filings.toolsItem 6. Selected Financial Data
4K characters. Original on sec.gov · Markdown
Item 6. Selected Financial Data
The following table sets forth selected financial data for each of the fiscal years in the five-year period ended May 31, 2020:
| Fiscal Year | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In Millions, Except Per Share Data, Percentages and Ratios | 2020 (a) | 2019 | 2018 | 2017 | 2016 | |||||
| Operating data: | ||||||||||
| Net sales | $ | 17,626.6 | $ | 16,865.2 | $ | 15,740.4 | $ | 15,619.8 | $ | 16,563.1 |
| Gross margin (b) (d) | 6,129.9 | 5,756.8 | 5,435.6 | 5,567.8 | 5,843.3 | |||||
| Selling, general, and administrative expenses (d) | 3,151.6 | 2,935.8 | 2,850.1 | 2,888.8 | 3,141.4 | |||||
| Operating profit (d) | 2,953.9 | 2,515.9 | 2,419.9 | 2,492.1 | 2,719.1 | |||||
| Net earnings attributable to General Mills | 2,181.2 | 1,752.7 | 2,131.0 | 1,657.5 | 1,697.4 | |||||
| Advertising and media expense | 691.8 | 601.6 | 575.9 | 623.8 | 754.4 | |||||
| Research and development expense | 224.4 | 221.9 | 219.1 | 218.2 | 222.1 | |||||
| Average shares outstanding: | ||||||||||
| Diluted | 613.3 | 605.4 | 585.7 | 598.0 | 611.9 | |||||
| Earnings per share: | ||||||||||
| Diluted | $ | 3.56 | $ | 2.90 | $ | 3.64 | $ | 2.77 | $ | 2.77 |
| Adjusted diluted (b) (c) | $ | 3.61 | $ | 3.22 | $ | 3.11 | $ | 3.08 | $ | 2.92 |
| Operating ratios: | ||||||||||
| Gross margin as a percentage of net sales (d) | 34.8% | 34.1% | 34.5% | 35.6% | 35.3% | |||||
| Selling, general, and administrative expenses as a percentage of net sales (d) | 17.9% | 17.4% | 18.1% | 18.5% | 19.0% | |||||
| Operating profit as a percentage of net sales (d) | 16.8% | 14.9% | 15.4% | 16.0% | 16.4% | |||||
| Adjusted operating profit as a percentage of net sales (b) (c) (d) | 17.3% | 16.9% | 16.6% | 17.6% | 16.8% | |||||
| Effective income tax rate | 18.5% | 17.7% | 2.7% | 28.8% | 31.4% | |||||
| Balance sheet data: | ||||||||||
| Land, buildings, and equipment | $ | 3,580.6 | $ | 3,787.2 | $ | 4,047.2 | $ | 3,687.7 | $ | 3,743.6 |
| Total assets | 30,806.7 | 30,111.2 | 30,624.0 | 21,812.6 | 21,712.3 | |||||
| Long-term debt, excluding current portion | 10,929.0 | 11,624.8 | 12,668.7 | 7,642.9 | 7,057.7 | |||||
| Total debt (b) | 13,539.5 | 14,490.0 | 15,818.6 | 9,481.7 | 8,430.9 | |||||
| Cash flow data: | ||||||||||
| Net cash provided by operating activities (e) | $ | 3,676.2 | $ | 2,807.0 | $ | 2,841.0 | $ | 2,415.2 | $ | 2,764.2 |
| Capital expenditures | 460.8 | 537.6 | 622.7 | 684.4 | 729.3 | |||||
| Free cash flow (b) | 3,215.4 | 2,269.4 | 2,218.3 | 1,730.8 | 2,034.9 | |||||
| Share data: | ||||||||||
| Cash dividends per common share | $ | 1.96 | $ | 1.96 | $ | 1.96 | $ | 1.92 | $ | 1.78 |
(a)Fiscal 2020 was a 53-week year; all other fiscal years were 52 weeks.
(b)See “Glossary” in Item 8 of this report for definition.
(c)See “Non-GAAP Measures” in Item 7 of this report for our discussion of this measure not defined by generally accepted accounting principles.
(d)In 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)In fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. This resulted in the reclassification of realized windfall tax benefits and employee tax withholdings in our Consolidated Statements of Cash Flows. Please see Note 2 to the Consolidated Financial Statements in Item 8 of this report.
Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations