- Net sales increased 7 percent to $4.7 billion; organic net
sales1 were up 7 percent
- Operating profit increased 13 percent to $917 million;
constant-currency adjusted operating profit was up 6
percent
- Diluted earnings per share (EPS) totaled $1.11, up 17
percent from the prior year; adjusted diluted EPS of $1.06
increased 9 percent in constant currency
- Company outlines expectations for continued strong top- and
bottom-line growth in the third quarter and updates outlook for
full-year adjusted operating profit margin
¹ Please see Note 6 to the Consolidated Financial Statements
below for reconciliation of this and other non-GAAP measures used
in this release.
General Mills (NYSE: GIS) today reported results for the second
quarter ended November 29, 2020.
“We executed very well again in the second quarter, driving
strong performance on the top and bottom lines,” said General Mills
Chairman and Chief Executive Officer Jeff Harmening. “In this
dynamic environment, I’m proud of the way we’re taking care of our
people and serving our consumers with brands they love and trust.
We strongly believe that the work we’re doing today to strengthen
our brands and capabilities and deepen our connection with
consumers will translate to profitable growth and shareholder value
creation for the long term.”
Second Quarter Results
Summary
- Net sales increased 7 percent to $4.7 billion and
organic net sales were also up 7 percent, reflecting broad-based
market share gains amid elevated at-home food demand resulting from
the COVID-19 pandemic.
- Gross margin increased 100 basis points to 36.5 percent
of net sales, driven by favorable net price realization and mix,
lower mark-to-market expenses, and lower restructuring charges
recorded in cost of sales, partially offset by higher input costs,
including costs to secure incremental capacity, as well as the
comparison to the prior-year period that included favorable
manufacturing leverage. Adjusted gross margin increased 20 basis
points to 35.5 percent of net sales, driven by favorable net price
realization and mix, partially offset by higher input costs,
including costs to secure incremental capacity, as well as the
comparison to the prior-year period that included favorable
manufacturing leverage.
- Operating profit of $917 million was up 13 percent,
primarily driven by higher gross profit dollars and a net gain on
investment activity, partially offset by higher selling, general,
and administrative (SG&A) expenses, including higher media
investment. Operating profit margin of 19.4 percent
increased 110 basis points. Constant-currency adjusted operating
profit increased 6 percent, driven by higher adjusted gross profit
dollars, partially offset by higher SG&A expenses, including
higher media investment. Adjusted operating profit margin decreased
10 basis points to 18.3 percent.
- Net earnings attributable to General Mills increased 19
percent to $688 million and diluted EPS increased 17 percent
to $1.11, primarily reflecting higher operating profit, lower net
interest expense, and higher after-tax earnings from joint
ventures. Adjusted diluted EPS totaled $1.06, up 9 percent in
constant currency, primarily driven by higher adjusted operating
profit, lower net interest expense, and higher after-tax earnings
from joint ventures.
Six Month Results
Summary
- Net sales increased 8 percent to $9.1 billion and
organic net sales also increased 8 percent, reflecting positive
pound volume and favorable net price realization and mix.
- Gross margin increased 140 basis points to 36.5 percent
of net sales, driven by favorable net price realization and mix,
lower mark-to-market expenses, and lower restructuring charges
recorded in cost of sales, partially offset by higher input costs.
Adjusted gross margin increased 60 basis points to 35.9 percent of
net sales, driven by favorable net price realization and mix,
partially offset by higher input costs.
- Operating profit of $1.8 billion increased 20 percent,
primarily driven by higher gross profit dollars, partially offset
by higher SG&A expenses, including higher media investment.
Operating profit margin of 19.5 percent was up 200 basis
points. Adjusted operating profit of $1.7 billion increased 13
percent in constant currency, driven by higher constant-currency
adjusted gross profit dollars, partially offset by higher SG&A
expenses, including higher media investment. Adjusted operating
profit margin increased 90 basis points to 18.7 percent.
- Net earnings attributable to General Mills increased 21
percent to $1.3 billion and diluted EPS of $2.14 increased
19 percent, primarily reflecting higher operating profit, lower net
interest expense, and higher after-tax earnings from joint
ventures, partially offset by a higher effective tax rate and
higher average diluted shares outstanding. Adjusted diluted EPS of
$2.06 was up 17 percent in constant currency, primarily driven by
higher adjusted operating profit, higher after-tax earnings from
joint ventures, and lower net interest expense, partially offset by
higher average diluted shares outstanding and a higher adjusted
effective tax rate.
Operating Segment
Results
Note: Tables may not foot due to rounding.
Components of Fiscal 2021
Reported Net Sales Growth
Second Quarter
Volume
Price/Mix
Foreign Exchange
Reported Net Sales
North America Retail
10 pts
(1) pt
--
9%
Pet
15 pts
4 pts
--
18%
Convenience Stores & Foodservice
(12) pts
(2) pts
--
(14)%
Europe & Australia
(1) pt
3 pts
6 pts
8%
Asia & Latin America
8 pts
1 pt
(5) pts
5%
Total
4 pts
3 pts
--
7%
Six Months
North America Retail
13 pts
(2) pts
--
11%
Pet
13 pts
--
--
13%
Convenience Stores & Foodservice
(11) pts
(3) pts
--
(13)%
Europe & Australia
(1) pt
5 pts
4 pts
8%
Asia & Latin America
14 pts
(1) pt
(7) pts
6%
Total
5 pts
3 pts
--
8%
Components of Fiscal 2021
Organic Net Sales Growth
Second Quarter
Organic Volume
Organic Price/Mix
Organic Net Sales
Foreign Exchange
Acquisitions &
Divestitures
Reported Net Sales
North America Retail
10 pts
(1) pt
9%
--
--
9%
Pet
15 pts
4 pts
18%
--
--
18%
Convenience Stores & Foodservice
(12) pts
(2) pts
(14)%
--
--
(14)%
Europe & Australia
--
3 pts
3%
6 pts
(1) pt
8%
Asia & Latin America
8 pts
1 pt
10%
(5) pts
--
5%
Total
4 pts
3 pts
7%
--
--
7%
Six Months
North America Retail
13 pts
(2) pts
12%
--
--
11%
Pet
13 pts
--
13%
--
--
13%
Convenience Stores & Foodservice
(11) pts
(3) pts
(13)%
--
--
(13)%
Europe & Australia
--
5 pts
5%
4 pts
(1) pt
8%
Asia & Latin America
14 pts
(1) pt
13%
(7) pts
--
6%
Total
6 pts
3 pts
8%
--
--
8%
Fiscal 2021 Segment Operating
Profit Growth
Second Quarter
% Change as Reported
% Change in Constant
Currency
North America Retail
9%
9%
Pet
48%
48%
Convenience Stores & Foodservice
(32)%
(32)%
Europe & Australia
14%
7%
Asia & Latin America
25%
8%
Total
8%
7%
Six Months
North America Retail
16%
16%
Pet
30%
30%
Convenience Stores & Foodservice
(28)%
(28)%
Europe & Australia
51%
45%
Asia & Latin America
46%
26%
Total
14%
13%
North America Retail Segment
Second-quarter net sales for General Mills’ North America Retail
segment increased 9 percent to $2.92 billion, reflecting positive
competitive performance amid elevated demand for food at home due
to the pandemic, including stable or growing market share in both
the U.S. and Canada. Organic net sales also increased 9 percent,
including 10 points of benefit from higher organic pound volume and
a 1-point headwind from unfavorable organic net price realization
and mix, driven by product mix. Net sales increased 18 percent in
U.S. Meals & Baking, 7 percent in Canada, 4 percent in U.S.
Cereal, and 3 percent in U.S. Yogurt. U.S. Snacks net sales were
down 2 percent. Segment operating profit increased 9 percent to
$702 million, primarily driven by higher volume and fixed cost
leverage in the supply chain, partially offset by higher
operational costs to service demand, the comparison to the
prior-year period that included a timing-related manufacturing
benefit, and higher media and other SG&A expenses.
Through six months, North America Retail segment net sales
increased 11 percent to $5.63 billion. Organic net sales were up 12
percent. The segment continued to compete effectively, with
year-to-date market share growth in both the U.S. and Canada,
including stable or growing market share in 8 of its 10 largest
U.S. categories. Segment operating profit totaled $1.40 billion, up
16 percent from a year ago primarily due to higher volume and fixed
cost leverage in the supply chain, partially offset by higher
operational costs to service demand, unfavorable product mix, and
higher media and other SG&A expenses.
Pet Segment
Second-quarter net sales for the Pet segment increased 18
percent to $460 million, including positive contributions from
volume growth and favorable net price realization and mix. Net
sales growth was driven by all-channel retail sales that were
estimated to be up double digits and an estimated mid single-digit
benefit from increased retail inventory in the quarter. The BLUE
brand continued to win with pet parents across sub-segments, with
double-digit net sales growth for both dog food and cat food, more
than 25 percent growth for wet food, and approximately 40 percent
growth for treats. Segment operating profit increased 48 percent to
$119 million, primarily driven by higher volume, favorable net
price realization and mix, and benefits from Holistic Margin
Management (HMM) cost savings, partially offset by higher media
investment.
Through six months, Pet segment net sales increased 13 percent
to $852 million, driven by positive contributions from volume
growth. The BLUE brand continued to gain market share in measured
channels in the first half of the year. Segment operating profit
increased 30 percent to $210 million, primarily driven by higher
volume and benefits from HMM cost savings, partially offset by
higher media investment.
Convenience Stores & Foodservice
Segment
Second-quarter net sales for the Convenience Stores &
Foodservice segment declined 14 percent to $440 million, reflecting
reduced away-from-home food demand related to the pandemic. Lower
consumer traffic and other virus-related restrictions negatively
impacted the segment’s key away-from-home channels including
restaurants, schools, lodging, and convenience stores. Segment
operating profit of $78 million was down 32 percent, driven by
lower net sales and fixed cost deleverage in the supply chain.
Through six months, Convenience Stores & Foodservice net
sales decreased 13 percent to $832 million. Strong operator
partnerships and innovation led to market share gains in measured
channels in the first half of the year. Segment operating profit of
$148 million was down 28 percent, driven by lower net sales and
fixed cost deleverage in the supply chain.
Europe & Australia Segment
Second-quarter net sales for the Europe & Australia segment
increased 8 percent to $467 million, primarily driven by 6 points
of favorable foreign currency exchange and positive net price
realization and mix. Organic net sales increased 3 percent, led by
growth for Old El Paso Mexican food and Häagen-Dazs ice cream.
Segment operating profit of $36 million was up 14 percent as
reported and up 7 percent in constant currency, primarily driven by
higher net sales, including favorable net price realization and mix
and favorable foreign currency exchange, partially offset by higher
media investment and higher input costs.
Through six months, Europe & Australia net sales increased 8
percent to $958 million, including 4 points of favorable foreign
currency exchange. Organic net sales increased 5 percent. The
segment held or grew market share in France and the U.K., its two
largest markets, in the first half. Segment operating profit of $89
million was up 51 percent as reported and up 45 percent in constant
currency, primarily driven by higher net sales, including favorable
net price realization and mix, partially offset by higher input
costs.
Asia & Latin America
Segment
Second-quarter net sales for the Asia & Latin America
segment increased 5 percent to $430 million, driven by volume
growth and favorable net price realization and mix, partially
offset by 5 points of unfavorable foreign currency exchange.
Organic net sales increased 10 percent. Elevated at-home food
demand stemming from the pandemic resulted in strong net sales
growth for Yoki meals and snacks and Kitano seasonings in Brazil,
Wanchai Ferry frozen dumplings in China, and Betty Crocker dessert
mixes in the Middle East. Häagen-Dazs ice cream trends in Asia
continued to improve sequentially, with constant-currency net sales
up low single digits in the quarter. Segment operating profit of
$30 million was up 25 percent as reported and up 8 percent in
constant currency, driven by higher net sales and favorable foreign
currency exchange, partially offset by higher media and other
SG&A expenses and higher input costs.
