024
 
decreased 1
 
percent to
 
$19,857 million. On
 
an organic
 
basis, net
 
sales decreased
 
1 percent
compared to
 
year-ago levels.
 
Operating profit
 
of $3,432 million
 
essentially matched
 
fiscal 2023.
 
Adjusted operating
 
profit of
 
$3,603
million increased
 
4 percent
 
on a
 
constant-currency basis.
 
Diluted EPS
 
of $4.31
 
matched fiscal
 
2023 results.
 
Adjusted diluted
 
EPS of
$4.52 increased
 
6 percent on
 
a constant-currency
 
basis (See the
 
“Non-GAAP Measures”
 
section below
 
for a description
 
of our use
 
of
measures not defined by generally accepted accounting principles (GAAP)).
Net cash
 
provided by
 
operations totaled
 
$3,303 million in
 
fiscal 2024,
 
representing a
 
conversion rate
 
of 131
 
percent of
 
net earnings,
including earnings attributable
 
to redeemable and noncontrolling
 
interests. This cash generation
 
supported capital investments
 
totaling
$774
 
million, and our resulting free cash flow was $2,528
 
million at a conversion rate of 96 percent of adjusted
 
net earnings, including
earnings attributable
 
to redeemable
 
and noncontrolling
 
interests. We
 
returned cash
 
to shareholders
 
through dividends
 
totaling $1,363
million and
 
net share
 
repurchases totaling
 
$1,977 million
 
(See the
 
“Non-GAAP Measures”
 
section below
 
for a description
 
of our use
of measures not defined by GAAP).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17
A
 
detailed
 
review
 
of
 
our
 
fiscal
 
2024
 
performance
 
compared
 
to
 
fiscal
 
2023
 
appears
 
below
 
in
 
the
 
section
 
titled
 
“Fiscal
 
2024
Consolidated Results of Operations.” A detailed review of
 
our fiscal 2023
 
performance compared to our fiscal 2022
 
performance is set
forth
 
in Part
 
II, Item
 
7 of
 
our Form
 
10-K for
 
the fiscal
 
year
 
ended
 
May 28, 2023
 
under the
 
caption
 
“Management’s
 
Discussion and
Analysis of
 
Financial Condition
 
and Results
 
of Operations
 
– Fiscal
 
2023
 
Results of
 
Consolidated Operations,”
 
which is incorporated
herein by reference.
In fiscal 2025, we plan to continue advancing our Accelerate
 
strategy. Our key
 
priorities are to accelerate our organic net sales growth,
create fuel for
 
investment, and drive
 
strong cash generation. Amid
 
a continued uncertain
 
macroeconomic backdrop
 
for consumers, we
expect volume
 
trends in
 
our categories
 
will gradually
 
improve over
 
the course
 
of the
 
year, though
 
full-year category
 
dollar growth
 
is
expected to
 
be below our
 
long-term growth
 
projections. We
 
expect to
 
increase our
 
organic net
 
sales growth
 
by delivering
 
remarkable
experiences across
 
our leading
 
food brands,
 
resulting in
 
improved household
 
penetration and
 
stronger market
 
share trends
 
versus the
prior year. Our fiscal 2025
 
plan calls for product news and innovation focused
 
on taste, health, convenience, and value, supported with
strong
 
brand
 
campaigns
 
and
 
omnichannel
 
visibility.
 
We
 
expect
 
to
 
generate
 
HMM
 
cost
 
savings
 
of
 
roughly
 
4
 
to
 
5
 
percent
 
of
 
cost
 
of
goods sold,
 
which we
 
expect to
 
exceed our
 
forecast for
 
3 to 4
 
percent input
 
cost inflation
 
in fiscal 2025.
 
