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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 29, 2022
 
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
1.000% Notes due 2023
 
GIS23A
 
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
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. (Check
 
one):
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.
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 $62.76
 
per share
 
as
reported on
 
the New
 
York
 
Stock Exchange
 
on November
 
28, 2021
 
(the last
 
business day
 
of the
 
registrant’s
 
most recently
 
completed
second fiscal quarter): $
37,857.2
 
million.
Number
 
of
 
shares
 
of
 
Common
 
Stock
 
outstanding
 
as
 
of
 
June
 
15,
 
2022:
597,158,440
 
(excluding
157,454,888
 
shares
 
held
 
in
 
the
treasury).
DOCUMENTS INCORPORATED
 
BY REFERENCE
Portions of the registrant’s Proxy
 
Statement for its 2022 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 more
 
than 120 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 2022, Walmart
 
Inc. and its affiliates (Walmart)
 
accounted for 20 percent of our consolidated
 
net sales and 28 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,
 
sugar,
 
fruits, vegetable
 
oils, meats,
 
nuts,
vegetables,
 
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
(including the
 
COVID-19 pandemic),
 
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
,
Blue
 
Basics
,
Blue
 
Freedom
,
Bugles
,
Cascadian
Farm
,
Cheerios
,
Chex
,
Cinnamon Toast
 
Crunch
,
Cocoa Puffs
,
Cookie Crisp
,
EPIC
,
Fiber One
,
Food Should Taste
Good
,
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
,
Raisin
 
Nut
Bran
,
Total
,
Top
 
Chews
 
Naturals,
 
Totino’s
,
Trix
,
True
 
Chews,
 
Wanchai
 
Ferry
,
Wheaties
,
Wilderness
,
 
and
Yoki
.
 
We
 
protect
 
these
marks 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 dessert mix and
 
baking mix 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,
6
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.
ENVIRONMENTAL
 
MATTERS
As
 
of
 
May
 
29,
 
2022,
 
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
 
29,
 
2022,
 
we
 
had
 
approximately
 
32,500
 
employees
 
around
 
the
 
globe,
 
with
 
approximately
 
15,000
 
in
 
the
 
U.S.
 
and
approximately 17,500
 
located in our
 
markets outside
 
of the U.S.
 
Our workforce
 
is divided
 
between approximately
 
12,500 employees
dedicated to the production of our various products and approximately
 
20,000 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
 
42 percent
 
of our
officer
 
and
 
director
 
population,
 
and
 
approximately
 
19
 
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 29, 2022.
Jodi
 
Benson
,
 
age
 
57,
 
is
 
Chief
 
Innovation,
 
Technology
 
and
 
Quality
 
Officer.
 
Ms.
 
Benson
 
joined
 
General
 
Mills
 
in
 
2001
 
from
 
The
Pillsbury Company.
 
She held a
 
variety of positions
 
before becoming the
 
leader of our
 
One Global Dairy
 
Platform from 2011
 
to 2016.
She
 
was
 
named
 
Vice
 
President
 
for
 
our
 
International
 
business
 
segment
 
from
 
2016
 
to
 
2017,
 
and
 
Vice
 
President
 
of
 
the
 
Global
Innovation,
 
Technology,
 
and Quality
 
Capabilities
 
Group
 
from
 
2017 to
 
July 201
 
8.
 
She was
 
named
 
to her
 
current
 
position
 
in August
2018.
Kofi A. Bruce
, age 52, 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.
7
Paul J. Gallagher
,
age
54, 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
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
 
55, 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
January 2018. Mr. Harmening
 
is a director of The Toro
 
Company.
Dana
 
M.
 
McNabb
,
age
 
46,
is
 
Chief
 
Strategy
 
&
 
Growth
 
Officer.
 
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, and was named to her present
 
position in July 2021.
Jaime
 
Montemayor
,
 
age
 
58,
 
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 52,
 
is Group President,
 
North America
 
Retail. 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, and Senior Vice
 
President; President, U.S. Retail in 2016. He was named to his present position in 2017.
Shawn
 
P.
 
O’Grady
,
 
age
 
58,
 
is
 
Group
 
President,
 
North
 
America
 
Foodservice.
 
Mr.
 
O’Grady
 
joined
 
General
 
Mills
 
in
 
1990
 
and
 
held
several
 
marketing
 
roles
 
in
 
the
 
Snacks,
 
Meals,
 
and
 
Big
 
G
 
cereal
 
divisions.
 
