# GENERAL MILLS INC (GIS) Informational only - not investment advice. CIK: 0000040704 SIC: 2040 Grain Mill Products SIC breadcrumb: [Manufacturing](/division/D/) > [Food And Kindred Products](/major-group/20/) > [SIC 2040 Grain Mill Products](/industry/2040/) Latest 10-K filed: 2025-06-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=40704 Filing source: https://www.sec.gov/Archives/edgar/data/40704/000119312525147079/d938443d10k.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 19486600000 | USD | 2025 | 2025-06-26 | | Net income | 2295200000 | USD | 2025 | 2025-06-26 | | Assets | 33071100000 | USD | 2025 | 2025-06-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-06-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000040704.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 15,619,800,000 | 15,740,400,000 | 16,865,200,000 | 17,626,600,000 | 18,127,000,000 | 18,992,800,000 | 20,094,200,000 | 19,857,200,000 | 19,486,600,000 | | Net income | 1,697,400,000 | 1,657,500,000 | 2,131,000,000 | 1,752,700,000 | 2,181,200,000 | 2,339,800,000 | 2,707,300,000 | 2,593,900,000 | 2,496,600,000 | 2,295,200,000 | | Operating income | 2,707,400,000 | 2,492,100,000 | 2,419,900,000 | 2,515,900,000 | 2,953,900,000 | 3,144,800,000 | 3,475,800,000 | 3,433,800,000 | 3,431,700,000 | 3,304,800,000 | | Diluted EPS | 2.77 | 2.77 | 3.64 | 2.90 | 3.56 | 3.78 | 4.42 | 4.31 | 4.31 | 4.10 | | Assets | 21,712,300,000 | 21,812,600,000 | 30,624,000,000 | 30,111,200,000 | 30,806,700,000 | 31,841,900,000 | 31,090,100,000 | 31,451,700,000 | 31,469,900,000 | 33,071,100,000 | | Liabilities | 15,559,600,000 | 16,216,200,000 | 23,355,400,000 | 22,191,800,000 | 21,912,600,000 | 21,463,800,000 | 20,302,100,000 | 20,751,700,000 | 21,821,400,000 | 23,859,900,000 | | Stockholders' equity | 4,930,200,000 | 4,327,900,000 | 6,141,100,000 | 7,054,500,000 | 8,058,500,000 | 9,470,400,000 | 10,542,400,000 | 10,449,600,000 | 9,396,700,000 | 9,199,200,000 | | Cash and cash equivalents | 766,100,000 | 766,100,000 | 399,000,000 | 450,000,000 | 1,677,800,000 | 1,505,200,000 | 569,400,000 | 585,500,000 | 418,000,000 | 363,900,000 | | Net margin | | 10.61% | 13.54% | 10.39% | 12.37% | 12.91% | 14.25% | 12.91% | 12.57% | 11.78% | | Operating margin | | 15.95% | 15.37% | 14.92% | 16.76% | 17.35% | 18.30% | 17.09% | 17.28% | 16.96% | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high ITEM 7 - Management’s Discussion and Analysis of   Financial Condition and Results of Operations EXECUTIVE OVERVIEW We are   a   global packaged   foods company. We develop   distinctive   value-added   food   products   and   market   them under   unique   brand names. We work   continuously   to   improve   our   core   products   and   to   create   new   products   that   meet   consumers’   evolving   needs   and preferences.   In   addition,   we   build   the   equity   of   our   brands   over   time   with   strong   consumer-directed   marketing,   innovative   new products,   and   effective   merchandising. We believe   our   brand-building   approach   is   the   key   to   winning   and   sustaining   leading   share positions in markets around the globe. Our fundamental   financial goal is   to generate competitively   differentiated returns   for our shareholders   over the long   term. We believe achieving   that   goal   requires   us   to   generate   a   consistent   balance   of   net   sales   growth,   margin   expansion,   cash   conversion,   and   cash return to shareholders over time. Our long-term growth objectives are to deliver the following performance   on average over time: ● 2 to 3 percent annual growth in organic net sales; ● mid-single-digit annual growth in adjusted operating profit; ● mid- to high-single-digit annual growth in adjusted diluted earnings per share   (EPS); ● free cash flow conversion of at least 95 percent of adjusted net earnings   after tax; and ● cash return to shareholders of 80 to 90 percent of free cash flow,   including an attractive dividend yield. Guided by our   purpose to make   food the world   loves, we are   executing our Accelerate   strategy to drive   sustainable, profitable growth and   top-tier   shareholder   returns   over   the   long   term.   The   strategy   focuses   on   four   pillars   to   create   competitive   advantages   and   win: boldly   building   brands,   relentlessly   innovating,   unleashing   our   scale,   and   standing   for   good. We are   prioritizing   our   core   markets, global   platforms,   and   local   gem   brands   that   have   the   best   prospects   for   profitable   growth,   and   we   are   committed   to   reshaping   our portfolio with strategic acquisitions and divestitures to further enhance   our growth profile. Our   consolidated   net   sales   for   fiscal   2025   declined   2   percent   to   $19.5   billion.   On   an   organic   basis,   net   sales   decreased   2   percent compared to year-ago levels. Operating   profit of $3.3 billion decreased   4 percent. Adjusted operating profit   of $3.4 billion decreased 7 percent on a   constant-currency basis.   Diluted EPS declined   5 percent to   $4.10. Adjusted diluted   EPS of $4.21   decreased 7 percent   on a   constant-currency   basis   (See   the   “Non-GAAP   Measures”   section   below   for   a   description   of   our   use   of   measures   not   defined   by generally accepted accounting principles (GAAP)). Net cash   provided   by operations   totaled $2,918   million in   fiscal 2025   representing a   conversion rate   of 126   percent of   net earnings, including   earnings attributable   to noncontrolling   interests. This   cash generation   supported capital   investments   totaling $625   million, and   our   resulting   free   cash   flow was   $2,293   million   at   a   conversion   rate   of 97   percent of   adjusted   net   earnings,   including   earnings attributable   to   noncontrolling   interests. We returned   cash   to   shareholders   through   dividends   totaling   $1,339   million   and   share repurchases   totaling   $1,203   million   (See   the   “Non-GAAP   Measures”   section   below   for   a   description   of   our   use   of   measures   not defined by GAAP). In   fiscal   2025,   the   operating   environment   was   characterized   by   significant   volatility   and   uncertainty,   resulting   in   value-seeking behaviors by   consumers that   were deeper   and more   prolonged than   we expected.   