Distributed by Public, unedited and unaltered, on 18 March 2020 20:27:18 UTC, Chief Innovation, Technology & Quality Officer. (f) See reconciliation of effective income tax rate excluding certain items affecting comparability below for tax impact of adjustment. Our adjusted operating profit growth on a constant-currency basis is calculated as follows: Adjusted operating profit growth, on a constant-currency basis. The cessation of employment of the Change of Control Participant shall not be deemed to be for Cause unless and until there shall have been delivered to the Change of Control Participant a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the members of the Applicable Board who are not officers or employees of the Company at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Change of Control Participant and the Change of Control Participant is given an opportunity, together with counsel for the Change of Control Participant, to be heard before the Applicable Board), finding that, in the good faith opinion of the board, the Change of Control Participant is guilty of the conduct described in this Section 4.2(b)(ii), and specifying the particulars thereof in detail. Adjusted Operating Profit Growth on a Constant-currency Basis GENERAL MILLS INC. Form 10-Q (Filer) Published: 2020-09-23 16:48:24 Submitted: 2020-09-23 Filing Agent: DONNELLEY FINANCIAL SOLUTIONS /FA/ Period Ending In: 2020-08-30. The effective tax rate in the quarter was 11.7 percent compared to 22.6 percent last year (please see Note 5 below for more information on our effective tax rate). Unallocated corporate items totaled $99 million net expense in the first quarter of fiscal 2020, compared to $106 million net expense a year ago. General Mills is pursuing its Consumer First strategy and executing against its global growth framework: 1) competing effectively through strong innovation, effective consumer marketing, and excellent in-store execution; 2) accelerating growth on its four differential growth platforms including Häagen-Dazs ice cream, snack bars, Old El Paso Mexican food, and its portfolio of natural and organic food brands; and 3) reshaping its portfolio through growth-enhancing acquisitions and divestitures, including the acquisition of Blue Buffalo, the leading brand in the fast-growing wholesome natural pet food category in the U.S. (e) The provisions of this Section are in addition to the other terms and conditions of the Plan. The company reported $1.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.09, MarketWatch Earnings reports. We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets. Dividends paid totaled $298 million. The General Mills Board of Directors has declared a quarterly dividend at the prevailing rate of $0.51 per share, payable May 3, 2021, to shareholders of record as of April 9, 2021. Our adjusted effective tax rate was 20.9 percent in the first quarter of fiscal 2020 compared to 22.7 percent in the first quarter of fiscal 2019. The Company reserves the right to amend or terminate this Plan B by action of the Committee (as defined below) in accordance with the amendment and termination provisions set forth below. Any such reduction shall be made in a manner determined by the Administrator in its sole discretion to be equivalent in value. In the first quarter of fiscal 2020, we adopted new accounting requirements for hedge accounting. 1-800-245-5703 or View GIS financial statements in full, including balance sheets and ratios. This document sets forth the Separation Pay and Benefits Program for Officers (the 'Program') of General Mills, Inc. (the 'Company'). “Our first-quarter net sales performance included encouraging improvement in North America Retail and strong growth in Pet, driven by good innovation and effective brand-building investment. (c) See Note 2. Segment operating profit of $91 million was 6 percent below the year-ago result that grew 14 percent. Top 3 Takeaways From General Mills Quarterly Earnings Report. The provisions of the Program are set forth in two independent component plans. First-quarter retail sales were flat in U.S. Nielsen-measured outlets. During the same quarter i… It is further acknowledged that Non-U.S. certain items affecting comparability (a): Adjusted net earnings attributable to General Mills. After submitting your information, you will receive an email. The company expects consistent topline growth generated by this growth framework, combined with margin expansion, disciplined cash conversion, and cash returns, will generate top-tier returns for General Mills shareholders over the long term. For purposes of calculating Total Payments, (i) no portion of the Total Payments the receipt or enjoyment of which the Change of Control Participant shall have effectively waived in writing prior to the date of payment shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel selected by the Company and acceptable to the Change of Control Participant, does not constitute a 'parachute payment' within the meaning of Section 280G(b)(2) of the Code; and (iii) the value of any other non-cash benefit or of any deferred cash payment included in the Total Payments shall be determined by the Company's independent auditors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. General Mills (NYSE:GIS) issued its earnings results on Wednesday. Net Sales on Constant- “We are making clear progress in becoming a nimbler, more consumer-connected General Mills,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. In particular, the requirements of Sections 4.1 and 4.2 must be satisfied by Non-U.S. Selling, general, and administrative expenses 736.2 718.9. Plan A formalizes the Company's normal severance practices for officers, and Plan B sets forth certain provisions that apply to terminations of employment of certain officers following a Change of Control (as defined herein). It operates through the following segments: North America Retail; Convenience Stores and Foodservice; Europe and Australia; and Asia and Latin America; and Pet. The new standard also simplifies the application of hedge accounting guidance. A reconciliation of total segment operating profit to the relevant GAAP measure, operating profit, is included in the Statements of Operating Segment Results. General Mills had a return on equity of 28.46% […] SECURITIES AND EXCHANGE COMMISSION. 