He
 
was
 
promoted
 
to
 
Vice
 
President
 
in
 
1998
 
and
 
held
marketing positions in the
 
Betty Crocker and Pillsbury USA
 
divisions. In 2004, he moved into
 
Consumer Foods Sales, becoming
 
Vice
President, President, U.S. Retail Sales
 
in 2007, Senior Vice
 
President, President, Consumer Foods
 
Sales Division in 2010, Senior Vice
President,
 
President,
 
Sales &
 
Channel
 
Development
 
in
 
2012,
 
and
 
Group
 
President,
 
Convenience
 
Stores
 
&
 
Foodservice
 
in
 
2017.
 
He
was named to his current position in December 2021.
Mark A. Pallot,
age 49,
 
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.
Bethany
 
Quam
,
 
age
 
51,
 
is
 
Group
 
President,
 
Pet.
 
Ms.
 
Quam
 
joined
 
General
 
Mills
 
in
 
1993
 
and
 
held
 
a
 
variety
 
of
 
positions
 
before
becoming
 
Vice
 
President,
 
Strategic
 
Planning
 
in
 
2007.
 
She
 
was
 
promoted
 
to
 
Vice
 
President,
 
Field
 
Sales,
 
Channels
 
in
 
2012,
 
Vice
President; President,
 
Convenience Stores
 
& Foodservice
 
in 2014,
 
and Senior
 
Vice
 
President; President,
 
Europe &
 
Australia in
 
2016,
and Group President; Europe & Australia in 2017. She was named
 
to her current position in October 2019.
Sean
 
Walker
,
age
 
56,
 
is
 
Group
 
President,
 
International.
 
Mr.
 
Walker
 
joined
 
General
 
Mills
 
in
 
1989
 
and
 
held
 
a
 
variety
 
of
 
positions
before becoming
 
Vice
 
President, President
 
of Latin
 
America in
 
2009. He
 
was named
 
Senior Vice
 
President, President
 
Latin America
in 2012,
 
Senior Vice
 
President, Corporate
 
Strategy
 
in 2016,
 
and Group
 
President,
 
Asia &
 
Latin America
 
in February
 
2019.
 
He was
named
 
to his current position in July 2021.
Karen Wilson
 
Thissen
, age
 
55, 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).
Jacqueline
 
Williams-Roll
,
 
age
 
53,
 
is
 
Chief
 
Human
 
Resources
 
Officer.
 
Ms.
 
Williams-Roll
 
joined
 
General
 
Mills
 
in
 
1995.
 
She
 
held
human resources
 
leadership roles
 
in Supply
 
Chain, Finance,
 
Marketing, and
 
Organization Effectiveness,
 
and she
 
also worked
 
a large
part of her career
 
on businesses outside of the
 
United States. She was
 
named Vice
 
President, Human Resources,
 
International in 2010,
8
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.
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
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
 
Global health developments and economic
 
uncertainty resulting from the
 
COVID-19 pandemic could materially
 
and adversely
affect our business, financial condition, and results of operations.
 
The public
 
health crisis
 
caused by
 
the COVID-19
 
pandemic and
 
the measures
 
being taken
 
by governments,
 
businesses, including
 
us,
and
 
the
 
public
 
at
 
large
 
to
 
limit COVID-19’s
 
spread
 
have
 
had,
 
and
 
may
 
continue
 
to
 
have,
 
certain
 
negative
 
impacts
 
on our
 
business,
financial condition, and results of operations including, without limitation,
 
the following:
 
We
 
have experienced,
 
and may
 
continue to
 
experience, a
 
decrease in
 
sales of
 
certain of
 
our products
 
in markets
 
around the
world that
 
have been
 
affected by
 
the COVID-19
 
pandemic. In
 
particular,
 
sales of
 
our products
 
in the
 
away-from-home food
outlets across all our major markets have been
 
negatively affected by reduced consumer traffic
 
resulting from shelter-in-place
regulations
 
or
 
recommendations
 
and
 
closings
 
of
 
restaurants,
 
schools
 
and
 
cafeterias.
 
If
 
the COVID-19
 
pandemic
 
persists or
intensifies, its negative impacts
 
on our sales, particularly
 
in away-from-home food
 
outlets, could be more
 
prolonged and may
become more severe.
Deteriorating economic and political conditions
 
in our major markets affected
 
by the COVID-19 pandemic, such
 
as increased
unemployment,
 
decreases
 
in
 
disposable
 
income,
 
declines
 
in
 
consumer
 
confidence,
 
or
 
economic
 
slowdowns
 
or
 
recessions,
could cause a decrease in demand for our products.
We
 
have
 
experienced
 
minor
 
temporary
 
workforce
 
disruptions
 
in
 
our
 
supply
 
chain
 
as
 
a
 
result
 
of
 
the
 
COVID-19
 
pandemic.
Illness,
 
travel
 
restrictions,
 
absenteeism,
 
or
 
other
 
workforce
 
disruptions
 
could
 
negatively
 
affect
 
our
 
supply
 
chain,
manufacturing, distribution,
 
or other
 
business processes.
 