As a   result, we   made important   changes to   adapt to the evolving   environment and   put our   business on   a path   back to   growth. We increased investment   to bring   consumers greater   value, which strengthened our   pound volume performance   as we exited the   year.   While the level of   incremental investment   resulted in fiscal 2025   financial   results   below   our   targeted   ranges,   we   expect   the   improved   pound   volume   and   household   penetration   trends   will translate into stronger top- and bottom-line performance over the long   term. We delivered mixed performance against the three priorities we established   at the beginning of the year: We did not achieve our objective   of accelerating organic net sales   growth, with full-year organic   net sales declining 2 percent driven primarily   by unfavorable   organic net   price realization   and mix   resulting from   our increased   investments in   consumer value (see the ‘Non-GAAP Measures” section below for our use of   this measure not defined by GAAP). We successfully   created   fuel   for   our   investments,   including   generating   industry-leading   Holistic   Margin   Management (HMM) cost savings by increasingly applying digital and technology capabilities throughout   our supply chain. We successfully drove   strong cash   generation, with   free cash   flow conversion   finishing at   97 percent,   which was   above our full-year   target   of   95   percent.   This   enabled   us   to   fund   capital   investment,   raise   our   dividend,   and   continue   our   share repurchase activity. We also continued   to reshape our   portfolio, including   acquisitions and divestitures   that further   improved 18 our portfolio’s   ability to generate profitable growth   over the long term (see the   “Non-GAAP Measures” section below   for our use of this measure not defined by GAAP). A   detailed   review   of   our   fiscal   2025   performance   compared   to   fiscal   2024   appears   below   in   the   section   titled   “Fiscal   2025 Consolidated Results of Operations.” A detailed review   of our fiscal 2024 performance compared to our fiscal   2023 performance is set forth   in Part   II, Item   7 of   our Form   10-K for   the fiscal   year   ended   May 26, 2024   under the   caption   “Management’s   Discussion and Analysis of   Financial Condition   and Results   of Operations   – Fiscal   2024 Consolidated   Results of   Operations,” which   is incorporated herein by reference. In fiscal 2026, we   plan to continue advancing   our Accelerate strategy.   Our key priorities are to   return North America Retail   to volume growth,   Accelerate   North   America   Pet   growth   with   an   expanded   portfolio,   and   drive   efficiencies   to   reinvest   in   growth. We expect category   growth   to   be   below   our   long-term   projections,   reflecting   less   benefit   from   net price   realization   and   mix   amid   a   continued challenging   consumer   backdrop.   To   strengthen   our   categories   and   market   share   performance,   we   plan   to   increase   investment   in consumer   value,   product   news,   innovation,   and   brand   building,   guided   by   our   remarkable   experience   framework.   This   includes   a significant   strategic investment   to launch   Blue Buffalo   into the   fast-growing   U.S. fresh   pet food   sub-category   in calendar   2025. We expect   the   combination   of   these   growth   investments,   input   cost   inflation,   and   a   reset   of   corporate   incentive   will   outpace   expected HMM cost savings of 5 percent of cost of   goods sold, savings from our global transformation   initiative, and benefits from a 53rd week in fiscal 2026.   In addition, we   expect the net   impact of the   divestiture of   our North American   yogurt businesses and   the Whitebridge Pet Brands acquisition will reduce adjusted operating profit growth   by approximately 5 points in fiscal 2026. Based on these assumptions, our key full-year fiscal 2026 targets   are summarized below: ● Organic net sales are expected to range between down 1 percent and   up 1 percent. ● Adjusted operating profit   is expected to   be down 10   to 15 percent in   constant currency from   the base of   $3.4 billion reported in fiscal 2025. ● Adjusted diluted   EPS is   expected   to be   down 10   to 15   percent in   constant currency   from the   base of   $4.21 earned   in fiscal 2025. ● Free cash flow conversion is expected to be at least 95 percent of adjusted after-tax   earnings. See the “Non-GAAP Measures” section below for a description of our   use of measures not defined by GAAP. Certain terms used throughout this report are defined in a glossary in Item   8 of this report. FISCAL 2025 CONSOLIDATED   RESULTS   OF OPERATIONS In   fiscal   2025,   net   sales   and   organic   net   sales   decreased   2   percent   compared   to   fiscal   2024.   Operating   profit   of   $3,305   million decreased   4   percent   compared   to   fiscal   2024,   primarily   driven   by   unfavorable   net   price   realization   and   mix,   an   increase   in   selling, general,   and   administrative   (SG&A)   expenses,   legal   and   voluntary   recall   net   recoveries   recorded   in   fiscal   2024,   a   decrease   in contributions from   volume growth, higher   restructuring and transformation   charges, higher   acquisition and divestiture   transaction and integration   costs, and   an unfavorable   change in   the mark   -to-market   valuation   of   certain commodity   positions   and   grain   inventories. These impacts were   partially offset by   impairment charges recorded   in fiscal 2024,   a divestiture gain related   to the sale of   our Canada yogurt   business   in   fiscal   2025,   and   lower   input   costs.   Operating   profit   margin   of   17.0   percent   decreased   30   basis   points.   Adjusted operating   profit   of   $3,353   million   decreased   7   percent   on   a   constant-currency   basis,   primarily   driven   by   unfavorable   net   price realization   and   mix,   an   increase in   SG&A   expenses,   and   a decrease   in   contributions   from volume   growth,   partially   offset   by   lower input costs. Adjusted   operating profit margin   decreased 90 basis   points to 17.2   percent. Diluted earnings   per share of   $4.10 decreased 5 percent compared   to fiscal 2024.   