Through six months, Asia & Latin America net sales increased
6 percent to $813 million, driven by higher volume, partially
offset by 7 points of unfavorable foreign currency exchange.
Organic net sales increased 13 percent. Segment operating profit of
$50 million was up 46 percent as reported and up 26 percent in
constant currency, driven by higher net sales and favorable foreign
currency exchange, partially offset by higher SG&A
expenses.
Joint Venture Summary
Second-quarter net sales for Cereal Partners Worldwide (CPW)
increased 7 percent in constant currency, and constant-currency net
sales for Häagen-Dazs Japan (HDJ) were up 12 percent. Combined
after-tax earnings from joint ventures increased 46 percent to $36
million, primarily driven by higher net sales at CPW and HDJ.
Through six months, after-tax earnings from joint ventures
increased 66 percent to $78 million, primarily driven by higher net
sales at CPW.
Other Income Statement
Items
Unallocated corporate items totaled $48 million net expense in
the second quarter of fiscal 2021, compared to $84 million net
expense a year ago. Excluding mark-to-market valuation effects and
other items affecting comparability, unallocated corporate items
totaled $100 million net expense this year compared to $81 million
net expense last year.
Restructuring, impairment, and other exit costs were
insignificant in the quarter compared to a $1 million net recovery
a year ago. An insignificant amount of restructuring charges was
recorded in cost of sales this year compared to $12 million a year
ago (please see Note 2 below for more information on these
charges).
Net interest expense totaled $101 million in the second quarter
compared to $119 million a year ago, primarily driven by lower
average debt levels. The effective tax rate in the quarter was 22.3
percent compared to 21.5 percent last year (please see Note 5 below
for more information on our effective tax rate). The adjusted
effective tax rate was 22.3 percent compared to 21.9 percent a year
ago.
Cash Flow
Generation and Cash Returns
Cash provided by operating activities decreased 2 percent to
$1.43 billion through six months of fiscal 2021, primarily driven
by changes in inventory, non-cash items in net earnings, and the
timing of accounts payable, partially offset by higher net
earnings. Capital investments totaled $226 million compared to $158
million a year ago. Dividends paid totaled $618 million in the
first half of the year and average diluted shares outstanding
increased 1 percent to 620 million.
Outlook
General Mills expects that the COVID-19 pandemic will drive
continued elevated consumer demand for food at home, relative to
pre-pandemic levels, through the remainder of fiscal 2021.
Third-quarter demand trends are expected to be generally consistent
with recent months, due to ongoing virus concerns in many markets
around the world. Based on that assumption, the company expects to
generate continued strong top- and bottom-line growth in the third
quarter of fiscal 2021, with organic net sales growth roughly
similar to the second quarter’s growth rate and an adjusted
operating profit margin in line with the year-ago period.
Because the magnitude and duration of elevated at-home food
demand remains highly uncertain, the company is not currently
providing a full-year outlook for fiscal 2021 growth in organic net
sales, adjusted operating profit, and adjusted diluted EPS. Due to
first-half adjusted operating profit margin results that exceeded
the company’s expectations, General Mills now expects its full-year
fiscal 2021 adjusted operating profit margin will be in line or
better than the previous year. The company previously expected its
full-year adjusted operating profit margin to be approximately in
line with fiscal 2020 levels.
General Mills will issue pre-recorded management remarks today,
December 17, 2020, at approximately 6:30 a.m. Central time (7:30
a.m. Eastern time) and will hold a live, webcasted question and
answer session beginning at 8:00 a.m. Central time (9:00 a.m.
Eastern time). The pre-recorded remarks and the webcast will be
made available at www.generalmills.com/investors.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on our current expectations and assumptions. These
forward-looking statements, including the statements under the
caption “Outlook”, and statements made by Mr. Harmening, 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: the impact of the COVID-19 pandemic on our
business, suppliers, consumers, customers, and employees;
disruptions or inefficiencies in the supply chain, including any
impact of the COVID-19 pandemic; 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 significant 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, and energy;
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.
Consolidated Statements of
Earnings and Supplementary Information
GENERAL MILLS, INC. AND
SUBSIDIARIES
(Unaudited) (In Millions, Except
per Share Data)
Quarter Ended
Six-Month Period Ended
Nov. 29,
Nov. 24,
Nov. 29,
Nov. 24,
2020
2019
% Change
2020
2019
% Change
Net sales
$
4,719.4
$
4,420.8
7
%
$
9,083.4
$
8,423.3
8
%
Cost of sales
2,998.3
2,851.7
5
%
5,771.9
5,464.7
6
%
Selling, general, and administrative
expenses
804.1
759.0
6
%
1,540.3
1,477.9
4
%
Restructuring, impairment, and other exit
costs (recoveries)
0.4
(1.1
)
NM
0.9
7.1
(87
)
%
Operating profit
916.6
811.2
13
%
1,770.3
1,473.6
20
%
Benefit plan non-service income
(32.9
)
(30.2
)
9
%
(66.2
)
(60.4
)
10
%
Interest, net
100.6
119.4
(16
)
%
211.7
238.1
(11
)
%
Earnings before income taxes and after-tax
earnings from joint ventures
848.9
722.0
18
%
1,624.8
1,295.9
25
%
Income taxes
189.4
155.5
22
%
360.2
222.7
62
%
After-tax earnings from joint ventures
36.4
24.9
46
%
77.7
46.7
66
%
Net earnings, including earnings
attributable to redeemable and noncontrolling interests
695.9
591.4
18
%
1,342.3
1,119.9
20
%
Net earnings attributable to redeemable
and noncontrolling interests
7.5
10.6
(29
)
%
15.0
18.5
(19
)
%
Net earnings attributable to General
Mills
$
688.4
$
580.8
19
%
$
1,327.3
$
1,101.4
21
%
Earnings per share - basic
$
1.12
$
0.96
17
%
$
2.16
$
1.82
19
%
Earnings per share - diluted
$
1.11
$
0.95
17
%
$
2.14
$
1.80
19
%
Quarter Ended
Six-Month Period Ended
Nov. 29,
Nov. 24,
Basis Pt
Nov. 29,
Nov. 24,
Basis Pt
Comparisons as a % of net sales:
2020
2019
Change
2020
2019
Change
Gross margin
36.5
%
35.5
%
100
36.5
%
35.1
%
140
Selling, general, and administrative
expenses
17.0
%
17.2
%
(20
)
17.0
%
17.5
%
(50
)
Operating profit
19.4
%
18.3
%
110
19.5
%
17.5
%
200
Net earnings attributable to General
Mills
14.6
%
13.1
%
150
14.6
%
13.1
%
150
Quarter Ended
Six-Month Period Ended
Comparisons as a % of net sales
excluding
Nov. 29,
Nov. 24,
Basis Pt
Nov. 29,
Nov. 24,
Basis Pt
certain items affecting comparability
(a):
2020
2019
Change
2020
2019
Change
Adjusted gross margin
35.5
%
35.3
%
20
35.9
%
35.3
%
60
Adjusted operating profit
18.3
%
18.4
%
(10
)
18.7
%
17.8
%
90
Adjusted net earnings attributable to
General Mills
13.8
%
13.1
%
70
14.0
%
12.6
%
140
(a) See Note 6 for a reconciliation of
these measures not defined by generally accepted accounting
principles (GAAP).
