General Mills (GIS) 10-Q 2023 Q2 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

(Mark One)

☑

QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934

FOR THE QUARTERLYPERIOD ENDED

NOVEMBER 27, 2022

☐

TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934

FOR THE TRANSITION PERIOD FROMTO

Commission file number:

001-01185

________________

GENERAL MILLS, INC.

(Exact name of registrant as specified in its charter)

Delaware

41-0274440

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

Number One General Mills Boulevard

Minneapolis

,

Minnesota

55426

(Address of principal executive offices)

(Zip Code)

(763)

764-7600

(Registrant’s telephone number,including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common Stock, $.10 par value

GIS

New York Stock Exchange

1.000% Notes due 2023

GIS23A

New York Stock Exchange

0.125% Notes due 2025

GIS25A

New York Stock Exchange

0.450% Notes due 2026

GIS26

New York Stock Exchange

1.500% Notes due 2027

GIS27

New York Stock Exchange

________________

Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecurities

Exchange Act of 1934during the preceding 12months (or for such shorterperiod that the registrantwas required to file suchreports),

and (2) has been subject to such filing requirements for the past 90 days.

Yes

☑

No

☐

IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmitted

pursuant to Rule405 of RegulationS-T duringthe preceding 12months (or forsuch shorter periodthat the registrantwas requiredto

submit such files).

Yes

☑

No

☐

Indicate by check markwhether the registrant is alarge accelerated filer,an accelerated filer,a non-accelerated filer,smaller reporting

company,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreporting

company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodfor

complying with any new or revised financial accounting standards providedpursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as definedin Rule 12b-2 of the Exchange Act).

Yes

☐

No

☑

Numberof sharesof CommonStock outstandingas ofDecember 13,2022:

589,610,717

(excluding

165,002,611

shares heldin the

treasury).

3

General Mills, Inc.

Table of Contents

Page

4

5

6

7

9

21

40

41

41

42

43

4

PARTI.FINANCIAL INFORMATION

Item 1.Financial Statements

Consolidated Statements of Earnings

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net sales

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

Cost of sales

3,515.6

3,392.8

6,785.5

6,335.3

Selling, general, and administrative expenses

894.2

828.8

1,685.6

1,586.2

Divestitures gain, net

-

-

(430.9)

-

Restructuring, impairment, and other exit

costs (recoveries)

11.1

2.3

12.7

(2.0)

Operating profit

799.8

800.1

1,885.4

1,644.4

Benefit plan non-service income

(21.7)

(27.7)

(43.4)

(57.3)

Interest, net

91.5

92.7

179.2

188.6

Earnings before income taxes and after-tax earningsfrom

joint ventures

730.0

735.1

1,749.6

1,513.1

Income taxes

147.1

159.7

363.2

328.6

After-tax earnings from joint ventures

25.4

33.0

45.2

62.1

Net earnings, including earnings attributable to redeemable

and noncontrolling interests

608.3

608.4

1,431.6

1,246.6

Net earnings attributable to redeemable and

noncontrolling interests

2.4

11.2

5.7

22.4

Net earnings attributable to General Mills

$

605.9

$

597.2

$

1,425.9

$

1,224.2

Earnings per share – basic

$

1.01

$

0.98

$

2.38

$

2.01

Earnings per share – diluted

$

1.01

$

0.97

$

2.36

$

1.99

See accompanying notes to consolidated financial statements.

5

Consolidated Statements of Comprehensive Income

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net earnings, including earnings attributable to

redeemable and noncontrolling interests

$

608.3

$

608.4

$

1,431.6

$

1,246.6

Other comprehensive loss, net of tax:

Foreign currency translation

(115.0)

(38.5)

(111.2)

(62.4)

Other fair value changes:

Hedge derivatives

20.8

18.7

(17.5)

20.4

Reclassification to earnings:

Foreign currency translation

-

-

(7.4)

-

Hedge derivatives

1.0

(6.4)

(0.4)

4.2

Amortization of losses and prior service costs

14.2

22.8

28.3

31.2

Other comprehensive loss, net of tax

(79.0)

(3.4)

(108.2)

(6.6)

Total comprehensiveincome

529.3

605.0

1,323.4

1,240.0

Comprehensive income (loss) attributable to

redeemable and noncontrolling interests

3.0

(25.8)

5.0

(49.3)

Comprehensive income attributable to General Mills

$

526.3

$

630.8

$

1,318.4

$

1,289.3

See accompanying notes to consolidated financial statements.

6

Consolidated Balance Sheets

GENERAL MILLS, INC. AND SUBSIDIARIES

(In Millions, Except Par Value)

Nov. 27, 2022

May 29, 2022

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

644.1

$

569.4

Receivables

1,834.0

1,692.1

Inventories

2,121.3

1,867.3

Prepaid expenses and other current assets

731.2

802.1

Assets held for sale

-

158.9

Total currentassets

5,330.6

5,089.8

Land, buildings, and equipment

3,358.0

3,393.8

Goodwill

14,476.0

14,378.5

Other intangible assets

6,974.8

6,999.9

Other assets

1,180.4

1,228.1

Total assets

$

31,319.8

$

31,090.1

LIABILITIESAND EQUITY

Current liabilities:

Accounts payable

$

4,022.6

$

3,982.3

Current portion of long-term debt

1,964.3

1,674.2

Notes payable

1,153.4

811.4

Other current liabilities

2,067.9

1,552.0

Total currentliabilities

9,208.2

8,019.9

Long-term debt

8,622.5

9,134.8

Deferred income taxes

2,186.9

2,218.3

Other liabilities

930.1

929.1

Total liabilities

20,947.7

20,302.1

Stockholders' equity:

Common stock,

754.6

shares issued, $

0.10

par value

75.5

75.5

Additional paid-in capital

1,155.3

1,182.9

Retained earnings

18,991.9

18,532.6

Common stock in treasury,at cost, shares of

164.4

and

155.7

(8,023.5)

(7,278.1)

Accumulated other comprehensive loss

(2,078.0)

(1,970.5)

Total stockholders' equity

10,121.2

10,542.4

Noncontrolling interests

250.9

245.6

Total equity

10,372.1

10,788.0

Total liabilities and equity

$

31,319.8

$

31,090.1

See accompanying notes to consolidated financial statements.

7

Consolidated Statements of TotalEquity and Redeemable Interest

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

Shares

Amount

Shares

Amount

Total equity,beginning balance

$

10,825.6

$

9,985.9

Common stock,

1

billion shares authorized, $

0.10

par value

754.6

75.5

754.6

75.5

Additional paid-in capital:

Beginning balance

1,146.1

1,345.0

Stock compensation plans

(7.4)

(5.1)

Unearned compensation related to stock unit awards

(6.8)

(3.9)

Earned compensation

23.4

20.6

Decrease in redemption value of

redeemable interest

-

8.5

Ending balance

1,155.3

1,365.1

Retained earnings:

Beginning balance

19,027.6

17,384.5

Net earnings attributable to General Mills

605.9

597.2

Cash dividends declared ($

1.08

and $

1.02

per share)

(641.6)

(618.5)

Ending balance

18,991.9

17,363.2

Common stock in treasury:

Beginning balance

(160.3)

(7,676.0)

(148.3)

(6,715.0)

Shares purchased

(5.2)

(400.5)

(3.7)

(224.9)

Stock compensation plans

1.1

53.0

0.6

24.7

Ending balance

(164.4)

(8,023.5)

(151.4)

(6,915.2)

Accumulated other comprehensive loss:

Beginning balance

(1,998.4)

(2,397.7)

Comprehensive (loss) income

(79.6)

33.6

Ending balance

(2,078.0)

(2,364.1)

Noncontrolling interests:

Beginning balance

250.8

293.5

Comprehensive income (loss)

3.0

(11.9)

Distributions to noncontrolling interest holders

(2.9)

(1.4)

Ending balance

250.9

280.2

Total equity,ending balance

$

10,372.1

$

9,804.7

Redeemable interest:

Beginning balance

$

-

$

584.0

Comprehensive loss

-

(13.9)

Decrease in redemption value of

redeemable interest

-

(8.5)

Ending balance

$

-

$

561.6

See accompanying notes to consolidated financial statements.

8

Consolidated Statements of TotalEquity and Redeemable Interest

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions, Except per Share Data)

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Shares

Amount

Shares

Amount

Total equity,beginning balance

$

10,788.0

$

9,773.2

Common stock,

1

billion shares authorized, $

0.10

par value

754.6

75.5

754.6

75.5

Additional paid-in capital:

Beginning balance

1,182.9

1,365.5

Stock compensation plans

1.9

4.0

Unearned compensation related to stock unit awards

(85.8)

(72.2)

Earned compensation

56.3

53.7

Decrease in redemption value of

redeemable interest

-

14.1

Ending balance

1,155.3

1,365.1

Retained earnings:

Beginning balance

18,532.6

17,069.8

Net earnings attributable to General Mills

1,425.9

1,224.2

Cash dividends declared ($

1.62

and $

1.53

per share)

(966.6)

(930.8)

Ending balance

18,991.9

17,363.2

Common stock in treasury:

Beginning balance

(155.7)

(7,278.1)

(146.9)

(6,611.2)

Shares purchased

(12.1)

(901.3)

(6.2)

(375.0)

Stock compensation plans

3.4

155.9

1.7

71.0

Ending balance

(164.4)

(8,023.5)

(151.4)

(6,915.2)

Accumulated other comprehensive loss:

Beginning balance

(1,970.5)

(2,429.2)

Other comprehensive (loss) income

(107.5)

65.1

Ending balance

(2,078.0)

(2,364.1)

Noncontrolling interests:

Beginning balance

245.6

302.8

Comprehensive income (loss)

5.0

(20.1)

Distributions to noncontrolling interest holders

(4.8)

(2.5)

Divestiture

5.1

-

Ending balance

250.9

280.2

Total equity,ending balance

$

10,372.1

$

9,804.7

Redeemable interest:

Beginning balance

$

-

$

604.9

Comprehensive loss

-

(29.2)

Decrease in redemption value of

redeemable interest

-

(14.1)

Ending balance

$

-

$

561.6

See accompanying notes to consolidated financial statements.

9

Consolidated Statements of Cash Flows

GENERAL MILLS, INC. AND SUBSIDIARIES

(Unaudited) (In Millions)

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Cash Flows - Operating Activities

Net earnings, including earnings attributable to redeemable and noncontrollinginterests

$

1,431.6

$

1,246.6

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

273.9

286.9

After-tax earnings from joint ventures

(45.2)

(62.1)

Distributions of earnings from joint ventures

26.5

35.8

Stock-based compensation

57.6

47.9

Deferred income taxes

(48.1)

56.4

Pension and other postretirement benefit plan contributions

(12.7)

(12.5)

Pension and other postretirement benefit plan costs

(13.5)

(14.4)

Divestitures gain, net

(430.9)

-

Restructuring, impairment, and other exit costs

(13.7)

(44.2)

Changes in current assets and liabilities, excluding the effects of

acquisitions and divestitures

(64.4)

(88.7)

Other, net

39.6

46.1

Net cash provided by operating activities

1,200.7

1,497.8

Cash Flows - Investing Activities

Purchases of land, buildings, and equipment

(226.7)

(224.3)

Acquisition, net of cash acquired

(251.5)

(1,198.6)

Proceeds from divestitures, net of cash divested

610.7

-

Investments in affiliates, net

(1.4)

4.8

Proceeds from disposal of land, buildings, and equipment

0.5

1.5

Other, net

(6.5)

20.6

Net cash provided (used) by investing activities

125.1

(1,396.0)

Cash Flows - Financing Activities

Change in notes payable

353.4

854.2

Issuance of long-term debt

500.0

1,935.0

Payment of long-term debt

(600.0)

(2,221.7)

Proceeds from common stock issued on exercised options

118.5

26.1

Purchases of common stock for treasury

(901.3)

(375.0)

Dividends paid

(647.9)

(623.2)

Distributions to noncontrolling and redeemable interest holders

(4.8)

(2.5)

Other, net

(48.4)

(20.1)

Net cash used by financing activities

(1,230.5)

(427.2)

Effect of exchange rate changes on cash and cash equivalents

(20.6)

(35.1)

Increase (decrease) in cash and cash equivalents

74.7

(360.5)

Cash and cash equivalents - beginning of year

569.4

1,505.2

Cash and cash equivalents - end of period (includes $

123.7

million of cash classified as

held for sale as of November 28, 2021)

$

644.1

$

1,144.7

Cash Flow from changes in current assets and liabilities, excluding the effectsof

acquisitions and divestitures:

Receivables

$

(200.8)

$

(237.3)

Inventories

(278.5)

9.2

Prepaid expenses and other current assets

62.9

(1.2)

Accounts payable

112.5

(28.4)

Other current liabilities

239.5

169.0

Changes in current assets and liabilities

$

(64.4)

$

(88.7)

See accompanying notes to consolidated financial statements.

10

GENERAL MILLS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS

(Unaudited)

(1) Background

The accompanyingConsolidated FinancialStatements ofGeneral Mills,Inc. (we,us, our,General Mills,or the Company)have been

prepared inaccordance withaccounting principlesgenerally acceptedin theUnited States(GAAP) forinterim financialinformation

and withthe rulesand regulationsfor reportingon Form10-Q. Accordingly,they donot includecertain informationand disclosures

requiredforcomprehensivefinancialstatements.Intheopinionofmanagement,alladjustmentsconsiderednecessaryforafair

presentation havebeen includedand areof anormal recurringnature, includingthe eliminationof allintercompany transactionsand

any noncontrollingand redeemableinterests’ shareof thosetransactions. Operatingresults forthe fiscalquarter endedNovember 27,

2022,are not necessarily indicative of the results that may be expected for the fiscal yearending May 28, 2023.

ThesestatementsshouldbereadinconjunctionwiththeConsolidatedFinancialStatementsandfootnotesincludedinourAnnual

Report on Form10-K for the fiscalyear ended May29, 2022. Theaccounting policies usedin preparing theseConsolidated Financial

Statements are the same as those described in Note 2 to the Consolidated FinancialStatements in that Form 10-K.

Certain terms used throughout this report are defined in the “Glossary” section below.

