- General Mills' net sales increased 5% to $17.6 billion in fiscal 2020, with organic net sales growth of 4%. Operating profit increased 17% to $3 billion. - The COVID-19 pandemic significantly increased demand for at-home food consumption while decreasing away-from-home food demand. General Mills adapted quickly by prioritizing production of popular products and accelerating their e-commerce business. - General Mills contributed $10 million in donations to address hunger and ensure food access during the pandemic. They also implemented enhanced safety measures across facilities. - For fiscal 2021, General Mills' priorities are competing effectively to gain market share, driving efficiency to fuel brand investment, and reducing leverage to increase

1. GENERAL MILLS
ANNUAL REPORT 2020

2. 2 3
Letter from the Chairman 4
Executive Team | Board of Directors 6
Year in Review | Financial Highlights 7
FINANCIALS
Five Year Summary 11
Financial Highlights 12
Consolidated Income Statement 12
Consolidated Balance Sheet 13
Management Discussion & Analysis 14
TABLE OF CONTENTS

3. 4 5
Dear Fellow Shareholders:
General Mills has prospered for more than 150 years because of the dedication of our people,
our strong brands, our resilient categories and our ability to adapt to an ever-changing consumer
landscape. Never have these characteristics been more important than now. The onset of the
COVID-19 global pandemic has caused dramatic changes across society and our business.
Throughout this global health crisis, we have remained focused on protecting the health and safety
of our employees while serving the needs of our consumers and communities. This consistent focus
served us well in fiscal 2020. Amid tremendous change in the external environment, we adapted and
executed to deliver outstanding financial results while fulfilling our company purpose of making food
the world loves.
The pandemic has had a profound impact on consumer demand across our major markets with efforts
to reduce virus transmission driving an unprecedented increase in demand for food at home and a
corresponding decrease in awayfrom-home food demand. As a result:
• We moved quickly to meet this new demand adopting a variety of measures, such as
prioritizing production of our most in-demand products to help optimize capacity.
• We nimbly adapted our marketing efforts to better engage with at-home consumers
online and help accelerate our E-commerce business.
• We acted as a force for good, rising to meet the needs of our communities around
the world, including contributing $10 million in monetary and food donations to
organizations addressing hunger and food access.
• Most importantly, we implemented enhanced safety measures across all of our
facilities to protect employee health and safety and ensure a reliable food supply.
A year ago, we outlined three priorities that were critical for General Mills to deliver a successful fiscal
2020: accelerating our organic sales, maintaining our strong margins and reducing our leverage. I am
pleased to say we were on track to deliver on each of these priorities before the full impact of the
pandemic hit our business at the end of our third quarter. With elevated demand in the fourth quarter,
we ultimately exceeded our expectations for all three. Our fiscal 2020 consolidated net sales increased
5 percent to $17.6 billion, and organic net sales grew 4 percent. Operating profit of $3.0 billion was
up 17 percent, and adjusted operating profit increased 7 percent on a constant-currency basis.
Diluted earnings per share (EPS) increased 23 percent to $3.56, and adjusted diluted EPS grew 12
percent on a constant currency basis. And we delivered another year of strong cash generation, allowing
us to reduce our leverage well ahead of our goal.
As we turn to fiscal 2021, we’ll remain agile to navigate this dynamic and uncertain environment caused
by the pandemic, keeping a sharp focus on the near-term opportunity to meet ongoing elevated demand
while continuing to advance our long-term strategies and maintain the safety and well-being of our
employees, consumers and partners. We’ll also continue to focus on the role that the company can
play to positively contribute to addressing environmental issues and social inequalities that impact
the communities in which we operate, and beyond.
With many unknowns as we enter the year, our priorities for fiscal 2021
are focused on what we can control:
1) Competing effectively, everywhere we play, with relevant consumer news,
meaningful innovation and best-in-class supply chain execution leading to
market share gains.
2) Driving efficiency to fuel investment in our brands and capabilities.
3) Reducing our leverage to increase our financial flexibility.
I want to close by thanking you, our shareholders, for your investment in General Mills and your
confidence in our plans for future growth. On behalf of our 35,000 talented employees around the
world, I want you to know that we remain confident that we will emerge from the pandemic a stronger
company in a position to generate consistent, profitable growth and top tier returns over the long term.