See accompanying notes to consolidated
financial statements.
Operating Segment Results and
Supplementary Information
GENERAL MILLS, INC. AND
SUBSIDIARIES
(Unaudited) (In Millions)
Quarter Ended
Six-Month Period Ended
Nov. 29, 2020
Nov. 24, 2019
% Change
Nov. 29, 2020
Nov. 24, 2019
% Change
Net sales:
North America Retail
$
2,921.5
$
2,676.1
9
%
$
5,628.5
$
5,052.2
11
%
Europe & Australia
467.4
432.9
8
%
958.4
887.0
8
%
Pet
460.0
388.7
18
%
851.7
756.5
13
%
Convenience Stores & Foodservice
440.5
513.5
(14
)
%
832.1
958.5
(13
)
%
Asia & Latin America
430.0
409.6
5
%
812.7
769.1
6
%
Total
$
4,719.4
$
4,420.8
7
%
$
9,083.4
$
8,423.3
8
%
Operating profit:
North America Retail
$
701.7
$
642.5
9
%
$
1,397.1
$
1,202.4
16
%
Europe & Australia
35.7
31.4
14
%
88.9
59.0
51
%
Pet
119.3
80.8
48
%
209.6
161.7
30
%
Convenience Stores & Foodservice
78.3
115.2
(32
)
%
147.9
206.3
(28
)
%
Asia & Latin America
30.4
24.4
25
%
50.5
34.5
46
%
Total segment operating profit
$
965.4
$
894.3
8
%
1,894.0
1,663.9
14
%
Unallocated corporate items
48.4
84.2
(43
)
%
122.8
183.2
(33
)
%
Restructuring, impairment, and other exit
costs (recoveries)
0.4
(1.1
)
NM
0.9
7.1
(87
)
%
Total
$
916.6
$
811.2
13
%
$
1,770.3
$
1,473.6
20
%
Quarter Ended
Six-Month Period Ended
Nov. 29, 2020
Nov. 24, 2019
Basis Pt
Change
Nov. 29, 2020
Nov. 24, 2019
Basis Pt Change
Segment operating profit as a % of net
sales:
North America Retail
24.0
%
24.0
%
-
24.8
%
23.8
%
100
Europe & Australia
7.6
%
7.2
%
40
9.3
%
6.6
%
270
Pet
25.9
%
20.8
%
510
24.6
%
21.4
%
320
Convenience Stores & Foodservice
17.8
%
22.4
%
(460
)
17.8
%
21.5
%
(370
)
Asia & Latin America
7.1
%
6.0
%
110
6.2
%
4.5
%
170
Total segment operating profit
20.5
%
20.2
%
30
20.9
%
19.8
%
110
See accompanying notes to consolidated
financial statements.
Consolidated Balance
Sheets
GENERAL MILLS, INC. AND
SUBSIDIARIES
(In Millions, Except Par
Value)
Nov. 29, 2020
Nov. 24, 2019
May 31, 2020
(Unaudited)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
2,582.8
$
560.2
$
1,677.8
Receivables
1,784.3
1,772.7
1,615.1
Inventories
1,712.5
1,719.5
1,426.3
Prepaid expenses and other current
assets
328.6
426.5
402.1
Total current assets
6,408.2
4,478.9
5,121.3
Land, buildings, and equipment
3,529.8
3,588.5
3,580.6
Goodwill
14,020.4
13,973.9
13,923.2
Other intangible assets
7,147.5
7,133.0
7,095.8
Other assets
1,201.7
1,278.1
1,085.8
Total assets
$
32,307.6
$
30,452.4
$
30,806.7
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
3,398.6
$
3,063.0
$
3,247.7
Current portion of long-term debt
2,885.7
1,537.2
2,331.5
Notes payable
126.2
1,345.1
279.0
Other current liabilities
2,053.7
1,417.0
1,633.3
Total current liabilities
8,464.2
7,362.3
7,491.5
Long-term debt
10,952.5
10,953.1
10,929.0
Deferred income taxes
1,939.4
2,015.9
1,947.1
Other liabilities
1,511.2
1,555.4
1,545.0
Total liabilities
22,867.3
21,886.7
21,912.6
Redeemable interest
587.7
545.1
544.6
Stockholders' equity:
Common stock, 754.6 shares issued, $0.10
par value
75.5
75.5
75.5
Additional paid-in capital
1,333.3
1,387.0
1,348.6
Retained earnings
16,374.2
15,501.8
15,982.1
Common stock in treasury, at cost, shares
of 143.2, 150.0 and 144.8
(6,365.4
)
(6,662.2
)
(6,433.3
)
Accumulated other comprehensive loss
(2,867.6
)
(2,589.8
)
(2,914.4
)
Total stockholders' equity
8,550.0
7,712.3
8,058.5
Noncontrolling interests
302.6
308.3
291.0
Total equity
8,852.6
8,020.6
8,349.5
Total liabilities and equity
$
32,307.6
$
30,452.4
$
30,806.7
See accompanying notes to consolidated
financial statements.
