8
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions)
Quarter Ended
Aug. 28, 2022
Aug. 29, 2021
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling
interests
$
823.3
$
638.2
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
134.3
145.8
After-tax earnings from joint ventures
(19.8)
(29.1)
Distributions of earnings from joint ventures
15.5
22.6
Stock-based compensation
33.5
26.8
Deferred income taxes
9.2
19.6
Pension and other postretirement benefit plan contributions
(5.3)
(5.4)
Pension and other postretirement benefit plan costs
(6.7)
(7.2)
Divestitures gain, net
(430.9)
-
Restructuring, impairment, and other exit costs
(15.7)
(19.5)
Changes in current assets and liabilities, excluding the effects of
acquisitions and divestitures
(209.7)
(389.5)
Other, net
61.1
(32.5)
Net cash provided by operating activities
388.8
369.8
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(90.9)
(104.0)
Acquisition, net of cash acquired
(252.1)
(1,198.6)
Proceeds from divestitures, net of cash divested
610.7
-
Investments in affiliates, net
-
5.7
Proceeds from disposal of land, buildings, and equipment
-
0.3
Other, net
(1.9)
(1.3)
Net cash provided (used) by investing activities
265.8
(1,297.9)
Cash Flows - Financing Activities
Change in notes payable
188.0
698.7
Issuance of long-term debt
-
582.2
Payment of long-term debt
-
(612.1)
Proceeds from common stock issued on exercised options
65.5
7.9
Purchases of common stock for treasury
(500.8)
(150.1)
Dividends paid
(325.0)
(312.3)
Distributions to noncontrolling and redeemable interest holders
(1.9)
(1.1)
Other, net
(34.9)
(18.2)
Net cash (used) provided by financing activities
(609.1)
195.0
Effect of exchange rate changes on cash and cash equivalents
(20.5)
(18.1)
Increase (decrease) in cash and cash equivalents
25.0
(751.2)
Cash and cash equivalents - beginning of year
569.4
1,505.2
Cash and cash equivalents - end of period
$
594.4
$
754.0
Cash Flow from changes in current assets and liabilities, excluding the effects
of
acquisitions and divestitures:
Receivables
$
(91.1)
$
(145.3)
Inventories
(243.3)
(116.1)
Prepaid expenses and other current assets
79.5
39.0
Accounts payable
(130.4)
(214.9)
Other current liabilities
175.6
47.8
Changes in current assets and liabilities
$
(209.7)
$
(389.5)
See accompanying notes to consolidated financial statements.