August 10, 2020
Sincerely,
Jeffrey L. Harmening
Chairman and Chief Executive Officer
A LETTER FROM
OUR CHAIRMAN & CEO

4. 6 7
EXECUTIVE TEAM
Name Role
Richard C. Allendorf . . . . General Counsel and Secretary
Jodi Benson . . . . . . . . Chief Innovation, Technology and Quality Officer
Kofi A. Bruce . . . . . . . . Chief Financial Officer
John R. Church . . . . . . . Chief Supply Chain and Global Business Solutions Officer
Jeffrey L. Harmening . . . . Chairman of the Board and Chief Executive Officer
Dana M. McNabb . . . . . . Group President, Europe & Australia
Jaime Montemayor . . . . . Chief Digital and Technology Officer
Jon J. Nudi . . . . . . . . . Group President, North America Retail
Shawn P. O’Grady Group President, Convenience Stores & Foodservice and Chief
Revenue Development Officer
Mark A. Pallot . . . . . . . Vice President, Chief Accounting Officer
Ivan Pollard . . . . . . . . Global Chief Marketing Officer
Bethany Quam . . . . . . . Group President, Pet
Sean Walker . . . . . . . . Group President, Asia & Latin America
Jacqueline Williams-Roll . . Chief Human Resources Officer
BOARD MEMBERS
Name Member Since
R. Kelly Clark . . . . . . . 2009
David M. Cordani . . . . . 2014
Roger W. Ferguson Jr. . . . 2015
Jeffrey L. Harmening . . . . 2017
Maria G. Henry . . . . . . 2016
Jo Ann Jerkins . . . . . . . 2020
Elizabeth C. Lempres . . . . 2019
Diane L. Neal . . . . . . . 2018
Steve Odland . . . . . . . 2004
Maria A. Sastre . . . . . . 2018
Eric D. Sprunk . . . . . . . 2015
Jorge A. Uribe . . . . . . . 2016
YEAR IN REVIEW
• We moved quickly to meet new demand, adopting a
variety of measures such as prioritizing production of
our most in-demand products to help optimize capacity.
• We nimbly adapted our marketing efforts to better
engage with at-home consumers online and help
accelerate our E-commerce business.
• We acted as a force for good, rising to meet the needs
of our communities around the world, including
contributing $10 million in monetary and food donations
to organizations addressing hunger and food access.
• We implemented enhanced safety measures across all of
our facilities to protect employee health and safety and
ensure a reliable food supply.
2018 2019 2020
0
5000
1000 0
15000
2000 0
FINANCIAL HIGHLIGHTS
2018 2019 2020
0
500
1000
1500
2000
2500
3000
3500
2018 2019 2020
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Net Earnings Operating Profit Earnings Per Share
2018 2019 2020
0
5000
1000 0
15000
2000 0
Total Debt
In millions (except per share data)

5. 8 9
FINANCIALS

6. 10 11
Fiscal Year
In Millions, Except Per Share Data, Percentages and Ratios 2020 (a) 2019 2018 2017 2016
Operating Data:
Net Sales $17,626.6 $16,865.2 $15,740.4 $15,619.8 $16,563.1
Gross Margin (b) 6,129.9 5,756.8 5,435.6 5,567.8 5,843.3
Selling, General, and Administrative Expenses (b) 3,151.6 2,935.8 2,850.1 2,888.8 3,141.4
Operating Profit (b) 3,151.6 2,935.8 2,850.1 2,888.8 3,141.4
Net Earnings Attributable to General Mills 2,181.2 1,752.7 2,131.0 1,657.5 1,697.4
Advertising and Media Expense 691.8 601.6 575.9 623.8 754.4
Research and Development Expense 224.4 221.9 219.1 218.2 222.1
Average Shares Outstanding: Diluted 613.3 605.4 585.7 598.0 611.9
Earnings per Share: Diluted $ 3.56 $2.90 $3.64 $2.77 $2.77
Adjusted Diluted $ 3.61 $3.22 $3.11 $3.08 $2.92
Operating Ratios:
Gross Margin as a Percentage of Net Sales (b) 34.8% 34.1% 34.5% 35.6% 35.3%
Selling, General, and Administrative Expenses as a Percentage of Net Sales (b) 17.9% 17.4% 18.1% 18.5% 19.0%
Operating Profit as a Percentage of Net Sales (b) 16.8% 14.9% 15.4% 16.0% 16.4%
Adjusted Operating Profit as a Percentage of Net Sales (b) 17.3% 16.9% 16.6% 17.6% 16.8%
Effective Income Tax Rate 18.5% 17.7% 2.7% 28.8% 31.4%