(2) Acquisitions and Divestiture

Duringthe firstquarterof fiscal2023,weacquiredTNT Crust,amanufacturerof high-qualityfrozen pizzacrustsforregionaland

national pizzachains, foodservicedistributors, andretail outlets,for apurchase priceof $

253.0

million. Wefinanced thetransaction

with U.S. commercial paper.We consolidated the TNT Crust businessinto our Consolidated BalanceSheets and recorded goodwillof

$

154.3

million. Thegoodwill isincluded inthe NorthAmerica Foodservicesegment andis notdeductible fortax purposes.The pro

formaeffectsofthisacquisitionwerenotmaterial.Wehaveconductedapreliminaryassessmentofthefairvalueoftheacquired

assetsandliabilitiesoftheTNTCrustbusinessandwillcontinuetoreviewtheseitemsduringthemeasurementperiod.Ifnew

information is obtainedabout facts and circumstancesthat existed at theacquisition date, theacquisition accounting willbe revised to

reflect the resulting adjustments tocurrent estimates of these items.The consolidated results of theTNT Crust business are reportedin

our North America Foodservice segment on a one-month lag.

During thefirst quarterof fiscal2023,we completedthe saleof ourHelper mainmeals andSuddenlySalad sidedishes businessto

Eagle Family Foods Group for $

606.8

million and recorded a pre-tax gain of $

442.2

million.

Duringthefirstquarteroffiscal2022,weacquiredTysonFoods’pettreatsbusinessfor$

1.2

billionincash.Wefinancedthe

transactionwithacombinationofcashonhandandshort-termdebt.Weconsolidatedthe pettreatsbusinessintoourConsolidated

BalanceSheetsandrecordedgoodwillof$

762.3

million,indefinite-livedintangibleassetsforthe

Nudges

,

TopChews

,and

True

Chews

brandstotaling$

330.0

millioninaggregate,andafinite-livedcustomerrelationshipassetof$

40.0

million.Thegoodwillis

included in the Pet segment and is deductible for tax purposes. The pro forma effectsof this acquisition were not material.

(3) Restructuring, Impairment, and Other Exit Costs

In the six-month periodended November 27, 2022,we did not undertakeany new restructuringactions. Werecorded $

11.6

million of

restructuringchargesinthesecondquarteroffiscal2023and$

13.9

millionofrestructuringchargesinthesix-monthperiodended

November 27,2022, relatedto restructuringactions previouslyannounced.Werecorded $

2.7

million ofrestructuring chargesin the

secondquarter offiscal 2022anda $

1.4

million netrecovery ofrestructuringchargesin thesix-monthperiodended November28,

2021, related to restructuring actions previously announced. Weexpect these actions to be completed by the end of

fiscal 2024

.

Inthesecondquarteroffiscal2023,weincreasedtheestimateofrestructuringchargesthatweexpecttoincurrelatedtoour

previously announcedactions in theInternational segmentto drive efficienciesin manufacturingand logistics operations.As a result,

we recordeda $

4.5

million increaseto ourrestructuring reserveprimarily relatedto estimatedseverance charges.Weexpect toincur

approximately$

25

millionofrestructuringchargesandproject-relatedcostsrelatedtotheseactions,ofwhichapproximately$

16

million will becash. These chargesare expectedto consist ofapproximately $

12

million of severanceand $

10

million of othercosts,

primarilyasset write-offs.Wealsoexpecttoincurapproximately$

3

millionof project-relatedcosts.Weexpectthese actionsto be

completed by the end of

fiscal 2024

.

Inthesecondquarteroffiscal2023,weincreasedtheestimateofrestructuringchargesthatweexpecttoincurrelatedtoour

previouslyannouncedglobalorganizationalstructureandresourcerealignmentactions.Asaresult,werecordeda$

4.1

million

increase to ourrestructuring reserve primarilyrelated to estimatedseverance charges.Weexpect to incurapproximately $

140

million

11

ofrestructuringchargesrelatedtotheseactions,ofwhichapproximately$

115

millionwillbecash.Thesechargesareexpectedto

consistofapproximately$

105

millionofseveranceandapproximately$

35

millionofothercosts.Weexpecttheseactionstobe

completed by the end of

fiscal 2023

.

Wepaidnet$

27.6

millionofcashinthesix-monthperiodendedNovember27,2022,relatedtorestructuringactionspreviously

announced. Wepaid net $

42.8

million of cash in the same period of fiscal 2022.

The roll forward of our restructuring and other exit cost reserves, includedin other current liabilities, is as follows:

In Millions

Total

Reserve balance as of May 29, 2022

$

36.8

Fiscal 2023 charges, including foreign currency translation

7.5

Utilized in fiscal 2023

(24.1)

Reserve balance as of Nov. 27, 2022

$

20.2

The reserve balance primarily consists of expected severance paymentsassociated with restructuring actions.

The chargesrecognized inthe roll forwardof our reservesfor restructuringand other exitcosts do notinclude itemscharged directly

to expense(e.g., assetimpairment charges,accelerated depreciation,the gainor losson thesale ofrestructured assets,and thewrite-

offofspare parts)and otherperiodicexit costsarerecognizedas incurred,as thoseitems arenot reflectedin ourrestructuringand

other exit cost reserves on our Consolidated Balance Sheets.

(4) Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets are as follows:

In Millions

Nov. 27, 2022

May 29, 2022

Goodwill

$

14,476.0

$

14,378.5

Other intangible assets:

Intangible assets not subject to amortization:

Brands and other indefinite-lived intangibles

6,706.6

6,725.8

Intangible assets subject to amortization:

Customer relationships and other finite-lived intangibles

401.9

400.3

Less accumulated amortization

(133.7)

(126.2)

Intangible assets subject to amortization, net

268.2

274.1

Other intangible assets

6,974.8

6,999.9

Total

$

21,450.8

$

21,378.4

Basedonthe carryingvalueoffinite-livedintangibleassets asofNovember27,2022,annualamortizationexpenseforeach ofthe

next five fiscal years is estimated to be approximately $

20

million.

12

The changes in the carrying amount of goodwill during the six-month periodended November 27, 2022, were as follows:

In Millions

North

America

Retail

Pet

North

America

Foodservice

International

Joint Ventures

Total

Balance as of May 29, 2022

$

6,552.9

$

6,062.8

$

648.8

$

721.6

$

392.4

$

14,378.5

Acquisition

-

-

154.3

-

-

154.3

Divestiture

-

-

-

(0.4)

-

(0.4)

Other activity, primarily

foreign currency translation

(6.4)

-

-

(37.5)

(12.5)

(56.4)

Balance as of Nov. 27, 2022

$

6,546.5

$

6,062.8

$

803.1

$

683.7

$

379.9

$

14,476.0

The changes in the carrying amount of other intangible assets during the six-monthperiod ended November 27, 2022, were as follows:

In Millions

Total

Balance as of May 29, 2022

$

6,999.9

Acquisition

3.8

Other activity, primarilyforeign currency translation

(28.9)

Balance as of Nov. 27, 2022

$

6,974.8

Ourannualgoodwillandindefinite-livedintangibleassetsimpairmenttestwasperformedonthefirstdayofthesecondquarterof

fiscal2023,andwedeterminedtherewas

no

impairmentofourintangibleassetsastheirrelatedfairvaluesweresubstantiallyin

excess of thecarrying values,except forthe

Uncle Toby’s

brand intangibleasset. In addition,while havingsignificant coverageas of

our fiscal 2023assessment date, the

Progresso

and

EPIC

brand intangible assetshad risk of decreasingcoverage. Wewill continue to

monitor these businesses for potential impairment.

(5) Inventories

The components of inventories were as follows:

In Millions

Nov. 27, 2022

May 29, 2022

Raw materials and packaging

$

565.8

$

532.0

Finished goods

1,923.6

1,634.7

Grain

156.1

164.0

Excess of FIFO over LIFO cost

(524.2)

(463.4)

Total

$

2,121.3

$

1,867.3

(6) Risk Management Activities

Many commodities weuse in theproduction and distributionof our productsare exposed tomarket price risks.Weutilize derivatives

to manage price risk for our principalingredients and energy costs, includinggrains (oats, wheat, and corn), oils(principally soybean),

dairy products, naturalgas, and diesel fuel.Our primary objectivewhen entering intothese derivative contractsis to achievecertainty

withregardtothefuturepriceofcommoditiespurchasedforuseinoursupplychain.Wemanageourexposuresthrougha

combination of purchase orders, long-termcontracts with suppliers, exchange-tradedfutures and options, and over-the-counteroptions

and swaps.Weoffsetour exposuresbased oncurrent andprojected marketconditions andgenerally seekto acquirethe inputsat as

close as possible to or below our planned cost.

Weuse derivativesto manageour exposureto changesin commodityprices. Wedo notperform theassessments requiredto achieve

hedgeaccountingforcommodityderivativepositions.Accordingly,thechangesinthevaluesofthesederivativesarerecorded

currently in cost of sales in our Consolidated Statements of Earnings.

Although we donot meet thecriteria forcash flow hedgeaccounting, we believethat these instrumentsare effectivein achieving our

objective of providing certaintyin the future price of commodities purchasedfor use in our supply chain.Accordingly, forpurposes of

measuringsegmentoperatingperformance,thesegainsandlossesarereportedinunallocatedcorporateitemsoutsideofsegment

operating resultsuntil suchtime thatthe exposurewe aremanaging affectsearnings. Atthat timewe reclassifythe gainor lossfrom

unallocatedcorporateitemstosegmentoperatingprofit,allowingouroperatingsegmentstorealizetheeconomiceffectsofthe

derivative without experiencing any resulting mark-to-market volatility,which remains in unallocated corporate items.

13

Unallocated corporate items for the quarters and six-month periods endedNovember 27, 2022, and November 28, 2021, included:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net (loss) gain on mark-to-market valuation of certain

commodity positions

$

(20.9)

$

16.6

$

(93.2)

$

47.0

Net gain on commodity positions reclassified from

unallocated corporate items to segment operating profit

(20.5)

(35.9)

(63.5)

(70.6)

Net mark-to-market revaluation of certain grain inventories

16.3

31.4

(43.1)

59.8

Net mark-to-market valuation of certain commodity

positions recognized in unallocated corporate items

$

(25.1)

$

12.1

$

(199.8)

$

36.2

As ofNovember27,2022,the netnotionalvalueofcommodityderivativeswas $

429.4

million,ofwhich$

158.1

millionrelatedto

energy inputs and $

271.3

million related to agricultural inputs. These contracts relate to inputs that generallywill be utilized within the

next

12

months.

Thefairvaluesofthederivativepositionsusedinourriskmanagementactivitiesandotherassetsrecordedatfairvaluewerenot

materialasofNovember27,2022andwereLevel1orLevel2assetsandliabilitiesinthefairvaluehierarchy.Wedidnot

significantly change our valuation techniques from prior periods.

Weoffercertainsuppliersaccesstothirdpartyservicesthatallowthemtoviewourscheduledpaymentsonline.Thethird-party

services alsoallow suppliersto financeadvances onour scheduledpayments atthe solediscretion ofthe supplierand the thirdparty.

Wehave noeconomic interestin thesefinancing arrangementsand nodirect relationshipwith thesuppliers, thethird parties,or any

financialinstitutionsconcerningtheseservices.Allofouraccountspayableremainasobligationstooursuppliersasstatedinour

supplier agreements.As ofNovember 27,2022, $

1,477.4

million ofour totalaccounts payablewere payableto supplierswho utilize

these third-partyservices. Asof November28,2021, $

1,378.1

millionof ourtotal accountspayablewere payableto supplierswho

utilize these third-party services.

Duringthesecondquarteroffiscal2023,weenteredintoa$

500.0

millionnotionalamountinterestrateswaptoconvertour

$

500.0

million fixed rate notes due

November 18, 2025

, to a floating rate.

(7) Debt

The components of notes payable were as follows:

In Millions

Nov. 27, 2022

May 29, 2022

U.S. commercial paper

$

1,126.6

$

694.8

Financial institutions

26.8

116.6

Total

$

1,153.4

$

811.4

To ensure availabilityof funds, we maintain bank credit lines and have commercial paper programsavailable to us in the United States

and Europe.

The following table details the fee-paid committed and uncommitted creditlines we had available as of November 27, 2022:

In Billions

Facility

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.6

-

Total committedand uncommitted credit facilities

$

3.3

$

-

Thecreditfacilitiescontaincovenants,includingarequirementtomaintainafixedchargecoverageratioofatleast

2.5

times.

We

were in compliance with all credit facility covenants as of November 27, 2022.

Long-TermDebt

The fairvalues andcarrying amountsof long-termdebt, includingthe currentportion, were$

9,875.3

million and$

10,586.8

million,

respectively,as ofNovember 27,2022. Thefair valueof long-termdebt wasestimated usingmarket quotationsand discountedcash

14

flows basedon ourcurrent incrementalborrowing ratesfor similartypes ofinstruments. Long-term debtis aLevel 2liability inthe

fair value hierarchy.

Inthesecondquarteroffiscal2023,weissued$

500.0

millionof

5.241

percentnotesdue

November 18, 2025

.Weusedthenet

proceeds to repay a portion of our outstanding commercial paper andfor general corporate purposes.

In thesecond quarterof fiscal2023, weissued €

250.0

million offloating-rate notesdue

May 16, 2023

.Weused thenet proceedsto

repay €

250.0

million of

0.0

percent fixed-rate notes due

November 11, 2022

.

Inthe fourthquarterof fiscal2022,we repaid$

850.0

millionof

3.7

percentfixedrate notesdue

October 17, 2023

, usingproceeds

from the issuance of commercial paper.

In the fourth quarter of fiscal 2022, we issued €

250.0

million of

0.0

percent fixed-rate notes due

November 11, 2022

. We used the net

proceeds for general corporate purposes.

In the second quarter of fiscal 2022, we issued €

500.0

million of

0.125

percent fixed-rate notes due

November 15, 2025

. We used the

net proceeds to repay a portion of our €

500.0

million of

0.0

percent fixed-rate notes due

November 16, 2021

, and for general corporate

purposes.

In the second quarter of fiscal 2022, we issued €

250.0

million of floating-rate notes due

May 16, 2023

. We used the net proceedsto

repay a portion of our outstanding commercial paper and for generalcorporate purposes.

In the second quarter of fiscal 2022, we issued $

500.0

million of

2.25

percent notes due

October 14, 2031

. We used the net proceeds

together with proceeds from the issuance of commercial paper,to repay $

1,000.0

million of

3.15

percent fixed-rate notes due

December 15, 2021

.

In the first quarter of fiscal 2022, we issued €

500.0

million of floating-rate notes due

July 27, 2023

. We used the net proceeds torepay

€

500.0

million of

0.0

percent fixed-rate notes due

August 21, 2021

.

