GENERAL MILLS INC 10-K form, page 43: 











































43 

Consolidated Statements of Comprehensive Income 


GENERAL MILLS, INC. AND SUBSIDIARIES 

(In Millions) 

Fiscal Year 

2023 
2022 
2021 
Net earnings, including earnings attributable to redeemable and

noncontrolling interests 
$ 
2,609.6
$ 
2,735.0
$ 
2,346.0
Other comprehensive (loss) income, net of tax: 
Foreign currency translation 
(110.8)
(175.9)
175.1
Net actuarial (loss) income 
(228.0)
101.6
353.4
Other fair value changes: 
Hedge derivatives 
1.3
7.0
(20.7)

Reclassification to earnings: 

Foreign currency translation 
(7.4)
342.2
-
Hedge derivatives 
(18.7)
35.1
13.5
Amortization of losses and prior service costs 
56.9
75.8
78.9
Other comprehensive (loss) income, net of tax 
(306.7)
385.8
600.2
Total comprehensive
income 
2,302.9
3,120.8
2,946.2
Comprehensive income (loss) attributable to redeemable and

noncontrolling interests 
15.4
(45.2)
121.2

Comprehensive income attributable to General Mills 

$ 
2,287.5
$ 
3,166.0
$ 
2,825.0
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 55: 
THE J. M. SMUCKER COMPANY


STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY
|    |                                                 |                         |              |       |                   |                |    |                                            |         |                            |         |         |       |         |         |         |    |         |
|---:|:------------------------------------------------|:------------------------|:-------------|:------|:------------------|:---------------|:---|:-------------------------------------------|:--------|:---------------------------|:--------|:--------|:------|:--------|:--------|:--------|:---|:--------|
|  1 | (Dollars in millions)                           | CommonSharesOutstanding | CommonShares |       | AdditionalCapital | RetainedIncome |    | AccumulatedOtherComprehensiveIncome (Loss) |         | Total Shareholders' Equity |         |         |       |         |         |         |    |         |
|  2 | Balance at May 1, 2021                          | 108,339,057             |              | $     | 27.1              |                | $  | 5,527.6                                    |         |                            | $       | 2,847.5 |       |         | $       | (277.4) | $  | 8,124.8 |
|  3 | Net income (loss)                               |                         |              |       |                   | 631.7          |    |                                            |         |                            | 631.7   |         |       |         |         |         |    |         |
|  4 | Other comprehensive income (loss)               |                         |              |       |                   |                |    | 40.0                                       |         |                            | 40.0    |         |       |         |         |         |    |         |
|  5 | Comprehensive income (loss)                     |                         |              |       |                   |                |    |                                            |         | 671.7                      |         |         |       |         |         |         |    |         |
|  6 | Purchase of treasury shares                     | (2,059,083)             |              | (0.5) |                   | (109.6)        |    |                                            | (160.3) |                            |         |         |       | (270.4) |         |         |    |         |
|  7 | Stock plans                                     | 178,343                 |              | -     |                   | 39.9           |    |                                            |         |                            |         |         | 39.9  |         |         |         |    |         |
|  8 | Cash dividends declared, $3.96 per common share |                         |              |       |                   | (425.9)        |    |                                            |         |                            | (425.9) |         |       |         |         |         |    |         |
| 10 | Balance at April 30, 2022                       | 106,458,317             |              | 26.6  |                   | 5,457.9        |    |                                            | 2,893.0 |                            |         | (237.4) |       |         | 8,140.1 |         |    |         |
| 11 | Net income (loss)                               |                         |              |       |                   | (91.3)         |    |                                            |         |                            | (91.3)  |         |       |         |         |         |    |         |
| 12 | Other comprehensive income (loss)               |                         |              |       |                   |                |    | (1.8)                                      |         |                            | (1.8)   |         |       |         |         |         |    |         |
| 13 | Comprehensive income (loss)                     |                         |              |       |                   |                |    |                                            |         | (93.1)                     |         |         |       |         |         |         |    |         |
| 14 | Purchase of treasury shares                     | (2,423,196)             |              | (0.6) |                   | (132.2)        |    |                                            | (238.3) |                            |         |         |       | (371.1) |         |         |    |         |
| 15 | Stock plans                                     | 363,497                 |              | 0.1   |                   | 46.1           |    |                                            | (0.1)   |                            |         |         |       | 46.1    |         |         |    |         |
| 16 | Cash dividends declared, $4.08 per common share |                         |              |       |                   | (431.2)        |    |                                            |         |                            | (431.2) |         |       |         |         |         |    |         |
| 18 | Balance at April 30, 2023                       | 104,398,618             |              | 26.1  |                   | 5,371.8        |    |                                            | 2,132.1 |                            |         | (239.2) |       |         | 7,290.8 |         |    |         |
| 19 | Net income (loss)                               |                         |              |       |                   | 744.0          |    |                                            |         |                            | 744.0   |         |       |         |         |         |    |         |
| 20 | Other comprehensive income (loss)               |                         |              |       |                   |                |    | 4.6                                        |         |                            | 4.6     |         |       |         |         |         |    |         |
| 21 | Comprehensive income (loss)                     |                         |              |       |                   |                |    |                                            |         | 748.6                      |         |         |       |         |         |         |    |         |
| 22 | Purchase of treasury shares                     | (2,416,945)             |              | (0.7) |                   | (132.8)        |    |                                            | (242.9) |                            |         |         |       | (376.4) |         |         |    |         |
| 23 | Issuance of shares for acquisition              | 3,989,915               |              | 1.0   |                   | 449.2          |    |                                            |         |                            |         |         | 450.2 |         |         |         |    |         |
| 24 | Stock plans                                     | 222,693                 |              | 0.1   |                   | 25.7           |    |                                            | (1.1)   |                            |         |         |       | 24.7    |         |         |    |         |
| 25 | Cash dividends declared, $4.24 per common share |                         |              |       |                   | (444.0)        |    |                                            |         |                            | (444.0) |         |       |         |         |         |    |         |
| 27 | Balance at April 30, 2024                       | 106,194,281             |              | $     | 26.5              |                | $  | 5,713.9                                    |         |                            | $       | 2,188.1 |       |         | $       | (234.6) | $  | 7,693.9 |
See notes to consolidated financial statements.

