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2024 CAGNY Conference
CAGNY 2024
February 20, 2024
2024 CAGNY Conference
Jeff Harmening
Chairman and
Chief Executive Officer
2
2024 CAGNY Conference
A Reminder on Forward-looking Statements
3
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management’s current expectations and assumptions. These forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking
statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including:
disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry and the markets for our
products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors;
economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development
and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and
changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal
and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the
carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets;
changes in accounting standards and the impact of critical accounting estimates; product quality and safety issues, including recalls
and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional
programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-
related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant
customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and
transportation; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage
price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine
plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate
fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no
obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.
2024 CAGNY Conference
? Our Accelerate strategy has driven strong results
and returns for shareholders
? We are navigating short-term headwinds, while
investing to deliver long-term sustainable growth
? General Mills is positioned to continue driving
top-tier shareholder value
Key Messages
4
2024 CAGNY Conference
Agenda
Our
Accelerate
Strategy
Long-term
Growth
Drivers
Creating
Shareholder
Value
5
2024 CAGNY Conference
Provider of Natural &
Organic Packaged Food
in the U.S.?
#1
Making Food the World Loves for More than 150 Years
(1) Includes food for both humans and pets. Source: SPINS 52 weeks ending 10/8/2023
6
Fiscal 2023
Net Sales
$20 Billion
Billion
Dollar Brands
Nine
Employees
Worldwide
~34,000
Best Employers
for New Grads
World’s Top
Companies
for Women
America’s
Best Large Employers
FORBES 2023
2024 CAGNY Conference
An Experienced Senior Leadership Team
7
2024 CAGNY Conference
Our Accelerate Strategy
(1) Non-GAAP measures
(2) Constant-currency growth rates
8
Our
Purpose
Where to
Play
Core
Markets
Global
Platforms
Local
Gems
Portfolio
Reshaping
How to
Win
Boldly Building
Brands
Relentlessly
Innovating
Unleashing
Our Scale
Standing
for Good
Shareholder
Value
Organic Net Sales1
+2 to 3%
Adj. Op. Profit1
+MSD%2
Adj. Diluted EPS1
+MSD to HSD%2
Maintain Capital
Discipline
2024 CAGNY Conference
Meeting Consumers’ Varying Needs
Five Global Platforms
Mexican Food Ice Cream
Snack Bars
Pet Food
Cereal
9
SNAC
K
S
Fiscal 2023 Net Sales
C
E
R
E
A
L
CONVENIENT
MEALS
P
ET
FOOD
D
O
U
G
H
B
A
K
I
N
G
Y
O
GURT
ICE
CREAM
2024 CAGNY Conference
Focused on Eight Core Markets
Eight Core Markets
Fiscal 2023 Net Sales
10
I
N
TERNATIONAL NORTH
AM
E
R
I
C
A
2024 CAGNY Conference
We’ve Been Reshaping Our Portfolio for Growth
11
Acquisitions
Divestitures
~20%
Europe
Turned Over Almost 20%
of Our Business Since F18
Increased Growth Exposure by More than 1 Point Since Fiscal 2018
2024 CAGNY Conference
Our Accelerate Strategy is Driving Strong Results
12
(1) Non-GAAP measure
(2) Constant-currency growth rates. Non-GAAP measures
(3) 5-year CGR = F18 to F23 compound growth rates. See appendix for reconciliation
5-year
CGR3
Reaffirming
Fiscal 2024
Guidance
Long-term
Algorithm
Organic Net Sales1 +5% -1% to Flat +2 to 3%
Adj. Op. Profit2 +6% +4 to 5% +MSD%
Adj. Diluted EPS2 +7% +4 to 5% +MSD to HSD%
2024 CAGNY Conference
Navigating an Evolving Operating Environment
13
Emerging Tailwinds
Current Headwinds
Value-seeking Behaviors
Geopolitical Uncertainty
Climate Volatility
Moderating Inflation
Stabilizing Supply Chains
Increasing U.S.
Consumer Confidence
2024 CAGNY Conference
Driving Long-term Sustainable Growth
14
Boldly Building
Brands
Unleashing
Our Scale
Relentlessly
Innovating
Standing
for Good
2024 CAGNY Conference
Long-term “Mega Trends”
15
Technology
Advancements
Climate
Change
Humanization
of Pet Food
Demographic
Shifts
2024 CAGNY Conference
Investing in Bold Brand Building
(1) Advertising and media expense (including production and communication costs)
$576
$810
F18 F23
Media Investment?