In the first quarter of fiscal 2022, we repaid €

200.0

million of

2.2

percent fixed-rate notes due

June 24, 2021

, using proceeds from the

issuance of €

50.0

million of

2.2

percent fixed-rate notes due

November 29, 2021

, and borrowings under a committed credit facility.

Certain of ourlong-term debt agreementscontain restrictivecovenants.

As of November 27, 2022, we were in compliance with all of

these covenants.

(8) Redeemable and Noncontrolling Interests

Thethird-partyholderoftheGeneralMillsCereals,LLC(GMC)Class AInterestsreceivesquarterlypreferreddistributionsfrom

available netincome basedon the applicationof afloating preferredreturn rateto theholder’s capitalaccount balanceestablished in

themostrecentmark-to-marketvaluation(currently$

251.5

million).OnJune 1,2021,thefloatingpreferredreturnrateonGMC’s

Class A Interestswas resetto thesum of

three-month LIBOR

plus

160

basis points.The preferredreturn rateis adjustedevery

three

years

through a negotiated agreement with the Class A Interest holder or througha remarketing auction.

Duringthethirdquarteroffiscal2022,wecompletedthesaleofourinterestsinYoplaitSAS,YoplaitMarquesSNCandLiberté

MarquesSàrltoSodiaalInternational(Sodiaal)inexchangeforSodiaal’sinterestinourCanadianyogurtbusiness,amodified

agreement for the use of

Yoplait

and

Liberté

brands in the United States and Canada, and cash.

Up tothe dateof thedivestiture, Sodiaalheld the remaininginterests ineach ofthe entities.On theacquisition date,we recordedthe

fairvalueofSodiaal’s

49

percenteuro-denominatedinterestinYoplaitSASasaredeemableinterestonourConsolidatedBalance

Sheets. Sodiaal hadthe right toput all ora portion ofits redeemable interestto us atfair value untilthe divestiture closedin the third

quarter offiscal 2022.In connectionwith thedivestiture, cumulativeadjustments madeto theredeemableinterest relatedto thefair

value put feature werereversed against additional paid-incapital, where changes in theredemption amount were historically recorded,

and the resulting carrying value of the noncontrolling interests were includedin the calculation of the gain on divestiture.

A

subsidiary of YoplaitSAS had an exclusivemilk supply agreementfor its European operationswith Sodiaal throughNovember 28,

2021. Net purchases totaled $

99.5

million for the six-month period ended November 28, 2021.

Our noncontrolling interests contain restrictive covenants. As of November 27, 2022, we were in compliance with all of these

covenants.

15

(9) Stockholders’ Equity

The following tables provide details of total comprehensive income:

Quarter Ended

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings

attributable to redeemable and

noncontrolling interests

$

605.9

$

2.4

$

597.2

$

1.9

$

9.3

Other comprehensive (loss) income:

Foreign currency translation

$

(144.7)

$

29.1

(115.6)

0.6

$

(29.0)

$

27.8

(1.2)

(13.8)

(23.5)

Other fair value changes:

Hedge derivatives

26.8

(6.0)

20.8

-

29.1

(11.0)

18.1

-

0.6

Reclassification to earnings:

Hedge derivatives (a)

1.8

(0.8)

1.0

-

(12.1)

6.0

(6.1)

-

(0.3)

Amortization of losses and

prior service costs (b)

18.3

(4.1)

14.2

-

29.2

(6.4)

22.8

-

-

Other comprehensive (loss) income

$

(97.8)

$

18.2

(79.6)

0.6

$

17.2

$

16.4

33.6

(13.8)

(23.2)

Total comprehensive income (loss)

$

526.3

$

3.0

$

$

630.8

$

(11.9)

$

(13.9)

(a)(Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.

(b)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.

Six-Month Period Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

General Mills

Noncontrolling

Interests

General Mills

Noncontrolling

Interests

Redeemable

Interest

In Millions

Pretax

Tax

Net

Net

Pretax

Tax

Net

Net

Net

Net earnings, including earnings

attributable to redeemable and

noncontrolling interests

$

1,425.9

$

5.7

$

$

1,224.2

$

4.9

$

17.5

Other comprehensive (loss) income:

Foreign currency translation

$

(86.7)

$

(23.8)

(110.5)

(0.7)

$

(40.9)

$

50.5

9.6

(25.0)

(47.0)

Other fair value changes:

Hedge derivatives

(23.0)

5.5

(17.5)

-

31.9

(12.0)

19.9

-

0.5

Reclassification to earnings:

Foreign currency translation (a)

(7.4)

-

(7.4)

-

-

-

-

-

-

Hedge derivatives (b)

(0.1)

(0.3)

(0.4)

-

(0.1)

4.5

4.4

-

(0.2)

Amortization of losses and

prior service costs (c)

36.5

(8.2)

28.3

-

40.0

(8.8)

31.2

-

-

Other comprehensive (loss) income

$

(80.7)

$

(26.8)

(107.5)

(0.7)

$

30.9

$

34.2

65.1

(25.0)

(46.7)

Total comprehensive income (loss)

$

1,318.4

$

5.0

$

$

1,289.3

$

(20.1)

$

(29.2)

(a)Gain reclassified from AOCI into earnings is reported in the divestitures gain, net.

(b)(Gain) loss reclassified from AOCI into earnings is reported in interest, net for interest rate swaps and in cost of sales and SG&A expenses for foreign exchange contracts.

(c)Loss reclassified from AOCI into earnings is reported in benefit plan non-service income.

Accumulated other comprehensive loss balances, net of tax effects,were as follows:

In Millions

Nov. 27, 2022

May 29, 2022

Foreign currency translation adjustments

$

(708.6)

$

(590.7)

Unrealized gain from hedge derivatives

5.4

23.3

Pension, other postretirement, and postemployment benefits:

Net actuarial loss

(1,477.0)

(1,513.4)

Prior service credits

102.2

110.3

Accumulated other comprehensive loss

$

(2,078.0)

$

(1,970.5)

(10) Stock Plans

Wehave variousstock-based compensationprograms underwhich awards,including stockoptions, restrictedstock, restrictedstock

units, and performanceawards, may be grantedto employees and non-employeedirectors. These programsand related accountingare

described in Note12 to theConsolidated FinancialStatements includedin our AnnualReport on Form10-K for thefiscal year ended

May 29, 2022.

16

Compensation expense related to stock-based payments recognizedin the Consolidated Statements of Earnings was as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Compensation expense related to stock-based payments

$

24.1

$

13.9

$

57.6

$

47.5

Compensationexpenserelatedtostock-basedpaymentsrecognizedintheConsolidatedStatementsofEarningsincludesamounts

recognized in restructuring, impairment, and other exit costs in fiscal 2022.

Windfall tax benefits from stock-based paymentsin income tax expense in our Consolidated Statements of Earnings were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Windfall tax benefits from stock-based payments

$

5.6

$

1.6

$

18.4

$

6.3

AsofNovember27,2022,unrecognizedcompensationexpenserelatedtonon-vestedstockoptions,restrictedstockunits,and

performance share units was $

147.4

million. This expense will be recognized over

23

months, on average.

Net cash proceeds from the exercise of stock optionsless shares used for withholding taxes and the intrinsicvalue of options exercised

were as follows:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash proceeds

$

118.5

$

26.1

Intrinsic value of options exercised

$

55.7

$

12.1

We estimate the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-

pricing models require us to make predictive assumptions regarding future stock price volatility, employee exercise behavior, and

dividend yield. We estimate our future stock price volatility using the historical volatility over the expected term of the option,

excluding time periods of volatility we believe a marketplace participant would exclude in estimating our stock price volatility. We

also have considered, but did not use, implied volatility in our estimate, because trading activity in options on our stock, especially

those with tenors of greater than 6 months, is insufficient to provide a reliable measure of expected volatility. Our method of selecting

the other valuation assumptions is explained in Note 12 to the Consolidated Financial Statements included in our Annual Report on

Form 10-K for the fiscal year ended May 29, 2022.

TheestimatedfairvaluesofstockoptionsgrantedandtheassumptionsusedfortheBlack-Scholesoption-pricingmodelwereas

follows:

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Estimated fair values of stock options granted

$

14.16

$

8.77

Assumptions:

Risk-free interest rate

3.3

%

1.5

%

Expected term

8.5

years

8.5

years

Expected volatility

20.9

%

20.2

%

Dividend yield

3.1

%

3.4

%

The total grant date fair value of restricted stock unit awards that vested duringthe period was as follows:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Total grant date fairvalue

$

102.6

$

76.0

17

(11) Earnings Per Share

Basic and diluted earnings per share (EPS) were calculated using the following:

Quarter Ended

Six-Month Period Ended

In Millions, Except per Share Data

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net earnings attributable to General Mills

$

605.9

$

597.2

$

1,425.9

$

1,224.2

Average numberof common shares - basic EPS

595.9

608.6

598.0

609.5

Incremental share effect from: (a)

Stock options

3.7

2.2

3.6

2.1

Restricted stock units and performance share units

2.4

2.2

2.4

2.2

Average numberof common shares - diluted EPS

602.0

613.0

604.0

613.8

Earnings per share – basic

$

1.01

$

0.98

$

2.38

$

2.01

Earnings per share – diluted

$

1.01

$

0.97

$

2.36

$

1.99

(a)Incrementalsharesfromstockoptions,restrictedstockunits,andperformanceshareunitsarecomputedbythetreasurystock

method.

Stockoptions,restrictedstockunits,andperformanceshare unitsexcludedfromourcomputationofdilutedEPSbecausethey

were not dilutive were as follows

:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Anti-dilutive stock options, restricted stock units, and

performance share units

1.0

4.6

1.0

4.7

(12) Share Repurchases

Share repurchases were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Shares of common stock

5.2

3.7

12.1

6.2

Aggregate purchase price

$

400.5

$

224.9

$

901.3

$

375.0

(13) Statements of Cash Flows

Our Consolidated Statements of Cash Flows include the following:

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Net cash interest payments

$

154.3

$

185.7

Net income tax payments

$

365.4

$

271.1

18

(14) Retirement and Postemployment Benefits

Components of net periodic benefit expense (income) are as follows:

Defined Benefit

Pension Plans

Other Postretirement

Benefit Plans

Postemployment

Benefit Plans

Quarter Ended

Quarter Ended

Quarter Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

17.5

$

23.5

$

1.2

$

1.9

$

2.1

$

1.7

Interest cost

64.6

46.1

4.5

3.1

0.8

0.3

Expected return on plan assets

(105.0)

(102.9)

(7.8)

(6.7)

-

-

Amortization of losses (gains)

28.4

35.5

(4.8)

(2.7)

-

0.7

Amortization of prior service costs (credits)

0.3

0.2

(5.7)

(5.2)

0.1

0.1

Other adjustments

-

-

-

-

2.9

3.8

Curtailment loss (gain)

-

0.5

-

(0.2)

-

-

Net expense (income)

$

5.8

$

2.9

$

(12.6)

$

(9.8)

$

5.9

$

6.6

Defined Benefit

Pension Plans

Other Postretirement

Benefit Plans

Postemployment

Benefit Plans

Six-Month

Period Ended

Six-Month

Period Ended

Six-Month

Period Ended

In Millions

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Nov. 27,

2022

Nov. 28,

2021

Service cost

$

35.1

$

47.2

$

2.6

$

3.8

$

4.2

$

3.5

Interest cost

129.2

92.4

9.0

6.3

1.6

0.7

Expected return on plan assets

(210.0)

(205.7)

(15.6)

(13.4)

-

-

Amortization of losses (gains)

56.7

70.4

(9.7)

(5.4)

0.1

1.5

Amortization of prior service costs (credits)

0.7

0.4

(11.5)

(10.4)

0.2

0.2

Other adjustments

-

-

-

-

5.9

5.7

Curtailment gain

-

(14.3)

-

(5.7)

-

-

Net expense (income)

$

11.7

$

(9.6)

$

(25.2)

$

(24.8)

$

12.0

$

11.6

(15) Income Taxes

Duringthefirstquarteroffiscal2023,theInflationReductionAct(IRA)wassignedintolaw.TheIRAintroducesaCorporate

Alternative Minimum Taxbeginning in our fiscal 2024and an excise tax on therepurchase of corporatestock starting after January1,

2023. Wedo notcurrently expect theIRA to havea material impacton our financialresults, including ourannual estimated effective

taxrate,oronourliquidity.WewillcontinuetomonitorandassesstheimpacttheIRAmayhaveonourbusinessandfinancial

results.

During fiscal2022, theBrazilian taxauthority,Secretaria daReceita Federaldo Brasil(RFB), concludedaudits ofour 2012through

2018taxreturnyears.Theseauditsincludedareviewofourdeterminationsofamortizationofcertaingoodwillarisingfromthe

acquisition ofYokiAlimentos S.A.The RFBhas proposedadjustments thateffectivelyeliminate thegoodwill amortizationbenefits

related to this transaction. Webelieve we have meritorious defenses and intend to continue to contest the disallowancefor all years.

(16) Contingencies

Duringfiscal2020,wereceivednoticefromthetaxauthorities oftheState ofSãoPaulo,Brazilregardingourcompliancewithits

state sales tax requirements.As a result, wehave been assessed additionalstate sales taxes, interest,and penalties. Webelieve that we

havemeritoriousdefensesagainstthisclaimandwillvigorouslydefendourposition.AsofNovember27,2022,weareunableto

estimate any possible loss and have not recorded a loss contingency forthis matter.

(17) Business Segment and Geographic Information

Weoperateinthepackagedfoodsindustry.Infiscal2022,wecompletedaneworganizationstructuretostreamlineourglobal

operations.Thisglobalreorganizationrequiredustoreevaluateouroperatingsegments.Underourneworganizationstructure,our

19

chief operating decision maker assesses performanceand makes decisions about resources to be allocated toour operating segments as

follows: North America Retail; International; Pet; and North AmericaFoodservice.

Wehave restatedour netsales by segmentand segmentoperating profitto reflect ourpreviously reportedoperating segmentchange.

Thesesegmentchangeshadnoeffectonpreviouslyreportedconsolidatednetsales,operatingprofit,netearningsattributableto

General Mills, or earnings per share.

Our North America Retailoperating segment reflects businesswith a wide variety ofgrocery stores, mass merchandisers, membership

stores,naturalfoodchains,drug,dollaranddiscountchains,conveniencestores,ande-commercegroceryproviders.Ourproduct

categoriesinthisbusinesssegmentincludeready-to-eatcereals,refrigeratedyogurt,soup,mealkits,refrigeratedandfrozendough

products,dessertandbakingmixes,frozenpizzaandpizzasnacks,snackbars,fruitsnacks,savorysnacks,andawidevarietyof

organic productsincluding ready-to-eatcereal, frozenand shelf-stable vegetables,meal kits, fruitsnacks, snackbars, andrefrigerated

yogurt.

