The following table sets forth selected financial data for each of the fiscal years in the five-year period ended May 26, 2019:
In Millions, Except Per Share Data,Percentages and Ratios
Fiscal Year
2019 (a)
2018
2017
2016
2015 (b)
Operating data:
Net sales
$
16,865.2
$
15,740.4
$
15,619.8
$
16,563.1
$
17,630.3
Gross margin (c) (d)
5,756.8
5,435.6
5,567.8
5,843.3
5,967.8
Selling, general, and administrative expenses (d)
2,935.8
2,850.1
2,888.8
3,141.4
3,389.9
Operating profit (d)
2,515.9
2,419.9
2,492.1
2,719.1
2,071.8
Net earnings attributable to General Mills
1,752.7
2,131.0
1,657.5
1,697.4
1,221.3
Advertising and media expense
601.6
575.9
623.8
754.4
823.1
Research and development expense
221.9
219.1
218.2
222.1
229.4
Average shares outstanding:
Diluted
605.4
585.7
598.0
611.9
618.8
Earnings per share:
Diluted
$
2.90
$
3.64
$
2.77
$
2.77
$
1.97
Adjusted diluted (c) (e)
$
3.22
$
3.11
$
3.08
$
2.92
$
2.86
Operating ratios:
Gross margin as a percentage of net sales (d)
34.1%
34.5%
35.6%
35.3%
33.8%
Selling, general, and administrative expenses as a percentage of net sales (d)
17.4%
18.1%
18.5%
19.0%
19.2%
Operating profit as a percentage of net sales (d)
14.9%
15.4%
16.0%
16.4%
11.8%
Adjusted operating profit as a percentage of net sales (c) (d) (e)
16.9%
16.6%
17.6%
16.8%
15.7%
Effective income tax rate
17.7%
2.7%
28.8%
31.4%
33.3%
Balance sheet data:
Land, buildings, and equipment
$
3,787.2
$
4,047.2
$
3,687.7
$
3,743.6
$
3,783.3
Total assets
30,111.2
30,624.0
21,812.6
21,712.3
21,832.0
Long-term debt, excluding current portion
11,624.8
12,668.7
7,642.9
7,057.7
7,575.3
Total debt (c)
14,490.0
15,818.6
9,481.7
8,430.9
9,191.5
Cash flow data:
Net cash provided by operating activities (f)
$
2,807.0
$
2,841.0
$
2,415.2
$
2,764.2
$
2,648.5
Capital expenditures
537.6
622.7
684.4
729.3
712.4
Free cash flow (c)
2,269.4
2,218.3
1,730.8
2,034.9
1,936.1
Share data:
Cash dividends per common share
$
1.96
$
1.96
$
1.92
$
1.78
$
1.67
(a)
In fiscal 2018, we acquired Blue Buffalo. Please see Note 3 to the Consolidated Financial Statements in Item 8 of this report.
(b)
Fiscal 2015 was a 53-week year; all other fiscal years were 52 weeks.
(c)
Please see “Glossary” in Item 8 of this report for definition.
(d)
In the first quarter of fiscal 2019, we retrospectively adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense, net periodic postretirement benefit expense, and net periodic postemployment benefit expense. Please see Note 2 to the Consolidated Financial Statements in Item 8 of this report.
(e)
Please see “Non-GAAP Measures” in Item 7 of this report for our discussion of this measure not defined by generally accepted accounting principles.
(f)
In fiscal 2018, we retrospectively adopted new requirements for the accounting and presentation of stock-based payments. Please see Note 2 to the Consolidated Financial Statements in Item 8 of this report.
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