($ in Millions)
+41%
16
2024 CAGNY Conference
17
General Mills
Bold Brand Building
Video
2024 CAGNY Conference
Cheerios Hearts Campaign
18
2024 CAGNY Conference
19
Connecting to Consumers with Relevant Messages
2024 CAGNY Conference
Blue Buffalo’s Ingredient Superiority
Source: General Mills brand equity study fiscal 2024 Q2
20
Most Loved Natural
Pet Food Brand
1
#
Most Trusted Natural
Pet Food Brand
1
#
Most Recommended
Brand by Pet Parents
1
#
2024 CAGNY Conference
21
Blue Buffalo
Life Protection Formula
Advertising
2024 CAGNY Conference
Jan 27
2024
Dec 30
2023
Dec 2
2023
Nov 4
2023
Restored
Volume Growth
on Life Protection
Formula
22
Life Protection Formula
U.S. Dry Dog Food
Retail Pound Growth1
(1) NIQ xAOC. Rolling 4-week LPF U.S. dry dog food pound volume, % vs. LY
-MSD%
+HSD%
2024 CAGNY Conference
Relentlessly Innovating
23
Scaled
M&A
New
Products
Core
Expansion
Disruptive
Growth
2024 CAGNY Conference
Category-leading Innovation in Cereal
24
2024 CAGNY Conference
Exciting Innovation in Snacking
25
2024 CAGNY Conference
Innovating Across Meal Occasions
26
2024 CAGNY Conference
Driving Humanization in Pet
27
2024 CAGNY Conference
Expanding Blue Buffalo to China
(1) Euromonitor China Dog and Cat Food category retail sales value
28
$3.8
$7.6
2018 2023
China Dog and Cat Food Retail Sales1
($ in Billions)
+15% CGR
National Launch of
Blue Buffalo Wild Spirit
Large and Growing
Pet Food Category
2024 CAGNY Conference
“Always On” Portfolio Reshaping Capabilities
29
Disruptive Growth
Scaled M&A
Shareholder Value Creation
Improved Growth Exposure
Global Platforms, Core Markets
2024 CAGNY Conference
Unleashing Our Scale with Digital Capabilities
30
E-commerce
Data-driven
Marketing
Supply Chain
Digitization
2024 CAGNY Conference
E-commerce: Superior Execution at the Digital Shelf
31
Winning Search,
Content and Reviews
Advantaged
Online Position
Food &
Beverage
General
Mills
Percent of U.S. Retail Sales from E-commerce1,2
(1) eMarketer 2023 U.S. Food and Beverage online sales as a percent of total retail sales
(2) GIS E-commerce U.S retail sales, NIQ and other customer reporting, F24 YTD thru Dec
~7%
Mid-teens%
2024 CAGNY Conference
Data-driven Marketing: Creating Consumer Connections
32
Improved Effectiveness
Personalized Content
Data-driven Targeting
16MM
Average Monthly
Interactions
Optimized Incentives
2024 CAGNY Conference
Nature Valley Data-driven Marketing
33
1. Data-driven Targeting
4. Improved Effectiveness 3. Optimized Incentives
2. Personalized Content
Buyers of Private
Label Grain Bars
Rapid Message
Iteration
Connect Incentives
to Drive Purchase
+HSD% Lift in Ad
Effectiveness
2024 CAGNY Conference
Supply Chain Digitization: Accelerating HMM Cost Savings
34
Sourcing
Predict and Manage
Disruptions
Manufacturing
Real-time
Analytics
Logistics
Connected
Data
2024 CAGNY Conference
Standing for Good
(1) As of fiscal 2023
35
Our 10 Standing
for Good Commitments
Advancing Regenerative
Agriculture
~500,000 Acres
Engaged in Regenerative Agriculture1
2024 CAGNY Conference
Kofi Bruce
Chief Financial Officer
36
2024 CAGNY Conference
Four Levers to Drive Top-tier Shareholder Returns
(1) Non-GAAP measures
(2) Constant-currency growth rates
Sales
Growth
Margin
Expansion
Cash
Conversion
Cash
Returns
Cash Returns to Shareholders
~80 to 90%
Adj. Diluted EPS?
+MSD to HSD%?
Organic Net Sales?
+2 to 3%
Adj. Operating Profit?
+MSD%?
FCF Conversion?
95%+
37
2024 CAGNY Conference
(1) Non-GAAP measure. See appendix for reconciliation
Growing
Sales
Exceeded Long-term
Target of +2 to 3%
F18 F23
+5% CGR?
General Mills
Organic Net Sales?
38
2024 CAGNY Conference
Accelerated HMM Cost Savings Delivery
39
4%
3% 3%
5%
F10 - F21
Average
F22 F23 F24
Estimate
Long-term
Goal
~4%
of COGS
General Mills HMM Cost Savings as % of COGS
2024 CAGNY Conference
Gross Margin Roughly In Line
with Pre-pandemic Level
Margin Progress Creates Capacity for Re-investment
(1) Non-GAAP measure. See appendix for reconciliation
40
-0.3pts
34.5% 34.2%
F18 F23
? Elevated HMM Cost Savings
? Accelerated Removal of
Disruption-related Costs
? Strategic Revenue Management
General Mills Adjusted Gross Margin?
Levers of Top-tier
Margin Management
2024 CAGNY Conference
F18 F23
Growing
Profit
Delivered Long-term
Target of +MSD%
+6% CGR?
General Mills
Adjusted Operating Profit?
(1) Non-GAAP measure. Constant-currency growth rate. See appendix for reconciliation
41
2024 CAGNY Conference
$0.6
$0.4
-$0.2 -$0.2
-$0.4
-$0.3
F18 F19 F20 F21 F22 F23
Core Working Capital1
($ in Billions)
Delivered Long-term Working Capital Improvement
42
(1) Core Working Capital defined as accounts receivable plus inventories less accounts payable, all as of the last day of our fiscal year
Generated Nearly $1B in Cash
Through Core Working Capital Reduction
2024 CAGNY Conference
Converting
Earnings
to Cash
Exceeded Long-term
Target of 95%+
$6.0 $6.2
$7.7 $7.9
$8.4
$7.3
108% 109%
127% 120% 119%
98%
F16-F18 F17-F19 F18-F20 F19-F21 F20-F22 F21-F23
Free Cash Flow Free Cash Flow Conversion?
General Mills Free Cash Flow?
(3-Year Rolling, $ in Billions)
(1) Non-GAAP measures. See appendix for reconciliation
43
2024 CAGNY Conference
Long-term Capital Allocation Priorities
44
Priorities Long-term Goal
CAPEX ~4% of Net Sales
Dividend Growth Grow Dividend with Earnings
Strategic M&A Growth and Value-accretive M&A
Share Repurchases ~1 to 2% Average Annual Reduction
2024 CAGNY Conference
Returned More than $10 Billion to Shareholders Since F18
$1.96
$2.16
F18 F19 F20 F21 F22 F23
$0.5
$1.2
F18 F19 F20 F21 F22 F23
Dividends
($ per Share)
Net Share Repurchases
($ in Billions)
$2.8 Billion
Returned to Shareholders
$7.3 Billion
Returned to Shareholders
45
F19-F21 Deleveraging Post-
Blue Buffalo Acquisition
(1) F18 excludes equity issued as part of the Blue Buffalo acquisition
?
2024 CAGNY Conference
F18 F23
Growing
Earnings
Delivered Long-term
Target of +MSD to HSD%
+7% CGR?
General Mills
Adjusted Diluted EPS?