OurInternationaloperatingsegmentconsistsofretailandfoodservicebusinessesoutsideoftheUnitedStatesandCanada.Our

product categories include super-premiumice cream and frozen desserts, meal kits, salty snacks,snack bars, dessert and baking mixes,

andshelfstablevegetables.Wealsosellsuper-premiumicecreamandfrozendessertsdirectlytoconsumersthroughownedretail

shops. OurInternational segmentalso includesproducts manufacturedin the UnitedStates forexport, mainlyto Caribbeanand Latin

American markets, as well asproducts we manufacturefor sale to our internationaljoint ventures. Revenues fromexport activities are

reported in the region or country where the end customer is located.

Our Pet operating segment includespet food products sold primarily in theUnited States and Canada in nationalpet superstore chains,

e-commerce retailers,grocery stores,regional petstore chains,mass merchandisers,and veterinaryclinics andhospitals. Ourproduct

categories include dog and cat food (dryfoods, wet foods,and treats) made with whole meats, fruits,vegetables and other high-quality

naturalingredients.Ourtailoredpetproductofferingsaddressspecificdietary,lifestyle,andlife-stageneedsandspandifferent

product types, diet types, breed sizes for dogs, lifestages, flavors, productfunctions,and textures and cuts for wet foods.

OurNorthAmericaFoodservicesegmentconsistsoffoodservicebusinessesintheUnitedStatesandCanada.Ourmajorproduct

categoriesinourNorthAmericaFoodserviceoperatingsegmentareready-to-eatcereals,snacks,refrigeratedyogurt,frozenmeals,

unbaked andfully bakedfrozen dough products,baking mixes,and bakeryflour.Many products wesell are brandedto the consumer

and nearlyall arebranded toour customers.Wesell todistributors andoperators inmany customerchannels includingfoodservice,

vending, and supermarket bakeries.

Operating profitfor thesesegments excludesunallocated corporateitems, gainor losson divestitures,and restructuring,impairment,

andotherexitcosts.Unallocatedcorporateitemsincludecorporateoverheadexpenses,variancestoplannedNorthAmerican

employeebenefitsandincentives,certaincharitablecontributions,restructuringinitiativeproject-relatedcosts,gainsandlosseson

corporate investments,and otheritems thatare notpart ofour measurementof segmentoperating performance.These includegains

andlossesarisingfromtherevaluationofcertaingraininventoriesandgainsandlossesfrommark-to-marketvaluationofcertain

commodity positionsuntil passed backto our operatingsegments. These itemsaffecting operatingprofit are centrallymanaged atthe

corporatelevelandareexcludedfromthemeasureofsegmentprofitabilityreviewedbyexecutivemanagement.Underoursupply

chain organization, our manufacturing,warehouse, and distribution activities are substantially integratedacross our operations in order

to maximizeefficiencyand productivity.As aresult, fixedassets anddepreciation andamortization expensesare neithermaintained

nor available by operating segment.

20

Our operating segment results were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Net sales:

North America Retail

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

International

671.7

914.4

1,324.2

1,845.0

Pet

592.9

593.4

1,172.8

1,081.4

North America Foodservice

583.0

471.6

1,079.4

882.3

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

Operating profit:

North America Retail

$

837.1

$

675.4

$

1,614.9

$

1,324.0

International

17.8

59.4

52.6

120.0

Pet

86.6

131.5

209.7

246.7

North America Foodservice

81.5

67.9

135.1

139.7

Total segment operatingprofit

$

1,023.0

$

934.2

$

2,012.3

$

1,830.4

Unallocated corporate items

212.1

131.8

545.1

188.0

Divestitures gain, net

-

-

(430.9)

-

Restructuring, impairment, and other exit costs (recoveries)

11.1

2.3

12.7

(2.0)

Operating profit

$

799.8

$

800.1

$

1,885.4

$

1,644.4

Net sales for our North America Retail operating units were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

U.S. Meals & Baking Solutions

$

1,321.7

$

1,203.1

$

2,270.9

$

2,064.6

U.S. Morning Foods

908.5

826.7

1,812.5

1,656.4

U.S. Snacks

892.9

757.2

1,780.1

1,537.3

Canada

250.0

257.6

498.4

496.9

Total

$

3,373.1

$

3,044.6

$

6,361.9

$

5,755.2

Net sales by class of similar products were as follows:

Quarter Ended

Six-Month Period Ended

In Millions

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

Snacks

$

1,102.8

$

947.6

$

2,171.2

$

1,902.1

Cereal

810.9

742.2

1,625.6

1,473.2

Convenient meals

786.4

789.8

1,465.6

1,485.3

Dough

745.6

607.0

1,210.4

1,012.2

Pet

593.7

593.4

1,174.5

1,081.4

Baking mixes and ingredients

563.7

517.2

1,037.2

913.5

Yogurt

357.5

507.1

703.5

1,013.0

Super-premium ice cream

164.9

200.0

348.4

444.8

Other

95.2

119.7

201.9

238.4

Total

$

5,220.7

$

5,024.0

$

9,938.3

$

9,563.9

21

Item 2.Management’s Discussion and Analysisof Financial Condition and Results of Operations.

INTRODUCTION

ThisManagement’sDiscussionandAnalysisofFinancialConditionandResultsofOperations(MD&A)shouldbereadin

conjunctionwiththeMD&AincludedinourAnnualReportonForm10-KforthefiscalyearendedMay29,2022forimportant

backgroundregarding,among otherthings, ourkey businessdrivers.Significanttrademarks andservice marksused inour business

are set forth in

italics

herein. Certain terms used throughout this report are defined in the“Glossary” section below.

We expectthe largest factors impacting ourperformance in fiscal 2023 will bethe economic health of consumers, theinflationary cost

environment, and the frequency andseverity of disruptions in the supplychain. Weanticipate double-digit input cost inflationin fiscal

2023andareaddressinginflationheadwindswithHolisticMarginManagement(HMM)costsavingsandnetpricerealization

generatedthroughourStrategicRevenueManagement(SRM)capability.Weareplanningforvolumeelasticitiestoincreasebut

remain below historical levels and supply chain disruptions to slowly moderatein fiscal 2023 compared to fiscal 2022 levels.

CONSOLIDATEDRESULTSOF OPERATIONS

Second Quarter Results

In thesecond quarterof fiscal2023,net salesincreased4 percentand organicnet salesincreased11percent comparedto thesame

periodlastyear.Operatingprofitessentiallymatchedthesecondquarteroffiscal2022at$800 millionasfavorablenetprice

realization andmix was offsetby higherinput costs, adecrease in contributionsfrom volume growth,lower net corporateinvestment

activity,an unfavorable change tothe mark-to-market valuationof certain commoditypositions and graininventories, and an increase

incertainselling,generalandadministrative(SG&A)expenses.Operatingprofitmarginof15.3percentdecreased60 basispoints.

Adjustedoperatingprofitof $880millionincreased7percentonaconstant-currencybasis,primarilydrivenbyfavorablenetprice

realization andmix, partially offsetby higherinput costs,a decreasein contributionsfrom volumegrowth, andan increase inSG&A

expenses. Adjustedoperating profitmargin increased60 basis pointsto 16.9percent. Dilutedearnings pershare of$1.01 increased4

percent in thesecond quarter offiscal 2023. Adjusteddiluted earningsper share of$1.10 increased12 percent on aconstant-currency

basis comparedtothesecondquarteroffiscal2022.Seethe“Non-GAAPMeasures”sectionbelowforadescriptionofouruseof

measures not defined by GAAP.

A summary of our consolidated financial results for the second quarterof fiscal 2023 follows:

Quarter Ended Nov. 27, 2022

In millions,

except per share

Quarter Ended

Nov. 27, 2022 vs.

Nov. 28, 2021

Percent

of Net

Sales

Constant-

Currency

Growth (a)

Net sales

$

5,220.7

4

%

Operating profit

799.8

Flat

15.3

%

Net earnings attributable to General Mills

605.9

1

%

Diluted earnings per share

$

1.01

4

%

Organic net sales growth rate (a)

11

%

Adjusted operating profit (a)

879.7

7

%

16.9

%

7

%

Adjusted diluted earnings per share (a)

$

1.10

11

%

12

%

(a)See the "Non-GAAP Measures" section below for our use of measures not defined by GAAP.

Consolidated

net sales

were as follows:

Quarter Ended

Nov. 27, 2022

Nov. 27, 2022 vs.

Nov. 28, 2021

Nov. 28, 2021

Net sales (in millions)

$

5,220.7

4%

$

5,024.0

Contributions from volume growth (a)

(12)

pts

Net price realization and mix

17

pts

Foreign currency exchange

(1)

pt

Note: Table may not foot due to rounding.

(a)Measured in tons based on the stated weight of our product shipments.

22

Net sales inthe second quarterof fiscal 2023increased 4 percentcompared to thesame period infiscal 2022, drivenby favorable net

pricerealizationandmix,partiallyoffsetbyadecreaseincontributionsfromvolumegrowthandunfavorableforeigncurrency

exchange.

Components of organic net sales growth are shown in the followingtable:

Quarter Ended Nov. 27, 2022 vs.

Quarter Ended Nov. 28, 2021

Contributions from organic volume growth (a)

(6)

pts

Organic net price realization and mix

17

pts

Organic net sales growth

11

pts

Foreign currency exchange

(1)

pt

Acquisitions and divestitures

(5)

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.

Organicnet salesincreased 11percent inthe secondquarter offiscal 2023compared tothe sameperiod infiscal 2022,as favorable

organic net price realization and mix was partially offsetby a decrease in contributions from organic volume growth.

Cost of sales

increased $123 million to $3,516 million in the second quarter offiscal 2023 compared to the same period in fiscal 2022.

The increasewas primarilydriven bya $489 millionincrease attributableto productrate andmix partiallyoffsetby a$406 million

decrease attributableto lower volume.Werecorded a $25 millionnet increase incost of salesrelated to themark-to-market valuation

of certain commodity positions and grain inventories in the secondquarter of fiscal 2023 compared to a $12 million net decrease in the

secondquarter offiscal 2022.In thesecond quarterof fiscal2023, werecorded a$3 million chargerelatedto avoluntary recallon

certain international

Häagen-Dazs

ice cream products.

SG&Aexpenses

increased$65 millionto$894 millioninthesecondquarteroffiscal2023,comparedtothesameperiodinfiscal

2022,primarilydrivenbyvaluationadjustmentsandthelossonsaleofcertaincorporateinvestmentsandincreasedmediaand

advertising expensesin fiscal2023.SG&A expensesas apercent ofnet salesin thesecond quarterof fiscal2023 increased60 basis

points compared to the second quarter of fiscal 2022.

Restructuring,impairment,and otherexit costs

totaled $11million ofexpense inthe secondquarter offiscal 2023,comparedto

$2 million of expensein the same periodlast year (please referto Note 3to the ConsolidatedFinancial Statements inPart I, Item1 of

this report).

Benefit plan non-service income

totaled $22 million in the second quarterof fiscal 2023, compared to $28million in the same period

last year, primarily reflecting an increasein interest costs, partially offset by lower amortization of losses.

Interest,net

forthesecondquarteroffiscal2023totaled$92 million,down$1 millionfromthesecondquarteroffiscal2022,

primarily driven by lower average long-term debt levels, partially offsetby higher interest rates.

The

effective tax rate

for the second quarterof fiscal 2023 was 20.2percent compared to 21.7percent for the secondquarter of fiscal

2022.The1.5percentagepointdecreasewasprimarilyduetocertainnonrecurringdiscretetaxbenefitsandfavorablechangesin

earnings mixby jurisdictionin fiscal2023. Oureffective taxrate excludingcertain itemsaffecting comparabilitywas 21.1 percentin

thesecondquarteroffiscal2023,comparedto22.3percentinthesameperiodlastyear(seethe“Non-GAAPMeasures”section

below for a descriptionof our use ofmeasures not defined byGAAP). The 1.2 percentagepoint decrease wasprimarily due tocertain

nonrecurring discrete tax benefits and favorable changes in earningsmix by jurisdiction in fiscal 2023.

23

After-tax earnings from jointventures

for the second quarter of fiscal 2023

decreased to $25 million compared to $33 millionin the

same periodin fiscal 2022,primarily drivenby higherinput costs atCereal Partners Worldwide(CPW) and Häagen-Dazs Japan, Inc.

(HDJ) andlower netsales atHDJ, partiallyoffset byfavorable netprice realizationand mixat CPW.On aconstant-currency basis,

after-tax earningsfrom jointventures decreased8 percent (see the“Non-GAAP Measures”section belowfor a descriptionof ouruse

of measures not defined by GAAP).

The components of our joint ventures’ net sales growth are shown in the followingtable:

Quarter Ended Nov. 27, 2022 vs.

Quarter Ended Nov. 28, 2021

CPW

HDJ

Total

Contributions from volume growth (a)

(13)

pts

(10)

pts

Net price realization and mix

15

pts

(1)

pt

Net sales growth in constant currency

2

pts

(10)

pts

(1)

pt

Foreign currency exchange

(14)

pts

(20)

pts

(15)

pts

Net sales growth

(11)

pts

(30)

pts

(16)

pts

Note: Table may not foot due to rounding.

(a)Measured in tons based on the stated weight of our product shipments.

Averagediluted sharesoutstanding

decreased by11 millionin thesecond quarterof fiscal2023 fromthe sameperiod ayear ago

primarily due to share repurchases, partially offset by optionexercises.

Six-Month Results

In thesix-month periodended November27, 2022,net salesincreased 4percent comparedto thesame periodlast year,and organic

netsalesincreased11percentcomparedtothesameperiodlastyear.Operatingprofitincreased15percentto$1,885 million,

primarilydrivenbyfavorablenetpricerealizationandmixandanetgainondivestitures,partiallyoffsetbyhigherinputcosts,a

decrease in contributions fromvolume growth, an unfavorablechange to the mark-to-marketvaluation of certain commoditypositions

andgraininventories,lowernetcorporateinvestmentactivity,andanincreaseinSG&Aexpenses.Operatingprofitmarginof19

percentincreased180basispointscomparedtothesameperiodlastyear.Adjustedoperatingprofitof$1,761 millionincreased

8 percentonaconstant-currencybasis,primarilydrivenbyfavorablenetpricerealizationandmix,partiallyoffsetbyhigherinput

costs,adecreaseincontributionsfromvolumegrowth,andanincreaseinSG&Aexpenses.Adjustedoperatingprofitmargin

increased 50basis pointscompared tothe sameperiod in fiscal2022. Dilutedearnings pershare of $2.36increased 19percent inthe

six-monthperiodendedNovember27,2022,andadjusteddilutedearningspershareof$2.21 increased13percentonaconstant-

currency basiscomparedto thesame periodlast year(see the“Non-GAAP Measures”section belowfor adescription ofour useof

measures not defined by GAAP).