Adjusted diluted earnings   per share of   $4.21 decreased 7   percent on a   constant-currency basis (see the “Non-GAAP Measures” section below for a description of our use of measures   not defined by GAAP). 19 A summary of our consolidated financial results for fiscal 2025 follows: Fiscal 2025 In millions, except per share Fiscal 2025 vs. Fiscal 2024 Percent of Net Sales Constant- Currency Growth (a) Net sales $ 19,486.6 (2) % Operating profit 3,304.8 (4) % 17.0 % Net earnings attributable to General Mills 2,295.2 (8) % Diluted earnings per share $ 4.10 (5) % Organic net sales growth rate (a) (2) % Adjusted operating profit (a) 3,352.6 (7) % 17.2 % (7) % Adjusted diluted earnings per share (a) $ 4.21 (7) % (7) % (a)   See the “Non-GAAP Measures” section below for our use of measures not defined by   GAAP. Consolidated net sales were as follows: Fiscal 2025 Fiscal 2025 vs. Fiscal 2024 Fiscal 2024 Net sales (in millions) $ 19,486.6 (2) % $ 19,857.2 Contributions from volume growth (a) (1) pt Net price realization and mix (1) pt Foreign currency exchange Flat Note: Table may   not foot due to rounding (a) Measured in tons based on the stated weight of our product shipments. Net sales   in fiscal   2025 decreased   2 percent   compared to   fiscal 2024,   driven by   a decrease   in contributions   from volume   growth and unfavorable net price realization and mix. Components of organic net sales growth are shown in the following   table: Fiscal 2025 vs. Fiscal 2024 Contributions from organic volume growth (a) Flat Organic net price realization and mix (1) pt Organic net sales growth (2) pts Foreign currency exchange Flat Acquisitions and divestiture Flat Net sales growth (2) pts Note: Table may   not foot due to rounding (a) Measured in tons based on the stated weight of our product shipments. Organic net   sales in   fiscal 2025   decreased 2   percent compared   to fiscal 2024,   driven by   unfavorable organic   net price realization   and mix. Cost of   sales decreased $172 million   in fiscal   2025 to   $12,754 million. The   decrease was   primarily driven   by a   $95 million   decrease attributable to lower   volume and an $89   million decrease attributable   to product rate and mix.   We   recorded a $16 million   net decrease in cost of   sales related to   the mark-to-market valuation   of certain commodity   positions and grain   inventories in fiscal   2025, compared to a net decrease   of $39 million in   fiscal 2024 (please refer   to Note 8 to   the Consolidated Financial   Statements in Item   8 of this report for   additional   information).   We   also   recorded   $9   million   of   restructuring   charges   in   fiscal   2025   compared   to   $18   million   of restructuring charges   and $2 million   of restructuring initiative   project-related costs in   cost of sales   in fiscal 2024   (please refer to   Note 4 to the Consolidated Financial Statements in Item 8 of this report for additional   information). Gross   margin decreased   3   percent   in   fiscal   2025   compared   to   fiscal   2024.   Gross   margin   as   a   percent   of   net   sales   of   34.6   percent decreased 30 basis points compared to fiscal 2024. SG&A expenses increased $187 million to   $3,446 million in fiscal 2025   compared to fiscal 2024   primarily driven by a   legal recovery in fiscal 2024, transaction   and integration costs recorded   in fiscal 2025 related to   the definitive agreements to   sell our North American yogurt businesses   and costs   related to   the Whitebridge   Pet Brands   acquisition,   the addition   of a   pet food   business in   Europe in   fiscal 20 2024,   and net recoveries   recorded in fiscal   2024 from the   fiscal 2023 voluntary   recall on certain   international Häagen-Dazs ice cream products. SG&A expenses as a percent of net sales in fiscal 2025   increased 130 basis points compared to fiscal 2024. Divestitures   gain, net totaled $96 million in fiscal 2025 related to the sale of our Canada yogurt business (please refer   to Note 3 to the Consolidated Financial Statements in Item 8 of this report). Restructuring,   transformation,   impairment,   and other   exit   costs totaled   $78   million in   fiscal 202   5   compared   to $241   million   in fiscal 2024. In fiscal 2025, we approved a multi-year global transformation   initiative to drive increased productivity by enhancing end- to-end   business   processes,   enabled   by   targeted   organizational   actions,   and   as   a   result,   we   recorded   $70   million   of   charges   in   fiscal 2025.   We   also recorded   $8 million   of restructuring   charges in   fiscal 2025   related to   actions previously   announced.   In fiscal 2024,   we recorded a   $117   million non-cash   goodwill impairment   charge   related to   our Latin   America reporting   unit and   $103 million   of non- cash   impairment   charges   related   to   our Top   Chews , True   Chews ,   and EPIC brand   intangible   assets.   In   fiscal   2024,   we   approved restructuring   actions to   enhance the   go-to-market   commercial strategy   and associated   organizational   structure of   our North   America Pet segment,   and as   a result,   we recorded   $17 million   of charges   in fiscal   2024. Please   refer to   Note 4   to the   Consolidated Financial Statements in Item 8 of this report for additional information. Benefit   plan   non-service   income totaled   $54   million   in   fiscal   2025   compared   to   $76 million   in   fiscal   2024,   primarily   reflecting higher amortization   of losses   and higher   interest costs   (please refer   to Note   14 to   the Consolidated   Financial Statements   in Item   8 of this report for additional information). Interest,   net for fiscal   2025 totaled   $524 million, $45   million higher   than fiscal   2024, primarily   driven by   higher average   long-term debt levels. Our effective tax rate for fiscal 2025 was 20.2 percent compared   to 19.6 percent in fiscal 2024. The 0.6   percentage point increase was primarily driven   by certain nonrecurring   tax benefits in   fiscal 2024, partially   offset by favorable   earnings mix by   jurisdiction in fiscal 2025. Our   adjusted   effective   tax rate   was 20.6   percent in   fiscal 2025   compared   to 20.1   percent in   fiscal 2024   (see the   “Non-GAAP Measures”   section   below   for   a   description   of   our   use   of   measures   not   defined   by   GAAP).   