Consolidated Statements of
Cash Flows
GENERAL MILLS, INC. AND
SUBSIDIARIES
(Unaudited) (In Millions)
Six-Month Period Ended
Nov. 29, 2020
Nov. 24,
2019
Cash Flows - Operating Activities
Net earnings, including earnings
attributable to redeemable and noncontrolling interests
$
1,342.3
$
1,119.9
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization
295.1
307.7
After-tax earnings from joint ventures
(77.7
)
(46.7
)
Distributions of earnings from joint
ventures
29.7
28.9
Stock-based compensation
48.7
47.8
Deferred income taxes
42.3
(9.9
)
Pension and other postretirement benefit
plan contributions
(15.6
)
(14.3
)
Pension and other postretirement benefit
plan costs
(16.9
)
(15.5
)
Restructuring, impairment, and other exit
costs
(3.6
)
11.3
Changes in current assets and
liabilities
(147.8
)
7.7
Other, net
(69.7
)
19.7
Net cash provided by operating
activities
1,426.8
1,456.6
Cash Flows - Investing Activities
Purchases of land, buildings, and
equipment
(226.2
)
(158.5
)
Investments in affiliates, net
18.1
(14.3
)
Proceeds from disposal of land, buildings,
and equipment
0.4
0.6
Other, net
(3.6
)
9.5
Net cash used by investing activities
(211.3
)
(162.7
)
Cash Flows - Financing Activities
Change in notes payable
(159.6
)
(119.7
)
Issuance of long-term debt
971.3
-
Payment of long-term debt
(555.0
)
(509.3
)
Proceeds from common stock issued on
exercised options
31.1
68.6
Purchases of common stock for treasury
(0.1
)
(0.1
)
Dividends paid
(617.7
)
(596.3
)
Distributions to noncontrolling and
redeemable interest holders
(4.8
)
(8.6
)
Other, net
(18.8
)
(14.4
)
Net cash used by financing activities
(353.6
)
(1,179.8
)
Effect of exchange rate changes on cash
and cash equivalents
43.1
(3.9
)
Increase in cash and cash equivalents
905.0
110.2
Cash and cash equivalents - beginning of
year
1,677.8
450.0
Cash and cash equivalents - end of
period
$
2,582.8
$
560.2
Cash Flow from changes in current assets
and liabilities:
Receivables
$
(135.2
)
$
(97.0
)
Inventories
(258.6
)
(167.2
)
Prepaid expenses and other current
assets
81.6
67.6
Accounts payable
165.8
245.7
Other current liabilities
(1.4
)
(41.4
)
Changes in current assets and
liabilities
$
(147.8
)
$
7.7
See accompanying notes to consolidated
financial statements.
GENERAL MILLS, INC. AND
SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
(Unaudited)
(1)
The accompanying Consolidated Financial
Statements of General Mills, Inc. (we, us, our, General Mills, or
the Company) have been prepared in accordance with accounting
principles generally accepted in the United States for annual and
interim financial information. In the opinion of management, all
adjustments considered necessary for a fair presentation have been
included and are of a normal recurring nature.
In the first quarter of fiscal 2021, we
adopted new accounting requirements related to the measurement of
credit losses on financial instruments, including trade
receivables. The new standard and subsequent amendments replace the
incurred loss impairment model with a forward-looking expected
credit loss model, which will generally result in earlier
recognition of credit losses. We adopted the requirements of the
new standard and subsequent amendments using the modified
retrospective transition approach and adjusted our allowance for
doubtful accounts. This resulted in a decrease to retained earnings
of $5.7 million after-tax.
(2)
Restructuring and impairment charges and
project-related costs relating to actions previously announced are
recorded in our Consolidated Statements of Earnings as follows:
Quarter Ended
Six-Month
Period Ended
In Millions
Nov. 29, 2020
Nov. 24, 2019
Nov. 29, 2020
Nov. 24, 2019
Cost of sales
$
0.5
$
11.6
$
1.0
$
17.7
Restructuring, impairment, and other exit
costs (recoveries)
0.4
(1.1
)
0.9
7.1
Total restructuring and impairment
charges
0.9
10.5
1.9
24.8
Project-related costs classified in cost
of sales
$
-
$
0.7
$
-
$
0.7
(3)
Unallocated corporate expense totaled $48
million in the second quarter of fiscal 2021 compared to $84
million in the same period in fiscal 2020. We recorded a $46
million net decrease in expense related to the mark-to-market
valuation of certain commodity positions and grain inventories in
the second quarter of fiscal 2021 compared to a $23 million net
decrease in expense in the same period last year. We recorded $6
million of net gains related to valuation adjustments of certain
corporate investments in the second quarter of fiscal 2021 compared
to $13 million of net losses related to valuation adjustments and
the loss on the sale of certain corporate investments in the second
quarter of fiscal 2020. We recorded an immaterial amount of
restructuring charges in cost of sales in the second quarter of
fiscal 2021 compared to $12 million of restructuring charges and $1
million of restructuring initiative project-related costs recorded
in cost of sales in the same period last year.
Unallocated corporate expense totaled $123
million in the six-month period ended November 29, 2020, compared
to $183 million in the same period last year. We recorded a $62
million net decrease in expense related to the mark-to-market
valuation of certain commodity positions and grain inventories in
the six-month period ended November 29, 2020, compared to an $8
million net decrease in expense in the same period last year. We
recorded $19 million of net gains related to certain investment
valuation adjustments in the six-month period ended November 29,
2020, compared to $4 million of net losses and the loss on sale of
certain corporate investments in the same period last year. In the
six-month period ended November 29, 2020, we recorded $1 million of
restructuring charges in cost of sales, compared to $18 million of
restructuring charges and $1 million of restructuring initiative
project-related costs recorded in cost of sales in the same period
last year. We also recorded a $7 million charge related to a
product recall in our international Green Giant business in the
six-month period ended November 29, 2020.