A summary of our consolidated financial results for the six-month periodended November 27, 2022, follows:

Six-Month Period Ended Nov.27, 2022

In millions,

except per

share

Six-Month

Period Ended

Nov. 27, 2022

vs. Nov. 28,

2021

Percent of Net

Sales

Constant-

Currency

Growth (a)

Net sales

$

9,938.3

4

%

Operating profit

1,885.4

15

%

19.0

%

Net earnings attributable to General Mills

1,425.9

16

%

Diluted earnings per share

$

2.36

19

%

Organic net sales growth rate (a)

11

%

Adjusted operating profit (a)

1,760.9

7

%

17.7

%

8

%

Adjusted diluted earnings per share (a)

$

2.21

12

%

13

%

(a)See the "Non-GAAP Measures" section below for our use of measures not defined by GAAP.

24

Consolidated

net sales

were as follows:

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022 vs.

Nov. 28, 2021

Nov. 28, 2021

Net sales (in millions)

$

9,938.3

4

%

$

9,563.9

Contributions from volume growth (a)

(12)

pts

Net price realization and mix

17

pts

Foreign currency exchange

(1)

pt

Note: Table may not foot due to rounding.

(a)Measured in tons based on the stated weight of our product shipments.

The 4percent increasein netsales forthe six-monthperiod endedNovember 27,2022, wasdrivenby favorablenet pricerealization

and mix, partially offset by a decrease in contributionsfrom volumegrowth and unfavorable foreign currency exchange.

Components of organic net sales growth are shown in the followingtable:

Six-Month Period Ended Nov.27, 2022 vs.

Six-Month Period Ended Nov.28, 2021

Contributions from organic volume growth (a)

(5)

pts

Organic net price realization and mix

16

pts

Organic net sales growth

11

pts

Foreign currency exchange

(1)

pt

Acquisition and divestitures

(5)

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.

Organicnetsalesincreased11percentinthesix-monthperiodendedNovember27,2022,drivenbyfavorableorganicnetprice

realization and mix, partially offset by a decrease incontributions from organic volume growth.

Costofsales

increased$450 millionto$6,786 millioninthesix-monthperiodendedNovember27,2022,comparedtothesame

periodin fiscal2022.The increasewasdrivenby a$939 millionincreaseattributableto productrateandmix,partiallyoffsetbya

$749milliondecrease dueto lowervolume.Werecordeda $200millionnet increasein costof salesrelatedto themark-to-market

valuationofcertaincommoditypositionsandgraininventoriesinthesix-monthperiodendedNovember27,2022,comparedtoa

$36 million netdecrease inthe six-monthperiod endedNovember 28,2021. Inthe six-monthperiod endedNovember 27, 2022,we

recorded a $24 million charge related to a voluntary recallon certain international

Häagen-Dazs

ice cream products.

SG&A expenses

increased$99 millionto $1,686 millionin thesix-month periodended November27, 2022,compared tothe same

periodin fiscal2022, primarilydrivenby valuationadjustments andthe losson saleof certaincorporate investmentsin fiscal2023

and a recovery related to a Brazil indirect tax item in fiscal2022. SG&A expenses as a percent of net sales increased40 basis points in

the six-month period ended November 27, 2022, compared to the same periodof fiscal 2022.

Divestituresgain,net

totaled$431millioninthesix-monthperiodendedNovember27,2022,primarilyrelatedto thesale ofour

Helper main mealsand Suddenly Saladside dishes business (pleaserefer to Note 2to the Consolidated FinancialStatements in Part I,

Item 1 of this report).

Restructuring,impairment,andotherexitcosts(recoveries)

totaled$13 millionofexpenseinthesix-monthperiodended

November 27,2022, comparedto $2 millionof net recoveriesin the sameperiod last year(please referto Note 3to the Consolidated

Financial Statements in Part I, Item 1 of this report).

Benefit plan non-serviceincome

totaled $43 millionin the six-monthperiod ended November27, 2022,compared to $57 millionin

the same period last year, primarily reflectingan increase in interest costs, partially offset by lower amortizationof losses.

Interest, net

for thesix-month periodended November27, 2022,decreased $9 millionto $179 millioncompared tothe sameperiod

of fiscal 2022, primarily driven by lower average long-term debt balances,partially offset by higher interest rates.

The

effectivetaxrate

forthe six-monthperiodendedNovember27,2022,was20.8percentcomparedto21.7percentinthesix-

monthperiodendedNovember28,2021.The0.9percentagepointdecreasewasprimarilyduetocertainnonrecurringdiscretetax

25

benefits and favorable changes inearnings mix by jurisdictionin fiscal 2023, partially offsetby unfavorable tax componentsrelated to

the divestituresincurredin thesix-monthperiod endedNovember 27,2022. Oureffectivetax rateexcluding certainitems affecting

comparability was20.4 percent inthe six-monthperiod endedNovember 27,2022, comparedto 22.0percent inthe sameperiod last

year(seethe“Non-GAAPMeasures”sectionbelowforadescriptionofouruseofmeasuresnotdefinedbyGAAP).The1.6

percentagepointdecreaseisprimarilyduetocertainnonrecurringdiscretetaxbenefitsandfavorablechangesinearningsmixby

jurisdiction in fiscal 2023.

After-taxearnings fromjoint ventures

decreasedto $45 millionfor thesix-monthperiod endedNovember 27,2022 comparedto

$62 millionin thesame periodin fiscal2022,primarilydriven byhigher inputcosts atCPW andHDJ andlowernet salesat HDJ,

partially offset by favorable net price realizationand mix at CPW.On a constant-currency basis, after-tax earnings fromjoint ventures

decreased 17percent (see the“Non-GAAP Measures”section belowfor a descriptionof our useof measuresnot definedby GAAP).

The components of our joint ventures’ net sales growth are shown in the followingtable:

Six-Month Period Ended Nov.27, 2022 vs.

Six-Month Period Ended Nov.28, 2021

CPW

HDJ

Total

Contributions from volume growth (a)

(9)

pts

(9)

pts

Net price realization and mix

12

pts

(1)

pt

Net sales growth in constant currency

3

pts

(9)

pts

Flat

Foreign currency exchange

(12)

pts

(18)

pts

(13)

pts

Net sales growth

(9)

pts

(28)

pts

(14)

pts

Note: Table may not foot due to rounding

(a)Measured in tons based on the stated weight of our product shipments.

Averagedilutedsharesoutstanding

decreasedby10 millioninthesix-monthperiodendedNovember27,2022,fromthesame

period a year ago primarily due to share repurchases, partially offsetby option exercises.

SEGMENT OPERATINGRESULTS

Our businesses areorganized into fouroperating segments: NorthAmerica Retail; International;Pet, and NorthAmerica Foodservice.

PleaserefertoNote17oftheConsolidatedFinancialStatementsinPartI,Item1ofthisreportforadescriptionofouroperating

segments.

North America Retail Segment Results

North America Retail net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

3,373.1

11

%

$

3,044.6

$

6,361.9

11

%

$

5,755.2

Contributions from volume growth (a)

(8)

pts

(7)

pts

Net price realization and mix

19

pts

18

pts

Foreign currency exchange

(1)

pt

Flat

Note: Table may not foot due to rounding.

(a)Measured in tons based on the stated weight of our product shipments.

North AmericaRetail netsales increased11 percentin the secondquarter offiscal 2023compared tothe sameperiod infiscal 2022,

driven byfavorable net pricerealization andmix, partially offsetby a decreasein contributions fromvolume growthand unfavorable

foreign currency exchange.

North AmericaRetail net salesincreased 11percent in thesix-month periodended November 27,2022, comparedto the sameperiod

in fiscal 2022, driven by favorable net price realization and mix, partially offsetby a decrease in contributions from volume growth.

26

The components of North America Retail organic netsales growth are shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(7)

pts

(6)

pts

Organic net price realization and mix

20

pts

18

pts

Organic net sales growth

13

pts

13

pts

Foreign currency exchange

(1)

pt

Flat

Divestiture (b)

(2)

pts

(2)

pts

Net sales growth

11

pts

11

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 Helper main meals and Suddenly Salad side dishes businesses in fiscal 2023. Please see Note 2 to the Consolidated Financial

Statements in Part I, Item 1 of this report.

NorthAmericaRetailorganicnetsalesincreased13percentinthesecondquarteroffiscal2023andthesix-monthperiodended

November 27,2022, comparedto the sameperiodsin fiscal 2022,driven byfavorable organicnet price realizationand mix, partially

offset by a decrease in contributions from organicvolume growth.

North America Retail net sales percentage change by operating unitare shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

U.S. Snacks

18

%

16

%

U.S. Meals & Baking Solutions

10

%

10

%

U.S. Morning Foods

10

%

9

%

Canada (a)

(3)

%

Flat

Total

11

%

11

%

(a)On a constant-currency basis, Canada net sales increased 4 percent in the second quarter of fiscal 2023 and increased 6 percent for the six-month

period endedNovember 27,2022, comparedto thesame periodsin fiscal2022. Seethe "Non-GAAPMeasures" sectionbelow forour useof

this measure not defined by GAAP.

Segmentoperatingprofit increased24percentto $837 millionin thesecondquarter offiscal 2023comparedto $675 millionin the

sameperiodinfiscal2022,primarilydrivenbyfavorablenetpricerealizationandmix,partiallyoffsetbyhigherinputcosts,a

decreaseincontributionsfromvolumegrowth,andhigherSG&Aexpenses.Segmentoperatingprofitincreased24percentona

constant-currencybasisinthesecondquarteroffiscal2023comparedtothesameperiodinfiscal2022(seethe“Non-GAAP

Measures” section below for our use of this measure not defined by GAAP).

Segmentoperatingprofitincreased22percentto$1,615 millioninthesix-monthperiodendedNovember27,2022,comparedto

$1,324 million in thesame period in fiscal2022, primarily driven byfavorable net price realizationand mix, partially offsetby higher

inputcosts,adecreaseincontributionsfromvolumegrowth,andhigherSG&Aexpenses.Segmentoperatingprofitincreased22

percent ona constant-currencybasis inthe six-monthperiod endedNovember 27,2022, comparedto thesame periodin fiscal2022

(see the “Non-GAAP Measures” section below for our use of this measurenot defined by GAAP).

27

International Segment Results

International net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

671.7

(27)

%

$

914.4

$

1,324.2

(28)

%

$

1,845.0

Contributions from volume growth (a)

(39)

pts

(39)

pts

Net price realization and mix

18

pts

16

pts

Foreign currency exchange

(6)

pts

(6)

pts

Note: Table may not foot due to rounding.

(a)Measured in tons based on the stated weight of our product shipments.

Internationalnetsalesdecreased27percentinthesecondquarteroffiscal2023and28percentinthesix-monthperiodended

November27,2022,comparedtothesameperiodsinfiscal2022,drivenbyadecreaseincontributionsfromvolumegrowth,

includingtheimpactof volumedeclinesfromdivestituresandthevoluntaryrecallon certaininternational

Häagen-Dazs

icecream

products,and unfavorable foreign currency exchange, partially offsetby favorable net price realization and mix.

The components of International organic net sales growthare shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(7)

pts

(7)

pts

Organic net price realization and mix

12

pts

8

pts

Organic net sales growth

5

pts

1

pt

Foreign currency exchange

(6)

pts

(6)

pts

Divestitures (b)

(26)

pts

(24)

pts

Net sales growth

(27)

pts

(28)

pts

Note: Table may not foot due to rounding.

(a) Measured in tons based on the stated weight of our product shipments.

(b) Divestitures primarily include the impact of the sale of our interests in Yoplait SAS, YoplaitMarques SNC, and Liberté Marques Sàrl and our

European dough businesses in fiscal 2022.

Internationalorganicnetsales increased5 percentin thesecond quarterof fiscal2023comparedto thesameperiod infiscal2022,

driven by favorable organic net price realizationand mix, partially offset by a decrease in contributions from organicvolume growth.

International organicnet sales increased1 percent in thesix-month period endedNovember 27, 2022,compared to the sameperiod in

fiscal2022,drivenbyfavorableorganicnetpricerealizationandmix,partiallyoffsetbyadecreaseincontributionsfromorganic

volume growth.

Segment operating profitdecreased 70 percent to$18 million in the secondquarter of fiscal 2023from $59 million in thesame period

infiscal2022,primarilydriven byhigherinputcosts andadecreaseincontributionsfromvolumegrowth,includingtheimpactof

volume declines from divestitures and the voluntary recall on certaininternational

Häagen-Dazs

ice cream products, partially offset by

favorablenetpricerealizationandmixandadecreaseinSG&Aexpenses.Segmentoperatingprofitdecreased68percentona

constant-currencybasisinthesecondquarteroffiscal2023comparedtothesameperiodinfiscal2022(seethe“Non-GAAP

Measures” section below for our use of this measure not defined by GAAP).

Segment operating profit decreased 56percent to $53 million in the six-monthperiod ended November 27, 2022, from $120million in

the sameperiod infiscal 2022,primarily drivenby adecrease incontributions fromvolume growth,including theimpact ofvolume

declines fromdivestitures andthe voluntaryrecall oncertain international

Häagen-Dazs

ice creamproducts,and higherinput costs,

partially offsetby favorablenet pricerealization andmix anda decreasein SG&Aexpenses. Segmentoperating profitdecreased 51

percent ona constant-currencybasis inthe six-monthperiod endedNovember 27,2022, comparedto thesame periodin fiscal2022

(see the “Non-GAAP Measures” section below for our use of this measurenot defined by GAAP).

28

Pet Segment Results

Pet net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

592.9

Flat

$

593.4

$

1,172.8

8

%

$

1,081.4

Contributions from volume growth (a)

(11)

pts

(6)

pts

Net price realization and mix

11

pts

15

pts

Foreign currency exchange

Flat

Flat

Note: Table may not foot due to rounding.