The   0.5   percentage   point   increase   was primarily   due   to   certain   nonrecurring   tax   benefits   in   fiscal   2024,   partially   offset   by   favorable   earnings   mix   by   jurisdiction   in   fiscal 2025. After-tax   earnings from   joint ventures decreased   to   $58 million   in   fiscal   2025   compared   to   $85   million   in   fiscal   2024,   primarily driven   by our   share of   asset impairment   charges   at CPW   in   fiscal   2025.   On   a constant   -currency   basis,   after-tax   earnings from   joint ventures decreased   29 percent (see   the “Non-GAAP   Measures” section   below for   a description of   our use of   measures not defined   by GAAP). The components of our joint ventures’ net sales growth are shown in   the following table: Fiscal 2025 vs. Fiscal 2024 CPW HDJ Total Contributions from volume growth (a) (4) pts 4 pts Net price realization and mix 3 pts (1) pt Net sales growth in constant currency (1) pts 3 pts (1) pt Foreign currency exchange (3) pts (2) pts (3) pts Net sales growth (4) pts 1 pt (3) pts Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. Net earnings attributable to noncontrolling interests increased to $24 million in fiscal 2025   compared to $22 million in fiscal 2024. Average diluted shares   outstanding decreased by 22 million in fiscal 2025 from fiscal 2024 primarily due to share repurchase   s. RESULTS   OF SEGMENT OPERATIONS Our   businesses   are   organized   into   four   operating   segments:   North   America   Retail,   International,   North   America   Pet,   and   North America Foodservice. 21 The following tables provide   the dollar amount and percentage   of net sales and operating   profit from each segment for   fiscal 2025 and fiscal 2024: Fiscal Year 2025 2024 In Millions Dollars Percent of Total Dollars Percent of Total Net Sales North America Retail $ 11,907.0 61 % $ 12,473.4 63 % International 2,797.8 14 2,746.5 14 North America Pet 2,470.8 13 2,375.8 12 North America Foodservice 2,300.9 12 2,258.7 11 Total $ 19,476.5 100 % $ 19,854.4 100 % Segment Operating Profit North America Retail $ 2,729.9 73 % $ 3,080.4 77 % International 96.4 3 125.2 3 North America Pet 501.0 14 485.9 12 North America Foodservice 355.4 10 315.5 8 Total $ 3,682.7 100 % $ 4,007.0 100 % Net sales of $10.1   million in fiscal 2025   and $2.8 million in   fiscal 2024 related to   a business managed   by our Strategic Growth   Office are included within corporate and other net sales, which is reported separately   from segment net sales. Segment   operating   profit   as   reviewed   by   our   executive   management   excludes   unallocated   corporate   items,   net   gain   or   loss   on divestitures, and restructuring, transformation, impairment, and other   exit costs that are centrally managed. NORTH AMERICA RETAIL   SEGMENT Our North America Retail   operating segment reflects business   with a wide variety of   grocery stores, mass merchandisers, membership stores,   natural   food   chains,   drug,   dollar   and   discount   chains,   convenience   stores,   and   e-commerce   grocery   providers.   Our   product categories   in   this   business   segment   are   ready-to-eat   cereals,   refrigerated   yogurt,   soup,   meal   kits,   refrigerated   and   frozen   dough products,   dessert   and   baking   mixes,   frozen   pizza   and   pizza   snacks,   snack   bars,   fruit   snacks,   savory   snacks,   and   a   wide   variety   of organic products including ready-to-eat cereal, frozen   and shelf-stable vegetables, meal kits, fruit snacks and snack bars. North America Retail net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 11,907.0 (5) % $ 12,473.4 Contributions from volume growth (a) (4) pts Net price realization and mix Flat Foreign currency exchange Flat Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. North America Retail   net sales decreased   5 percent in   fiscal 2025 compared   to fiscal 2024, driven   by a decrease in   contributions from volume growth. 22 The components of North America Retail organic net   sales growth are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) (2) pts Organic net price realization and mix (1) pt Organic net sales growth (3) pts Foreign currency exchange Flat Divestiture (b) (1) pt Net sales growth (5) pts Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. (b) Divestiture   of   Canada   yogurt   business   in   the   third   quarter   of   fiscal   2025.   Please   refer   to   Note   3   to   the   Consolidated   Financial Statements in Part II, Item 8 of this report. North   America   Retail   organic   net   sales   decreased   3   percent   in   fiscal   2025   compared   to   fiscal   2024,   driven   by   a   decrease   in contributions from organic volume growth and unfavorable   organic net price realization and mix. Net sales for our North America Retail operating units are shown in the following table: In Millions Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 U.S. Meals & Baking Solutions $ 4,238.9 (2) % $ 4,324.3 U.S. Morning Foods 3,439.9 (3) % 3,561.8 U.S. Snacks 3,356.3 (5) % 3,538.9 Canada (a) 871.9 (17) % 1,048.4 Total $ 11,907.0 (5) % $ 12,473.4 (a) On   a   constant   currency   basis,   Canada   operating   unit   net   sales   decreased   14   percent   in   fiscal   2025.   See   the   “Non-GAAP Measures” section below for our use of this measure not defined by GAAP. Segment operating   profit decreased   11   percent to   $2,730 million in   fiscal 2025   compared to   $3,080 million   in fiscal   2024, primarily driven by a   decrease in contributions   from volume growth,   higher input costs,   and unfavorable net   price realization   and mix, partially offset by lower   SG&A expenses. Segment   operating profit decreased   11 percent   on a constant-currency   basis in fiscal 2025   compared to fiscal 2024 (see the “Non-GAAP Measures” section below for our use   of this measure not defined by GAAP). INTERNATIONAL SEGMENT Our   International   operating   segment   consists   of   retail   and   foodservice   businesses   outside   of   the   United   States   and   Canada.   