46
(1) Non-GAAP measure. Constant-currency growth rate. See appendix for reconciliation
2024 CAGNY Conference
Jan
2019
Jan
2020
Jan
2021
Jan
2022
Jan
2023
Jan
2024
General Mills Food Peer Median
Total Shareholder Return Index
(Stock Price Appreciation plus Dividends)
Delivered Double-digit Annual Shareholder Return
Source: FactSet. 5-year total shareholder return to 1/25/24
(1) Food Peer Median includes: BN-FR, CAG, CPB, HSY, K, KHC, MDLZ, NESN-CH and SJM
47
x175
x100
12%
Compound
Annual Return
x157
?
2024 CAGNY Conference
? Our Accelerate strategy has driven strong results
and returns for shareholders
? We are navigating short-term headwinds, while
investing to deliver long-term sustainable growth
? General Mills is positioned to continue driving
top-tier shareholder value
Key Messages
48
2024 CAGNY Conference
Appendix
49
2024 CAGNY Conference
A Reminder on Non-GAAP Guidance
Our fiscal 2024 outlook for organic net sales growth, constant-currency adjusted operating profit, adjusted
diluted EPS, and free cash flow are non-GAAP financial measures that exclude, or have otherwise been
adjusted for, items impacting comparability, including the effect of foreign currency exchange rate
fluctuations, restructuring charges and project-related costs, acquisition transaction and integration costs,
acquisitions, divestitures, and mark-to-market effects. We are not able to reconcile these forward-looking
non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures
without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the
actual impact of changes in foreign currency exchange rates and commodity prices or the timing or
impact of acquisitions, divestitures, and restructuring actions throughout fiscal 2024. The unavailable
information could have a significant impact on our fiscal 2024 GAAP financial results.
For fiscal 2024, we currently expect: foreign currency exchange rates (based on a blend of forward and
forecasted rates and hedge positions) and acquisitions and divestitures completed prior to fiscal 2024 will
have no material impact to net sales growth and restructuring charges to total approximately $45 million
to $50 million.
50
2024 CAGNY Conference 51
Reconciliation of Organic Net Sales
Compound Growth Rates
Reported Net
Sales Growth
Foreign
Exchange
Acquisitions
& Divestitures
53rd
Week
Organic Net
Sales Growth
2019 vs 2018 7% (2)pts 9pts - 0%
2020 vs 2019 5% (1)pt - 2 pts 4%
2021 vs 2020 3% 1pt - (2) pts 4%
2022 vs 2021 5% - (1)pt - 6%
2023 vs 2022 6% (1)pt (4)pts - 10%
5-year Ended F23 CGR 5% 5%
*Table may not foot due to rounding
(Fiscal Years, Percent Change)
2024 CAGNY Conference 52
Reconciliation of Adjusted Gross Margin
2023 2018
Percent of
Net Sales
Percent of
Net Sales
Gross margin as reported 32.6 % 34.5 %
Mark-to-market effects 1.5 % (0.2) %
Product recall, net 0.1 % - %
Restructuring charges - % 0.1 %
Project-related costs - % 0.1 %
Adjusted gross margin 34.2 % 34.5 %
(Fiscal Years)
*Table may not foot due to rounding
2024 CAGNY Conference 53
Reconciliation of Adjusted Operating Profit
Constant-currency Growth Rates
(Fiscal Years, $ in Millions)
2023 2022 Change 2022 2021 Change 2021 2020 Change 2020 2019 Change 2019 2018 Change
5-year
CGR
Operating profit as reported $3,433.8 $3,475.8 (1)% $3,475.8 $3,144.8 11% $3,144.8 $2,953.9 6% $2,953.9 $2,515.9 17% $ 2,515.9 $2,419.9 4% 7%
Divestitures (gain) loss (444.6) (194.1) (194.1) 53.5 53.5 - - 30.0 30.0 -
Mark-to-market effects 291.9 (133.1) (133.1) (138.8) (138.8) 24.7 24.7 36.0 36.0 (32.1)
Investment activity, net 84.0 14.7 14.7 (76.4) (76.4) 8.4 8.4 (22.8) (22.8) -
Restructuring charges (recoveries) 61.0 (23.2) (23.2) 172.7 172.7 50.2 50.2 77.6 77.6 82.7
Product recall, net 22.5 - - (3.5) (3.5) 19.3 19.3 - - -
Acquisition integration costs 5.9 22.4 22.4 - - - - 25.6 25.6 34.0
Project-related costs 2.4 - - - - 1.5 1.5 1.3 1.3 11.3
Transaction costs 0.4 72.8 72.8 9.5 9.5 - - - - -
Asset impairments - - - - - - - 207.4 207.4 96.9
Hyperinflationary accounting - - - - - - - 3.2 3.2 -
Legal recovery - - - - - - - (16.2) (16.2) -
Non-income tax recovery - (22.0) (22.0) (8.8) (8.8) - - - - -
Adjusted operating profit $3,457.3 $3,213.3 8% $3,213.3 $3,153.2 2% $3,153.2 $3,058.0 3% $3,058.0 $2,858.0 7% $2,858.0 $2,612.7 9% 6%
Foreign currency exchange impact Flat Flat 1 pt Flat (1) pt
Adjusted operating profit growth, 8% 2% 2% 7% 10% 6%
on a constant-currency basis
*Table may not foot due to rounding
2024 CAGNY Conference 54
Reconciliation of Adjusted Diluted EPS and Related
Constant-currency Growth Rates
(Fiscal Years, $ per Share)
*Table may not foot due to rounding
** See reconciliation of income taxes on adjusting items
2023 2022 Change 2022 2021 Change 2021 2020 Change 2020 2019 Change 2019 2018 Change
5-year
CGR
Diluted earnings per share, as reported $4.31 $4.42 (2)% $4.42 $3.78 17% $3.78 $3.56 6% $3.56 $2.90 23% $2.90 $3.64 (20)% 4%
Divestitures (gain) loss** (0.62) (0.31) (0.31) 0.04 0.04 - - 0.03 0.03 -
Mark-to-market effects** 0.37 (0.17) (0.17) (0.17) (0.17) 0.03 0.03 0.05 0.05 (0.04)
Investment activity, net** 0.11 0.01 0.01 (0.10) (0.10) - - (0.03) (0.03) -
Restructuring charges (recoveries)** 0.08 (0.03) (0.03) 0.22 0.22 0.06 0.06 0.10 0.10 0.11
Product recall, net** 0.03 - - - - 0.03 0.03 - - -
Acquisition integration costs** 0.01 0.03 0.03 - - - - 0.03 0.03 0.10
Tax items - (0.08) (0.08) 0.02 0.02 (0.09) (0.09) (0.12) (0.12) 0.07