(a)Measured in tons based on the stated weight of our product shipments.

Pet net salesin the secondquarter of fiscal2023 essentiallymatched the sameperiod in fiscal2022, asfavorable net pricerealization

and mix was offset by a decrease in contributions from volumegrowth.

Pet net salesincreased 8percent duringthe six-monthperiod ended November27, 2022, comparedto the sameperiod in fiscal2022,

driven by favorable net price realization and mix, partially offset bya decrease in contributions from volume growth.

The components of Pet organic net sales growth are shown in the followingtable:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(11)

pts

(7)

pts

Organic net price realization and mix

11

pts

13

pts

Organic net sales growth

Flat

6

pts

Foreign currency exchange

Flat

Flat

Acquisition (b)

Flat

2

pts

Net sales growth

Flat

8

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 Tyson Foods’ pet treats business in fiscal 2022. Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of

this report.

Pet organicnet salesin thesecond quarterof fiscal2023 essentiallymatched thesame periodin fiscal2022 asfavorable organicnet

price realization and mix was offset by a decrease in contributionsfrom organic volume growth.

Pet organicnet salesincreased6 percentin thesix-monthperiodended November27,2022,comparedto thesame periodin fiscal

2022,driven byfavorable organicnet pricerealization andmix,partially offsetby adecrease incontributions fromorganicvolume

growth.

Segmentoperatingprofitdecreased34percentto$87 millioninthesecondquarteroffiscal2023comparedto$132 millioninthe

same period in fiscal 2022,primarily driven by higherinput costs and a decrease incontributions from volumegrowth, partially offset

by favorablenet pricerealization andmix. Segmentoperating profitdecreased 34percent ona constant-currencybasis inthe second

quarter offiscal 2023compared tothe sameperiod infiscal 2022(see the“Non-GAAP Measures”section belowfor ouruse ofthis

measure not defined by GAAP).

Segmentoperatingprofitdecreased15percentto$210 millioninthesix-monthperiodendedNovember27,2022,comparedto

$247 millioninthesameperiodinfiscal2022,primarilydrivenbyhigherinputcosts,adecreaseincontributionsfromvolume

growth,andanincreaseinSG&Aexpenses,partiallyoffsetbyfavorablenetpricerealizationandmix.Segmentoperatingprofit

decreased 15 percenton a constant-currencybasis in the six-monthperiod ended November27, 2022, comparedto the same periodin

fiscal 2022 (see the “Non-GAAP Measures” section below for our use of this measurenot defined by GAAP).

29

North America Foodservice Segment Results

North America Foodservice net sales were as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Nov. 27,

2022

Nov. 27, 2022 vs

Nov. 28, 2021

Nov. 28,

2021

Net sales (in millions)

$

583.0

24

%

$

471.6

$

1,079.4

22

%

$

882.3

Contributions from volume growth (a)

2

pts

1

pt

Net price realization and mix

21

pts

22

pts

Foreign currency exchange

Flat

Flat

Note: Table may not foot due to rounding.

(a)Measured in tons based on the stated weight of our product shipments.

North AmericaFoodservice netsales increased24 percentin thesecond quarterof fiscal2023 comparedto thesame periodin fiscal

2022,drivenbyfavorablenetpricerealizationandmix,includingmarketindexpricingonbakeryflour,andanincreasein

contributions from volume growth.

North AmericaFoodservice netsales increased22 percentin thesix-month periodended November27, 2022,compared tothe same

periodinfiscal2022,drivenbyfavorablenetpricerealizationandmix,includingmarketindexpricingonbakeryflour,andan

increase in contributions from volume growth.

The components of North America Foodservice organicnet sales growthare shown in the following table:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 27, 2022

Contributions from organic volume growth (a)

(2)

pts

(3)

pts

Organic net price realization and mix

19

pts

20

pts

Organic net sales growth

17

pts

17

pts

Foreign currency exchange

Flat

Flat

Acquisition (b)

6

pts

5

pts

Net sales growth

24

pts

22

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 TNT Crust in fiscal 2023. Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.

North America Foodservice organicnet sales increased 17 percent inthe second quarter of fiscal 2023and the six-month period ended

November 27, 2022, comparedto the same periodsin fiscal 2022,driven by favorable organicnet price realization andmix, including

market index pricing on bakery flour, partiallyoffset by a decrease in contributions from organicvolume growth.

Segment operating profit increased20 percent to $82million in the secondquarter of fiscal 2023compared to $68 million inthe same

period in fiscal 2022,primarily driven by favorablenet price realization andmix, partially offsetby higher input costsand an increase

in SG&Aexpenses.Segment operatingprofit increased20 percenton aconstant-currency basisin thesecond quarterof fiscal2023

compared to thesame period infiscal 2022 (seethe “Non-GAAP Measures”section below forour use ofthis measure notdefined by

GAAP).

Segmentoperatingprofitdecreased3percentto$135millioninthesix-monthperiodendedNovember27,2022,comparedto

$140 millionin thesame periodin fiscal2022,primarilydriven byhigher inputcosts andan increasein SG&Aexpenses,partially

offset by favorable netprice realization and mix.Segment operating profit decreased3 percent on a constant-currencybasis in the six-

month periodended November27, 2022,compared tothe sameperiod infiscal 2022(see the“Non-GAAP Measures”section below

for our use of this measure not defined by GAAP).

30

UNALLOCATEDCORPORATEITEMS

Unallocated corporate expensetotaled $212 million inthe second quarterof fiscal 2023,compared to $132 millionin the same period

in fiscal2022. Inthe secondquarter offiscal 2023,we recordeda $25 millionnet increasein expenserelated tothe mark-to-market

valuation ofcertain commoditypositions andgrain inventoriescompared toa $12 millionnet decreasein expensein the sameperiod

lastyear.Werecorded$36 millionofnetlossesrelatedtovaluationadjustmentsandthesaleofacorporateinvestmentinthe

second quarter of fiscal 2023,compared to $10 million ofnet gains in the secondquarter of fiscal 2022.

��

In the second quarter offiscal

2023,werecordeda$3millionchargerelatedtoavoluntaryrecalloncertaininternational

Häagen-Dazs

icecreamproducts.In

addition, werecorded $3million ofintegration costsprimarily relatedto ouracquisition ofTNT Crustin thesecond quarterof fiscal

2023 compared to $4 million of integrationcosts related to our acquisition of TysonFoods’ pet treats business in thesecond quarter of

fiscal 2022. In the secondquarter of fiscal 2023, we recorded$2 million of transaction costsprimarily related to thesale of our Helper

main meals and SuddenlySalad side dishes businesscompared to $38 millionof transaction costs related tothe sale of ourinterests in

YoplaitSAS, YoplaitMarques SNC, and Liberté Marques Sàrland the sale of our European doughbusinesses in the second quarter of

fiscal 2022.

Unallocated corporateexpense totaled$545 millionin thesix-month periodended November27, 2022,compared to$188 millionin

thesameperiodlastyear.Werecordeda$200millionnetincreaseinexpenserelatedtothemark-to-marketvaluationofcertain

commodity positions and graininventories in the six-month periodended November 27, 2022, comparedto a $36 million net decrease

inexpenseinthesameperiodlastyear.Werecorded$62millionofnetlossesrelatedtovaluationadjustmentsandthesaleof

corporate investments in the six-monthperiod ended November 27, 2022,compared to $10 million of netgains in the same period last

year.Inthesix-monthperiodendedNovember27,2022,werecordeda$24millionchargerelatedtoavoluntaryrecall oncertain

international

Häagen-Dazs

icecreamproducts.Inaddition,werecorded$4millionofintegrationcostsprimarilyrelatedtoour

acquisition ofTNT Crustin thesix-month periodended November27, 2022,compared to$16 millionof integrationcosts relatedto

our acquisition of TysonFoods’ pet treats businessin the six-monthperiod ended November 28,2021.In the six-month periodended

November 27,2022, we recorded$2 million oftransaction costs primarilyrelated tothe sale ofour Helpermain meals andSuddenly

Saladsidedishesbusinesscomparedto $48millionoftransactioncosts relatedtothesale ofourinterests inYoplait SAS,Yoplait

Marques SNC, LibertéMarques Sàrl andthe sale ofour Europeandough businesses. Inaddition, werecorded a $21million recovery

related to a Brazil indirect tax item and a $13 million insurance recoveryin the six-month period ended November 28, 2021.

LIQUIDITYAND CAPITALRESOURCES

During thesix-month periodended November27, 2022,cash provided byoperations was$1,201 million comparedto $1,498 million

in thesame periodlast year.The $297million decreasewas primarilydriven byan increase ininventory andhigher cashincome tax

payments in the six-month period ended November 27, 2022 as comparedto the same period a year ago.

Cash provided by investing activities during thesix-month period ended November 27, 2022, was $125million compared to cash used

of $1,396 millionfor thesame periodin fiscal2022. Duringthe firstquarter ofthe 2023,we completedthe saleof theHelper main

meals and SuddenlySalad side dishesbusiness for$607 millioncash. Inthe firstquarter offiscal 2023,we acquiredTNT Crustfor

$252millioncash, netof cashacquired.In thefirst quarterof fiscal2022,we acquiredthe TysonFoods’pet treatsbusinessforan

aggregate purchase priceof $1.2 billion. Inaddition, we spent $227million on purchases ofland, buildings, andequipment in the six-

months ended November 27, 2022, compared to $224 million inthe same period last year.

Cashusedbyfinancingactivitiesduringthesix-monthperiodendedNovember27,2022,was$1,230millioncomparedto

$427 millionofcashusedbyfinancingactivitiesinthesameperiodinfiscal2022.Wepaid$648millionofdividendsinthesix-

month period ended November27, 2022, compared to$623 million in the same periodlast year.We purchased$901 million of shares

of commonstock in thesix-month periodended November 27,2022, comparedto $375 millionin the sameperiod in fiscal2022.In

addition, wehad $253million ofnet debtissuances inthe six-monthperiod endedNovember 27,2022, comparedto $568 millionof

net debt issuances in the same period a year ago.

As ofNovember27,2022, wehad$542 millionof cashand cashequivalentsin foreignjurisdictions. Inanticipationof repatriating

funds fromforeign jurisdictions,we recordlocal countrywithholding taxeson ourinternational earnings,as applicable.Furthermore,

wemayrepatriateourcashandcashequivalentsheldbyourforeignsubsidiarieswithoutsuchfundsbeingsubjecttofurtherU.S.

income tax liability.Earnings prior to fiscal 2018 from our foreign subsidiaries remain permanently reinvested in those jurisdictions.

31

The following table details the fee-paid committed and uncommitted creditlines we had available as of November 27, 2022:

In Billions

Facility

Amount

Borrowed

Amount

Committed credit facility expiring April 2026

$

2.7

$

-

Uncommitted credit facilities

0.6

-

Total committed

��

and uncommitted credit facilities

$

3.3

$

-

Thethird-partyholderoftheGeneralMillsCereals,LLC(GMC)Class

A

Interestsreceivesquarterlypreferreddistributionsfrom

available netincome basedon the applicationof afloating preferredreturn rateto theholder’s capitalaccount balanceestablished in

themostrecentmark-to-marketvaluation(currently$252 million).OnJune 1,2021,thefloatingpreferredreturnrateonGMC’s

Class A Interestswas resetto thesum ofthree-month LIBORplus 160basis points.The preferredreturn rateis adjustedevery three

years through a negotiated agreement with the Class A Interest holderor through a remarketing auction.

Wehave an optionto purchase theClass A Interests forconsideration equal tothe then currentcapital account value,plus any unpaid

preferred returnand theprescribed make-wholeamount. Ifwe purchasethese interests,any changein thethird-party holder’scapital

accountfromitsoriginalvaluewillbechargeddirectlytoretainedearningsandwillincreaseordecreasethenetearningsusedto

calculate EPS in that period.

To ensure availabilityof funds, we maintain bank credit lines and have commercial paper programsavailable to us in the United States

and Europe.

Certainofourlong-termdebtagreements,ourcreditfacilities,andournoncontrollinginterestscontainrestrictivecovenants.Asof

November 27, 2022, we were in compliance with all of these covenants.

Wehave$1,964millionoflong-termdebtmaturinginthenext12monthsthatisclassifiedascurrent,including$400millionof

floating-ratenotesdueOctober17,2023,€500millionof1.00percentfixed-ratenotesdueApril27,2023,€250millionof0.00

percentfixed-ratenotesdueMay16,2023,€500millionof0.00percentfixed-ratenotesdueJuly27,2023,and€250millionof

floating-rate notesdue May16, 2023.Webelieve thatcash flowsfrom operations,together withavailable short-and long-termdebt

financing, will be adequate to meet our liquidity and capital needs forat least the next 12 months.

CRITICAL ACCOUNTING ESTIMATES

Our significant accounting policies are described in Note 2to the Consolidated Financial Statements includedin our Annual Report on

Form10-K forthe fiscalyear endedMay 29,2022. Theaccounting policiesused inpreparing ourinterim fiscal2023

Consolidated

Financial Statements are the same as those described in our Form 10-K.

Ourcriticalaccountingestimatesarethosethathavemeaningfulimpactonthereportingofourfinancialconditionandresultsof

operations.Theseestimatesincludeouraccountingforrevenuerecognition,valuationoflong-livedassets,intangibleassets,stock-

based compensation,income taxes,and definedbenefit pension,other postretirementbenefit, andpostemployment benefitplans. The

assumptions and methodologies used in the determination of thoseestimates as of November 27, 2022, are the same as those described

in our Annual Report on Form 10-K for the fiscal year ended May 29, 2022.

Ourannualgoodwillandindefinite-livedintangibleassetsimpairmenttestwasperformedonthefirstdayofthesecondquarterof

fiscal2023,andwedeterminedtherewasnoimpairmentofourintangibleassetsastheirrelatedfairvaluesweresubstantiallyin

excess of thecarrying values,except forthe

Uncle Toby’s

brand intangibleasset. In addition,while havingsignificant coverageas of

our fiscal 2023assessment date, the

Progresso

and

EPIC

brand intangible assets hadrisk of decreasing coverage.Wewill continue to

monitor these businesses for potential impairment.