Our product categories include super-premium   ice cream and frozen desserts, meal kits, salty snacks   ,   snack bars, dessert and baking mixes, shelf-stable   vegetables,   and   pet   food   products.   We   also   sell   super-premium   ice   cream   and   frozen   desserts   directly   to   consumers through owned   retail shops. Our   International segment   also includes products   manufactured in   the United States   for export, mainly   to Caribbean and Latin American markets, as well as products we   manufacture for sale to our international joint ventures. Revenu   es from export activities are reported in the region or country where the end customer   is located. International net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 2,797.8 2 % $ 2,746.5 Contributions from volume growth (a) 3 pts Net price realization and mix 1 pt Foreign currency exchange (2) pts Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. International net   sales increased 2   percent in fiscal   2025 compared to   fiscal 2024, driven   by an increase   in contributions from   volume growth and favorable net price realization and mix, partially offset   by unfavorable foreign currency exchange. 23 The components of International organic net sales growth   are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) 1 pt Organic net price realization and mix Flat Organic net sales growth Flat Foreign currency exchange (2) pts Acquisition (b) 4 pts Net sales growth 2 pts Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. (b) Acquisition of a pet food business in Europe in fiscal 2024. Please refer to Note   3 to the Consolidated Financial Statements in Part II, Item 8 of this report. International organic net sales in fiscal 2025 essentially matched   fiscal 2024. Segment   operating   profit decreased   23   percent to   $96 million   in fiscal   2025 compared   to $125   million   in 2024,   primarily   driven by higher   SG&A   expenses   and   unfavorable   net   price   realization   and   mix,   partially   offset   by   lower   input   costs   and   an   increase   in contributions   from   volume   growth.   Segment   operating   profit   decreased   33   percent   on   a   constant-currency   basis   in   fiscal   2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below   for our use of this measure not defined by GAAP). NORTH AMERICA PET SEGMENT Our North   America Pet   operating segment   includes pet   food products   sold primarily   in the   United States   and Canada   in national   pet superstore   chains,   e-commerce   retailers,   grocery   stores,   regional   pet   store   chains,   mass   merchandisers,   and   veterinary   clinics   and hospitals.   Our   product   categories   include   dog   and   cat   food   (dry   foods,   wet   foods,   and   treats)   made   with   whole   meats,   fruits,   and vegetables   and   other   high-quality   natural   ingredients.   Our tailored   pet   product   offerings   address   specific   dietary,   lifestyle,   and   life- stage needs   and span   different product   types, diet   types, breed   sizes for   dogs, life   stages, flavors,   product functions,   and textures   and cuts for wet foods. North America Pet net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 2,470.8 4 % $ 2,375.8 Contributions from volume growth (a) 4 pts Net price realization and mix Flat Foreign currency exchange Flat Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. North America   Pet net   sales increased   4 percent   in fiscal   2025 compared   to fiscal   2024, driven   by an   increase in   contributions from volume growth. 24 The components of North America Pet organic net sales growth   are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) 3 pts Organic net price realization and mix (2) pts Organic net sales growth Flat Foreign currency exchange Flat Acquisition (b) 4 pts Net sales growth 4 pts Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. (b) Acquisition of Whitebridge   Pet Brands business in   fiscal 2025. Please   refer to Note 3   to the Consolidated   Financial Statements in Part II, Item 8 of this report. North America Pet organic net sales in fiscal 2025 essentially matched   fiscal 2024. North   America   Pet   operating   profit   increased   3   percent   to   $501 million   in   fiscal   2025,   compared   to   $486 million   in   fiscal   2024, primarily driven by an increase in contributions   from volume growth and lower input costs, partially offset   by higher SG&A expenses, including increased media and advertising expenses,   and unfavorable net price realization and mix. Segment   operating profit increased 3 percent   on a   constant-currency basis   in fiscal   2025 compared   to fiscal   2024 (see   the “Non-GAAP   Measures” section   below for   our use of this measure not defined by GAAP). NORTH AMERICA FOODSERVICE SEGMENT Our   North   America   Foodservice   segment   consists   of   foodservice   businesses   in   the   United   States   and   Canada.   Our   major   product categories   in   our   North   America   Foodservice   operating   segment   are   ready-to-eat   cereals,   snacks,   refrigerated   yogurt,   frozen   meals, unbaked and   fully baked   frozen dough products,   baking mixes,   and bakery   flour.   Many products we   sell are branded   to the consumer and nearly   all are   branded to   our customers.   We   sell to   distributors and   operators in   many customer   channels including   foodservice, vending, and supermarket bakeries. North America Foodservice net sales were as follows: Fiscal 2025 Fiscal 2025 vs. 2024 Percentage Change Fiscal 2024 Net sales (in millions) $ 2,300.9 2 % $ 2,258.7 Contributions from volume growth (a) 1 pt Net price realization and mix 1 pt Foreign currency exchange Flat Note: Table may   not foot due to rounding. (a) Measured in tons based on the stated weight of our product shipments. North America Foodservice net sales increased 2 percent in fiscal   2025 compared to fiscal 2024, driven by an increase in   contributions from volume growth and favorable net price realization and mix. The components of North America Foodservice organic   net sales growth are shown in the following table: Fiscal 2025 vs. 2024 Percentage Change Contributions from organic volume growth (a) 1 pt Organic net price realization and mix 1 pt Organic net sales growth 2 pts Foreign currency exchange Flat Net sales growth 2 pts Note: Table may   not foot due to rounding. (a) Measured in tons based on the standard weight of our product shipments. 