Balance Sheet Data:
Land, Buildings, and Equipment $ 3,580.6 $3,787.2 $4,047.2 $3,687.7 $3,743.6
Total Assets 30,806.7 30,111.2 30,624.0 21,812.6 21,712.3
Long-Term Debt, Excluding Current Portion 10,929.0 11,624.8 12,668.7 7,642.9 7,057.7
Total Debt 13,539.5 14,490.0 15,818.6 9,481.7 8,430.9
Cash Flow Data:
Net Cash Provided by Operating Activities (c) $ 3,676.2 $2,807.0 $2,841.0 $2,415.2 $2,764.2
Capital Expenditures 460.8 537.6 622.7 684.4 729.3
Free Cash Flow 3,215.4 2,269.4 2,218.3 1,730.8 2,034.9
Share Data:
Cash Dividends per Common Share $ 1.96 $1.96 $1.96 $1.92 $1.78
(a) Fiscal 2020 was a 53-week year; all other fiscal years were 52 weeks.
(b) In fiscal 2019, we retrospectively adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense,
net periodic postretirement expense, and net periodic postemployment benefit expense
(c) In fiscal 2018, we adopted new requirements for the accounting and presentation of stock-based payments. This resulted in the reclassification of
realized windfall tax benefits and employee tax withholdings in our Consolidated Statements of Cash Flows.
FIVE YEAR SUMMARY

7. 12 13
Fiscal 2020 In Millions, Except
per Share
Fiscal 2020 vs.
Fiscal 2019
Percent of
Net Sales
Net Sales $ 17,626.6 5 %
Operating Profit 2,953.9 17 % 16.8 %
Net Earnings 2,181.2 24 %
Diluted Earnings per Share $ 3.56 23 %
Organic Net Sales Growth Rate 4 %
Adjusted Operating Profit 3,058.0 7 % 17.3 %
Adjusted Diluted Earnings per Share $ 3.61 12 %
FINANCIAL HIGHLIGHTS
CONSOLIDATED INCOME
STATEMENT
Fiscal Year
(In Millions) 2020 2019 2018
Net Earnings, Including Earnings Attributable to Redeemable and Noncontrolling Interests $2,210.8 $ 1,786.2 $ 2,163.0
Other Comprehensive Income (loss), Net of Tax:
Foreign Currency Translation (169.1) (82.8) (37.0)
Net Actuarial (loss) income (224.6) (253.4) 140.1
Other Fair Value Changes:
Securities - - 1.2
Hedge Derivatives 3.2 12.1 (50.8)
Reclassification to Earnings:
Securities - (2.0) (5.1)
Hedge Derivatives 4.1 0.9 17.4
Amortization of Losses and Prior Service Costs 77.9 84.6 117.6
Other Comprehensive (loss) Income, Net of Tax (308.5) (240.6) 183.4
Total Comprehensive Income 1,902.3 1,545.6 2,346.4
Comprehensive (loss) Attributable to Redeemable and Noncontrolling Interests 10.1 (10.7) 70.5
Comprehensive Income Attributable to General Mills $ 1,892.2 $ 1,556.3 $ 2,275.9
(In Millions, Except Par Value) May 31,
2020
May 26,
2019
ASSETS
Current Assets:
Cash and Cash Equivalents $1,677.8 $450.0
Receivables 1,615.1 1,679.7
Inventories 1,426.3 1,559.3
Prepaid Expenses and Other Current Assets 402.1 497.5
Total Current Assets 5,121.3 4,186.5
Land, Buildings, and Equipment 3,580.6 3,787.2
Goodwill 13,923.2 13,995.8
Other Intangible Assets 7,095.8 7,166.8
Other Assets 1,085.8 674.9
Total Assets $30,806.7 $30,111.2
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable $3,247.7 $2,854.1
Current Portion of Long-Term Debt 2,331.5 1,396.5
Notes Payable 279.0 1,468.7
Other Current Liabilities 1,633.3 1,367.8
Total Current Liabilities 7,491.5 7,087.1
Long-Term Debt 10,929.0 11,624.8
Deferred Income Taxes 1,947.1 2,031.0
Other Liabilities 1,545.0 1,448.9
Total Liabilities 21,912.6 22,191.8
Redeemable Interest 544.6 551.7
Stockholders’ Equity:
Common Stock, 754.6 Shares Issued, $0.10 par value 75.5 75.5
Additional Paid-In Capital 1,348.6 1,386.7
Retained Earnings 15,982.1 14,996.7
Common Stock in Treasury, at Cost, Shares of 144.8 and 152.7 (6,433.3) (6,779.0)
Accumulated Other Comprehensive Loss (2,194.4) (2,625.4)
Total Stockholders’ Equity 8,058.5 7,054.5
Noncontrolling Interests 291.0 313.2
Total Equity 8,349.5 7,367.7
Total Liabilities and Equity $30,806.7 $30,111.2
CONSOLIDATED BALANCE
SHEETS

