46
Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions)
Fiscal Year
2023
Cash Flows - Operating Activities
Net earnings, including earnings attributable to redeemable and noncontrolling interests
$
2,609.6
$
2,735.0
$
2,346.0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
546.6
570.3
601.3
After-tax earnings from joint ventures
(81.3)
(111.7)
(117.7)
Distributions of earnings from joint ventures
69.9
107.5
95.2
Stock-based compensation
111.7
98.7
89.9
Deferred income taxes
(22.2)
62.2
118.8
Pension and other postretirement benefit plan contributions
(30.1)
(31.3)
(33.4)
Pension and other postretirement benefit plan costs
(27.6)
(30.1)
(33.6)
Divestitures (gain) loss, net
(444.6)
(194.1)
53.5
Restructuring, impairment, and other exit costs (recoveries)
24.4
(117.1)
150.9
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures
(48.9)
277.4
(155.9)
Other, net
71.1
(50.7)
(131.8)
Net cash provided by operating activities
2,778.6
3,316.1
2,983.2
Cash Flows - Investing Activities
Purchases of land, buildings, and equipment
(689.5)
(568.7)
(530.8)
Acquisition, net of cash acquired
(251.5)
(1,201.3)
-
Investments in affiliates, net
(32.2)
15.4
15.5
Proceeds from disposal of land, buildings, and equipment
1.3
3.3
2.7
Proceeds from divestitures, net of cash divested
633.1
74.1
2.9
Other, net
(7.6)
(13.5)
(3.1)
Net cash used by investing activities
(346.4)
(1,690.7)
(512.8)
Cash Flows - Financing Activities
Change in notes payable
(769.3)
551.4
71.7
Issuance of long-term debt
2,324.4
2,203.7
1,576.5
Payment of long-term debt
(1,421.7)
(3,140.9)
(2,609.0)
Debt exchange participation incentive cash payment
-
-
(201.4)
Proceeds from common stock issued on exercised options
232.3
161.7
74.3
Purchases of common stock for treasury
(1,403.6)
(876.8)
(301.4)
Dividends paid
(1,287.9)
(1,244.5)
(1,246.4)
Distributions to noncontrolling and redeemable interest holders
(15.7)
(129.8)
(48.9)
Other, net
(62.6)
(28.0)
(30.9)
Net cash used by financing activities
(2,404.1)
(2,503.2)
(2,715.5)
Effect of exchange rate changes on cash and cash equivalents
(12.0)
(58.0)
72.5
Increase (decrease) in cash and cash equivalents
16.1
(935.8)
(172.6)
Cash and cash equivalents - beginning of year
569.4
1,505.2
1,677.8
Cash and cash equivalents - end of year
$
585.5
$
569.4
$
1,505.2
Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and
Receivables
$
(41.2)
$
(166.3)
$
27.9
Inventories
(319.0)
(85.8)
(354.7)
Prepaid expenses and other current assets
61.6
(35.3)
(42.7)
Accounts payable
199.8
456.7
343.1
Other current liabilities
49.9
108.1
(129.5)
Changes in current assets and liabilities
$
(48.9)
$
277.4
$
(155.9)
See accompanying notes to consolidated financial statements.