25 North   America   Foodservice   organic   net   sales   increased   2   percent   in   fiscal   2025   compared   to   fiscal   2024,   driven   by   an   increase   in contributions from organic volume growth and favorable   organic net price realization and mix. Segment   operating   profit   increased   13   percent   to   $355 million   in   fiscal   2025,   compared   to   $316 million   in   fiscal   2024,   primarily driven by favorable   net price realization and   mix. Segment operating   profit increased 13 percent   on a constant-currency   basis in fiscal 2025 compared to fiscal 2024 (see the “Non-GAAP Measures” section below   for our use of this measure not defined by GAAP). UNALLOCATED CORPORATE   ITEMS Unallocated   corporate   items   include   corporate   overhead   expenses,   variances   to   planned   domestic   employee   benefits   and   incentives, certain   charitable   contributions,   restructuring   initiative project-related   costs,   gains and   losses on   corporate   investments,   results   from certain businesses managed by our Strategic Growth Office,   and other items that are not part of our measurement of segment operating performance. These   include gains and   losses arising from   the revaluation of   certain grain inventories   and gains and   losses from mark- to-market valuation of certain commodity positions until   passed back to our operating segments. These items affecting   operating profit are   centrally   managed   at   the   corporate   level   and   are   excluded   from   the   measure   of   segment   profitability   reviewed   by   executive management.   Under   our   supply   chain   organization,   our   manufacturing,   warehouse,   and   distribution   activities   are   substantially integrated   across   our   operations   in   order   to   maximize   efficiency   and   productivity.   As   a   result,   fixed   assets   and   depreciation   and amortization expenses are neither maintained nor available by operating   segment. Unallocated corporate   expense totaled   $396 million   in fiscal 2025   ,   compared to   $334 million   last year.   In fiscal   2024, we   recorded a $53   million   legal   recovery.   We   recorded   $49   million   of   transaction   costs   related   to   the   definitive   agreements   to   sell   our   North American yogurt businesses and the Whitebridge Pet Brands acquisition   in fiscal 2025, compared to $14 million of transaction costs in fiscal 2024, primarily   related to our   acquisition of a   pet food business   in Europe.   We   also recorded $14   million of integration   costs in fiscal 2025,   related to   the acquisition   of Whitebridge   Pet Brands   and the   acquisition of   a pet   food business   in Europe.   In fiscal   2024, we   recorded   $30   million   of   net recoveries   related   to   a   voluntary   recall   on   certain   international Häagen-Dazs ice   cream   products   in fiscal 2023. We   recorded a $16 million net decrease in expense related to the mark-to-market   valuation of certain commodity positions and grain   inventories in fiscal   2025, compared   to a $39   million net decrease   in expense   last year.   In addition,   we recorded $8   million of net losses related to valuation adjustments in fiscal 2025,   compared to $18 million of net losses related to valuation   adjustments and the   sale   of   corporate   investments   in   fiscal   2024.   We   recorded   $9   million   of   restructuring   charges   and   $1   million   of   restructuring initiative   project-related   costs   in   cost   of   sales   in   fiscal   2025,   compared   to   $18   million   of   restructuring   charges   and   $2   million   of restructuring   initiative   project-related   costs   in   cost   of   sales   in   fiscal   2024.   Certain   compensation   and   benefit   related   expenses decreased in fiscal 2025 compared to fiscal 2024. IMPACT OF INFLATION We experienced broad-based global input cost inflation   of 4 percent in fiscal 2025 and fiscal 2024. We   expect approximately 3 percent input cost inflation   in fiscal 2026   before the impact   of newly enacted   tariffs. We   expect the gross   risk of newly   enacted tariffs   to be 1 to 2 percent   of cost of   goods sold, and   we are attempting   to mitigate tariff   risk through   various methods.   We   attempt to minimize   the effects   of   inflation   through   HMM,   Strategic   Revenue   Management   (SRM),   planning,   and   operating   practices.   Our   market   risk management practices are discussed in Item 7A of this report. LIQUIDITY AND CAPITAL   RESOURCES The primary source of our   liquidity is cash flow from   operations. Over the most recent   two-year period, our operations have   generated $6.2 billion   in cash.   A substantial   portion of   this operating   cash flow   has been   returned to   shareholders through   dividends and   share repurchases.   We   also   use   cash   from   operations   to   fund   our   capital   expenditures,   acquisitions,   and   debt   service.   We   typically   use   a combination   of   cash,   notes   payable,   and   long-term   debt,   and   occasionally   issue   shares   of   common   stock,   to   finance   significant acquisitions. As of   May   25,   2025,   we had   $316   million   of cash   and   cash equivalents   held   in foreign   jurisdictions.   In   anticipation   of   repatriating funds   from   foreign   jurisdictions,   we   record   local   country   withholding   taxes   on   our   international   earnings,   as   applicable.   We   may repatriate our   cash and   cash equivalents   held by   our foreign   subsidiaries without   such funds   being subject   to further   U.S. income   tax liability. Earnings   prior to fiscal 2018 from our foreign subsidiaries remain permanently reinvested in   those jurisdictions. 