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· Mit über Unzen sind meine 1 Unzen Silbermünzen ein ziemlich großer Teil meiner Silber-Sammlung. Hier möchte ich etwas genauer auf diesen Teil eingehen. (Leider habe ich zwei Stücke. Mount Unzen is an active volcanic group of several overlapping stratovolcanoes, near the city of Shimabara, Nagasaki on the island of Kyushu, Japan's souther.
Economic downturns could limit consumer demand for our products. The willingness of consumers to purchase our products depends in part on local economic conditions. In periods of economic uncertainty, consumers may purchase more generic, private label, and other economy brands and may forego certain purchases altogether. In those circumstances, we could experience a reduction in sales of higher margin products or a shift in our product mix to lower margin offerings.
In addition, as a result of economic conditions or competitive actions, we may be unable to raise our prices sufficiently to protect margins. Consumers may also reduce the amount of food that they consume away from home at customers that purchase products from our Convenience Stores and Foodservice segment.
Any of these events could have an adverse effect on our results of operations. Our results may be negatively impacted if consumers do not maintain their favorable perception of our brands.
Maintaining and continually enhancing the value of our many iconic brands is critical to the success of our business. The value of our brands is based in large part on the degree to which consumers react and respond positively to these brands. Brand value could diminish significantly due to a number of factors, including consumer perception that we have acted in an irresponsible manner, adverse publicity about our products, our failure to maintain the quality of our products, the failure of our products to deliver consistently positive consumer experiences, concerns about food safety, or our products becoming unavailable to consumers.
The growing use of social and digital media by consumers, us, and third parties increases the speed and extent that information or misinformation and opinions can be shared. Negative posts or comments about us, our brands, or our products on social or digital media could seriously damage our brands and reputation.
If we do not maintain the favorable perception of our brands, our business results could be negatively impacted. Table of Contents Our international operations are subject to political and economic risks. In fiscal , 30 percent of our consolidated net sales were generated outside of the United States. We are accordingly subject to a number of risks relating to doing business internationally, any of which could significantly harm our business.
Our financial performance on a U. These fluctuations could cause material variations in our results of operations. Our principal exposures are to the Australian dollar, Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Japanese yen, Mexican peso, and Swiss franc. From time to time, we enter into agreements that are intended to reduce the effects of our exposure to currency fluctuations, but these agreements may not be effective in significantly reducing our exposure.
New regulations or regulatory-based claims could adversely affect our business. Our facilities and products are subject to many laws and regulations administered by the United States Department of Agriculture, the Federal Food and Drug Administration, the Occupational Safety and Health Administration, and other federal, state, local, and foreign governmental agencies relating to the production, packaging, storage, distribution, quality, and safety of food products, the health and safety of our employees, and the protection of the environment.
Our failure to comply with such laws and regulations could subject us to lawsuits, administrative penalties, and civil remedies, including fines, injunctions, and recalls of our products. We advertise our products and could be the target of claims relating to alleged false or deceptive advertising under federal, state, and foreign laws and regulations. We may also be subject to new laws or regulations restricting our right to advertise our products, including proposals to limit advertising to children.
Changes in laws or regulations that impose additional regulatory requirements on us could increase our cost of doing business or restrict our actions, causing our results of operations to be adversely affected. We have a substantial amount of indebtedness, which could limit financing and other options and in some cases adversely affect our ability to pay dividends.
The agreements under which we have issued indebtedness do not prevent us from incurring additional unsecured indebtedness in the future.
Our level of indebtedness may limit our: There are various financial covenants and other restrictions in our debt instruments and noncontrolling interests. If we fail to comply with any of these requirements, the related indebtedness and other unrelated indebtedness could become due and payable prior to its stated maturity and our ability to obtain additional or alternative financing may also be adversely affected. Table of Contents Our ability to make scheduled payments on or to refinance our debt and other obligations will depend on our operating and financial performance, which in turn is subject to prevailing economic conditions and to financial, business, and other factors beyond our control.
Global capital and credit market issues could negatively affect our liquidity, increase our costs of borrowing, and disrupt the operations of our suppliers and customers.
We depend on stable, liquid, and well-functioning capital and credit markets to fund our operations. Although we believe that our operating cash flows, financial assets, access to capital and credit markets, and revolving-credit agreements will permit us to meet our financing needs for the foreseeable future, there can be no assurance that future volatility or disruption in the capital and credit markets will not impair our liquidity or increase our costs of borrowing. Our business could also be negatively impacted if our suppliers or customers experience disruptions resulting from tighter capital and credit markets or a slowdown in the general economy.
Volatility in the securities markets, interest rates, and other factors could substantially increase our defined benefit pension, other postretirement benefit, and postemployment benefit costs.
We sponsor a number of defined benefit plans for employees in the United States, Canada, and various foreign locations, including defined benefit pension, retiree health and welfare, severance, and other postemployment plans.
Our major defined benefit pension plans are funded with trust assets invested in a globally diversified portfolio of securities and other investments.
