GENERAL MILLS INC 10-K form, page 42: 




























































































42 

Consolidated Statements of Earnings 


GENERAL MILLS, INC. AND SUBSIDIARIES 


(In Millions, Except per Share Data) 


Fiscal Year 

2023 
2022 
2021 
Net sales 
$ 
20,094.2
$ 
18,992.8
$ 
18,127.0

Cost of sales 

13,548.4
12,590.6
11,678.7
Selling, general, and administrative expenses 
3,500.4
3,147.0
3,079.6
Divestitures (gain) loss, net 
(444.6)
(194.1)
53.5
Restructuring, impairment, and other exit costs (recoveries) 
56.2
(26.5)
170.4
Operating profit 
3,433.8
3,475.8
3,144.8
Benefit plan non-service income 
(88.8)
(113.4)
(132.9)
Interest, net 
382.1
379.6
420.3
Earnings before income taxes and after-tax earnings
from joint ventures 
3,140.5
3,209.6
2,857.4
Income taxes 
612.2
586.3
629.1
After-tax earnings from joint ventures 
81.3
111.7
117.7
Net earnings, including earnings attributable to redeemable and

noncontrolling interests 
2,609.6
2,735.0
2,346.0
Net earnings attributable to redeemable and noncontrolling interests 
15.7
27.7
6.2

Net earnings attributable to General Mills 

$ 
2,593.9
$ 
2,707.3
$ 
2,339.8
Earnings per share - basic 
$ 
4.36
$ 
4.46
$ 
3.81
Earnings per share - diluted 
$ 
4.31
$ 
4.42
$ 
3.78
Dividends per share 
$ 
2.16
$ 
2.04
$ 
2.02
See accompanying notes to consolidated financial statements. 

 
, GENERAL MILLS INC 10-K form, page 44: 





















































































44 

Consolidated Balance Sheets 


GENERAL MILLS, INC. AND SUBSIDIARIES 


(In Millions, Except Par Value) 


May 28, 2023 


May 29, 2022 


ASSETS 


Current assets: 

Cash and cash equivalents 
$ 
585.5
$ 
569.4

Receivables 

1,683.2
1,692.1

Inventories 

2,172.0
1,867.3
Prepaid expenses and other current assets 
735.7
802.1
Assets held for sale 
-
158.9
Total current
assets 
5,176.4
5,089.8
Land, buildings, and equipment 
3,636.2
3,393.8

Goodwill 

14,511.2
14,378.5
Other intangible assets 
6,967.6
6,999.9
Other assets 
1,160.3
1,228.1
Total assets 
$ 
31,451.7
$ 
31,090.1

LIABILITIES AND EQUITY 


Current liabilities: 

Accounts payable 
$ 
4,194.2
$ 
3,982.3
Current portion of long-term debt 
1,709.1
1,674.2
Notes payable 
31.7
811.4
Other current liabilities 
1,600.7
1,552.0
Total current
liabilities 
7,535.7
8,019.9
Long-term debt 
9,965.1
9,134.8
Deferred income taxes 
2,110.9
2,218.3
Other liabilities 
1,140.0
929.1
Total liabilities 
20,751.7
20,302.1
Stockholders' equity: 

Common stock, 

754.6

shares issued, $
0.10

par value 
75.5
75.5
Additional paid-in capital 
1,222.4
1,182.9
Retained earnings 
19,838.6
18,532.6

Common stock in treasury,


at cost, shares of 

168

.0 and 

155.7
(8,410.0)
(7,278.1)
Accumulated other comprehensive loss 
(2,276.9)
(1,970.5)
Total stockholders' equity 
10,449.6
10,542.4
Noncontrolling interests 
250.4
245.6
Total equity 
10,700.0
10,788.0
Total liabilities and equity 
$ 
31,451.7
$ 
31,090.1
See accompanying notes to consolidated financial statements. 

 
, J M SMUCKER Co 10-K form for the fiscal year ended 2024-04-30, page 52: 
THE J. M. SMUCKER COMPANY