26 Cash Flows from Operations Fiscal Year In Millions 2025 2024 Net earnings, including earnings attributable to noncontrolling interests $ 2,318.9 $ 2,518.6 Depreciation and amortization 539.0 552.7 After-tax earnings from joint ventures (57.6) (84.8) Distributions of earnings from joint ventures 44.6 50.4 Stock-based compensation 91.7 95.3 Deferred income taxes (120.9) (48.5) Pension and other postretirement benefit plan contributions (30.8) (30.1) Pension and other postretirement benefit plan costs (12.7) (27.0) Divestitures gain, net (95.9) - Restructuring, transformation, impairment, and other exit costs 74.3 223.5 Changes in current assets and liabilities, excluding the effects of   acquisitions and divestitures 192.4 10.6 Other, net (24.8) 41.9 Net cash provided by operating activities $ 2,918.2 $ 3,302.6 During   fiscal   2025,   cash   provided   by   operations   was   $2,918   million   compared   to   $3,303 million   in   the   same   period   last   year.   The $384 million decrease was   primarily driven by a   $296 million decrease in net   earnings excluding the impact   of the divestiture in fiscal 2025, and a $149 million change in restructuring, transformation,   impairment, and other exit costs. We   strive   to   grow   core   working   capital   at   or   below   the   rate   of   growth   in   our   net   sales.   For   fiscal   2025,   core   working   capital   net liability   decreased   23   percent,   compared   to   a   net   sales   decrease   of   2   percent.   The   core   working   capital   net   liability   decreased   $90 million from $393   million in fiscal   2024   to $303 million   in fiscal 2025,   primarily due to   an increase in   receivables, partially offset   by an increase in accounts payable. Cash Flows from Investing Activities Fiscal Year In Millions 2025 2024 Purchases of land, buildings, and equipment $ (625.3) $ (774.1) Acquisitions, net of cash acquired (1,419.3) (451.9) Investments in affiliates, net 13.3 (2.7) Proceeds from disposal of land, buildings, and equipment 1.1 0.8 Proceeds from divestitures, net of cash divested 241.8 - Other, net (6.5) 30.5 Net cash used by investing activities $ (1,794.9) $ (1,197.4) In   fiscal   2025,   we   used   $1,795 million   of   cash   through   investing   activities   compared   to $1,197   million   in   fiscal   2024.   We   invested $625 million in land, buildings, and equipment in fiscal 2025, a   decrease of $149 million from fiscal 2024. During fiscal 2025, we acquired Whitebridge Pet Brands for $1,412   million cash, net of cash acquired.   During fiscal 2025, we completed the sale of our Canada yogurt business for $242 million cash.   During fiscal 2024, we acquired a pet food business in Europe for $426 million cash, net of cash acquired, and we paid an additional   $8 million purchase price holdback after certain closing conditions were met in fiscal 2025. We   expect   capital   expenditures   to   be   approximately   3.5   percent   of   reported   net   sales   in   fiscal   2026.   These   expenditures   will   fund initiatives that are expected to fuel growth, support innovative products,   and continue HMM initiatives throughout the supply chain. 27 Cash Flows from Financing Activities Fiscal Year In Millions 2025 2024 Change in notes payable $ 667.1 $ (20.5) Issuance of long-term debt 2,354.9 2,065.2 Payment of long-term debt (1,300.0) (901.5) Repurchase of Class A limited membership interests in General Mills Cereals, LLC (252.8) - Proceeds from common stock issued on exercised options 43.0 25.5 Purchases of common stock for treasury (1,202.9) (2,002.4) Dividends paid (1,338.7) (1,363.4) Distributions to noncontrolling interest holders (21.6) (21.3) Other, net (129.1) (53.9) Net cash used by financing activities $ (1,180.1) $ (2,272.3) Financing   activities used   $1,180 million of   cash in   fiscal 2025   compared to   $2,272 million   in fiscal   2024. We   had $1,722 million   of net debt   issuances in   fiscal 2025   compared to   $1,143 million of   net debt   issuances in   fiscal 2024.   For more   information on   our debt issuances and payments, please refer to Note 9 to the Consolidated Financial Statements   in Item 8 of this report. During fiscal 2025, we   received $43 million of net   proceeds from common stock   issued on exercised options   compared to $26 million in fiscal 2024. During fiscal 2025, we purchased   the outstanding Class A limited   membership interests in General   Mills Cereals, LLC (GMC Class A Interests)   from   the third-party   holder   for   $253 million.   For more   information,   please refer   to Note   10 to   the Consolidated   Financial Statements in Item 8 of this report. During fiscal 2025, we   repurchased 19 million shares   of our common stock for   $1,203 million. During fiscal 2024,   we repurchased 29 million shares of our common stock for $2,002 million. Dividends paid in fiscal 2025 totaled   $1,339 million, or $2.40 per share.   Dividends paid in fiscal 2024   totaled $1,363 million, or $2.36 per share. Selected Cash Flows from Joint Ventures Selected cash flows from our joint ventures are set forth in the following table: Fiscal Year Inflow (Outflow), in Millions 2025 2024 Investments in affiliates, net $ 13.3 $ (2.7) Dividends received 44.6 50.4 The following table details the credit facilities and lines of credit we had available   as of May 25, 2025: In Millions Borrowing Capacity Borrowed Amount Committed credit facility expiring October 2029 $ 2,700.0 $ - Uncommitted credit facilities and lines of credit 703.7 7.6 Total $ 3,403.7 $ 7.6 To ensure availability   of funds, we maintain bank credit lines and have commercial paper programs   available to us in the United States and Europe. Certain   of   our   long-term   debt   agreements   and   our   credit   facilities   contain   restrictive   covenants.   As   of   May   25,   2025,   we   were   in compliance with all of these covenants. We have   $1,528 million of long-term debt maturing   in the next 12 months that   is classified as current, including   €500 million of 0.125 percent fixed-rate notes due November 15, 2025,   €600 million of 0.45 percent fixed-rate notes due January   15, 2026, and €250 million 28 of   floating-rate   notes   due   April 22,   2026.   We   believe   that cash   flows   from   operations,   together   with available   short- and   long-term debt financing, will be adequate to meet our material contractual   obligations and overall liquidity and capital needs   for at least the next 12 months. As of May   25, 2025,   our total debt,   including the   impact of derivative   instruments designated   as hedges,   was 74 percent   in fixed-rate and 26   percent in   floating-rate instruments,   compared to   85 percent   in fixed-rate   and 15   percent in   floating-rate instruments   on May 26, 2024. CRITICAL ACCOUNTING ESTIMATES For a complete description of our   significant accounting policies, please see Note   2 to the Consolidated Financial   Statements in Item 8 of this report. Our critical accounting   estimates are those that have   a meaningful impact on the reporting of our   financial condition and results of operations.   