(4)
Basic and diluted earnings per share (EPS)
were calculated as follows:
Quarter Ended
Six-Month
Period Ended
In Millions, Except per Share
Data
Nov. 29, 2020
Nov. 24, 2019
Nov. 29, 2020
Nov. 24, 2019
Net earnings attributable to General
Mills
$
688.4
$
580.8
$
1,327.3
$
1,101.4
Average number of common shares - basic
EPS
614.8
607.4
614.5
606.7
Incremental share effect from: (a)
Stock options
2.5
2.7
2.8
2.9
Restricted stock units and performance
share units
2.3
2.2
2.4
2.2
Average number of common shares - diluted
EPS
619.6
612.3
619.7
611.8
Earnings per share - basic
$
1.12
$
0.96
$
2.16
$
1.82
Earnings per share - diluted
$
1.11
$
0.95
$
2.14
$
1.80
(a) Incremental shares from stock options,
restricted stock units, and performance share units are computed by
the treasury stock method.
(5)
The effective tax rate for the second
quarter of fiscal 2021 was 22.3 percent compared to 21.5 percent
for the second quarter of fiscal 2020. The 0.8 percentage point
increase was primarily due to certain nonrecurring discrete tax
benefits recorded in the second quarter of fiscal 2020, partially
offset by changes in earnings mix by jurisdiction in fiscal 2021.
Our adjusted effective tax rate was 22.3 percent in the quarter
ended November 29, 2020, compared to 21.9 percent in the same
period last year (see Note 6 below for a description of our use of
measures not defined by GAAP).
The effective tax rate for the six-month
period ended November 29, 2020, was 22.2 percent compared to 17.2
percent for the six-month period ended November 24, 2019. The 5.0
percentage point increase was primarily due to a $53 million net
benefit related to the reorganization of certain wholly owned
subsidiaries and certain nonrecurring discrete tax benefits in
fiscal 2020, partially offset by changes in earnings mix by
jurisdiction in fiscal 2021. Our adjusted effective tax rate was
22.1 percent in the six-month period ended November 29, 2020,
compared to 21.5 percent in the same period last year (see Note 6
below for a description of our use of measures not defined by
GAAP). The 0.6 percentage point increase was primarily due to
certain nonrecurring discrete tax benefits in fiscal 2020,
partially offset by changes in earnings mix by jurisdiction in
fiscal 2021.
(6)
We have included measures in this release
that are not defined by GAAP. For each of these non-GAAP financial
measures, we are providing below a reconciliation of the
differences between the non-GAAP measure and the most directly
comparable GAAP measure, an explanation of why we believe the
non-GAAP measure provides useful information to investors and any
additional material purposes for which our management or Board of
Directors uses the non-GAAP measure. These non-GAAP measures should
be viewed in addition to, and not in lieu of, the comparable GAAP
measure.
We provide organic net sales growth rates
for our consolidated net sales and segment net sales. 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.
We believe that organic net sales growth rates provide useful
information to investors because they provide transparency to
underlying performance in our net sales by excluding the effect
that foreign currency exchange rate fluctuations, acquisitions,
divestitures, and a 53rd week, when applicable, have on
year-to-year comparability. A reconciliation of these measures to
reported net sales growth rates, the relevant GAAP measures, are
included in our Operating Segment Results above.
Certain measures in this release are
presented excluding the impact of foreign currency exchange
(constant-currency). To present this information, current period
results for entities reporting in currencies other than United
States dollars are translated into United States dollars at the
average exchange rates in effect during the corresponding period of
the prior fiscal year, rather than the actual average exchange
rates in effect during the current fiscal year. Therefore, the
foreign currency impact is equal to current year results in local
currencies multiplied by the change in the average foreign currency
exchange rate between the current fiscal period and the
corresponding period of the prior fiscal year. We believe that
these constant-currency measures provide useful information to
investors because they provide transparency to underlying
performance by excluding the effect that foreign currency exchange
rate fluctuations have on period-to-period comparability given
volatility in foreign currency exchange markets.
Also, certain measures in this release are
presented on an adjusted basis. The adjustments are either items
resulting from infrequently occurring events or items that, in
management’s judgment, significantly affect the year-to-year
assessment of operating results.
Our outlook for organic net sales growth
and adjusted operating profit margin 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, acquisitions, divestitures, and a 53rd
week, when applicable. 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 or the timing of acquisitions and
divestitures throughout fiscal 2021. The unavailable information
could have a significant impact on our fiscal 2021 GAAP financial
results.
Adjusted Diluted EPS and Related
Constant-currency Growth Rate
This measure is used in reporting to our Board of Directors and
executive management. We believe that this measure provides useful
information to investors because it is the profitability measure we
use to evaluate earnings performance on a comparable year-to-year
basis.
The reconciliation of our GAAP measure, diluted EPS, to adjusted
diluted EPS and the related constant-currency growth rate
follows:
Quarter Ended
Six-Month Period Ended
Per Share Data
Nov. 29, 2020
Nov. 24, 2019
Change
Nov. 29, 2020
Nov. 24, 2019
Change
Diluted earnings per share, as reported
$
1.11
$
0.95
17
%
$
2.14
$
1.80
19
%
Mark-to-market effects (a)
(0.06
)
(0.03
)
(0.08
)
(0.01
)
Investment activity, net (b)
-
0.01
(0.02
)
-
Product recall (c)
-
-
0.01
-
Restructuring charges (d)
-
0.01
-
0.03
Tax item (e)
-
-
-
(0.09
)
Adjusted diluted earnings per share
$
1.06
$
0.95
12
%
$
2.06
$
1.74
18
%
Foreign currency exchange impact
2
pts
1
pt
Adjusted diluted earnings per share growth, on a constant-currency
basis
9
%
17
%
Note: Table may not foot due to rounding.
(a) Net mark-to-market valuation of
certain commodity positions recognized in unallocated corporate
items. See Note 3.
