Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended ($ millions) Net Sales $ 14,880.2 May 29, 2011 May 30, 2010 $ 14,635.6 Cost of sales Selling, general and administrative expenses Divestitures (gain), net 8,926.7 8,835.4 3,192.0 3,162.7 (17.4) -- Restructuring, impairment, and other exit costs 4.4 Operating income 2,774.5 31.4 2,606.1 Interest, net 346.3 401.6 Earnings before income tax expense and equity in income of affiliates 2,428.2 2,204.5 Income tax expense 721.1 771.2 After-tax earnings from joint ventures 96.4 Net earnings including noncontrolling interests 1,803.5 Net earnings attributable to noncontrolling interests Net earnings attributable to General Mills 5.2 101.7 1,535.0 4.5 $ 1,798.3 $ 1,530.5