STATEMENTS OF CONSOLIDATED INCOME
|    |                                                    |                      |         |      |         |      |         |         |    |         |
|---:|:---------------------------------------------------|:---------------------|:--------|:-----|:--------|:-----|:--------|:--------|:---|:--------|
|  1 |                                                    | Year Ended April 30, |         |      |         |      |         |         |    |         |
|  2 | (Dollars in millions, except per share data)       | 2024                 |         | 2023 |         | 2022 |         |         |    |         |
|  3 | Net sales                                          | $                    | 8,178.7 |      |         | $    | 8,529.2 |         | $  | 7,998.9 |
|  4 | Cost of products sold (A)                          | 5,063.3              |         |      | 5,727.4 |      |         | 5,298.2 |    |         |
|  5 | Gross Profit                                       | 3,115.4              |         |      | 2,801.8 |      |         | 2,700.7 |    |         |
|  6 | Selling, distribution, and administrative expenses | 1,446.2              |         |      | 1,455.0 |      |         | 1,360.3 |    |         |
|  7 | Amortization                                       | 191.1                |         |      | 206.9   |      |         | 223.6   |    |         |
|  9 | Other intangible assets impairment charges         | -                    |         |      | -       |      |         | 150.4   |    |         |
| 10 | Other special project costs (A)                    | 130.2                |         |      | 4.7     |      |         | 8.0     |    |         |
| 11 | Loss (gain) on divestitures – net                  | 12.9                 |         |      | 1,018.5 |      |         | (9.6)   |    |         |
| 12 | Other operating expense (income) – net             | 29.2                 |         |      | (40.8)  |      |         | (55.8)  |    |         |
| 13 | Operating Income                                   | 1,305.8              |         |      | 157.5   |      |         | 1,023.8 |    |         |
| 14 | Interest expense – net                             | (264.3)              |         |      | (152.0) |      |         | (160.9) |    |         |
| 15 | Other debt costs (A)                               | (19.5)               |         |      | -       |      |         | -       |    |         |
| 16 | Other income (expense) – net                       | (25.6)               |         |      | (14.7)  |      |         | (19.1)  |    |         |
| 17 | Income (Loss) Before Income Taxes                  | 996.4                |         |      | (9.2)   |      |         | 843.8   |    |         |
| 18 | Income tax expense                                 | 252.4                |         |      | 82.1    |      |         | 212.1   |    |         |
| 19 | Net Income (Loss)                                  | $                    | 744.0   |      |         | $    | (91.3)  |         | $  | 631.7   |
| 20 | Earnings per common share:                         |                      |         |      |         |      |         |         |    |         |
| 21 | Net Income (Loss)                                  | $                    | 7.14    |      |         | $    | (0.86)  |         | $  | 5.84    |
| 22 | Net Income (Loss) – Assuming Dilution              | $                    | 7.13    |      |         | $    | (0.86)  |         | $  | 5.83    |

(A)Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs, Note 5: Reportable Segments, and Note 8: Debt and Financing Arrangements.

See notes to consolidated financial statements.

THE J. M. SMUCKER COMPANY


STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
|    |                                                                     |                      |       |      |        |      |        |        |    |       |
|---:|:--------------------------------------------------------------------|:---------------------|:------|:-----|:-------|:-----|:-------|:-------|:---|:------|
|  1 |                                                                     | Year Ended April 30, |       |      |        |      |        |        |    |       |
|  2 | (Dollars in millions)                                               | 2024                 |       | 2023 |        | 2022 |        |        |    |       |
|  3 | Net income (loss)                                                   | $                    | 744.0 |      |        | $    | (91.3) |        | $  | 631.7 |
|  4 | Other comprehensive income (loss):                                  |                      |       |      |        |      |        |        |    |       |
|  5 | Foreign currency translation adjustments                            | (4.9)                |       |      | (13.2) |      |        | (12.1) |    |       |
|  6 | Cash flow hedging derivative activity, net of tax                   | 10.5                 |       |      | 10.3   |      |        | 10.9   |    |       |
|  7 | Pension and other postretirement benefit plans activity, net of tax | (0.7)                |       |      | 1.5    |      |        | 43.1   |    |       |
|  8 | Available-for-sale securities activity, net of tax                  | (0.3)                |       |      | (0.4)  |      |        | (1.9)  |    |       |
|  9 | Total Other Comprehensive Income (Loss)                             | 4.6                  |       |      | (1.8)  |      |        | 40.0   |    |       |
| 10 | Comprehensive Income (Loss)                                         | $                    | 748.6 |      |        | $    | (93.1) |        | $  | 671.7 |
See notes to consolidated financial statements.
52




, J M SMUCKER Co 10-K form for the fiscal year ended 2024-04-30, page 53: 
THE J. M. SMUCKER COMPANY