(b) Valuation adjustments of certain
corporate investments in fiscal 2021. Valuation adjustments and the
loss on sale of certain corporate investments in fiscal 2020. See
Note 3.
(c) Product recall costs related to our
international Green Giant business. See Note 3.
(d) Restructuring charges for previously
announced restructuring actions. See Note 2.
(e) Discrete tax benefit related to the
reorganization of certain wholly owned subsidiaries. See Note
5.
See our reconciliation below of the
effective income tax rate as reported to the adjusted effective
income tax rate for the tax impact of each item affecting
comparability.
Adjusted Operating Profit Growth on a
Constant-currency Basis
This measure is used in reporting to our Board of Directors and
executive management and as a component of the measurement of our
performance for incentive compensation purposes. We believe that
this measure provides useful information to investors because it is
the operating profit measure we use to evaluate operating profit
performance on a comparable year-to-year basis. The measure is
evaluated on a constant-currency basis by excluding the effect that
foreign currency exchange rate fluctuations have on year-to-year
comparability given the volatility in foreign currency exchange
rates.
Our adjusted operating profit growth on a constant-currency
basis is calculated as follows:
Quarter Ended
Six-Month Period Ended
Nov. 29, 2020
Nov. 24, 2019
Change
Nov. 29, 2020
Nov. 24, 2019
Change
Operating profit as reported
$
916.6
$
811.2
13
%
$
1,770.3
$
1,473.6
20
%
Mark-to-market effects (a)
(45.9
)
(22.6
)
(62.3
)
(7.6
)
Investment activity, net (b)
(6.0
)
13.2
(19.0
)
3.7
Product recall (c)
-
-
7.1
-
Restructuring charges (d)
0.9
10.5
1.9
24.8
Project-related costs (d)
-
0.7
-
0.7
Adjusted operating profit
$
865.5
$
813.1
6
%
$
1,698.0
$
1,495.2
14
%
Foreign currency exchange impact
1
pt
1
pt
Adjusted operating profit growth, on a
constant-currency basis
6
%
13
%
Note: Table may not foot due to
rounding.
(a) Net mark-to-market valuation of
certain commodity positions recognized in unallocated corporate
items. See Note 3.
(b) Valuation adjustments of certain
corporate investments in fiscal 2021. Valuation adjustments and the
loss on sale of certain corporate investments in fiscal 2020. See
Note 3.
(c) Product recall costs related to our
international Green Giant business. See Note 3.
(d) Restructuring and project-related
charges for previously announced restructuring actions. See Note
2.
Adjusted Earnings Comparisons as a Percent
of Net Sales
We believe that these measures provide useful information to
investors because they are important for assessing our adjusted
earnings comparisons as a percent of net sales on a comparable
year-to-year basis.
Our adjusted earnings comparisons as a percent of net sales are
calculated as follows:
Quarter Ended
In Millions
Nov. 29, 2020
Nov. 24, 2019
Comparisons as a % of Net Sales
Value
Percent of
Net Sales
Value
Percent of
Net Sales
Gross margin as reported (a)
$
1,721.1
36.5
%
$
1,569.1
35.5
%
Mark-to-market effects (b)
(45.9
)
(1.0
)
%
(22.6
)
(0.5
)
%
Restructuring charges (c)
0.5
-
%
11.6
0.3
%
Project-related costs (c)
-
-
%
0.7
-
%
Adjusted gross margin
$
1,675.6
35.5
%
$
1,558.7
35.3
%
Operating profit as reported
$
916.6
19.4
%
$
811.2
18.3
%
Mark-to-market effects (b)
(45.9
)
(1.0
)
%
(22.6
)
(0.5
)
%
Restructuring charges (c)
0.9
-
%
10.5
0.2
%
Project-related costs (c)
-
-
%
0.7
-
%
Investment activity, net (d)
(6.0
)
(0.1
)
%
13.2
0.3
%
Adjusted operating profit
$
865.5
18.3
%
$
813.1
18.4
%
Net earnings attributable to General Mills
as reported
$
688.4
14.6
%
$
580.8
13.1
%
Mark-to-market effects, net of tax
(b)(f)
(35.4
)
(0.8
)
%
(17.5
)
(0.4
)
%
Restructuring charges, net of tax
(c)(f)
0.6
-
%
8.8
0.2
%
Project-related costs, net of tax
(c)(f)
-
-
%
0.6
-
%
Investment activity, net, net of tax
(d)(f)
(4.6
)
(0.1
)
%
6.6
0.1
%
CPW restructuring charges, net of tax
(e)
1.6
-
%
0.6
-
%
Adjusted net earnings attributable to
General Mills
$
650.7
13.8
%
$
580.0
13.1
%
Note: Table may not foot due to
rounding.
(a) Net sales less cost of sales.
(b) Net mark-to-market valuation of
certain commodity positions recognized in unallocated corporate
items. See Note 3.
(c) Restructuring and project-related
charges for previously announced restructuring actions. See Note
2.
(d) Valuation adjustments of certain
corporate investments in fiscal 2021. Valuation adjustments and the
loss on sale of certain corporate investments in fiscal 2020. See
Note 3.
(e) CPW restructuring charges related to
previously announced restructuring actions.
(f) See reconciliation of adjusted
effective income tax rate below for tax impact of each
adjustment.