Transaction costs** - 0.09 0.09 0.01 0.01 - - - - -
Asset impairments** - - - - - - - 0.26 0.26 0.11
Net tax benefit - - - - - - - (0.01) (0.01) (0.89)
Legal recovery** - - - - - - - (0.01) (0.01) -
CPW restructuring charges - - - - - 0.01 0.01 0.02 0.02 -
Project-related costs** - - - - - - - - - 0.01
Non-income tax recovery** - (0.02) (0.02) (0.01) (0.01) - - - - -
Adjusted diluted earnings per share $4.30 $3.94 9% $3.94 $3.79 4% $3.79 $3.61 5% $3.61 $3.22 12% $3.22 $3.11 4% 7%
Foreign currency exchange impact (1) pt Flat 1 pt Flat Flat
Adjusted diluted earnings per share growth, 10% 4% 4% 12% 4% 7%
on a constant-currency
2024 CAGNY Conference 55
Reconciliation of Free Cash Flow
and Free Cash Flow Conversion
(Fiscal Years, $ in Millions)
2023 2022 2021 2020 2019 2018 2017 2016
Net earnings, including earnings attributable to
redeemable and noncontrolling interests, as reported $ 2,610 $ 2,735 $ 2,346 $ 2,211 $ 1,786 $ 2,163 $ 1,701 $ 1,737
Divestitures (gain) loss** (371) (189) 53 - 16 - 9 (66)
Mark-to-market effects** 225 (102) (107) 19 28 (22) (9) (40)
Investment activity, net** 66 6 (61) 3 (18) - - -
Restructuring charges (recoveries)** 48 (17) 137 39 63 61 154 161
Product recall, net** 17 - (3) 17 - - - -
Acquisition integration costs** 5 17 - - 20 58 - -
Project-related costs** 2 - - 1 1 8 28 37
CPW restructuring charges 1 (1) 2 5 11 2 - -
Transaction costs** 0 56 7 - - - - -
Tax items - (51) 11 (53) (73) 41 - -
Legal Recovery** - - - - (11) - - -
Net tax benefit - - - - (7) (524) - -
Asset impairments** - - - - 160 65 - -
Hyperinflationary accounting** - - - - 3 - - -
Non-income tax recovery** - (14) (6) - - - - -
Adjusted net earnings, including earnings attributable
to redeemable and noncontrolling interests $ 2,602 $ 2,440 $ 2,380 $ 2,242 $ 1,980 $ 1,853 $ 1,884 $ 1,829
Net cash provided by operating activities $ 2,779 $ 3,316 $ 2,983 $ 3,676 $ 2,807 $ 2,841 $ 2,415 $ 2,764
Purchases of land, buildings, and equipment (690) (569) (531) (461) (538) (623) (684) (729)
Free cash flow $ 2,089 $ 2,747 $ 2,452 $ 3,215 $ 2,269 $ 2,218 $ 1,731 $ 2,035
Free cash flow conversion 80% 113% 103% 143% 115% 120% 92% 111%
Free cash flow, rolling 3-year $ 7,289 $ 8,415 $ 7,937 $ 7,703 $ 6,219 $ 5,984
Free cash flow conversion, rolling 3-year 98% 119% 120% 127% 109% 108%
*Table may not foot due to rounding
** See reconciliation of income taxes on adjusting items
2024 CAGNY Conference 56
Reconciliation of Net Debt-to-Adjusted EBITDA Ratio
(Fiscal Year, $ in Millions)
(a) Notes payable and long-term debt, including current portion.
*Table may not foot due to rounding
2023
Total debt (a) $ 11,705.9
Cash 585.5
Net debt $ 11,120.4
Net earnings, including earnings attributable to
$ 2,609.6
redeemable and noncontrolling interests, as reported
Income taxes 612.2
Interest, net 382.1
Depreciation and amortization 546.6
EBITDA $ 4,150.5
Mark-to-market effects 291.9
Investment activity, net 84.0
Restructuring charges (recoveries) 61.0
Product recall, net 22.5
Acquisition integration costs 5.9
Project-related costs 2.4
Transaction costs 0.4
After-tax earnings from joint ventures (81.3)
Divestitures gain, net (444.6)
Adjusted EBITDA $ 4,092.7
Net debt-to-adjusted-EBITDA ratio 2.7
2024 CAGNY Conference 57
Reconciliation of Income Taxes on Adjusting Items
(Fiscal Years, $ in Millions Except per Share Data)
*Table may not foot due to rounding
** Earnings before income taxes and after-tax earnings from joint ventures
2023 2022 2021 2020 2019 2018
Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income
Earnings** Taxes Earnings** Taxes Earnings** Taxes Earnings** Taxes Earnings** Taxes Earnings** Taxes
As reported $ 3,141 $ 612 $ 3,210 $ 586 $ 2,857 $ 629 $ 2,600 $ 480 $ 2,082 $ 368 $ 2,136 $ 57
Divestitures (gain) loss (445) (73) (194) (5) 54 0 - - 30 14 - -
Mark-to-market effects 292 67 (133) (31) (139) (32) 25 6 36 8 (32) (10)
Investment activity, net 84 18 15 9 (76) (16) 8 5 (23) (5) - -
Restructuring charges (recoveries) 61 13 (23) (6) 173 36 50 11 78 15 83 21
Product recall, net 22 5 - - (4) 0 19 2 - - - -
Acquisition integration costs 6 1 22 5 - - - - 26 6 84 25
Tax items - - - 51 - (11) - 53 - 73 - (41)
Transaction costs 0 0 73 16 10 2 - - - - - -
Asset Impairments - - - - - - - - 207 48 97 32
Net Tax Benefit - - - - - - - - - 7 - 524
Legal Recovery - - - - - - - - (16) (5) - -
Project-related costs 2 1 - - - - 2 0 1 0 11 3
Non-income tax recovery - - (22) (8) (9) (3) - - - - - -
Hyperinflationary accounting - - - - - - - - 3 - - -
As adjusted $ 3,164 $ 644 $ 2,947 $ 617 $ 2,866 $ 605 $ 2,704 $ 558 $ 2,424 $ 528 $ 2,378 $ 612
Sum of adjustment to income taxes $ 32.0 $ 31.1 $ (24.0) $ 78.0 $ 159.8 $ 554.7
Average number of common shares -
diluted EPS 601.2 612.6 619.1 613.3 605.4 585.7
Impact of income tax adjustments on
adjusted diluted EPS $ (0.05) $ (0.05) $ 0.04 $ (0.13) $ (0.26) $ (0.95)

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General Mills Presentation at CAGNY 2024

  • 1. 2024 CAGNY Conference CAGNY 2024 February 20, 2024
  • 2. 2024 CAGNY Conference Jeff Harmening Chairman and Chief Executive Officer 2
  • 3. 2024 CAGNY Conference A Reminder on Forward-looking Statements 3 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of critical accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health- related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.