We
 
may face
 
additional production
 
disruptions in
 
the future, which
may place constraints on our ability to produce products in a timely manner
 
or may increase our costs.
Changes
 
and
 
volatility
 
in
 
consumer
 
purchasing
 
and
 
consumption
 
patterns
 
may
 
increase
 
demand
 
for
 
our
 
products
 
in
 
one
quarter, resulting
 
in decreased consumer demand for our
 
products in subsequent quarters. Short
 
term or sustained increases in
consumer demand at our retail customers may exceed our production capacity
 
or otherwise strain our supply chain.
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,
commercial banks,
 
and external
 
business partners,
 
to meet their
 
obligations to
 
us, or significant
 
disruptions in
 
their ability to
do so, may negatively impact our operations.
 
Significant changes in
 
the political conditions
 
in markets in which
 
we manufacture, sell,
 
or distribute our products
 
(including
quarantines,
 
import/export restrictions,
 
price controls,
 
governmental or
 
regulatory actions,
 
closures or
 
other restrictions
 
that
limit
 
or
 
close
 
our
 
operating
 
and
 
manufacturing
 
facilities,
 
restrict
 
our
 
employees’
 
ability
 
to
 
travel
 
or
 
perform
 
necessary
business functions, or otherwise prevent our third-party partners,
 
suppliers, or customers from sufficiently staffing
 
operations,
including
 
operations
 
necessary
 
for
 
the
 
production,
 
distribution,
 
and
 
sale
 
of
 
our
 
products)
 
could
 
adversely
 
impact
 
our
operations and results.
Actions we have
 
taken or may
 
take, or decisions
 
we have made
 
or may make,
 
as a consequence
 
of the COVID-19
 
pandemic
may result in investigations, legal claims or litigation against us.
 
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
9
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 2022,
 
Walmart
 
accounted for 20
 
percent
of our
 
consolidated net
 
sales and
 
28 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
 
(such
 
as
 
the
 
COVID-19
 
pandemic),
 
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
 
during
 
the COVID-19
 
pandemic. 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.
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.
10
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
(such as the
 
COVID-19 pandemic),
 
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
 
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
 
2022, 23
 
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
11
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.
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.
 
Significant COVID-19
 
related changes
 
in the
 
political conditions
 
in markets
 
in which
 
we manufacture,
 
sell or
 
distribute our
 
products
(including quarantines, import/export
 
restrictions, price controls, governmental
 
or regulatory actions, closures
 
or other restrictions that
limit
 
or
 
close
 
our
 
operating
 
and
 
manufacturing
 
facilities,
 
restrict
 
our
 
employees’
 
ability
 
to
 
travel
 
or
 
perform
 
necessary
 
business
functions
 
or
 
otherwise
 
prevent
 
our
 
third-party
 
partners,
 
suppliers,
 
or
 
customers
 
from
 
sufficiently
 
staffing
 
operations,
 
including
12
operations
 
necessary
 
for
 
the
 
production,
 
distribution,
 
sale,
 
and
 
support
 
of
 
our
 
products)
 
could
 
adversely
 
impact
 
our operations
and results.
 
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 monitor 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
 
will
 
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,
 
resulting 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 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.
 
13
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
 
29,
 
2022,
 
we
 
had
 
total
 
debt
 
and
 
noncontrolling
 
interests
 
of
 
$11.9
 
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.
 
Global capital
 
and credit
 
market issues
 
could negatively
 
affect our
 
liquidity,
increase our
 
costs of
 
borrowing, and
 
disrupt the
operations of our suppliers
and customers.
 
We
 
depend
 
on
 
stable,
 
liquid,
 
and
 
well-functioning
 
capital
 
and
 
credit
 
markets
 
to
 
fund
 
our
 
operations.
 
Although
 
we
 
believe
 
that
 
our
operating cash flows,
 
financial assets, access
 
to capital and
 
credit markets, and
 
revolving credit agreements
 
will permit us to
 
meet our
financing
 
needs
 
for
 
the
 
foreseeable
 
future,
 
there
 
can
 
be
 
no
 
assurance
 
that
 
future
 
volatility
 
or
 
disruption
 
in
 
the
 
capital
 
and
 
credit
markets will not impair our liquidity or
 
increase our costs of borrowing. We
 
also utilize interest rate derivatives to
 
reduce the volatility
of our financing
 
costs. If we are
 
not effective in
 
hedging this volatility,
 
we may experience
 
an increase in
 
our costs of borrowing.
 