CONSOLIDATED BALANCE SHEETS
|    |                                                                                                                                                                                                                                 |           |          |      |           |    |          |
|---:|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----------|:---------|:-----|:----------|:---|:---------|
|  1 |                                                                                                                                                                                                                                 | April 30, |          |      |           |    |          |
|  2 | (Dollars in millions)                                                                                                                                                                                                           | 2024      |          | 2023 |           |    |          |
|  3 | ASSETS                                                                                                                                                                                                                          |           |          |      |           |    |          |
|  4 | Current Assets                                                                                                                                                                                                                  |           |          |      |           |    |          |
|  5 | Cash and cash equivalents                                                                                                                                                                                                       | $         | 62.0     |      |           | $  | 655.8    |
|  6 | Trade receivables – net                                                                                                                                                                                                         | 736.5     |          |      | 597.6     |    |          |
|  7 | Inventories:                                                                                                                                                                                                                    |           |          |      |           |    |          |
|  8 | Finished products                                                                                                                                                                                                               | 639.4     |          |      | 657.6     |    |          |
|  9 | Raw materials                                                                                                                                                                                                                   | 399.5     |          |      | 352.2     |    |          |
| 10 | Total Inventory                                                                                                                                                                                                                 | 1,038.9   |          |      | 1,009.8   |    |          |
| 11 | Investment in equity securities                                                                                                                                                                                                 | -         |          |      | 487.8     |    |          |
| 12 | Other current assets                                                                                                                                                                                                            | 129.5     |          |      | 107.7     |    |          |
| 13 | Total Current Assets                                                                                                                                                                                                            | 1,966.9   |          |      | 2,858.7   |    |          |
| 14 | Property, Plant, and Equipment                                                                                                                                                                                                  |           |          |      |           |    |          |
| 15 | Land and land improvements                                                                                                                                                                                                      | 152.4     |          |      | 131.0     |    |          |
| 16 | Buildings and fixtures                                                                                                                                                                                                          | 1,174.9   |          |      | 956.1     |    |          |
| 17 | Machinery and equipment                                                                                                                                                                                                         | 2,933.7   |          |      | 2,443.5   |    |          |
| 18 | Construction in progress                                                                                                                                                                                                        | 911.7     |          |      | 629.4     |    |          |
| 19 | Gross Property, Plant, and Equipment                                                                                                                                                                                            | 5,172.7   |          |      | 4,160.0   |    |          |
| 20 | Accumulated depreciation                                                                                                                                                                                                        | (2,100.0) |          |      | (1,920.5) |    |          |
| 21 | Total Property, Plant, and Equipment                                                                                                                                                                                            | 3,072.7   |          |      | 2,239.5   |    |          |
| 22 | Other Noncurrent Assets                                                                                                                                                                                                         |           |          |      |           |    |          |
| 23 | Operating lease right-of-use assets                                                                                                                                                                                             | 174.6     |          |      | 103.0     |    |          |
| 24 | Goodwill                                                                                                                                                                                                                        | 7,649.9   |          |      | 5,216.9   |    |          |
| 25 | Other intangible assets – net                                                                                                                                                                                                   | 7,255.4   |          |      | 4,429.3   |    |          |
| 27 | Other noncurrent assets                                                                                                                                                                                                         | 154.2     |          |      | 144.0     |    |          |
| 28 | Total Other Noncurrent Assets                                                                                                                                                                                                   | 15,234.1  |          |      | 9,893.2   |    |          |
| 29 | Total Assets                                                                                                                                                                                                                    | $         | 20,273.7 |      |           | $  | 14,991.4 |
| 30 | LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                                                                            |           |          |      |           |    |          |
| 31 | Current Liabilities                                                                                                                                                                                                             |           |          |      |           |    |          |
| 32 | Accounts payable                                                                                                                                                                                                                | $         | 1,336.2  |      |           | $  | 1,392.6  |
| 33 | Accrued compensation                                                                                                                                                                                                            | 151.5     |          |      | 112.9     |    |          |
| 34 | Accrued trade marketing and merchandising                                                                                                                                                                                       | 214.3     |          |      | 187.7     |    |          |
| 35 | Dividends payable                                                                                                                                                                                                               | 112.8     |          |      | 106.3     |    |          |
| 38 | Current portion of long-term debt                                                                                                                                                                                               | 999.3     |          |      | -         |    |          |
| 39 | Short-term borrowings                                                                                                                                                                                                           | 591.0     |          |      | -         |    |          |
| 40 | Current operating lease liabilities                                                                                                                                                                                             | 40.5      |          |      | 33.2      |    |          |
| 41 | Other current liabilities                                                                                                                                                                                                       | 315.5     |          |      | 154.0     |    |          |
| 42 | Total Current Liabilities                                                                                                                                                                                                       | 3,761.1   |          |      | 1,986.7   |    |          |
| 43 | Noncurrent Liabilities                                                                                                                                                                                                          |           |          |      |           |    |          |
| 44 | Long-term debt, less current portion                                                                                                                                                                                            | 6,773.7   |          |      | 4,314.2   |    |          |
| 45 | Defined benefit pensions                                                                                                                                                                                                        | 54.1      |          |      | 62.1      |    |          |
| 46 | Other postretirement benefits                                                                                                                                                                                                   | 44.3      |          |      | 49.1      |    |          |
| 47 | Deferred income taxes                                                                                                                                                                                                           | 1,737.4   |          |      | 1,138.9   |    |          |
| 48 | Noncurrent operating lease liabilities                                                                                                                                                                                          | 143.5     |          |      | 77.2      |    |          |
| 49 | Other noncurrent liabilities                                                                                                                                                                                                    | 65.7      |          |      | 72.4      |    |          |
| 50 | Total Noncurrent Liabilities                                                                                                                                                                                                    | 8,818.7   |          |      | 5,713.9   |    |          |
| 51 | Total Liabilities                                                                                                                                                                                                               | 12,579.8  |          |      | 7,700.6   |    |          |
| 52 | Shareholders' Equity                                                                                                                                                                                                            |           |          |      |           |    |          |
| 53 | Serial preferred shares – no par value: Authorized – 6,000,000 shares; outstanding – none                                                                                                                                       | -         |          |      | -         |    |          |
| 54 | Common shares – no par value: Authorized – 300,000,000 shares; outstanding – 106,194,281 at April 30, 2024, and 104,398,618 at April 30, 2023 (net of 44,293,364 and 42,099,112 treasury shares, respectively), at stated value | 26.5      |          |      | 26.1      |    |          |
| 55 | Additional capital                                                                                                                                                                                                              | 5,713.9   |          |      | 5,371.8   |    |          |
| 56 | Retained income                                                                                                                                                                                                                 | 2,188.1   |          |      | 2,132.1   |    |          |
| 57 | Accumulated other comprehensive income (loss)                                                                                                                                                                                   | (234.6)   |          |      | (239.2)   |    |          |
| 58 | Total Shareholders' Equity                                                                                                                                                                                                      | 7,693.9   |          |      | 7,290.8   |    |          |
| 59 | Total Liabilities and Shareholders' Equity                                                                                                                                                                                      | $         | 20,273.7 |      |           | $  | 14,991.4 |
See notes to consolidated financial statements.
53