  • 4. 2024 CAGNY Conference ? Our Accelerate strategy has driven strong results and returns for shareholders ? We are navigating short-term headwinds, while investing to deliver long-term sustainable growth ? General Mills is positioned to continue driving top-tier shareholder value Key Messages 4
  • 6. 2024 CAGNY Conference Provider of Natural & Organic Packaged Food in the U.S.? #1 Making Food the World Loves for More than 150 Years (1) Includes food for both humans and pets. Source: SPINS 52 weeks ending 10/8/2023 6 Fiscal 2023 Net Sales $20 Billion Billion Dollar Brands Nine Employees Worldwide ~34,000 Best Employers for New Grads World’s Top Companies for Women America’s Best Large Employers FORBES 2023
  • 7. 2024 CAGNY Conference An Experienced Senior Leadership Team 7
  • 8. 2024 CAGNY Conference Our Accelerate Strategy (1) Non-GAAP measures (2) Constant-currency growth rates 8 Our Purpose Where to Play Core Markets Global Platforms Local Gems Portfolio Reshaping How to Win Boldly Building Brands Relentlessly Innovating Unleashing Our Scale Standing for Good Shareholder Value Organic Net Sales1 +2 to 3% Adj. Op. Profit1 +MSD%2 Adj. Diluted EPS1 +MSD to HSD%2 Maintain Capital Discipline
  • 9. 2024 CAGNY Conference Meeting Consumers’ Varying Needs Five Global Platforms Mexican Food Ice Cream Snack Bars Pet Food Cereal 9 SNAC K S Fiscal 2023 Net Sales C E R E A L CONVENIENT MEALS P ET FOOD D O U G H B A K I N G Y O GURT ICE CREAM
  • 10. 2024 CAGNY Conference Focused on Eight Core Markets Eight Core Markets Fiscal 2023 Net Sales 10 I N TERNATIONAL NORTH AM E R I C A
  • 11. 2024 CAGNY Conference We’ve Been Reshaping Our Portfolio for Growth 11 Acquisitions Divestitures ~20% Europe Turned Over Almost 20% of Our Business Since F18 Increased Growth Exposure by More than 1 Point Since Fiscal 2018
  • 12. 2024 CAGNY Conference Our Accelerate Strategy is Driving Strong Results 12 (1) Non-GAAP measure (2) Constant-currency growth rates. Non-GAAP measures (3) 5-year CGR = F18 to F23 compound growth rates. See appendix for reconciliation 5-year CGR3 Reaffirming Fiscal 2024 Guidance Long-term Algorithm Organic Net Sales1 +5% -1% to Flat +2 to 3% Adj. Op. Profit2 +6% +4 to 5% +MSD% Adj. Diluted EPS2 +7% +4 to 5% +MSD to HSD%
  • 13. 2024 CAGNY Conference Navigating an Evolving Operating Environment 13 Emerging Tailwinds Current Headwinds Value-seeking Behaviors Geopolitical Uncertainty Climate Volatility Moderating Inflation Stabilizing Supply Chains Increasing U.S. Consumer Confidence
  • 14. 2024 CAGNY Conference Driving Long-term Sustainable Growth 14 Boldly Building Brands Unleashing Our Scale Relentlessly Innovating Standing for Good
  • 15. 2024 CAGNY Conference Long-term “Mega Trends” 15 Technology Advancements Climate Change Humanization of Pet Food Demographic Shifts
  • 16. 2024 CAGNY Conference Investing in Bold Brand Building (1) Advertising and media expense (including production and communication costs) $576 $810 F18 F23 Media Investment? ($ in Millions) +41% 16
  • 17. 2024 CAGNY Conference 17 General Mills Bold Brand Building Video
  • 18. 2024 CAGNY Conference Cheerios Hearts Campaign 18
  • 19. 2024 CAGNY Conference 19 Connecting to Consumers with Relevant Messages
  • 20. 2024 CAGNY Conference Blue Buffalo’s Ingredient Superiority Source: General Mills brand equity study fiscal 2024 Q2 20 Most Loved Natural Pet Food Brand 1 # Most Trusted Natural Pet Food Brand 1 # Most Recommended Brand by Pet Parents 1 #
  • 21. 2024 CAGNY Conference 21 Blue Buffalo Life Protection Formula Advertising
  • 22. 2024 CAGNY Conference Jan 27 2024 Dec 30 2023 Dec 2 2023 Nov 4 2023 Restored Volume Growth on Life Protection Formula 22 Life Protection Formula U.S. Dry Dog Food Retail Pound Growth1 (1) NIQ xAOC. Rolling 4-week LPF U.S. dry dog food pound volume, % vs. LY -MSD% +HSD%
  • 23. 2024 CAGNY Conference Relentlessly Innovating 23 Scaled M&A New Products Core Expansion Disruptive Growth
  • 24. 2024 CAGNY Conference Category-leading Innovation in Cereal 24
  • 25. 2024 CAGNY Conference Exciting Innovation in Snacking 25
  • 26. 2024 CAGNY Conference Innovating Across Meal Occasions 26
  • 27. 2024 CAGNY Conference Driving Humanization in Pet 27
  • 28. 2024 CAGNY Conference Expanding Blue Buffalo to China (1) Euromonitor China Dog and Cat Food category retail sales value 28 $3.8 $7.6 2018 2023 China Dog and Cat Food Retail Sales1 ($ in Billions) +15% CGR National Launch of Blue Buffalo Wild Spirit Large and Growing Pet Food Category
  • 29. 2024 CAGNY Conference “Always On” Portfolio Reshaping Capabilities 29 Disruptive Growth Scaled M&A Shareholder Value Creation Improved Growth Exposure Global Platforms, Core Markets
  • 30. 2024 CAGNY Conference Unleashing Our Scale with Digital Capabilities 30 E-commerce Data-driven Marketing Supply Chain Digitization