Our
business
 
could
 
also
 
be
 
negatively
 
impacted
 
if
 
our
 
suppliers
 
or
 
customers
 
experience
 
disruptions
 
resulting
 
from
 
tighter
 
capital
 
and
credit markets or a slowdown in the general economy.
 
We
 
may not have
 
access to preferred sources
 
of liquidity when
 
needed or on
 
terms we find acceptable,
 
and our borrowing
 
costs could
increase.
 
An
 
economic
 
or
 
credit
 
crisis
 
could
 
occur
 
and
 
impair
 
credit
 
availability
 
and
 
our
 
ability
 
to
 
raise
 
capital
 
when
 
needed.
 
A
disruption in
 
the financial
 
markets may have
 
a negative
 
effect on
 
our derivative
 
counterparties and
 
could impair
 
our banking
 
or other
business partners, on whom we rely for access to capital and as counterparties to our derivative
 
contracts.
 
From
 
time
 
to
 
time,
 
we
 
issue
 
variable
 
rate
 
securities
 
based
 
on
 
London
 
Interbank
 
Offered
 
Rate
 
(LIBOR)
 
and
 
enter
 
into
 
interest
 
rate
swaps that
 
contain a
 
variable element
 
based on
 
LIBOR. The
 
United
 
Kingdom Financial
 
Conduct
 
Authority intends
 
to phase
 
out the
LIBOR rates
 
associated with
 
our outstanding
 
variable rate
 
securities and
 
interest rate
 
swaps by
 
June 2023.
 
The U.S.
 
Federal Reserve
has selected the
 
Secured Overnight Funding
 
Rate (SOFR) as the
 
preferred alternate rate
 
to LIBOR. We
 
are planning for this
 
transition
and
 
will
 
amend
 
any
 
contracts
 
to
 
accommodate
 
the
 
SOFR
 
rate
 
where
 
required.
 
We
 
continue
 
to
 
evaluate
 
the
 
potential
 
impact
 
of
 
this
transition, which remains subject to uncertainty.
 
 
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
 
29, 2022,
 
we had $21.4
 
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
14
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.
 
We
 
evaluate
 
the
 
useful
 
lives
 
of
 
our
 
intangible
 
assets,
 
primarily
 
intangible
 
assets
 
associated
 
with
 
the
Blue
 
Buffalo,
Pillsbury
,
Totino’s
,
Progresso
,
Old El Paso
,
Yoki
,
Häagen-Dazs
, and
Annie’s
 
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
,
Green
 
Giant
,
EPIC
,
 
and
Uncle
 
Toby’s
 
brands
 
had
 
experienced
 
declining
 
business
 
performance,
 
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 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.
15
As of May 29,
 
2022, we operated
 
43 facilities for
 
the production of
 
a wide variety
 
of food products.
 
Of these facilities,
 
25 are located
in the United
 
States (1 of
 
which is leased),
 
4 in the
 
Greater China region,
 
1 in the
 
Asia/Middle East/Africa
 
Region, 2
 
in Canada (1
 
of
which is
 
leased), 5
 
in Europe/Australia,
 
and 6
 
in Latin
 
America and
 
Mexico. 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
North America Foodservice
• Chanhassen, Minnesota
• Joplin, Missouri
International
• Rooty Hill, Australia
• Recife, Brazil
• Arras, France
• Cambara, Brazil
• Guangzhou, China
• Labatut, France
• Campo Novo do Pareceis, Brazil
• Nanjing, China
• Inofita, Greece
• Paranavai, Brazil
• Sanhe, China
• Nashik, India
• Pouso Alegre, Brazil
• Shanghai, China
• San Adrian, Spain
Pet
• Richmond, Indiana
• Independence, Iowa
• Joplin, Missouri
We
 
operate
 
numerous
 
grain
 
elevators
 
in
 
the
 
United
 
States
 
in
 
support
 
of
 
our
 
domestic
 
manufacturing
 
activities.
 
We
 
also
 
utilize
approximately
 
15 million
 
square
 
feet
 
of warehouse
 
and
 
distribution
 
space, nearly
 
all of
 
which
 
is leased,
 
that
 
primarily
 
supports
 
our
North America
 
Retail segment.
 
