Refer to the 4.65% notes due 2046. Calculate the interest expense on this note for fiscal year 2025.
Supplemental Information The components of certain Consolidated Balance Sheet accounts are as follows: May 30, 2021 May 31, 2020 In Millions Receivables: Customers Less allowance for doubtful accounts Total 1,674.5 $ (36.0) 1,638.5 $ 1,648.3 (33.2) 1,615.1 May 30, 2021 May 31, 2020 In Millions Inventories: Finished goods Raw materials and packaging Grain Excess of FIFO over LIFO cost (a) Total 1,506.9 $ 411.9 111.2 (209.5) 1,820.5 $ 1,142.6 392.2 93.6 (202.1) 1,426.3 $ (a) Inventories of $1,139.7 million as of May 30, 2021, and $892.6 million as of May 31, 2020, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method. May 30, 2021 May 31, 2020 In Millions Land, buildings, and equipment: Equipment Buildings Capitalized software Construction in progress Land Other Total land, buildings, and equipment Less accumulated depreciation Total 6,732.7 $ 2,542.7 718.5 395.7 67.4 8.1 10,465.1 (6,858.3) 3,606.8 $ 6,428.0 2,412.6 668.5 373.5 66.1 6.1 9,954.8 (6,374.2) 3,580.6 Certain Consolidated Statements of Cash Flows amounts are as follows: In Millions Cash interest payments Cash paid for income taxes Fiscal Year 2021 2020 412.5 $ 418.5 $ 636.1 403.3 $ 2019 500.1 440.8 Consolidated Statements of Cash Flows GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions) Fiscal Year 2020 2021 2019 2,346.0 $ 2,210.8 $ 1,786.2 601.3 (117.7) 95.2 89.9 118.8 (33.4) (33.6) 53.5 150.9 594.7 (91.1) 76.5 94.9 (29.6) 620.1 (72.0) 86.7 84.9 93.5 (28.8) 6.1 30.0 235.7 (31.1) (32.3) 43.6 (155.9) (131.8) 2,983.2 793.9 45.9 3,676.2 (7.5) (27.9) 2,807.0 (460.8) (48.0) 1.7 Cash Flows - Operating Activities Net earnings, including earnings attributable to redeemable and noncontrolling interests $ Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization After-tax earnings from joint ventures Distributions of earnings from joint ventures Stock-based compensation Deferred income taxes Pension and other postretirement benefit plan contributions Pension and other postretirement benefit plan costs Divestitures loss Restructuring, impairment, and other exit costs Changes in current assets and liabilities, excluding the effects of divestitures Other, net Net cash provided by operating activities Cash Flows - Investing Activities Purchases of land, buildings, and equipment Investments in affiliates, net Proceeds from disposal of land, buildings, and equipment Proceeds from divestitures Other, net Net cash used by investing activities Cash Flows - Financing Activities Change in notes payable Issuance of long-term debt Payment of long-term debt Debt exchange participation incentive cash payment Proceeds from common stock issued on exercised options Purchases of common stock for treasury Dividends paid Investments in redeemable interest Distributions to noncontrolling and redeemable interest holders Other, net Net cash used by financing activities Effect of exchange rate changes on cash and cash equivalents (Decrease) increase in cash and cash equivalents Cash and cash equivalents - beginning of year Cash and cash equivalents - end of year $ Cash flow from changes in current assets and liabilities, excluding the effects of divestitures: Receivables $ Inventories Prepaid expenses and other current assets Accounts payable Other current liabilities Changes in current assets and liabilities (530.8) 15.5 2.7 2.9 (3.1) (512.8) (537.6) 0.1 14.3 26.4 (59.7) (556.5) 20.9 (486.2) 71.7 1,576.5 (2,609.0) (1,158.6) 1,638.1 (1,396.7) (66.3) 339.1 (1,493.8) (201.4) 74.3 (301.4) (1,246.4) 263.4 (3.4) (1,195.8) (48.9) (30.9) (2,715.5) 72.5 (172.6) 1,677.8 1,505.2 $ (72.5) (16.0) (1,941.5) (20.7) 1,227.8 450.0 1,677.8 $ 241.4 (1.1) (1,181.7) 55.7 (38.5) (31.2) (2.176.4) (23.1) 51.0 399.0 450.0 27.9 $ (354.7) (42.7) 343.1 (129.5) (155.9) $ 37.9 $ 103.1 94.2 392.5 166.2 793.9 $ (42.7) 53.7 (114.3) 162.4 (66.6) (7.5) 75.5 Consolidated Statements of Total Equity and Redeemable Interest GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except per Share Data) Fiscal Year 2021 2020 2019 Shares Amount Shares Amount Shares Amount Total equity, beginning balance $ 8,349.5 $ 7,367.7 $ 6,492.4 Common stock, 1 billion shares authorized, $0.10 par value 754.6 75.5 754.6 75.5 754.6 Additional paid-in capital: Beginning balance 1,348.6 1,386.7 1,202.5 Stock compensation plans 6.2 (12.1) (96.4) Unearned compensation related to stock unit awards (78.0) (85.7) (71.3) Earned compensation 88.5 92.8 82.8 Decrease increase) in redemption value of redeemable interest 0.2 (33.1) 269.1 Ending balance 1,365.5 1,348.6 1,386.7 Retained earnings: Beginning balance 15,982.1 14,996.7 14,459.6 Comprehensive income 2,339.8 2,181.2 1,752.7 Cash dividends declared ($2.02, $1.96, and $1.96 per share) (1,246.4) (1,195.8) (1,181.7) Adoption of revenue recognition accounting requirements (33.9) Adoption of current expected credit loss accounting requirements (5.7) Ending balance 17,069.8 15,982.1 14,996.7 Common stock in treasury: Beginning balance (144.8) (6,433.3) (152.7) (6,779.0) (161.5) (7,167.5) Shares purchased (5.0) (301.4) (0.1) (3.4) (1.1) Stock compensation plans 2.9 123.5 8.0 349.1 8.8 389.6 Ending balance (146.9) (6,611.2) (144.8) (6,433.3) (152.7) (6,779.0 Accumulated other comprehensive loss: Beginning balance (2,914.4) (2,625.4) (2,429.0) Comprehensive income (loss) 485.2 (289.0) (196.4) Ending balance (2.429.2) (2,914.4) (2.625.4) Noncontrolling interests: Beginning balance 291.0 313.2 351.3 Comprehensive income 38.0 10.3 0.4 Distributions to noncontrolling interest holders (26.2) (32.5) (38.5) Ending balance 302.8 291.0 313.2 Total equity, ending balance $ 9,773.2 $ 8,349.5 $ 7,367.7 Redeemable interest: Beginning balance 544.6 $ 551.7 776.2 Comprehensive income (loss) 83.2 (0.2) (11.1) Increase in investment in redeemable interest 55.7 (Decrease) increase in redemption value of redeemable interest (0.2) 33.1 (269.1) Distributions to redeemable interest holder (22.7) (40.0) Ending balance 604.9 544.6 551.7 Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 30, 2021 May 31, 2020 ASSETS Current assets: Cash and cash equivalents $ 1,505.2 $ 1,677.8 Receivables 1,638.5 1,615.1 Inventories 1,820.5 1,426.3 Prepaid expenses and other current assets 790.3 402.1 Total current assets 5,754.5 5,121.3 Land, buildings, and equipment 3,606.8 3,580.6 Goodwill 14,062.4 13,923.2 Other intangible assets 7,150.6 7,095.8 Other assets 1,267.6 1,085.8 Total assets $ 31,841.9 $ 30,806.7 LIABILITIES AND EQUITY Current liabilities: Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 146.9 and 144.8 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 3,653.5 $ 2,463.8 361.3 1,787.2 8,265.8 9,786.9 2,118.4 1,292.7 21,463.8 604.9 3,247.7 2,331.5 279.0 1,633.3 7,491.5 10,929.0 1,947.1 1,545.0 21,912.6 544.6 75.5 1,365.5 17,069.8 (6,611.2) (2.429.2) 9,470.4 302.8 9,773.2 31,841.9 $ 75.5 1,348.6 15,982.1 (6,433.3) (2,914.4) 8,058.5 291.0 8,349.5 30,806.7 $ Supplemental Information The components of certain Consolidated Balance Sheet accounts are as follows: May 30, 2021 May 31, 2020 In Millions Receivables: Customers Less allowance for doubtful accounts Total 1,674.5 $ (36.0) 1,638.5 $ 1,648.3 (33.2) 1,615.1 May 30, 2021 May 31, 2020 In Millions Inventories: Finished goods Raw materials and packaging Grain Excess of FIFO over LIFO cost (a) Total 1,506.9 $ 411.9 111.2 (209.5) 1,820.5 $ 1,142.6 392.2 93.6 (202.1) 1,426.3 $ (a) Inventories of $1,139.7 million as of May 30, 2021, and $892.6 million as of May 31, 2020, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method. May 30, 2021 May 31, 2020 In Millions Land, buildings, and equipment: Equipment Buildings Capitalized software Construction in progress Land Other Total land, buildings, and equipment Less accumulated depreciation Total 6,732.7 $ 2,542.7 718.5 395.7 67.4 8.1 10,465.1 (6,858.3) 3,606.8 $ 6,428.0 2,412.6 668.5 373.5 66.1 6.1 9,954.8 (6,374.2) 3,580.6 Certain Consolidated Statements of Cash Flows amounts are as follows: In Millions Cash interest payments Cash paid for income taxes Fiscal Year 2021 2020 412.5 $ 418.5 $ 636.1 403.3 $ 2019 500.1 440.8 Consolidated Statements of Cash Flows GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions) Fiscal Year 2020 2021 2019 2,346.0 $ 2,210.8 $ 1,786.2 601.3 (117.7) 95.2 89.9 118.8 (33.4) (33.6) 53.5 150.9 594.7 (91.1) 76.5 94.9 (29.6) 620.1 (72.0) 86.7 84.9 93.5 (28.8) 6.1 30.0 235.7 (31.1) (32.3) 43.6 (155.9) (131.8) 2,983.2 793.9 45.9 3,676.2 (7.5) (27.9) 2,807.0 (460.8) (48.0) 1.7 Cash Flows - Operating Activities Net earnings, including earnings attributable to redeemable and noncontrolling interests $ Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization After-tax earnings from joint ventures Distributions of earnings from joint ventures Stock-based compensation Deferred income taxes Pension and other postretirement benefit plan contributions Pension and other postretirement benefit plan costs Divestitures loss Restructuring, impairment, and other exit costs Changes in current assets and liabilities, excluding the effects of divestitures Other, net Net cash provided by operating activities Cash Flows - Investing Activities Purchases of land, buildings, and equipment Investments in affiliates, net Proceeds from disposal of land, buildings, and equipment Proceeds from divestitures Other, net Net cash used by investing activities Cash Flows - Financing Activities Change in notes payable Issuance of long-term debt Payment of long-term debt Debt exchange participation incentive cash payment Proceeds from common stock issued on exercised options Purchases of common stock for treasury Dividends paid Investments in redeemable interest Distributions to noncontrolling and redeemable interest holders Other, net Net cash used by financing activities Effect of exchange rate changes on cash and cash equivalents (Decrease) increase in cash and cash equivalents Cash and cash equivalents - beginning of year Cash and cash equivalents - end of year $ Cash flow from changes in current assets and liabilities, excluding the effects of divestitures: Receivables $ Inventories Prepaid expenses and other current assets Accounts payable Other current liabilities Changes in current assets and liabilities (530.8) 15.5 2.7 2.9 (3.1) (512.8) (537.6) 0.1 14.3 26.4 (59.7) (556.5) 20.9 (486.2) 71.7 1,576.5 (2,609.0) (1,158.6) 