We
 
expect to
 
reinvest in
 
the
business, including plans for increased brand-building investment in
 
fiscal 2025 to drive improved volume performance.
Based on these assumptions, our key full-year fiscal 2025 targets are
 
summarized below:
Organic net sales are expected to range between flat and up 1 percent.
Adjusted operating
 
profit is expected
 
to range between
 
down 2 percent
 
and flat in
 
constant-currency from
 
the base of $3,603
million reported in fiscal 2024.
Adjusted diluted
 
EPS is
 
expected to
 
range between
 
down 1
 
percent and
 
up 1
 
percent in
 
constant-currency
 
from the
 
base of
$4.52 earned in fiscal 2024.
Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax
 
earnings.
See the “Non-GAAP Measures” section below for a description of our use
 
of measures not defined by GAAP.
Certain terms used throughout this report are defined in a glossary in Item 8 of
 
this report.
FISCAL 2024 CONSOLIDATED
 
RESULTS
 
OF OPERATIONS
In
 
fiscal
 
2024,
 
net
 
sales
 
and
 
organic
 
net
 
sales
 
decreased
 
1
 
percent
 
compared
 
to
 
fiscal
 
2023.
 
Operating
 
profit
 
of
 
$3,432
 
million
essentially
 
matched
 
fiscal
 
2023,
 
primarily
 
driven
 
by
 
a
 
net
 
gain
 
on
 
divestitures
 
in
 
fiscal
 
2023,
 
higher
 
impairment
 
and
 
restructuring
charges, a decrease
 
in contributions from volume
 
growth, and higher
 
input costs, partially offset
 
by favorable net price
 
realization and
mix,
 
a
 
favorable
 
change
 
in
 
the
 
mark-to-market
 
valuation
 
of
 
certain
 
commodity
 
positions
 
and
 
grain
 
inventories,
 
and
 
lower
 
selling,
general, and
 
administrative
 
(SG&A) expenses,
 
including
 
a decrease
 
in certain
 
compensation and
 
benefits
 
expenses. Operating
 
profit
margin
 
of
 
17.3
 
percent
 
increased
 
20
 
basis
 
points.
 
Adjusted
 
operating
 
profit
 
of
 
$3,603
 
million
 
increased
 
4
 
percent
 
on
 
a
 
constant-
currency
 
basis,
 
primarily
 
driven
 
by
 
favorable
 
net
 
price
 
realization
 
and
 
mix
 
and
 
a
 
decrease
 
in
 
SG&A
 
expenses,
 
including
 
certain
compensation
 
and
 
benefits
 
expenses,
 
partially
 
offset
 
by
 
a
 
decrease
 
in
 
contributions
 
from
 
volume
 
growth
 
and
 
higher
 
input
 
costs.
Adjusted operating
 
profit margin
 
increased 90
 
basis points
 
to 18.1
 
percent. Diluted
 
earnings per
 
share of
 
$4.31 matched
 
fiscal 2023.
Adjusted diluted earnings per
 
share of $4.52 increased
 
6 percent on a constant
 
-currency basis (see the “Non-GAAP
 
Measures” section
below for a description of our use of measures not defined by GAAP).
A summary of our consolidated financial results for fiscal 2024 follows:
Fiscal 2024
In millions,
except per
share
Fiscal 2024 vs.
Fiscal 2023
Percent of Net
Sales
Constant-
Currency
Growth (a)
Net sales
$
19,857.2
(1)
%
Operating profit
3,431.7
Flat
17.3
%
Net earnings attributable to General Mills
2,496.6
(4)
%
Diluted earnings per share
$
4.31
Flat
Organic net sales growth rate (a)
(1)
%
Adjusted operating profit (a)
3,602.7
4
%
18.1
%
4
%
Adjusted diluted earnings per share (a)
$
4.52
5
%
6
%
(a)
 
See the “Non-GAAP Measures” section below for our use of measures not defined by
 
GAAP.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18
Consolidated
 
net sales
were as follows:
 
Fiscal 2024
Fiscal 2024 vs.
Fiscal 2023
Fiscal 2023
Net sales (in millions)
$
19,857.2
(1)
%
$
20,094.2
Contributions from volume growth (a)
(3)
pts
Net price realization and mix
2
pts
Foreign currency exchange
Flat
Note: Table may
 
not foot due to rounding
(a) Measured in tons based on the stated weight of our product shipments.
Net
 
sales
 
in
 
fiscal
 
2024
 
decreased
 
1
 
percent
 
compared
 
to
 
fiscal
 
2023,
 
driven
 
by
 
a
 
decrease
 
in
 
contributions
 
from
 
volume
 
growth,
partially offset by favorable net price realization and mix.
Components of organic net sales growth are shown in the following
 