55






Question: Compare the Dividend Payout Ratios of General Mills and J M Smucker Co for the fiscal years 2023 and 2024.
Answer: To compare the Dividend Payout Ratios of General Mills and J M Smucker Co for the fiscal years 2023 and 2024, we need to calculate the Dividend Payout Ratio using the formula: Dividend Payout Ratio = Dividends per Share / Earnings per Share.

For General Mills:
 Fiscal Year 2024:
  - Dividends per Share: $2.36
  - Earnings per Share (Diluted): $4.31
  - Dividend Payout Ratio = $2.36 / $4.31 = 0.55 or 55%
 Fiscal Year 2023:
  - Dividends per Share: $2.16
  - Earnings per Share (Diluted): $4.31
  - Dividend Payout Ratio = $2.16 / $4.31 = 0.50 or 50%
For J M Smucker Co:
Fiscal Year 2024:
  - Dividends per Share: $4.24
  - Earnings per Share (Diluted): $7.13
  - Dividend Payout Ratio = $4.24 / $7.13 = 0.59 or 59%

Fiscal Year 2023:
  - Dividends per Share: $4.08
  - Earnings per Share (Diluted): -$0.86 (Net Loss)
  - Dividend Payout Ratio: Not applicable due to net loss
In summary, General Mills had a lower Dividend Payout Ratio compared to J M Smucker Co in fiscal year 2024, indicating a more conservative approach to dividend distribution relative to its earnings. General Mills' Dividend Payout Ratio increased from 50% in 2023 to 55% in 2024. In contrast, J M Smucker Co's Dividend Payout Ratio was not applicable in 2023 due to a net loss, but it was 59% in 2024, reflecting a higher proportion of earnings distributed as dividends.