1,638.1 (1,396.7) (66.3) 339.1 (1,493.8) (201.4) 74.3 (301.4) (1,246.4) 263.4 (3.4) (1,195.8) (48.9) (30.9) (2,715.5) 72.5 (172.6) 1,677.8 1,505.2 $ (72.5) (16.0) (1,941.5) (20.7) 1,227.8 450.0 1,677.8 $ 241.4 (1.1) (1,181.7) 55.7 (38.5) (31.2) (2.176.4) (23.1) 51.0 399.0 450.0 27.9 $ (354.7) (42.7) 343.1 (129.5) (155.9) $ 37.9 $ 103.1 94.2 392.5 166.2 793.9 $ (42.7) 53.7 (114.3) 162.4 (66.6) (7.5) 75.5 Consolidated Statements of Total Equity and Redeemable Interest GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except per Share Data) Fiscal Year 2021 2020 2019 Shares Amount Shares Amount Shares Amount Total equity, beginning balance $ 8,349.5 $ 7,367.7 $ 6,492.4 Common stock, 1 billion shares authorized, $0.10 par value 754.6 75.5 754.6 75.5 754.6 Additional paid-in capital: Beginning balance 1,348.6 1,386.7 1,202.5 Stock compensation plans 6.2 (12.1) (96.4) Unearned compensation related to stock unit awards (78.0) (85.7) (71.3) Earned compensation 88.5 92.8 82.8 Decrease increase) in redemption value of redeemable interest 0.2 (33.1) 269.1 Ending balance 1,365.5 1,348.6 1,386.7 Retained earnings: Beginning balance 15,982.1 14,996.7 14,459.6 Comprehensive income 2,339.8 2,181.2 1,752.7 Cash dividends declared ($2.02, $1.96, and $1.96 per share) (1,246.4) (1,195.8) (1,181.7) Adoption of revenue recognition accounting requirements (33.9) Adoption of current expected credit loss accounting requirements (5.7) Ending balance 17,069.8 15,982.1 14,996.7 Common stock in treasury: Beginning balance (144.8) (6,433.3) (152.7) (6,779.0) (161.5) (7,167.5) Shares purchased (5.0) (301.4) (0.1) (3.4) (1.1) Stock compensation plans 2.9 123.5 8.0 349.1 8.8 389.6 Ending balance (146.9) (6,611.2) (144.8) (6,433.3) (152.7) (6,779.0 Accumulated other comprehensive loss: Beginning balance (2,914.4) (2,625.4) (2,429.0) Comprehensive income (loss) 485.2 (289.0) (196.4) Ending balance (2.429.2) (2,914.4) (2.625.4) Noncontrolling interests: Beginning balance 291.0 313.2 351.3 Comprehensive income 38.0 10.3 0.4 Distributions to noncontrolling interest holders (26.2) (32.5) (38.5) Ending balance 302.8 291.0 313.2 Total equity, ending balance $ 9,773.2 $ 8,349.5 $ 7,367.7 Redeemable interest: Beginning balance 544.6 $ 551.7 776.2 Comprehensive income (loss) 83.2 (0.2) (11.1) Increase in investment in redeemable interest 55.7 (Decrease) increase in redemption value of redeemable interest (0.2) 33.1 (269.1) Distributions to redeemable interest holder (22.7) (40.0) Ending balance 604.9 544.6 551.7 Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 30, 2021 May 31, 2020 ASSETS Current assets: Cash and cash equivalents $ 1,505.2 $ 1,677.8 Receivables 1,638.5 1,615.1 Inventories 1,820.5 1,426.3 Prepaid expenses and other current assets 790.3 402.1 Total current assets 5,754.5 5,121.3 Land, buildings, and equipment 3,606.8 3,580.6 Goodwill 14,062.4 13,923.2 Other intangible assets 7,150.6 7,095.8 Other assets 1,267.6 1,085.8 Total assets $ 31,841.9 $ 30,806.7 LIABILITIES AND EQUITY Current liabilities: Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 146.9 and 144.8 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 3,653.5 $ 2,463.8 361.3 1,787.2 8,265.8 9,786.9 2,118.4 1,292.7 21,463.8 604.9 3,247.7 2,331.5 279.0 1,633.3 7,491.5 10,929.0 1,947.1 1,545.0 21,912.6 544.6 75.5 1,365.5 17,069.8 (6,611.2) (2.429.2) 9,470.4 302.8 9,773.2 31,841.9 $ 75.5 1,348.6 15,982.1 (6,433.3) (2,914.4) 8,058.5 291.0 8,349.5 30,806.7 $