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
 
448 (all
 
leased) and
 
franchise
 
384 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
 
29,
 
2022,
 
that
 
were
 
reasonably
 
likely
 
to
 
have
 
a
 
material
 
adverse
 
effect
 
on
 
our
 
consolidated
 
financial
 
position
 
or
 
results
 
of
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 15,
 
2022, there
 
were approximately
25,000 record holders of our common stock.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16
The
 
following
 
table
 
sets
 
forth
 
information
 
with
 
respect
 
to
 
shares
 
of
 
our
 
common
 
stock
 
that
 
we
 
purchased
 
during
 
the
 
fiscal
 
quarter
ended May 29, 2022:
 
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 Program (b)
February 28, 2022 -
 
April 3, 2022
1,081,455
$
64.84
1,081,455
24,569,322
April 4, 2022 -
 
May 1, 2022
1,895,917
70.66
1,895,917
22,673,405
May 2, 2022 -
 
May 29, 2022
1,735,229
70.09
1,735,229
20,938,176
Total
4,712,601
$
69.11
4,712,601
20,938,176
(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.
17
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.
We
 
are executing
 
our Accelerate
 
strategy to
 
drive sustainable,
 
profitable gro
 
wth 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
 
being a
 
force 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.
We
 
expect that
 
changes in
 
consumer behaviors
 
driven by
 
the COVID-19
 
pandemic will
 
result in
 
ongoing elevated
 
consumer demand
for food at home, relative to pre-pandemic levels. These
 
changes include more time spent working
 
from home and increased consumer
appreciation
 
for cooking
 
and baking.
 
We
 
plan to
 
capitalize on
 
these opportunities,
 
addressing evolving
 
consumer
 
needs through
 
our
leading brands, innovation, and advantaged capabilities to generate profitable
 
growth.
In fiscal 2022,
 
we successfully adapted
 
to the volatile operating
 
environment, responding quickly
 
to significant increases in
 
input cost
inflation and supply chain disruptions and keeping
 
our brands available for our customers and consumers.
 
As a result, we were able to
grow organic
 
net sales, adjusted
 
operating profit,
 
and adjusted diluted
 
EPS ahead of
 
our initial targets.
 
We
 
achieved each
 
of the
 
three
priorities we established at the beginning of the year:
 
We
 
continued
 
to
 
compete
 
effectively,
 
including
 
holding
 
or
 
growing
 
market
 
share
 
in
 
70
 
percent
 
of
 
our
 
global
 
priority
businesses.
 
We
 
generated organic
 
net sales
 
growth across
 
each of
 
our four
 
operating segments,
 
fueled by
 
compelling brand
building
 
and
 
innovation
 
across our
 
leading
 
brands,
 
and
 
supported
 
with
 
strong
 
levels
 
of
 
net price
 
realization
 
in
 
response
 
to
significant input cost inflation.
We
 
successfully navigated
 
the dynamic supply
 
chain environment, which
 
was characterized by
 
steadily increasing input
 
cost
inflation,
 
reaching
 
8
 
percent
 
for
 
the
 
full
 
year,
 
and
 
record
 
levels
 
of
 
supply
 
chain
 
disruptions
 
affecting
 
our
 
sourcing,
manufacturing,
 
and logistics
 
operations.
 
We
 
leveraged
 
our Strategic
 
Revenue
 
Management
 
(SRM) capability
 
to accelerate
pricing actions in
 
the face of increasing
 
inflation, generating 7
 
points of positive
 
organic net price
 
realization and mix
 
for the
year.
 
And
 
we
 
moved
 
quickly
 
to
 
address
 
supply
 
chain
 
disruptions
 
and
 
outpace
 
our
 
competition
 
in
 
terms
 
of
 
on-shelf
availability for our brands.
We
 
executed
 
our
 
portfolio
 
and
 
organizational
 
reshaping
 
actions
 
without
 
disrupting
 
our
 
base
 
business.
 
We
 
announced
 
or
closed
 
seven
 
different
 
acquisitions
 
and
 
divestitures
 
during
 
the
 
year,
 
helping
 
further
 
upgrade
 
the
 
growth
 
profile
 
of
 
our
portfolio.
 
And we
 
successfully implemented
 
significant changes
 
to our
 
organizational
 
structure, including
 
streamlining our
North
 
America
 
Retail
 
operating
 
unit
 
structure,
 
realigning
 
our
 
North
 
America
 
Foodservice
 
segment
 
and
 
shifting
 
our
 
U.S.
convenience stores
 
business into North
 
America Retail, creating
 
a new International
 
segment and adjusting
 
our go-to-market
model
 
across
 
many
 
global
 
markets,
 
and
 
establishing
 
a
 
new
 
Strategy
 
&
 
Growth
 
organization
 
tasked
 
with
 
advancing
 
many
aspects of our Accelerate strategy.
Our consolidated net
 
sales for fiscal
 
2022 rose 5
 
percent to $19.0 billion.
 
On an organic
 
basis, net sales
 
increased 6 percent
 
compared
to year-ago
 
levels. Operating
 
profit of
 
$3.5 billion increased
 
11 percent.
 