RECENTLYISSUED ACCOUNTING PRONOUNCEMENTS

In September 2022, the Financial Accounting StandardsBoard (FASB)issued Accounting Standards Update (ASU) 2022-04 requiring

enhanceddisclosuresrelatedtosupplierfinancingprograms.TheASUrequiresdisclosureofthekeytermsoftheprogramanda

rollforwardoftherelatedobligationduringtheannualperiod,includingtheamountofobligationsconfirmedandobligations

subsequentlypaid.ThenewdisclosurerequirementsareeffectiveforfiscalyearsbeginningafterDecember15,2022,withthe

exceptionof therollforward requirement,which iseffectivefor fiscalyears beginningafter December15, 2023,which forus isthe

firstquarteroffiscal2024fortheprimaryrequirementandthefirstquarteroffiscal2025fortherollforwardrequirement.Early

adoption ispermitted. Wehave historicallypresented thekey termsof theseprograms andthe associatedobligation outstanding.We

do not expect this ASU to have a material impact on our financial statements andrelated disclosures.

32

In March2020, the FASBissued optionalaccounting guidancefor a limitedperiod of timeto ease thepotential burdenin accounting

forreferenceratereform.Thenewstandardprovidesexpedientsandexceptionstoexistingaccountingrequirementsforcontract

modifications and hedge accountingrelated to transitioning from discontinuedreference rates, such as LIBOR, toalternative reference

rates, ifcertain criteriaare met.The newaccounting requirementscan beapplied asof thebeginning ofthe interimperiod including

March 12,2020,oranydatethereafter,throughDecember 31,2022.Weareintheprocessofreviewingourcontractsand

arrangementsthatwillbeaffectedbyadiscontinuedreferencerateandareanalyzingtheimpactofthis guidanceonourresultsof

operations and financial position.

NON-GAAP MEASURES

Wehaveincludedinthisreportmeasuresoffinancialperformancethatare notdefinedbyGAAP.Webelievethatthesemeasures

provide useful information to investors, and include these measures in othercommunications to investors.

For eachof thesenon-GAAP financialmeasures, weare providingbelow areconciliation ofthe differencesbetween thenon-GAAP

measure and the mostdirectly comparable GAAP measure,an explanation of whywe believe the non-GAAPmeasure provides useful

information toinvestors, andany additionalmaterial purposesfor whichour managementor Boardof Directorsuses thenon-GAAP

measure. These non-GAAP measures should be viewed in addition to, and notin lieu of, the comparable GAAP measure.

Significant Items Impacting Comparability

Severalmeasuresbelowarepresentedonanadjustedbasis.Theadjustmentsareeitheritemsresultingfrominfrequentlyoccurring

events or items that, in management’sjudgment, significantly affect the year-to-yearassessment of operating results.

The following are descriptions of significant items impacting comparabilityof our results.

Divestituresgain, net

Net divestituresgain primarilyrelated tothe saleof ourHelper mainmeals andSuddenly Saladside dishesbusiness infiscal 2023.

Please see Note 2 to the Consolidated Financial Statements in Part I, Item 1 of this report.

Mark-to-market effects

Netmark-to-marketvaluationofcertaincommoditypositionsrecognizedinunallocatedcorporateitems.PleaseseeNote6tothe

Consolidated Financial Statements in Part I, Item 1 of this report.

Investment activity,net

Valuationadjustments and theloss on sale ofcertain corporate investmentsin fiscal 2023.Valuationadjustments and thegain on sale

of certain corporate investments in fiscal 2022.

Product recall

Voluntaryrecall costs recorded in fiscal 2023 related to certain international

Häagen-Dazs

ice cream products.

Restructuring charges (recoveries)

Restructuring chargesfor previously announcedrestructuring actions recordedin fiscal 2023and fiscal 2022.Please see Note 3to the

Consolidated Financial Statements in Part I, Item 1 of this report.

Acquisition integration costs

Integration costsprimarily resultingfrom the acquisitionof TNT Crustin fiscal 2023.Integration costsresulting fromthe acquisition

of Tyson Foods’ pettreats business in fiscal2022. Please seeNote 2 tothe Consolidated FinancialStatements in PartI, Item 1of this

report.

Transaction costs

TransactioncostsprimarilyrelatedtothesaleofourHelpermainmealsandSuddenlySaladsidedishesbusinessinfiscal2023.

Transactioncosts relatedto the saleof ourinterests inYoplaitSAS, YoplaitMarques SNC,and LibertéMarques Sàrland the saleof

ourEuropeandoughbusinesses infiscal2022.Please seeNote2totheConsolidatedFinancialStatementsinPartI,Item1ofthis

report.

Non-income tax recovery

Recovery related to a Brazil indirect tax item recorded in fiscal 2022.

33

Organic Net Sales Growth Rates

Weprovide organicnet salesgrowth ratesfor ourconsolidated netsales andsegment netsales. Thismeasure isused inreporting to

ourBoardofDirectorsandexecutivemanagementandasacomponentofthemeasurementofourperformanceforincentive

compensation purposes.Webelieve thatorganic netsales growthrates provideuseful informationto investorsbecause theyprovide

transparencytounderlyingperformanceinournetsalesbyexcludingtheeffectthatforeigncurrencyexchangeratefluctuations,

acquisitions, divestitures,and a 53

rd

week, when applicable,have on year-to-year comparability.A reconciliation ofthese measures to

reported netsales growthrates, therelevant GAAPmeasures, areincluded inour ConsolidatedResults ofOperations andResults of

Segment Operations discussions in the MD&A above.

Adjusted Operating Profit as a Percent of Net Sales (Adjusted OperatingProfit Margin)

We believethis measure provides useful informationto investors because it is importantfor assessing our operating profit marginon a

comparable basis.

Our adjusted operating profit margins are calculated as follows:

Quarter Ended

Nov. 27, 2022

Nov. 28, 2021

In Millions

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Operating profit as reported

$

799.8

15.3

%

$

800.1

15.9

%

Mark-to-market effects

25.1

0.5

%

(12.1)

(0.2)

%

Investment activity, net

35.7

0.7

%

(10.5)

(0.2)

%

Product recall

2.9

0.1

%

-

-

%

Restructuring charges

11.6

0.2

%

2.7

0.1

%

Acquisition integration costs

2.8

0.1

%

3.5

0.1

%

Transaction costs

1.8

-

%

37.6

0.7

%

Adjusted operating profit

$

879.7

16.9

%

$

821.3

16.3

%

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

In Millions

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Operating profit as reported

$

1,885.4

19.0

%

$

1,644.4

17.2

%

Divestitures gain, net

(430.9)

(4.3)

%

-

-

%

Mark-to-market effects

199.8

2.0

%

(36.2)

(0.4)

%

Investment activity, net

62.0

0.6

%

(9.8)

(0.1)

%

Product recall

24.4

0.2

%

-

-

%

Restructuring charges (recoveries)

13.9

0.1

%

(1.4)

-

%

Acquisition integration costs

4.3

-

%

15.9

0.2

%

Transaction costs

2.0

-

%

48.2

0.5

%

Non-income tax recovery

-

-

%

(20.6)

(0.2)

%

Adjusted operating profit

$

1,760.9

17.7

%

$

1,640.5

17.2

%

Note: Tablesmay not foot due to rounding.

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

34

Adjusted Operating Profit Growth on a Constant-currency Basis

This measure is used in reportingto our Board of Directors andexecutive management and as acomponent of the measurement ofour

performance forincentive compensation purposes.Webelieve thatthis measure providesuseful informationto investors becauseit is

theoperatingprofitmeasureweusetoevaluateoperatingprofitperformanceonacomparableyear-to-yearbasis.Themeasureis

evaluated ona constant-currencybasis byexcluding theeffect thatforeign currencyexchange ratefluctuations haveon year-to-year

comparability given the volatility in foreign currency exchange rates.

Our adjusted operating profit growth on a constant-currency basis is calculatedas follows:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Change

Nov. 27, 2022

Nov. 28, 2021

Change

Operating profit as reported

$

799.8

$

800.1

Flat

$

1,885.4

$

1,644.4

15

%

Divestitures gain, net

-

-

(430.9)

-

Mark-to-market effects

25.1

(12.1)

199.8

(36.2)

Investment activity, net

35.7

(10.5)

62.0

(9.8)

Product recall

2.9

-

24.4

-

Restructuring charges (recoveries)

11.6

2.7

13.9

(1.4)

Acquisition integration costs

2.8

3.5

4.3

15.9

Transaction costs

1.8

37.6

2.0

48.2

Non-income tax recovery

-

-

-

(20.6)

Adjusted operating profit

$

879.7

$

821.3

7

%

$

1,760.9

$

1,640.5

7

%

Foreign currency exchange impact

Flat

(1)

pt

Adjusted operating profit growth,

on a constant-currency basis

7

%

8

%

Note: Table may not foot due to rounding.

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

Adjusted Diluted EPS and Related Constant-currency Growth Rates

This measureis used inreporting toour Board ofDirectors and executivemanagement. Webelieve thatthis measure providesuseful

information toinvestors because itis the profitability measure weuse to evaluateearnings performance ona comparable year-to-year

basis.

The reconciliation of our GAAP measure, diluted EPS, to adjusted dilutedEPS and the related constant-currency growth rates follows:

Quarter Ended

Six-Month Period Ended

Per Share Data

Nov. 27, 2022

Nov. 28, 2021

Change

Nov. 27, 2022

Nov. 28, 2021

Change

Diluted earnings per share, as reported

$

1.01

$

0.97

4

%

$

2.36

$

1.99

19

%

Divestitures gain, net

-

-

(0.54)

-

Mark-to-market effects

0.03

(0.02)

0.25

(0.05)

Investment activity, net

0.04

(0.02)

0.08

(0.02)

Product recall

-

-

0.03

-

Restructuring charges (recoveries)

0.02

-

0.02

(0.01)

Acquisition integration costs

0.01

-

0.01

0.02

Transaction costs

-

0.05

-

0.06

Non-income tax recovery

-

-

-

(0.02)

Adjusted diluted earnings per share

$

1.10

$

0.99

11

%

$

2.21

$

1.98

12

%

Foreign currency exchange impact

(1)

pt

(1)

pt

Adjusted diluted earnings per share

growth, on a constant-currency basis

12

%

13

%

Note: Table may not foot due to rounding.

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

35

See our reconciliationbelow of the effectiveincome tax rate asreported to the adjustedeffective income taxrate for the taximpact of

each item affecting comparability.

Constant-currency After-tax Earnings from Joint VenturesGrowth Rates

Webelieve thatthis measureprovides usefulinformation toinvestors becauseit providestransparency tounderlying performanceof

our jointventures byexcluding theeffectthat foreigncurrency exchangerate fluctuationshave onyear-to-yearcomparability given

volatility in foreign currency exchange markets.

After-tax earnings from joint ventures growth rates on a constant-currencybasis are calculated as follows:

Percentage Change in

After-TaxEarnings from Joint

Venturesas Reported

Impact of Foreign

Currency

Exchange

Percentage Change in After-Tax

Earnings from Joint Ventures

on Constant-Currency Basis

Quarter Ended Nov. 27,2022

(23)

%

(15)

pts

(8)

%

Six-Month Period Ended Nov.27, 2022

(27)

%

(10)

pts

(17)

%

Note: Table maynot foot due to rounding.

Net Sales Growth Rates for Our Canada Operating Unit on Constant-currencyBasis

WebelievethatthismeasureofourCanadaoperatingunitnetsalesprovidesusefulinformationtoinvestorsbecauseitprovides

transparency tothe underlyingperformance forthe Canada operatingunit within ourNorth AmericaRetail segmentby excludingthe

effectthatforeigncurrencyexchangeratefluctuationshaveonyear-to-yearcomparabilitygivenvolatilityinforeigncurrency

exchange markets.

Net sales growth rates for our Canada operating unit on a constant-currencybasis are calculated as follows:

Percentage Change in

Net Sales

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in

Net Sales on Constant-

Currency Basis

Quarter Ended Nov. 27,2022

(3)

%

(7)

pts

4

%

Six-Month Period Ended Nov.27, 2022

Flat

(5)

pts

6

%

Note: Table maynot foot due to rounding.

Constant-currency Segment Operating Profit Growth Rates

Webelieve thatthis measureprovides usefulinformation toinvestors becauseit providestransparency tounderlying performanceof

oursegmentsbyexcludingtheeffectthatforeigncurrencyexchangeratefluctuationshaveonyear-to-yearcomparabilitygiven

volatility in foreign currency exchange markets.

36

Our segments’ operating profit growth rates on a constant-currencybasis are calculated as follows:

Quarter Ended Nov. 27, 2022

Percentage Change in

Operating Profit

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in Operating

Profit on Constant-Currency

Basis

North America Retail

24

%

Flat

24

%

International

(70)

%

(2)

pts

(68)

%

Pet

(34)

%

Flat

(34)

%

North America Foodservice

20

%

Flat

20

%

Six-Month Period Ended Nov.27, 2022

Percentage Change in

Operating Profit

as Reported

Impact of Foreign

Currency

Exchange

Percentage Change in Operating

Profit on Constant-Currency

Basis

North America Retail

22

%

Flat

22

%

International

(56)

%

(5)

pts

(51)

%

Pet

(15)

%

Flat

(15)

%

North America Foodservice

(3)

%

Flat

(3)

%

Note: Tables may notfoot due to rounding.

37

Adjusted Effective Income TaxRates

Webelievethismeasureprovidesusefulinformationtoinvestorsbecauseitpresentstheadjustedeffectiveincometaxrateona

comparable year-to-year basis.

Adjusted effective income tax rates are calculated as follows:

Quarter Ended

Six-Month Period Ended

Nov. 27, 2022

Nov. 28, 2021

Nov. 27, 2022

Nov. 28, 2021

In Millions

(Except Per Share Data)

Pretax

Earnings

(a)

Income

Taxes

Pretax

Earnings

(a)

Income

Taxes

Pretax

Earnings

(a)

Income

Taxes

Pretax

Earnings

(a)

Income

Taxes

As reported

$

730.0

$

147.1

$

735.1

$

159.7

$

1,749.6

$

363.2

$

1,513.1

$

328.6

Divestitures gain, net

-

-

-

-

(430.9)

(101.9)

-

-

Mark-to-market effects

25.1

5.8

(12.1)

(2.8)

199.8

46.0

(36.2)

(8.3)

Investment activity, net

35.7

13.0

(10.5)

0.3

62.0

13.5

(9.8)

0.5

Product recall

2.9

0.7

-

-

24.4

5.6

-

-

Restructuring charges

(recoveries)

11.6

3.2

2.7

2.8

13.9

3.8

(1.4)

1.9

Acquisition integration costs

2.8

0.7

3.5

0.8

4.3

1.0

15.9

3.6

Transaction costs

1.8

0.6

37.6

7.8

2.0

0.6

48.2

12.4

Non-income tax recovery

-

-

-

-

-

-

(20.6)

(7.0)

As adjusted

$

809.9

$

171.0

$

756.4

$

168.8

$

1,625.1

$

331.8

$

1,509.2

$

331.8

Effective tax rate:

As reported

20.2%

21.7%

20.8%

21.7%

As adjusted

21.1%

22.3%

20.4%

22.0%

Sum of adjustment to

income taxes

$

23.9

$

8.9

$

(31.4)

$

3.1

Average numberof common

shares - diluted EPS

602.0

613.0

604.0

613.8

Impact of income tax adjustments

on adjusted diluted EPS

$

(0.04)

$

(0.01)

$

0.05

$

-

Note: Table may not foot due to rounding.