Question: Compare the Net Working Capital Turnover Ratios of General Mills and J M Smucker Co for the fiscal years 2023 and 2024.
Answer: To compare the Net Working Capital Turnover Ratios of General Mills and J M Smucker Co for the fiscal years 2023 and 2024, we need to calculate the Net Working Capital Turnover Ratio using the formula: Net Working Capital Turnover Ratio = Net Sales / Average Working Capital.

For General Mills:
Fiscal Year 2024:
  - Net Sales: $19,857.2 million
  - Average Working Capital: (Current Assets - Current Liabilities)
  - Average Working Capital = ($4,580.9 million - $7,033.1 million + $5,176.4 million - $7,535.7 million) / 2 = -$2,405.75 million
  - Net Working Capital Turnover Ratio = $19,857.2 million / -$2,405.75 million = -8.26

Fiscal Year 2023:
  - Net Sales: $20,094.2 million
  - Average Working Capital = ($5,176.4 million - $7,535.7 million + $4,580.9 million - $7,033.1 million) / 2 = -$2,405.75 million
  - Net Working Capital Turnover Ratio = $20,094.2 million / -$2,405.75 million = -8.35
For J M Smucker Co:
- Fiscal Year 2024:
  - Net Sales: $8,178.7 million
  - Average Working Capital: (Current Assets - Current Liabilities)
  - Average Working Capital = ($1,966.9 million - $3,761.1 million + $2,858.7 million - $1,986.7 million) / 2 = -$461.1 million
  - Net Working Capital Turnover Ratio = $8,178.7 million / -$461.1 million = -17.74

Fiscal Year 2023:
  - Net Sales: $8,529.2 million
  - Average Working Capital = ($2,858.7 million - $1,986.7 million + $1,966.9 million - $3,761.1 million) / 2 = -$461.1 million
  - Net Working Capital Turnover Ratio = $8,529.2 million / -$461.1 million = -18.49
 both General Mills and J M Smucker Co had negative Net Working Capital Turnover Ratios in fiscal years 2023 and 2024, indicating that their current liabilities exceeded their current assets. General Mills' Net Working Capital Turnover Ratio improved slightly from -8.35 in fiscal year 2023 to -8.26 in fiscal year 2024. In contrast, J M Smucker Co's Net Working Capital Turnover Ratio also improved from -18.49 in fiscal year 2023 to -17.74 in fiscal year 2024. J M Smucker Co had a higher (more negative) Net Working Capital Turnover Ratio compared to General Mills in both fiscal years.