Adjusted operating
 
profit of
 
$3.2 billion increased
 
2 percent
on a constant-currency
 
basis.
 
Diluted EPS of $4.42
 
was up 17 percent
 
compared to fiscal 2021
 
results. Adjusted diluted EPS
 
of $3.94
18
increased
 
4
 
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
 
$3.3 billion
 
in
 
fiscal
 
2022
 
representing
 
a
 
conversion
 
rate
 
of
 
121
 
percent
 
of
 
net
 
earnings,
including earnings attributable
 
to redeemable and noncontrolling
 
interests. This cash generation
 
supported capital investments
 
totaling
$569 million, and
 
our resulting
 
free cash flow
 
was $2.7 billion
 
at a conversion
 
rate of 113
 
percent of
 
adjusted net
 
earnings, including
earnings
 
attributable
 
to
 
redeemable
 
and
 
noncontrolling
 
interests.
 
We
 
returned
 
cash
 
to
 
shareholders
 
through
 
dividends
 
totaling
 
$1.2
billion and net share repurchases
 
totaling $715 million. Our ratio
 
of net debt-to-operating cash flow
 
was 3.3 in fiscal 2022, and our
 
net
debt-to-adjusted earnings before net interest, income taxes, depreciation
 
and amortization (net debt-to-adjusted EBITDA) ratio was 2.8
(See the “Non-GAAP Measures” section below for a description of our use of
 
measures not defined by GAAP).
A
 
detailed
 
review
 
of
 
our
 
fiscal
 
2022
 
performance
 
compared
 
to
 
fiscal
 
2021
 
appears
 
below
 
in
 
the
 
section
 
titled
 
“Fiscal
 
2022
Consolidated Results of Operations.” A detailed review
 
of our fiscal 2021 performance compared to our fiscal 2020
 
performance is set
forth
 
in Part
 
II, Item
 
7 of
 
our Form
 
10-K for
 
the fiscal
 
year
 
ended
 
May 30, 2021
 
under the
 
caption
 
“Management’s
 
Discussion and
Analysis of
 
Financial Condition
 
and Results
 
of Operations
 
– Fiscal
 
2021 Results
 
of Consolidated
 
Operations,” which
 
is incorporated
herein by reference.
In fiscal 2023,
 
we expect to
 
build on our
 
positive momentum
 
and continue
 
to advance our
 
Accelerate strategy.
 
Our key priorities
 
are
to
 
continue
 
to
 
compete
 
effectively,
 
invest
 
in
 
our
 
brands
 
and
 
capabilities,
 
and
 
reshape
 
our
 
portfolio.
 
We
 
expect
 
the
 
largest
 
factors
impacting
 
our
 
performance
 
in
 
fiscal
 
2023
 
will
 
be
 
the
 
economic
 
health
 
of
 
consumers,
 
the
 
inflationary
 
cost
 
environment,
 
and
 
the
frequency and severity of disruptions
 
in the supply chain.
 
Total input
 
cost inflation is expected to
 
be approximately 14 percent
 
of cost
of goods
 
sold in
 
fiscal 2023.
 
We
 
are addressing
 
the inflationary
 
environment with
 
holistic margin
 
management (HMM)
 
cost savings
expected to
 
total approximately
 
3 to
 
4 percent
 
of cost
 
of goods
 
sold and
 
low-double-digit net
 
price realization
 
generated through
 
our
SRM capability.
 
We are planning
 
for volume elasticities to increase but remain below
 
historical levels and supply chain disruptions to
slowly moderate in fiscal 2023 compared to fiscal 2022 levels.
Based on these assumptions, our key full-year fiscal 2023 targets are
 
summarized below:
Organic net sales are expected to increase 4 to 5 percent.
Adjusted operating
 
profit is
 
expected to
 
range between
 
down 2
 
percent and
 
up 1
 
percent in
 
constant-currency from
 
the base
of
 
$3.2
 
billion
 
reported
 
in
 
fiscal
 
2022,
 
including
 
a
 
3-point
 
net
 
headwind
 
from
 
divestitures
 
and
 
acquisitions
 
announced
 
or
closed in fiscal 2022.
Adjusted diluted EPS are
 
expected to range between
 
flat and up 3 percent
 
in constant-currency from
 
the base of $3.94 earned
in fiscal 2022, including a 3-point net headwind from divestitures and
 
acquisitions announced or closed in fiscal 2022.
Free cash flow conversion is expected to be at least 90 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 2022 CONSOLIDATED
 