  • 31. 2024 CAGNY Conference E-commerce: Superior Execution at the Digital Shelf 31 Winning Search, Content and Reviews Advantaged Online Position Food & Beverage General Mills Percent of U.S. Retail Sales from E-commerce1,2 (1) eMarketer 2023 U.S. Food and Beverage online sales as a percent of total retail sales (2) GIS E-commerce U.S retail sales, NIQ and other customer reporting, F24 YTD thru Dec ~7% Mid-teens%
  • 32. 2024 CAGNY Conference Data-driven Marketing: Creating Consumer Connections 32 Improved Effectiveness Personalized Content Data-driven Targeting 16MM Average Monthly Interactions Optimized Incentives
  • 33. 2024 CAGNY Conference Nature Valley Data-driven Marketing 33 1. Data-driven Targeting 4. Improved Effectiveness 3. Optimized Incentives 2. Personalized Content Buyers of Private Label Grain Bars Rapid Message Iteration Connect Incentives to Drive Purchase +HSD% Lift in Ad Effectiveness
  • 34. 2024 CAGNY Conference Supply Chain Digitization: Accelerating HMM Cost Savings 34 Sourcing Predict and Manage Disruptions Manufacturing Real-time Analytics Logistics Connected Data
  • 35. 2024 CAGNY Conference Standing for Good (1) As of fiscal 2023 35 Our 10 Standing for Good Commitments Advancing Regenerative Agriculture ~500,000 Acres Engaged in Regenerative Agriculture1
  • 36. 2024 CAGNY Conference Kofi Bruce Chief Financial Officer 36
  • 37. 2024 CAGNY Conference Four Levers to Drive Top-tier Shareholder Returns (1) Non-GAAP measures (2) Constant-currency growth rates Sales Growth Margin Expansion Cash Conversion Cash Returns Cash Returns to Shareholders ~80 to 90% Adj. Diluted EPS? +MSD to HSD%? Organic Net Sales? +2 to 3% Adj. Operating Profit? +MSD%? FCF Conversion? 95%+ 37
  • 38. 2024 CAGNY Conference (1) Non-GAAP measure. See appendix for reconciliation Growing Sales Exceeded Long-term Target of +2 to 3% F18 F23 +5% CGR? General Mills Organic Net Sales? 38
  • 39. 2024 CAGNY Conference Accelerated HMM Cost Savings Delivery 39 4% 3% 3% 5% F10 - F21 Average F22 F23 F24 Estimate Long-term Goal ~4% of COGS General Mills HMM Cost Savings as % of COGS
  • 40. 2024 CAGNY Conference Gross Margin Roughly In Line with Pre-pandemic Level Margin Progress Creates Capacity for Re-investment (1) Non-GAAP measure. See appendix for reconciliation 40 -0.3pts 34.5% 34.2% F18 F23 ? Elevated HMM Cost Savings ? Accelerated Removal of Disruption-related Costs ? Strategic Revenue Management General Mills Adjusted Gross Margin? Levers of Top-tier Margin Management
  • 41. 2024 CAGNY Conference F18 F23 Growing Profit Delivered Long-term Target of +MSD% +6% CGR? General Mills Adjusted Operating Profit? (1) Non-GAAP measure. Constant-currency growth rate. See appendix for reconciliation 41
  • 42. 2024 CAGNY Conference $0.6 $0.4 -$0.2 -$0.2 -$0.4 -$0.3 F18 F19 F20 F21 F22 F23 Core Working Capital1 ($ in Billions) Delivered Long-term Working Capital Improvement 42 (1) Core Working Capital defined as accounts receivable plus inventories less accounts payable, all as of the last day of our fiscal year Generated Nearly $1B in Cash Through Core Working Capital Reduction
  • 43. 2024 CAGNY Conference Converting Earnings to Cash Exceeded Long-term Target of 95%+ $6.0 $6.2 $7.7 $7.9 $8.4 $7.3 108% 109% 127% 120% 119% 98% F16-F18 F17-F19 F18-F20 F19-F21 F20-F22 F21-F23 Free Cash Flow Free Cash Flow Conversion? General Mills Free Cash Flow? (3-Year Rolling, $ in Billions) (1) Non-GAAP measures. See appendix for reconciliation 43
  • 44. 2024 CAGNY Conference Long-term Capital Allocation Priorities 44 Priorities Long-term Goal CAPEX ~4% of Net Sales Dividend Growth Grow Dividend with Earnings Strategic M&A Growth and Value-accretive M&A Share Repurchases ~1 to 2% Average Annual Reduction
  • 45. 2024 CAGNY Conference Returned More than $10 Billion to Shareholders Since F18 $1.96 $2.16 F18 F19 F20 F21 F22 F23 $0.5 $1.2 F18 F19 F20 F21 F22 F23 Dividends ($ per Share) Net Share Repurchases ($ in Billions) $2.8 Billion Returned to Shareholders $7.3 Billion Returned to Shareholders 45 F19-F21 Deleveraging Post- Blue Buffalo Acquisition (1) F18 excludes equity issued as part of the Blue Buffalo acquisition ?
  • 46. 2024 CAGNY Conference F18 F23 Growing Earnings Delivered Long-term Target of +MSD to HSD% +7% CGR? General Mills Adjusted Diluted EPS? 46 (1) Non-GAAP measure. Constant-currency growth rate. See appendix for reconciliation
  • 47. 2024 CAGNY Conference Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024 General Mills Food Peer Median Total Shareholder Return Index (Stock Price Appreciation plus Dividends) Delivered Double-digit Annual Shareholder Return Source: FactSet. 5-year total shareholder return to 1/25/24 (1) Food Peer Median includes: BN-FR, CAG, CPB, HSY, K, KHC, MDLZ, NESN-CH and SJM 47 x175 x100 12% Compound Annual Return x157 ?