table:
Fiscal 2024 vs. Fiscal 2023
Contributions from organic volume growth (a)
(3)
pts
Organic net price realization and mix
2
pts
Organic net sales growth
(1)
pt
Foreign currency exchange
Flat
Acquisitions and divestitures
Flat
Net sales growth
(1)
pt
Note: Table may
 
not foot due to rounding
(a) Measured in tons based on the stated weight of our product shipments.
Organic
 
net
 
sales
 
in
 
fiscal
 
2024
 
decreased
 
1
 
percent
 
compared
 
to
 
fiscal
 
2023,
 
driven
 
by
 
a
 
decrease
 
in
 
contributions
 
from
 
organic
volume growth, partially offset by favorable organic
 
net price realization and mix.
Cost of sales
decreased $623 million in
 
fiscal 2024 to $12,925
 
million. The decrease
 
was primarily driven
 
by a $360 million
 
decrease
due to
 
lower volume,
 
partially offset
 
by an
 
$80 million
 
increase attributable
 
to product
 
rate and
 
mix. We
 
recorded a
 
$39 million
 
net
decrease
 
in
 
cost
 
of
 
sales
 
related
 
to
 
mark-to-market
 
valuation
 
of
 
certain
 
commodity
 
positions
 
and
 
grain
 
inventories
 
in
 
fiscal
 
2024,
compared to a net increase
 
of $292 million in fiscal
 
2023
 
(please see Note 8 to the
 
Consolidated Financial Statements
 
in Item 8 of this
report
 
for
 
additional
 
information).
 
In
 
fiscal
 
2023,
 
we
 
recorded
 
a
 
$25
 
million
 
charge
 
related
 
to
 
a
 
voluntary
 
recall
 
on
 
certain
international
Häagen-Dazs
ice cream
 
products. We
 
also recorded
 
$18 million
 
of restructuring
 
charges and
 
$2 million
 
of restructuring
initiative
 
project-related
 
costs
 
in
 
cost
 
of
 
sales
 
in
 
fiscal
 
2024
 
compared
 
to
 
$5
 
million
 
of
 
restructuring
 
charges
 
and
 
$2
 
million
 
of
restructuring initiative
 
project-related costs in
 
cost of sales
 
in fiscal 2023
 
(please see Note
 
4 to the
 
Consolidated Financial
 
Statements
in Item 8 of this report for additional information).
Gross
 
margin
increased
 
6
 
percent
 
in
 
fiscal
 
2024
 
compared
 
to
 
fiscal
 
2023.
 
Gross
 
margin
 
as
 
a
 
percent
 
of
 
net
 
sales
 
of
 
34.9
 
percent
increased 230 basis points compared to fiscal 2023.
 
SG&A expenses
 
decreased $241
 
million to
 
$3,259 million in
 
fiscal 2024
 
compared to
 
fiscal 2023
 
primarily
 
driven by
 
a decrease
 
in
certain compensation
 
and benefits expenses,
 
favorable net corporate
 
investment activity,
 
a legal recovery,
 
and net recoveries
 
from the
fiscal
 
2023
 
voluntary
 
recall
 
on
 
certain
 
international
Häagen-Dazs
ice
 
cream
 
products.
 
SG&A
 
expenses
 
as
 
a
 
percent
 
of
 
net
 
sales
 
in
fiscal 2024 decreased 100 basis points compared to fiscal 2023.
Divestitures
 
gain, net
 
totaled $445
 
million in
 
fiscal 2023
primarily related
 
to the
 
sale of our
 
Helper main
 
meals and
 
Suddenly Salad
side dishes business (please refer to Note 3 to the Consolidated Financial Statements
 
in Item 8 of this report).
Restructuring, impairment, and other exit costs
totaled $241 million in fiscal 2024
 
compared to $56 million in fiscal 2023. In fiscal
2024, we recorded
 
a $117
 
million non-cash goodwill
 
impairment charge
 
related to our
 
Latin America reporting
 
unit and $103
 
million
of non-cash impairment charges
 
related to our
Top
 
Chews
,
True Chews
, and
EPIC
 
brand intangible assets. In fiscal 2024,
 
we approved
restructuring actions to
 
enhance the go-to-market
 
commercial strategy and
 
associated organizational
 
structure of our
 
Pet segment, and
as
 
a
 
result,
 
we
 
recorded
 
$17
 
million
 
of
 
charges
 
in
 
fiscal
 
2024.
 