Six-Month Period Ended
In Millions
Nov. 29, 2020
Nov. 24, 2019
Comparisons as a % of Net Sales
Value
Percent of
Net Sales
Value
Percent of
Net Sales
Gross margin as reported (a)
$
3,311.5
36.5
%
$
2,958.6
35.1
%
Mark-to-market effects (b)
(62.3
)
(0.7
)
%
(7.6
)
(0.1
)
%
Product recall (c)
7.1
0.1
%
-
-
%
Restructuring charges (d)
1.0
-
%
17.7
0.2
%
Project-related costs (d)
-
-
%
0.7
-
%
Adjusted gross margin
$
3,257.3
35.9
%
$
2,969.3
35.3
%
Operating profit as reported
$
1,770.3
19.5
%
$
1,473.6
17.5
%
Mark-to-market effects (b)
(62.3
)
(0.7
)
%
(7.6
)
(0.1
)
%
Product recall (c)
7.1
0.1
%
-
-
%
Restructuring charges (d)
1.9
-
%
24.8
0.3
%
Project-related costs (d)
-
-
%
0.7
-
%
Investment activity, net (e)
(19.0
)
(0.2
)
%
3.7
-
%
Adjusted operating profit
$
1,698.0
18.7
%
$
1,495.2
17.8
%
Net earnings attributable to General Mills
as reported
$
1,327.3
14.6
%
$
1,101.4
13.1
%
Mark-to-market effects, net of tax
(b)(h)
(48.0
)
(0.5
)
%
(5.9
)
(0.1
)
%
Product recall, net of tax (c)(h)
6.3
0.1
%
-
-
%
Restructuring charges, net of tax
(d)(h)
1.4
-
%
20.5
0.2
%
Project-related costs, net of tax
(d)(h)
-
-
%
0.6
-
%
Investment activity, net, net of tax
(e)(h)
(14.6
)
(0.2
)
%
(0.7
)
-
%
CPW restructuring charges, net of tax
(f)
1.7
-
%
1.6
-
%
Tax item (g)
-
-
%
(53.1
)
(0.6
)
%
Adjusted net earnings attributable to
General Mills
$
1,274.1
14.0
%
$
1,064.4
12.6
%
Note: Table may not foot due to
rounding.
(a) Net sales less cost of sales.
(b) Net mark-to-market valuation of
certain commodity positions recognized in unallocated corporate
items. See Note 3.
(c) Product recall costs related to our
international Green Giant business. See Note 3.
(d) Restructuring and project-related
charges for previously announced restructuring actions. See Note
2.
(e) Valuation adjustments of certain
corporate investments in fiscal 2021. Valuation adjustments and the
loss on sale of certain corporate investments. See Note 3.
(f) CPW restructuring charges related to
previously announced restructuring actions.
(g) Discrete tax benefit related to the
reorganization of certain wholly owned subsidiaries. See Note
5.
(h) See reconciliation of adjusted
effective income tax rate below for tax impact of each
adjustment.
Constant-currency Segment Operating Profit
Growth Rates
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.
Our segments’ operating profit growth rates on a
constant-currency basis are calculated as follows:
Quarter Ended Nov. 29,
2020
Percentage Change in Operating
Profit as Reported
Impact of Foreign Currency
Exchange
Percentage Change in Operating
Profit on Constant-Currency Basis
North America Retail
9%
Flat
9%
Europe & Australia
14%
6 pts
7%
Pet
48%
Flat
48%
Asia & Latin America
25%
17 pts
8%
Total segment operating profit
8%
1 pt
7%
Six-Month Period Ended Nov.
29, 2020
Percentage Change in Operating
Profit as Reported
Impact of Foreign Currency
Exchange
Percentage Change in Operating
Profit on Constant-Currency Basis
North America Retail
16%
Flat
16%
Europe & Australia
51%
5 pts
45%
Pet
30%
Flat
30%
Asia & Latin America
46%
21 pts
26%
Total segment operating profit
14%
1 pt
13%
Note: Tables may not foot due to
rounding.
Adjusted Effective Income Tax
Rate
We believe this measure provides useful information to investors
because it presents the adjusted effective income tax rate on a
comparable year-to-year basis.
Adjusted effective income tax rates are calculated as
follows:
Quarter Ended
Six-Month Period Ended
Nov. 29, 2020
Nov. 24, 2019
Nov. 29, 2020
Nov. 24, 2019
In Millions
(Except Per Share Data)
Pretax Earnings (a)
Income Taxes
Pretax Earnings (a)
Income Taxes
Pretax Earnings (a)
Income Taxes
Pretax Earnings (a)
Income Taxes
As reported
$
848.9
$
189.4
$
722.0
$
155.5
$
1,624.8
$
360.2
$
1,295.9
$
222.7
Mark-to-market effects (b)
(45.9
)
(10.5
)
(22.6
)
(5.2
)
(62.3
)
(14.3
)
(7.6
)
(1.7
)
Investment activity, net (c)
(6.0
)
(1.4
)
13.2
6.6
(19.0
)
(4.4
)
3.7
4.4
Product recall (d)
-
-
-
-
7.1
0.8
-
-
Restructuring charges (e)
0.9
0.3
10.5
1.7
1.9
0.5
24.8
4.3
Project-related costs (e)
-
-
0.7
0.1
-
-
0.7
0.1
Tax item (f)
-
-
-
-
-
-
-
53.1
As adjusted
$
797.8
$
177.7
$
723.8
$
158.6
$
1,552.4
$
342.8
$
1,317.5
$
282.8
Effective tax rate:
As reported
22.3
%
21.5
%
22.2
%
17.2
%
As adjusted
22.3
%
21.9
%
22.1
%
21.5
%
Sum of adjustment to income taxes
$
(11.7
)
$
3.2
$
(17.4
)
$
60.2
Average number of common shares - diluted
EPS
619.6
612.3
619.7
611.8
Impact of income tax adjustments on
adjusted diluted EPS
$
(0.02
)
$
0.01
$
(0.03
)
$
0.10
Note: Table may not foot due to
rounding.
(a) Earnings before income taxes and
after-tax earnings from joint ventures.
(b) Net mark-to-market valuation of
certain commodity positions recognized in unallocated corporate
items. See Note 3.
(c) Valuation adjustments of certain
corporate investments in fiscal 2021. Valuation adjustments and the
loss on sale of certain corporate investments in fiscal 2020. See
Note 3.
(d) Product recall costs related to our
international Green Giant business. See Note 3.
(e) Restructuring and project-related
charges for previously announced restructuring actions. See Note
2.
(f) Discrete tax benefit related to the
reorganization of certain wholly owned subsidiaries. See Note
5.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201217005527/en/
(analysts) Jeff Siemon: 763-764-2301
(media) Kelsey Roemhildt: 763-764-6364
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