  • 48. 2024 CAGNY Conference ? Our Accelerate strategy has driven strong results and returns for shareholders ? We are navigating short-term headwinds, while investing to deliver long-term sustainable growth ? General Mills is positioned to continue driving top-tier shareholder value Key Messages 48
  • 50. 2024 CAGNY Conference A Reminder on Non-GAAP Guidance Our fiscal 2024 outlook for organic net sales growth, constant-currency adjusted operating profit, adjusted diluted EPS, and free cash flow are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, restructuring charges and project-related costs, acquisition transaction and integration costs, acquisitions, divestitures, and mark-to-market effects. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures, and restructuring actions throughout fiscal 2024. The unavailable information could have a significant impact on our fiscal 2024 GAAP financial results. For fiscal 2024, we currently expect: foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions) and acquisitions and divestitures completed prior to fiscal 2024 will have no material impact to net sales growth and restructuring charges to total approximately $45 million to $50 million. 50
  • 51. 2024 CAGNY Conference 51 Reconciliation of Organic Net Sales Compound Growth Rates Reported Net Sales Growth Foreign Exchange Acquisitions & Divestitures 53rd Week Organic Net Sales Growth 2019 vs 2018 7% (2)pts 9pts - 0% 2020 vs 2019 5% (1)pt - 2 pts 4% 2021 vs 2020 3% 1pt - (2) pts 4% 2022 vs 2021 5% - (1)pt - 6% 2023 vs 2022 6% (1)pt (4)pts - 10% 5-year Ended F23 CGR 5% 5% *Table may not foot due to rounding (Fiscal Years, Percent Change)
  • 52. 2024 CAGNY Conference 52 Reconciliation of Adjusted Gross Margin 2023 2018 Percent of Net Sales Percent of Net Sales Gross margin as reported 32.6 % 34.5 % Mark-to-market effects 1.5 % (0.2) % Product recall, net 0.1 % - % Restructuring charges - % 0.1 % Project-related costs - % 0.1 % Adjusted gross margin 34.2 % 34.5 % (Fiscal Years) *Table may not foot due to rounding
  • 53. 2024 CAGNY Conference 53 Reconciliation of Adjusted Operating Profit Constant-currency Growth Rates (Fiscal Years, $ in Millions) 2023 2022 Change 2022 2021 Change 2021 2020 Change 2020 2019 Change 2019 2018 Change 5-year CGR Operating profit as reported $3,433.8 $3,475.8 (1)% $3,475.8 $3,144.8 11% $3,144.8 $2,953.9 6% $2,953.9 $2,515.9 17% $ 2,515.9 $2,419.9 4% 7% Divestitures (gain) loss (444.6) (194.1) (194.1) 53.5 53.5 - - 30.0 30.0 - Mark-to-market effects 291.9 (133.1) (133.1) (138.8) (138.8) 24.7 24.7 36.0 36.0 (32.1) Investment activity, net 84.0 14.7 14.7 (76.4) (76.4) 8.4 8.4 (22.8) (22.8) - Restructuring charges (recoveries) 61.0 (23.2) (23.2) 172.7 172.7 50.2 50.2 77.6 77.6 82.7 Product recall, net 22.5 - - (3.5) (3.5) 19.3 19.3 - - - Acquisition integration costs 5.9 22.4 22.4 - - - - 25.6 25.6 34.0 Project-related costs 2.4 - - - - 1.5 1.5 1.3 1.3 11.3 Transaction costs 0.4 72.8 72.8 9.5 9.5 - - - - - Asset impairments - - - - - - - 207.4 207.4 96.9 Hyperinflationary accounting - - - - - - - 3.2 3.2 - Legal recovery - - - - - - - (16.2) (16.2) - Non-income tax recovery - (22.0) (22.0) (8.8) (8.8) - - - - - Adjusted operating profit $3,457.3 $3,213.3 8% $3,213.3 $3,153.2 2% $3,153.2 $3,058.0 3% $3,058.0 $2,858.0 7% $2,858.0 $2,612.7 9% 6% Foreign currency exchange impact Flat Flat 1 pt Flat (1) pt Adjusted operating profit growth, 8% 2% 2% 7% 10% 6% on a constant-currency basis *Table may not foot due to rounding
  • 54. 2024 CAGNY Conference 54 Reconciliation of Adjusted Diluted EPS and Related Constant-currency Growth Rates (Fiscal Years, $ per Share) *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items 2023 2022 Change 2022 2021 Change 2021 2020 Change 2020 2019 Change 2019 2018 Change 5-year CGR Diluted earnings per share, as reported $4.31 $4.42 (2)% $4.42 $3.78 17% $3.78 $3.56 6% $3.56 $2.90 23% $2.90 $3.64 (20)% 4% Divestitures (gain) loss** (0.62) (0.31) (0.31) 0.04 0.04 - - 0.03 0.03 - Mark-to-market effects** 0.37 (0.17) (0.17) (0.17) (0.17) 0.03 0.03 0.05 0.05 (0.04) Investment activity, net** 0.11 0.01 0.01 (0.10) (0.10) - - (0.03) (0.03) - Restructuring charges (recoveries)** 0.08 (0.03) (0.03) 0.22 0.22 0.06 0.06 0.10 0.10 0.11 Product recall, net** 0.03 - - - - 0.03 0.03 - - - Acquisition integration costs** 0.01 0.03 0.03 - - - - 0.03 0.03 0.10 Tax items - (0.08) (0.08) 0.02 0.02 (0.09) (0.09) (0.12) (0.12) 0.07 Transaction costs** - 0.09 0.09 0.01 0.01 - - - - - Asset impairments** - - - - - - - 0.26 0.26 0.11 Net tax benefit - - - - - - - (0.01) (0.01) (0.89) Legal recovery** - - - - - - - (0.01) (0.01) - CPW restructuring charges - - - - - 0.01 0.01 0.02 0.02 - Project-related costs** - - - - - - - - - 0.01 Non-income tax recovery** - (0.02) (0.02) (0.01) (0.01) - - - - - Adjusted diluted earnings per share $4.30 $3.94 9% $3.94 $3.79 4% $3.79 $3.61 5% $3.61 $3.22 12% $3.22 $3.11 4% 7% Foreign currency exchange impact (1) pt Flat 1 pt Flat Flat Adjusted diluted earnings per share growth, 10% 4% 4% 12% 4% 7% on a constant-currency