8. 14 15
EXECUTIVE OVERVIEW
We are a global packaged foods company. We develop distinctive value-added food products
and market them under unique brand names. We work continuously to improve our core
products and to create new products that meet consumers’ evolving needs and preferences. In
addition, we build the equity of our brands over time with strong consumer-directed marketing,
innovative new products, and effective merchandising. We believe our brand-building strategy
is the key to winning and sustaining leading share positions in markets around the globe.
Our fundamental financial goal is to generate superior returns for our shareholders over the
long term. We believe achieving that goal requires us to generate a consistent balance of net
sales growth, margin expansion, cash conversion, and cash return to shareholders over time.
Fiscal 2020 was a year of significant challenge and change in the external environment, and we
adapted and executed to deliver strong financial results while remaining focused on the health
and safety of our employees and our company purpose of making food the world loves. Prior to
the outbreak of the COVID-19 pandemic, we expected to meet or exceed each of our key fiscal
2020 financial targets. The virus outbreak had a profound impact on consumer demand across
our major markets, including driving an unprecedented increase in demand for food at home
and a corresponding decrease in demand for away-from-home food, resulting from efforts to
reduce virus transmission. After the onset of the pandemic, elevated at-home food demand
accelerated net sales growth in the fourth quarter in the North America Retail segment, where
a significant share of net sales comes from categories that were most impacted by at-home
eating, including meals, baking, and cereal. The impact of elevated at-home demand was less
pronounced in the Europe Australia segment, reflecting its lower proportion of net sales in
those categories. The Pet segment experienced increased demand early in the fourth quarter
from stock-up purchasing, which partially unwound by the end of the quarter. Lower away-
from-home food demand reduced growth for the Convenience Stores Foodservice and Asia
Latin America segments. Consequently, our full-year results significantly exceeded our initial
annual targets for organic net sales growth, constant currency growth in adjusted operating
profit and adjusted diluted earnings per share (EPS), and free cash flow conversion.
We delivered on the three key priorities we outlined at the beginning of fiscal 2020:
First, we accelerated our organic net sales growth rate compared to our fiscal 2019 performance,
drivenbystrongexecutiontomeetelevateddemandduringtheCOVID-19pandemic,healthylevelsof
innovation, and a significant increase in capabilities and brand-building investment. We experienced
robust growth in organic net sales in North America Retail, aided by our ability to meet the pandemic-
related increase in demand for meals and baking categories during the fourth quarter, as well as
consistentlystrongresultsinU.S.cerealandimportantimprovementsinU.S.snackbarsandU.S.yogurt
throughout the year. We exceeded our organic net sales growth goal for our Pet segment, driven by
a successful expansion of BLUE into additional customer outlets and a significant increase in
household penetration for the brand. Organic net sales results in our Convenience Stores
Foodservice, Europe Australia, and Asia Latin America segments were below fiscal 2019 levels,
due to a slow start to the year in each of those segments, as well as the pandemic-related headwinds
impacting Convenience Stores Foodservice and Asia Latin America in the second half of the year.
