GENERAL MILLS INC 10-K form, page 46: 



















































































46 

Consolidated Statements of Cash Flows 


GENERAL MILLS, INC. AND SUBSIDIARIES 

(In Millions) 

Fiscal Year 

2024 
2023
2022

Cash Flows - Operating Activities 

Net earnings, including earnings attributable to redeemable and noncontrolling interests 
$ 
2,518.6
$ 
2,609.6
$ 
2,735.0
Adjustments to reconcile net earnings to net cash provided by operating activities: 

Depreciation and amortization 

552.7
546.6
570.3
After-tax earnings from joint ventures 
(84.8)
(81.3)
(111.7)
Distributions of earnings from joint ventures 
50.4
69.9
107.5
Stock-based compensation 
95.3
111.7
98.7
Deferred income taxes 
(48.5)
(22.2)
62.2
Pension and other postretirement benefit plan contributions 
(30.1)
(30.1)
(31.3)
Pension and other postretirement benefit plan costs 
(27.0)
(27.6)
(30.1)
Divestitures gain, net 
-
(444.6)
(194.1)
Restructuring, impairment, and other exit costs (recoveries) 
223.5
24.4
(117.1)
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures 
10.6
(48.9)
277.4
Other, net 
41.9
71.1
(50.7)
Net cash provided by operating activities 
3,302.6
2,778.6
3,316.1

Cash Flows - Investing Activities 


Purchases of land, buildings, and equipment 

(774.1)
(689.5)
(568.7)
Acquisitions, net of cash acquired 
(451.9)
(251.5)
(1,201.3)

Investments in affiliates, net 

(2.7)
(32.2)
15.4
Proceeds from disposal of land, buildings, and equipment 
0.8
1.3
3.3
Proceeds from divestitures, net of cash divested 
-
633.1
74.1
Other, net 
30.5
(7.6)
(13.5)
Net cash used by investing activities 
(1,197.4)
(346.4)
(1,690.7)

Cash Flows - Financing Activities 

Change in notes payable 
(20.5)
(769.3)
551.4

Issuance of long-term debt 

2,065.2
2,324.4
2,203.7

Payment of long-term debt 

(901.5)
(1,421.7)
(3,140.9)
Proceeds from common stock issued on exercised options 
25.5
232.3
161.7
Purchases of common stock for treasury 
(2,002.4)
(1,403.6)
(876.8)
Dividends paid 
(1,363.4)
(1,287.9)
(1,244.5)
Distributions to redeemable and noncontrolling interest holders 
(21.3)
(15.7)
(129.8)
Other, net 
(53.9)
(62.6)
(28.0)
Net cash used by financing activities 
(2,272.3)
(2,404.1)
(2,503.2)
Effect of exchange rate changes on cash and cash equivalents 
(0.4)
(12.0)
(58.0)
(Decrease) increase in cash and cash equivalents 
(167.5)
16.1
(935.8)
Cash and cash equivalents - beginning of year 
585.5
569.4
1,505.2
Cash and cash equivalents - end of year 
$ 
418.0
$ 
585.5
$ 
569.4
Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and 

divestitures: 

Receivables 

$ 
(1.8)
$ 
(41.2)
$ 
(166.3)

Inventories 

287.6
(319.0)
(85.8)
Prepaid expenses and other current assets 
167.0
61.6
(35.3)
Accounts payable 
(251.2)
199.8
456.7
Other current liabilities 
(191.0)
49.9
108.1
Changes in current assets and liabilities 
$ 
10.6
$ 
(48.9)
$ 
277.4
See accompanying notes to consolidated financial statements. 

 


Question: What does the cash flow analysis for General Mills in the fiscal year 2024 indicate about the company's liquidity and ability to generate cash from operations?
Answer: Cash flow analysis is a critical aspect of assessing a company's liquidity and its ability to generate cash from operations. For General Mills in the fiscal year 2024, the net cash provided by operating activities was $3,302.6 million. This figure indicates that the company generated substantial cash from its core operations, which is essential for meeting short-term obligations, investing in growth opportunities, and returning value to shareholders. A strong cash flow from operations suggests that the company has a healthy liquidity position and can cover its short-term liabilities without relying on external financing. Additionally, positive cash flow from operations provides the company with the flexibility to invest in capital expenditures, acquisitions, and other strategic initiatives. For General Mills, maintaining strong cash flow from operations is crucial for sustaining financial stability and supporting long-term growth. The company must continue to focus on efficient cash management and operational performance to ensure it can generate consistent cash flows and maintain liquidity.