  • 55. 2024 CAGNY Conference 55 Reconciliation of Free Cash Flow and Free Cash Flow Conversion (Fiscal Years, $ in Millions) 2023 2022 2021 2020 2019 2018 2017 2016 Net earnings, including earnings attributable to redeemable and noncontrolling interests, as reported $ 2,610 $ 2,735 $ 2,346 $ 2,211 $ 1,786 $ 2,163 $ 1,701 $ 1,737 Divestitures (gain) loss** (371) (189) 53 - 16 - 9 (66) Mark-to-market effects** 225 (102) (107) 19 28 (22) (9) (40) Investment activity, net** 66 6 (61) 3 (18) - - - Restructuring charges (recoveries)** 48 (17) 137 39 63 61 154 161 Product recall, net** 17 - (3) 17 - - - - Acquisition integration costs** 5 17 - - 20 58 - - Project-related costs** 2 - - 1 1 8 28 37 CPW restructuring charges 1 (1) 2 5 11 2 - - Transaction costs** 0 56 7 - - - - - Tax items - (51) 11 (53) (73) 41 - - Legal Recovery** - - - - (11) - - - Net tax benefit - - - - (7) (524) - - Asset impairments** - - - - 160 65 - - Hyperinflationary accounting** - - - - 3 - - - Non-income tax recovery** - (14) (6) - - - - - Adjusted net earnings, including earnings attributable to redeemable and noncontrolling interests $ 2,602 $ 2,440 $ 2,380 $ 2,242 $ 1,980 $ 1,853 $ 1,884 $ 1,829 Net cash provided by operating activities $ 2,779 $ 3,316 $ 2,983 $ 3,676 $ 2,807 $ 2,841 $ 2,415 $ 2,764 Purchases of land, buildings, and equipment (690) (569) (531) (461) (538) (623) (684) (729) Free cash flow $ 2,089 $ 2,747 $ 2,452 $ 3,215 $ 2,269 $ 2,218 $ 1,731 $ 2,035 Free cash flow conversion 80% 113% 103% 143% 115% 120% 92% 111% Free cash flow, rolling 3-year $ 7,289 $ 8,415 $ 7,937 $ 7,703 $ 6,219 $ 5,984 Free cash flow conversion, rolling 3-year 98% 119% 120% 127% 109% 108% *Table may not foot due to rounding ** See reconciliation of income taxes on adjusting items
  • 56. 2024 CAGNY Conference 56 Reconciliation of Net Debt-to-Adjusted EBITDA Ratio (Fiscal Year, $ in Millions) (a) Notes payable and long-term debt, including current portion. *Table may not foot due to rounding 2023 Total debt (a) $ 11,705.9 Cash 585.5 Net debt $ 11,120.4 Net earnings, including earnings attributable to $ 2,609.6 redeemable and noncontrolling interests, as reported Income taxes 612.2 Interest, net 382.1 Depreciation and amortization 546.6 EBITDA $ 4,150.5 Mark-to-market effects 291.9 Investment activity, net 84.0 Restructuring charges (recoveries) 61.0 Product recall, net 22.5 Acquisition integration costs 5.9 Project-related costs 2.4 Transaction costs 0.4 After-tax earnings from joint ventures (81.3) Divestitures gain, net (444.6) Adjusted EBITDA $ 4,092.7 Net debt-to-adjusted-EBITDA ratio 2.7
  • 57. 2024 CAGNY Conference 57 Reconciliation of Income Taxes on Adjusting Items (Fiscal Years, $ in Millions Except per Share Data) *Table may not foot due to rounding ** Earnings before income taxes and after-tax earnings from joint ventures 2023 2022 2021 2020 2019 2018 Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Earnings** Taxes Earnings** Taxes Earnings** Taxes Earnings** Taxes Earnings** Taxes Earnings** Taxes As reported $ 3,141 $ 612 $ 3,210 $ 586 $ 2,857 $ 629 $ 2,600 $ 480 $ 2,082 $ 368 $ 2,136 $ 57 Divestitures (gain) loss (445) (73) (194) (5) 54 0 - - 30 14 - - Mark-to-market effects 292 67 (133) (31) (139) (32) 25 6 36 8 (32) (10) Investment activity, net 84 18 15 9 (76) (16) 8 5 (23) (5) - - Restructuring charges (recoveries) 61 13 (23) (6) 173 36 50 11 78 15 83 21 Product recall, net 22 5 - - (4) 0 19 2 - - - - Acquisition integration costs 6 1 22 5 - - - - 26 6 84 25 Tax items - - - 51 - (11) - 53 - 73 - (41) Transaction costs 0 0 73 16 10 2 - - - - - - Asset Impairments - - - - - - - - 207 48 97 32 Net Tax Benefit - - - - - - - - - 7 - 524 Legal Recovery - - - - - - - - (16) (5) - - Project-related costs 2 1 - - - - 2 0 1 0 11 3 Non-income tax recovery - - (22) (8) (9) (3) - - - - - - Hyperinflationary accounting - - - - - - - - 3 - - - As adjusted $ 3,164 $ 644 $ 2,947 $ 617 $ 2,866 $ 605 $ 2,704 $ 558 $ 2,424 $ 528 $ 2,378 $ 612 Sum of adjustment to income taxes $ 32.0 $ 31.1 $ (24.0) $ 78.0 $ 159.8 $ 554.7 Average number of common shares - diluted EPS 601.2 612.6 619.1 613.3 605.4 585.7 Impact of income tax adjustments on adjusted diluted EPS $ (0.05) $ (0.05) $ 0.04 $ (0.13) $ (0.26) $ (0.95)
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