10-Q. General Mills, Inc. (NYSE:GIS) posted its earnings results on Wednesday, March, 20th. Segment operating profit totaled $10 million compared to $12 million a year ago. Adjusted Earnings Comparisons as a Percent of Net Sales General Mills Quarterly Dividend Declared Business Wire MINNEAPOLIS -- November 18, 2019 The General Mills Board of Directors today declared a quarterly dividend at … (c) See Note 2. Net sales growth rates for our Canada operating unit on a constant-currency basis are calculated as follows: Percentage Change in 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. Let's look at the metrics to watch in the company's earnings report. This measure is used in reporting to our Board of Directors and executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. JUNE 26, 2019 • Met or Exceeded F19 Targets for Sales, Profit, EPS, Cash, and Blue Buffalo • Continuing to Pursue Consumer First Strategy and . General Mills had a net margin of […] However, each of Part A and Part B, as subplans of the Program, constitute independent employee benefit plans and shall be treated for purposes of the Employee Retirement Income Security Act of 1974, as amended ('ERISA'), as distinct plans. (5) The effective tax rate for the first quarter of fiscal 2020 was 11.7 percent compared to 22.6 percent for the first quarter of fiscal 2019. First-quarter net sales for General Mills’ North America Retail segment totaled $2.38 billion, essentially matching year-ago levels, with benefits from net price realization and mix offset by lower contributions from volume. Cash Flow from changes in current assets and liabilities: GENERAL MILLS, INC. AND SUBSIDIARIES Operating profit 853.7 662.4 Quarter net earnings per share of $1.11 an increase by 16.84 % year on year from $0.95 and an improvement of 7.77 % from $1.03 realized in I. Top 3 Takeaways From General Mills Quarterly Earnings Report General Mills (GIS) is out with fiscal 2016 second quarter results and revenue took a hit from the strong dollar. For purposes of description and example and not limitation, such offsetting amounts may be claims for severance pay, notice, notice pay, redundancy pay, redundancy notice, severance indemnity, end-of-service payments, wrongful or unfair dismissal awards/claims, discriminatory termination awards/claims, retaliatory termination ('victimization'), or other employment termination awards/claims. Also, certain measures in this release are presented on an adjusted basis. (e) The provisions of this Section are in addition to the other terms and conditions of this Plan B. General Mills, Inc. is estimated to report earnings on 03/17/2021. General Mills Inc (GIS) Q2 2021 Earnings Call Transcript GIS earnings call for the period ending November 29, 2020. The unavailable information could have a significant impact on our fiscal 2020 GAAP financial results. It is acknowledged that certain Non-U.S. Change of Control Participants may be covered by laws outside the U.S., including national, provincial, and/or local laws, governing the employment relationship between said Change of Control Participants and the Company. General Mills, Inc. GIS released robust second-quarter fiscal 2021 results, with the top and the bottom line increasing year over year. You can access the webcast at www.generalmills.com/investors. as Reported, Percentage Change in Operating The 1.8 percentage point decrease in the adjusted effective tax rate was primarily due to certain international discrete tax benefits in fiscal 2020. Net Sales Growth Rates for Canada Operating Unit on a Constant-currency Basis Cost of sales 2,773.6 2,613.0. (b) The Company's intent is to provide Non-U.S. General Mills (NYSE: GIS): ¹ Please see Note 6 to the Consolidated Financial Statements below for reconciliation of this and other non-GAAP measures used in this release. The Program was amended and restated generally effective as of January 1, 2020. Profit on Constant-Currency Participants the same levels and amounts of benefits as other Participants, but not more than other Participants would be entitled to under the Plan. Segment operating profit as a % of net sales: Prepaid expenses and other current assets, Common stock, 754.6 shares issued, $0.10 par value, Common stock in treasury, at cost, shares of 150.5, 158.5 and 152.7, Net earnings, including earnings attributable to redeemable, Adjustments to reconcile net earnings to net cash, Distributions of earnings from joint ventures, Pension and other postretirement benefit plan contributions, Pension and other postretirement benefit plan costs, Changes in current assets and liabilities, Net cash provided by operating activities, Purchases of land, buildings, and equipment, Proceeds from disposal of land, buildings, and equipment, Proceeds from common stock issued on exercised options, Distributions to noncontrolling and redeemable interest holders, Effect of exchange rate changes on cash and cash equivalents, Cash and cash equivalents - beginning of year, Cash and cash equivalents - end of period. (c) Any amounts due to a Non-U.S. Restructuring, impairment, and other exit costs 0.5 8.2. Your continued use of the Site after any changes are posted will be considered acceptance of those changes. The amount of money a Participant would be paid under the Company's Incentive Plan at the 'target' level for the fiscal year in which an involuntary termination occurs. A press release, pre-recorded managem Participant relating to employment separation rights or claims under any non-U.S. laws (as generally referred to above) or any applicable individual or collective employment agreement shall reduce the amount of cash and benefits due under this Plan (the 'Offset'). General Mills, Inc. (GIS Quick Quote GIS - Free Report) released robust second-quarter fiscal 2021 results, with the top and the bottom line increasing … 2021 Q1. Form 10-Q General Mills Inc Quarterly report [Sections 13 or 15(d)] SEC.report. 41-0274440 (State or other jurisdiction of (I.R.S. 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