Second, we maintained our strong adjusted operating profit margins. The combination
of our continued strong levels of Holistic Margin Management (HMM) savings, volume
growth, and positive net price realization and mix offset input cost inflation and increased
investments in brand building and capabilities, resulting in significant growth in constant-
currency adjusted operating profit and adjusted diluted EPS.
Third, we reduced our leverage. Our continued cash discipline delivered a
significantreductionincoreworkingcapitalandstrongfreecashflowconversion,
resulting in reduced debt and an important decrease in our leverage ratio.
Our consolidated net sales for fiscal 2020 rose 5 percent to $17.6 billion. On an organic
basis, net sales increased 4 percent compared to year-ago levels. Operating profit of $3.0
billion increased 17 percent. Adjusted operating profit of $3.0 billion increased 7 percent on
a constant-currency basis. Diluted EPS of $3.56 was up 23 percent compared to fiscal 2019
results. Adjusted diluted EPS of $3.61 increased 12 percent on a constant-currency basis.
Net cash provided by operations totaled $3.7 billion in fiscal 2020 representing a conversion
rate of 166 percent of net earnings, including earnings attributable to redeemable and
noncontrolling interests. This cash generation supported capital investments totaling $461
million, and our resulting free cash flow was $3.2 billion at a conversion rate of 143 percent
of adjusted net earnings, including earnings attributable to redeemable and noncontrolling
interests. We also returned cash to shareholders through dividends totaling $1.2 billion and
reduced total debt outstanding by $1.0 billion. Our ratio of net debt-to-operating cash flow
was 3.2 in fiscal 2020, and our net debt-to-adjusted earnings before net interest, income
taxes, depreciation and amortization (net debt-to-adjusted EBITDA) ratio was 3.2, which was
favorable to our fiscal 2020 target of 3.5.
We have outlined three key priorities for fiscal 2021 that we expect will allow us to generate
competitive performance while continuing to advance our long-term goals:
1. Compete effectively, everywhere we play, leading to increased brand penetration,
competitive service levels, strengthened customer partnerships, and market share
gains in our key categories. We expect net sales growth in fiscal 2021 will be positively
impacted by superior execution as well as elevated at-home food demand, relative to
the pre-pandemic period. We anticipate headwinds to fiscal 2021 net sales growth from
comparisons against the 53rd week, the extra month of Pet segment results, and the
pandemic-related increase in demand in the fourth quarter of fiscal 2020. Additionally,
fiscal 2021 net sales growth may be negatively impacted by a potential reduction in
consumers’ at-home food inventory, which has been elevated during the pandemic.
2. Drive efficiency to fuel investment. We anticipate that the combination of benefits
from our HMM initiatives and volume leverage and headwinds from input cost inflation,
increased investment in our brands and capabilities, higher costs to service elevated
demand, and higher ongoing health and safety-related expenses will result in an adjusted
operating profit margin that is approximately in line with fiscal 2020 levels.
3. Reduce leverage to increase financial flexibility. We expect to make further progress
in fiscal 2021 in reducing our net debt-to-adjusted EBITDA ratio. We expect the largest
factor impacting our fiscal 2021 performance will be relative balance of at-home versus
away-from-home consumer food demand. This balance will be determined by factors
such as consumers’ ability and willingness to eat in restaurants, the proportion of people
working from home, the reopening of schools, and changes in consumers’ income levels.
While the COVID-19 pandemic has significantly influenced each of these factors in recent
months, the magnitude and duration of its future impact remains highly uncertain.
We expect consumer concerns about COVID-19 virus transmission and the recession to drive
elevated demand for food at home, relative to pre-pandemic levels. We are tracking the level
of virus control, the possibility of a second-wave outbreak, the availability of a vaccine, GDP
growth, unemployment rates, consumer confidence, and wage growth, among other factors, to
assess the likely magnitude and duration of elevated at-home food demand.