These estimates include   our accounting for   revenue recognition, valuation   of long-lived assets,   intangible assets, income taxes, and defined benefit pension, other postretirement benefit,   and postemployment benefit plans. Revenue Recognition Our   revenues   are   reported   net   of   variable   consideration   and   consideration   payable   to   our   customers,   including   trade   promotion, consumer   coupon   redemption,   and   other   reductions   to   the   transaction   price,   including   estimated   allowances   for   returns,   unsalable product,   and   prompt   pay   discounts.   Trade   promotions   are   recorded   using   significant   judgment   of   estimated   participation   and performance levels   for offered   programs at the   time of sale.   Differences between   the estimated and   actual reduction to   the transaction price   are recognized   as a   change   in estimate   in a   subsequent   period.   Our accrued   trade and   coupon promotion   liabilities   were   $470 million   as   of   May   25,   2025,   and   $425   million   as   of   May   26,   2024.   Because   these   amounts   are   significant,   if   our   estimates   are inaccurate we would have to make adjustments in subsequent periods that   could have a significant effect on our results of operations. Valuation   of Long-Lived Assets We   estimate   the useful   lives   of long   -lived   assets and   make   estimates concerning   undiscounted   cash flows   to review   for impairment whenever   events or   changes in   circumstances indicate   that the   carrying   amount of   an asset   (or asset   group)   may not   be recoverable. Fair value is measured using discounted cash flows or independent appraisals,   as appropriate. Intangible Assets Goodwill   and   other   indefinite-lived   intangible   assets   are   not   subject   to   amortization   and   are   tested   for   impairment   annually   and whenever   events or   changes in   circumstances   indicate   that impairment   may have   occurred. Our   estimates of   fair value   for   goodwill impairment   testing   are determined   based on   a   discounted   cash   flow   model.   We   use   inputs from   our   long-range   planning   process to determine   growth   rates   for   sales   and   profits.   We   also   make   estimates   of   discount   rates,   perpetuity   growth   assumptions,   market comparables, and other factors. We evaluate the   useful lives of our other intangible assets, mainly brands, to   determine if they are finite or indefinite-lived.   Reaching a determination   on   useful   life   requires   significant   judgments   and   assumptions   regarding   the   future   effects   of   obsolescence,   demand, competition, other economic   factors (such as the   stability of the industry,   known technological advances,   legislative action that   results in an uncertain or   changing regulatory environment,   and expected changes in   distribution channels), the level   of required maintenance expenditures,   and   the   expected   lives   of   other   related   groups   of   assets.   Intangible   assets   that   are   deemed   to   have   finite   lives   are amortized   on a   straight-line basis   over their   useful lives,   generally   ranging from   4 to   30 years.   Our estimate   of the   fair value   of our brand   assets   is   based   on   a   discounted   cash   flow   model   using   inputs   which   include   projected   revenues   from   our   long-range   plan, assumed royalty rates that could be payable if we did not own the brands, and a discount   rate. As of   May   25,   2025,   we   had   $22 billion   of   goodwill   and   indefinite-lived   intangible   assets. While   we   currently   believe   that   the   fair value of each   intangible exceeds its carrying   value,   and that those intangibles   will contribute indefinitely   to our cash flows,   materially different   assumptions   regarding   future performance   of our   businesses   or   a different   weighted-average   cost   of capital   could   result   in material impairment losses   and amortization expense.   We   performed our fiscal   2025   assessment of our   intangible assets as of   the first day   of   the   second   quarter   of   fiscal   2025,   and   we   determined   there   was   no   impairment   of   our   intangible   assets   as   their   related   fair values   were   substantially   in   excess   of   the   carrying   values,   except   for   the Uncle   Toby’s brand   intangible   asset.   In   addition,   while having   significant coverage   as of   our fiscal   2025 assessment   date, the Progresso , Nudges , True   Chews , and Kitano brand intangible assets had risk of decreasing coverage. We   will continue to monitor these businesses for potential impairment   . Income Taxes We   apply a more-likely-than-not   threshold to the   recognition and derecognition   of uncertain tax   positions. Accordingly,   we recognize the amount of   tax benefit that   has a greater   than 50 percent   likelihood of being   ultimately realized upon   settlement. Future   changes in judgment related   to the   expected ultimate   resolution of   uncertain tax   positions will   affect earnings   in the   period of   such change.   For more information on income taxes, please see Note 15 to the Consolidated Financial   Statements in Item 8 of this report. 29 Defined Benefit Pension, Other Postretirement Benefit, and Postemployment   Benefit Plans We have   defined benefit pension plans covering   many employees in the United States,   Canada, Switzerland, and the United   Kingdom. We also   sponsor plans that provide   health care benefits to   many of our retirees   in the United States, Canada,   and Brazil. Under certain circumstances,   we   also   provide   accruable   benefits,   primarily   severance,   to   former   and   inactive   employees   in   the   United   States, Canada,   and   Mexico.   Please see   Note   14   to   the   Consolidated   Financial   Statements   in