(a)

Earnings before income taxes and after-tax earnings from joint ventures.

For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above.

38

Glossary

AOCI

. Accumulated other comprehensive income (loss).

Adjusted diluted EPS.

Diluted EPS adjusted for certain items affecting year-to-yearcomparability.

Adjusted operating profit.

Operating profit adjusted for certain items affecting year-to-yearcomparability.

Adjusted operating profitmargin.

Operating profit adjustedfor certain itemsaffecting year-over-yearcomparability,divided by net

sales.

Constant currency.

Financial resultstranslated toUnited Statesdollars usingconstant foreigncurrency exchangerates basedon the

ratesineffectforthecomparableprior-yearperiod.Topresentthisinformation,currentperiodresultsforentitiesreportingin

currencies otherthan UnitedStates dollarsare translatedinto UnitedStates dollarsat theaverage exchangerates ineffect duringthe

correspondingperiodofthepriorfiscalyear,ratherthantheactualaverageexchangeratesineffectduringthecurrentfiscalyear.

Therefore,theforeigncurrencyimpactisequaltocurrentyearresultsinlocalcurrenciesmultipliedbythechangeintheaverage

foreign currency exchange rate between the current fiscal period and the correspondingperiod of the prior fiscal year.

Core working capital.

Accounts receivable plus inventories less accounts payable.

Derivatives.

Financial instruments suchas futures, swaps,options, and forwardcontracts that weuse to manageour risk arisingfrom

changes in commodity prices, interest rates, foreign exchange rates, andstock prices.

Euribor.

Euro Interbank Offered Rate.

Fair valuehierarchy.

For purposesof fairvalue measurement,we categorizeassets andliabilities intoone ofthree levelsbased on

the assumptions(inputs) usedin valuingthe asset orliability.Level 1 providesthe most reliablemeasure offair value, whileLevel 3

generally requires significant management judgment. The three levels aredefined as follows:

Level 1:Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2:Observable inputs other than quoted prices included inLevel 1, such as quoted prices for similar assets or liabilities in

active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3:Unobservable inputs reflecting management’sassumptions about the inputs used in pricing the asset or liability.

Free cash flow.

Net cash provided by operating activities less purchases of land, buildings, and equipment.

Generally AcceptedAccounting Principles(GAAP).

Guidelines, procedures,and practicesthat weare requiredto use inrecording

and reporting accounting information in our financial statements.

Goodwill.

The differencebetween the purchaseprice of acquiredcompanies plus the fairvalue of anynoncontrolling and redeemable

interests and the related fair values of net assets acquired.

Gross margin.

Net sales less cost of sales.

Hedge accounting.

Accounting for qualifyinghedges that allows changes ina hedging instrument’sfair value to offsetcorresponding

changes inthe hedgeditem inthe samereporting period.Hedge accountingis permittedfor certainhedging instrumentsand hedged

itemsonlyifthehedgingrelationshipishighlyeffective,andonlyprospectivelyfromthedateahedgingrelationshipisformally

documented.

Holistic Margin Management(HMM).

Company-wide initiative touse productivity savings, mixmanagement, and price realization

to offset input cost inflation, protect margins,and generate funds to reinvest in sales-generating activities.

Interestbearinginstruments.

Notespayable,long-termdebt,includingcurrentportion,cashandcashequivalents,andcertain

interest bearing investments classified within prepaid expenses and other currentassets and other assets.

LIBOR.

London Interbank Offered Rate.

Mark-to-market.

The act of determining a value forfinancial instruments, commodity contracts, andrelated assets or liabilities based

on the current market price for that item.

39

Netmark-to-marketvaluation ofcertaincommoditypositions.

Realizedandunrealizedgainsandlosses onderivativecontracts

that will be allocated to segment operating profit when the exposure we are hedgingaffects earnings.

Net price realization.

The impact of list and promoted price changes, net of trade and other pricepromotion costs.

Net realizablevalue.

The estimatedselling pricein theordinary courseof business,less reasonablypredictable costsof completion,

disposal, and transportation.

Noncontrolling interests.

Interests of subsidiaries held by third parties.

Notionalamount.

Theamountofapositionoranagreeduponamountinaderivativecontractonwhichthevalueoffinancial

instruments are calculated.

OCI.

Other Comprehensive Income.

Organic net sales growth

. Net sales growth adjustedfor foreign currency translation,acquisitions, divestitures and a53

rd

fiscal week,

when applicable.

Project-related costs.

Costs incurred related to our restructuring initiatives not included in restructuringcharges.

Redeemable interest.

Interest of subsidiaries held by a third partythat can be redeemed outside of ourcontrol and therefore cannot be

classified as a noncontrolling interest in equity.

Reporting unit

. An operating segment or a business one level below an operatingsegment.

StrategicRevenueManagement(SRM).

Acompany-widecapabilityfocusedongeneratingsustainablebenefitsfromnetprice

realizationandmixbyidentifyingandexecutingagainstspecificopportunitiestoapplytoolsincludingpricing,sizing,mix

management, and promotion optimization across each of our businesses.

Supply chaininput costs.

Costs incurredto produceand deliverproduct,including costsforingredientsandconversion, inventory

management, logistics, and warehousing.

Translationadjustments.

The impactof the conversionof our foreignaffiliates’ financialstatements to UnitedStates dollarsfor the

purpose of consolidating our financial statements.

Variableinterestentities (VIEs).

A legalstructurethat isused forbusiness purposesthat either(1) doesnot haveequity investors

that have votingrights and share inall the entity’sprofits and losses or(2) has equityinvestors that do notprovide sufficient financial

resources to support the entity’s activities.

Working capital

. Current assets and current liabilities, all as of the last day of our fiscal year.

40

CAUTIONARY STATEMENTRELEVANTTO FORWARD-LOOKING INFORMATIONFOR THE PURPOSE OF “SAFE

HARBOR” PROVISIONS OF THE PRIVATESECURITIES LITIGATIONREFORM ACT OF 1995

This reportcontains orincorporates byreferenceforward-lookingstatements withinthe meaningof thePrivate SecuritiesLitigation

Reform Actof 1995that arebased onour currentexpectations andassumptions. Wealso maymake writtenor oralforward-looking

statements,includingstatementscontainedinourfilingswiththeSecuritiesandExchangeCommissionandinourreportsto

stockholders.

The words orphrases “will likelyresult,” “are expectedto,” “will continue,”“is anticipated,” “estimate,”“plan,” “project,” orsimilar

expressions identify“forward-looking statements”within themeaning ofthe PrivateSecurities LitigationReform Actof 1995.Such

statements aresubject tocertain risksand uncertaintiesthat couldcause actualresults todiffermaterially fromhistorical resultsand

those currently anticipated or projected. Wewish to caution you not to place undue reliance on any such forward-looking statements.

In connectionwith the “safeharbor” provisionsof the PrivateSecurities LitigationReform Act of1995, we areidentifying important

factorsthat couldaffectour financialperformanceand couldcause ouractual resultsin futureperiodsto differmaterially fromany

current opinions or statements.

Our future results couldbe affectedby a variety offactors, such as: the impactof the COVID-19 pandemicon our business, suppliers,

consumers,customers,andemployees;disruptionsorinefficienciesinthesupplychain,includinganyimpactoftheCOVID-19

pandemic;competitivedynamicsintheconsumerfoodsindustryandthemarketsforourproducts,includingnewproduct

introductions,advertisingactivities,pricingactions,andpromotionalactivitiesofourcompetitors;economicconditions,including

changesininflationrates,interestrates,taxrates,ortheavailabilityofcapital;productdevelopmentandinnovation;consumer

acceptanceofnewproductsandproductimprovements;consumerreactiontopricingactionsandchangesinpromotionlevels;

acquisitionsordispositionsofbusinessesorassets;changesincapitalstructure;changesinthelegalandregulatoryenvironment,

includingtaxlegislation,labelingandadvertisingregulations,andlitigation;impairmentsinthecarryingvalueofgoodwill,other

intangible assets,or otherlong-lived assets,or changesin theuseful livesof otherintangible assets;changes inaccounting standards

andthe impactof criticalaccountingestimates; productquality andsafety issues,includingrecalls andproductliability; changesin

consumerdemandforourproducts;effectivenessofadvertising,marketing,andpromotionalprograms;changesinconsumer

behavior,trends,andpreferences,includingweightlosstrends;consumerperceptionofhealth-relatedissues,includingobesity;

consolidationin theretail environment;changes inpurchasing andinventory levelsof significantcustomers; fluctuationsin thecost

andavailabilityofsupplychainresources,includingrawmaterials,packaging,energy,andtransportation;effectivenessof

restructuringandcostsavinginitiatives;volatilityinthemarketvalueofderivativesusedtomanagepriceriskforcertain

commodities; benefit planexpenses due tochanges in planasset values and discountrates used todetermine plan liabilities;failure or

breach ofour informationtechnology systems;foreign economicconditions, includingcurrency ratefluctuations; andpolitical unrest

in foreign markets and economic uncertainty due to terrorism or war.

Youshould alsoconsider the riskfactors that weidentify in Item1A of PartI of ourAnnual Report onForm 10-K forthe fiscal year

ended May 29, 2022 which could also affect our future results.

We undertakeno obligation to publicly revise any forward-lookingstatements to reflect events or circumstancesafter the date of those

statements or to reflect the occurrence of anticipated or unanticipated events.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

Theestimatedmaximumpotentialvalue-at-riskarisingfromaone-daylossinfairvalueforourinterestrate,foreignexchange,

commodity, and equitymarket-risk-sensitive instruments outstanding as of November 27,2022, was as follows:

In Millions

One-day Risk

of Loss

Change During

Six-Month

Period Ended

Nov. 27, 2022

Analysis of Change

Interest rate instruments

$

51

$

10

Rising interest rates

Foreign currency instruments

35

15

Increase in portfolio basis

Commodity instruments

11

(2)

Decrease in commodity prices

Equity instruments

3

1

Immaterial

For additional information, see Item 7A of Part II of our Annual Report on Form 10-Kfor the fiscal year ended May 29, 2022.

41

Item 4.Controls and Procedures.

We,under thesupervision andwith theparticipation ofour management,including ourChief ExecutiveOfficer andChief Financial

Officer,haveevaluatedtheeffectivenessofthe designandoperationofourdisclosurecontrolsandprocedures(asdefinedinRule

13a-15(e)undertheSecuritiesExchangeActof1934).Basedonourevaluation,ourChiefExecutiveOfficerandChiefFinancial

Officerhaveconcludedthat,asofNovember27,2022,ourdisclosurecontrolsandprocedureswereeffectivetoensurethat

information required tobe disclosed by usin reports that wefile or submit underthe Securities Exchange Actof 1934 is (1)recorded,

processed, summarized,and reportedwithin thetime periodsspecified inSecurities andExchange Commissionrules andforms, and

(2)accumulatedandcommunicatedtoourmanagement,includingourChiefExecutiveOfficerandChiefFinancialOfficer,ina

manner that allows timely decisions regarding required disclosure.

There were no changes in our internalcontrol over financial reporting (as definedin Rule 13a-15(f) under the Securities ExchangeAct

of1934)duringthequarterendedNovember27,2022thatmateriallyaffected,orarereasonablylikelytomateriallyaffect,our

internal control over financial reporting.

PARTII.OTHER INFORMATION

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

Thefollowingtablesets forthinformationwithrespecttosharesofourcommonstockthat wepurchasedduringthe quarterended

November 27, 2022:

Period

TotalNumber

of Shares

Purchased (a)

Average

Price Paid

Per Share

TotalNumber of Shares

Purchased as Part of a Publicly

Announced Program (b)

Maximum Number of Shares

that may yet be Purchased

Under the Program (b)

August 29, 2022 -

October 2, 2022

1,888,000

$

76.66

1,888,000

94,104,938

October 3, 2022 -

October 30, 2022

1,905,000

77.19

1,905,000

92,199,938

October 31, 2022 -

November 27, 2022

1,378,000

78.53

1,378,000

90,821,938

Total

5,171,000

$

77.35

5,171,000

90,821,938

(a)The total numberof shares purchasedincludes shares ofcommon stock withheldfor the paymentof withholding taxesupon the distributionof

deferred option units.

(b)On June27, 2022,our Boardof Directorsapproved anew authorizationfor therepurchase ofup to100,000,000 sharesof ourcommon stock

and terminatedthe priorauthorization. Purchasescan bemade inthe openmarket orin privatelynegotiated transactions,including theuse of

call optionsand otherderivative instruments,Rule 10b5-1trading plans,and acceleratedrepurchase programs.The Boarddid notspecify an

expiration date for the authorization.

42

PARTII. OTHER INFORMATION

Item 6.

Exhibits.

10.1

General Mills, Inc. 2022 Stock Compensation Plan (incorporated herein by reference to Exhibit 10.1 to the

Company's Current Report on Form 8-K filed September 30, 2022).

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101

Financial Statements from theQuarterly Report on Form10-Q of the Companyfor the quarter ended November27,

2022,formattedinInlineExtensibleBusinessReportingLanguage:(i)ConsolidatedStatementsofEarnings;(ii)

ConsolidatedStatementsofComprehensiveIncome,(iii)ConsolidatedBalanceSheets;(iv)Consolidated

Statements of TotalEquity and RedeemableInterest; (v) ConsolidatedStatements of CashFlows; and (vi)Notes to

Consolidated Financial Statements.

104

Cover Page, formatted in Inline Extensible Business Reporting Languageand contained in Exhibit 101.

43

SIGNATURES

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonits

behalf by the undersigned thereunto duly authorized.

GENERAL MILLS, INC.

(Registrant)

Date: December 20, 2022

/s/ Mark A. Pallot

Mark A. Pallot

Vice President, Chief AccountingOfficer

(Principal Accounting Officer and Duly AuthorizedOfficer)