RESULTS
 
OF OPERATIONS
In fiscal
 
2022, net
 
sales increased
 
5 percent
 
compared to
 
fiscal 2021
 
and organic
 
net sales increased
 
6 percent
 
compared to
 
last year.
Operating
 
profit
 
increased
 
11
 
percent
 
to
 
$3,476
 
million
 
primarily
 
driven
 
by
 
favorable
 
net
 
price
 
realization
 
and
 
mix,
 
gains
 
on
divestitures,
 
net
 
restructuring
 
recoveries,
 
and
 
a
 
decrease
 
in
 
certain
 
selling,
 
general,
 
and
 
administrative
 
(SG&A)
 
expenses,
 
partially
offset
 
by
 
higher
 
input
 
costs,
 
lower
 
net
 
corporate
 
investment
 
activity,
 
higher
 
transaction
 
and
 
integration
 
costs,
 
and
 
volume
 
declines.
Operating profit margin
 
of 18.3 percent increased
 
100 basis points.
 
Adjusted operating profit
 
of $3,213 million
 
increased 2 percent on
a constant-currency
 
basis, primarily
 
driven by
 
a decrease
 
in certain
 
SG&A expenses.
 
Adjusted operating
 
profit margin
 
decreased 50
basis
 
points
 
to
 
16.9
 
percent.
 
Diluted
 
earnings
 
per
 
share
 
of
 
$4.42
 
increased
 
17
 
percent
 
compared
 
to
 
fiscal
 
2021.
 
Adjusted
 
diluted
earnings
 
per
 
share
 
of
 
$3.94
 
increased
 
4
 
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).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19
A summary of our consolidated financial results for fiscal 2022 follows:
Fiscal 2022
In millions,
except per
share
Fiscal 2022 vs.
Fiscal 2021
Percent of Net
Sales
Constant-
Currency
Growth (a)
Net sales
$
18,992.8
5
%
Operating profit
3,475.8
11
%
18.3
%
Net earnings attributable to General Mills
2,707.3
16
%
Diluted earnings per share
$
4.42
17
%
Organic net sales growth rate (a)
6
%
Adjusted operating profit (a)
3,213.3
2
%
16.9
%
2
%
Adjusted diluted earnings per share (a)
$
3.94
4
%
4
%
(a)
 
See the "Non-GAAP Measures" section below for our use of measures not defined by
 
GAAP.
Consolidated
 
net sales
were as follows:
 
Fiscal 2022
Fiscal 2022 vs.
Fiscal 2021
Fiscal 2021
Net sales (in millions)
$
18,992.8
5
%
$
18,127.0
Contributions from volume growth (a)
(5)
pts
Net price realization and mix
10
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.
The
 
5
 
percent
 
increase
 
in
 
net
 
sales
 
in
 
fiscal
 
2022
 
reflects
 
favorable
 
net
 
price
 
realization
 
and
 
mix,
 
partially
 
offset
 
by
 
a
 
decrease
 
in
contributions from volume growth.
Components of organic net sales growth are shown in the following
 
table:
Fiscal 2022 vs. Fiscal 2021
Contributions from organic volume growth (a)
(1)
pt
Organic net price realization and mix
7
pts
Organic net sales growth
6
pts
Foreign currency exchange
 
Flat
Acquisition and divestitures
(1)
pt
Net sales growth
5
pts
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 2022 increased 6 percent
 
compared to fiscal 2021,
 
driven by favorable organic net price realization and
 
mix,
partially offset by a decrease in contributions from
 
organic volume growth.
Cost of sales
increased $912 million in fiscal 2022
 
to $12,591 million. The increase was
 
primarily driven by a $1,514 million
 
increase
attributable to
 
product rate and
 
mix, partially offset
 
by a $608
 
million decrease due
 
to lower volume.
 
We
 
recorded a
 
$133 million net
decrease
 
in
 
cost
 
of
 
sales
 
related
 
to
 
mark-to-market
 
valuation
 
of
 
certain
 
commodity
 
positions
 
and
 
grain
 
inventories
 
in
 
fiscal
 
2022,
compared to a net decrease of $139
 
million in fiscal 2021
 
(please see Note 8 to the Consolidated
 
Financial Statements in Item 8 of this
report for additional information).
 
Gross margin
decreased 1 percent in
 
fiscal 2022 versus fiscal 2021.
 
Gross margin as a percent
 
of net sales decreased
 
190 basis points
to 33.7 percent compared to fiscal 2021.
 
SG&A
 
expenses
 
increased
 
$67 million
 
to
 
$3,147 million
 
in
 
fiscal
 
2022
 
compared
 
to
 
fiscal
 
2021.
 