In
 
fiscal
 
2023,
 
we
 
approved
 
restructuring
 
actions
 
to
 
enhance
 
the
efficiency
 
of
 
our
 
global
 
supply
 
chain
 
structure
 
and
 
to
 
optimize
 
our
 
Häagen-Dazs
 
shops
 
network,
 
and
 
as
 
a
 
result,
 
we
 
recorded
 
$41
million
 
of charges
 
in fiscal
 
2023.
 
Please see
 
Note 4
 
to the
 
Consolidated
 
Financial
 
Statements
 
in Item
 
8 of
 
this report
 
for
 
additional
information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19
Benefit
 
plan
 
non-service
 
income
totaled
 
$76
 
million
 
in
 
fiscal
 
2024
 
compared
 
to
 
$89 million
 
in
 
fiscal
 
2023,
 
primarily
 
reflecting
higher interest
 
costs, partially
 
offset by
 
lower amortization
 
of losses
 
(please see
 
Note 14
 
to the
 
Consolidated Financial
 
Statements in
Item 8 of this report for additional information).
Interest,
 
net
for
 
fiscal
 
2024
 
totaled
 
$479 million,
 
$97 million
 
higher
 
than
 
fiscal
 
2023,
 
primarily
 
driven
 
by higher
 
interest rates
 
and
higher average long-term debt levels.
Our
effective tax rate
for fiscal 2024 was 19.6 percent compared
 
to 19.5 percent in fiscal 2023.
 
The 0.1 percentage point increase was
primarily driven
 
by certain nonrecurring
 
tax benefits in
 
fiscal 2023, partially
 
offset by favorable
 
earnings mix by
 
jurisdiction in fiscal
2024.
 
Our adjusted
 
effective
 
tax rate
 
was 20.1
 
percent in
 
fiscal 2024
 
compared
 
to 20.4
 
percent in
 
fiscal 2023
 
(see the
 
“Non-GAAP
Measures”
 
section
 
below
 
for
 
a
 
description
 
of
 
our
 
use
 
of
 
measures
 
not
 
defined
 
by
 
GAAP).
 
The
 
0.3
 
percentage
 
point
 
decrease
 
was
primarily due to favorable earnings mix by jurisdiction in fiscal 2024.
After-tax
 
earnings
 
from
 
joint
 
ventures
increased
 
to
 
$85 million
 
in
 
fiscal
 
2024
 
compared
 
to
 
$81
 
million
 
in
 
fiscal
 
2023,
 
primarily
driven by
 
higher net
 
sales due
 
to favorable
 
net price
 
realization
 
and mix
 
at CPW,
 
partially
 
offset
 
by higher
 
input costs
 
at CPW
 
and
HDJ.
 
On
 
a
 
constant-currency
 
basis,
 
after-tax
 
earnings
 
from
 
joint
 
ventures
 
increased
 
14
 
percent
 
(see
 
the
 
“Non-GAAP
 
Measures”
section below for a
 
description of our use
 
of measures not defined
 
by GAAP). The components
 
of our joint ventures’
 
net sales growth
are shown in the following table:
Fiscal 2024 vs. Fiscal 2023
CPW
HDJ
Total
Contributions from volume growth (a)
(7)
pts
(6)
pts
Net price realization and mix
15
pts
8
pts
Net sales growth in constant currency
8
pts
1
pt
7
pts
Foreign currency exchange
(2)
pts
(7)
pts
(3)
pts
Net sales growth
6
pts
(6)
pts
4
pts
Note: Table may
 
not foot due to rounding.
(a) Measured in tons based on the stated weight of our product shipments.
Net
 
earnings
 
attributable
 
to
 
redeemable
 
and
 
noncontrolling
 
interests
 
increased
 
to
 
$22
 
million
 
in
 
fiscal
 
2024
 
compared
 
to
 
$16
million in fiscal 2023.
Average diluted shares
 
outstanding