The
 
increase
 
in
 
SG&A
 
expenses
primarily reflects
 
lower net corporate
 
investment activity
 
and higher transaction
 
costs, partially offset
 
by lower media
 
and advertising
expenses and other administrative costs. SG&A expenses as a percent
 
of net sales in fiscal 2022 decreased 40 basis points compared to
fiscal 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20
Divestitures
 
gain
 
totaled
 
$194
 
million
 
in
 
fiscal
 
2022
due
 
to
 
the
 
sale
 
of
 
our
 
interests
 
in
 
Yoplait
 
SAS,
 
Yoplait
 
Marques
 
SNC,
 
and
Liberté Marques
 
Sàrl and
 
our European
 
dough businesses
 
(please refer
 
to Note
 
3 to
 
the Consolidated
 
Financial Statements
 
in Part
 
I,
Item 1 of this report). Divestiture loss totaled $54 million in fiscal 2021 due
 
to the sale of our Laticínios Carolina business in Brazil.
Restructuring, impairment,
 
and other exit
 
costs (recoveries)
totaled $26 million
 
of net recoveries
 
in fiscal 2022
 
compared to $170
million of charges in
 
fiscal 2021. In fiscal 2022,
 
we approved restructuring actions
 
in the International segment
 
to drive efficiencies in
manufacturing and logistics operations
 
,
 
and as a result, we
 
recorded $12 million of
 
charges in fiscal 2022.
 
We recorded
 
a net recovery
of
 
$38
 
million
 
in
 
fiscal
 
2022,
 
which
 
includes
 
a
 
$34
 
million
 
reduction
 
to
 
our
 
restructuring
 
reserves
 
primarily
 
related
 
to
 
severance
charges.
 
In
 
fiscal
 
2021,
 
we
 
approved
 
restructuring
 
actions
 
designed
 
to
 
better
 
align
 
our
 
organizational
 
structure
 
and
 
resources
 
with
strategic
 
initiatives
 
and
 
actions
 
related
 
to
 
route-to-market
 
and
 
supply
 
chain
 
optimization.
 
Please
 
see
 
Note
 
4
 
to
 
the
 
Consolidated
Financial Statements in Item 8 of this report for additional information.
 
Benefit
 
plan
 
non-service
 
income
totaled
 
$113 million
 
in
 
fiscal
 
2022
 
compared
 
to
 
$133 million
 
in
 
fiscal
 
2021,
 
primarily
 
reflecting
higher
 
amortization
 
of
 
losses
 
(please
 
see
 
Note
 
2
 
to
 
the
 
Consolidated
 
Financial
 
Statements
 
in
 
Item
 
8
 
of
 
this
 
report
 
for
 
additional
information).
Interest, net
for fiscal 2022 totaled $380 million, $40 million lower than fiscal 2021,
 
primarily driven by lower average debt balances.
Our
effective
 
tax rate
for fiscal
 
2022
 
was 18.3
 
percent
 
compared to
 
22.0 percent
 
in fiscal
 
2021.
 
The 3.7
 
percentage point
 
decrease
was primarily
 
driven by a
 
change in the
 
valuation allowance on
 
our capital loss
 
carryforwards, certain non
 
-taxable components of
 
the
divestiture gains, and favorable changes
 
in earnings mix by jurisdiction.
 
Our adjusted effective tax rate
 
was 20.9 percent in fiscal 2022
compared to
 
21.1 percent
 
in fiscal
 
2021 (see
 
the “Non-GAAP
 
Measures” section
 
below for
 
a description
 
of our
 
use of
 
measures not
defined by GAAP).
After-tax earnings from
 
joint ventures
decreased 5 percent
 
to $112 million
 
in fiscal 2022 compared
 
to fiscal 2021,
 
primarily driven
by higher input costs and
 
lower net sales at CPW,
 
partially offset by
 
lower SG&A expenses at CPW and
 
higher net sales at HDJ. On
 
a
constant-currency basis,
 
after-tax earnings
 
from joint ventures
 
decreased 3 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 2022 vs. Fiscal 2021
CPW
HDJ
Total
Contributions from volume growth (a)
(3)
pts
8
pts
Net price realization and mix
2
pts
1
pt
Net sales growth in constant currency
(1)
pt
9
pts
1
pt
Foreign currency exchange
(2)
pts
(8)
pts
(3)
pts
Net sales growth
(3)
pts
1
pt
(2)
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
 
$28
 
million
 
in
 
fiscal
 
2022
 
compared
 
to
 
$6
million in
 
fiscal 2021,
 
primarily due
 
to the loss
 
on sale
 
of the Laticínios
 
Carolina business
 
in Brazil
 
in fiscal 2021,
 
partially offset
 
by
the sale of our interests in Yoplait
 
SAS, Yoplait
 
Marques SNC, and Liberté Marques Sàrl in fiscal 2022.