Changes in interest rates, mortality rates, health care costs, early retirement rates, investment returns, and the market value of plan assets can affect the funded status of our defined benefit plans and cause volatility in the net periodic benefit cost and future funding requirements of the plans. A significant increase in our obligations or future funding requirements could have a negative impact on our results of operations and cash flows from operations.
Our business operations could be disrupted if our information technology systems fail to perform adequately or are breached. The efficient operation of our business depends on our information technology systems. We rely on our information technology systems to effectively manage our business data, communications, supply chain, order entry and fulfillment, and other business processes.
The failure of our information technology systems to perform as we anticipate could disrupt our business and could result in transaction errors, processing inefficiencies, and the loss of sales and customers, causing our business and results of operations to suffer.
In addition, our information technology systems may be vulnerable to damage or interruption from circumstances beyond our control, including fire, natural disasters, systems failures, security breaches, telecommunications failures, computer viruses, hackers, and other security issues. Any such damage or interruption could have a material adverse effect on our business. If other potentially responsible parties PRPs are unable to contribute to remediation costs at certain contaminated sites, our costs for remediation could be material.
We are subject to various federal, state, local, and foreign environmental and health and safety laws and regulations. Under certain of these laws, namely the Comprehensive Environmental Response, Compensation, and Liability Act and its state counterparts, liability for investigation and remediation of hazardous substance contamination at currently or formerly owned or operated facilities or at third-party waste disposal sites is joint and several.
We currently are involved in active remediation efforts at certain sites where we have been named a PRP. If other PRPs at these sites are unable to contribute to remediation costs, we could be held responsible for their portion of the remediation costs, and those costs could be material.
We cannot assure that our costs in relation to these environmental matters or compliance with environmental laws in general will not exceed our established liabilities or otherwise have an adverse effect on our business and results of operations. Table of Contents A change in the assumptions regarding the future performance of our businesses or a different weighted-average cost of capital used to value our reporting units or our indefinite-lived intangible assets could negatively affect our consolidated results of operations and net worth.
Goodwill for each of our reporting units is tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. We compare the carrying value of the net assets of a reporting unit, including goodwill, to the fair value of the unit.
If the fair value of the net assets of the reporting unit is less than the net assets including goodwill, impairment has occurred. Our estimates of fair value are determined based on a discounted cash flow model. Growth rates for sales and profits are determined using inputs from our long-range planning process. We also make estimates of discount rates, perpetuity growth assumptions, market comparables, and other factors. While we currently believe that our goodwill is not impaired, different assumptions regarding the future performance of our businesses could result in significant impairment losses.
Reaching a determination on useful life requires significant judgments and assumptions regarding the future effects of obsolescence, demand, competition, other economic factors such as the stability of the industry, known technological advances, legislative action that results in an uncertain or changing regulatory environment, and expected changes in distribution channels , the level of required maintenance expenditures, and the expected lives of other related groups of assets.
Our indefinite-lived intangible assets are also tested for impairment annually and whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Our estimate of the fair value of the brands is based on a discounted cash flow model using inputs including projected revenues from our long-range plan, assumed royalty rates which could be payable if we did not own the brands, and a discount rate.
Our Europe and Yoplait U. While we currently believe that the fair value of each intangible exceeds its carrying value and that those intangibles so classified will contribute indefinitely to our cash flows, different assumptions regarding future performance of our businesses or a different weighted-average cost of capital could result in significant impairment losses and amortization expense.
Our failure to successfully integrate acquisitions into our existing operations could adversely affect our financial results. From time to time, we evaluate potential acquisitions or joint ventures that would further our strategic objectives. Our success depends, in part, upon our ability to integrate acquired and existing operations. If we are unable to successfully integrate acquisitions, our financial results could suffer.
Additional potential risks associated with acquisitions include additional debt leverage, the loss of key employees and customers of the acquired business, the assumption of unknown liabilities, the inherent risk associated with entering a geographic area or line of business in which we have no or limited prior experience, failure to achieve anticipated synergies, and the impairment of goodwill or other acquisition-related intangible assets.
We operate numerous manufacturing facilities and maintain many sales and administrative offices, warehouses, and distribution centers around the world. The following is a list of the locations of our principal production facilities, which primarily support the segment noted: We operate numerous grain elevators in the United States in support of our domestic manufacturing activities. We have additional warehouse, distribution, and office space in our plant locations.
As part of our Häagen-Dazs business in our International segment, we operate all leased and franchise branded ice cream parlors in various countries around the world, all outside of the United States and Canada. We are the subject of various pending or threatened legal actions in the ordinary course of our business. All such matters are subject to many uncertainties and outcomes that are not predictable with assurance.
Selling, general, and administrative expenses. Net earnings attributable to General Mills. Advertising and media expense. Research and development expense. Diluted, excluding certain items affecting comparability b. Gross margin as a percentage of net sales. Selling, general, and administrative expenses as a. Effective income tax rate. Land, buildings, and equipment. Long-term debt, excluding current portion. Net cash provided by operating activities.
Fixed charge coverage ratio a. Operating cash flow to debt ratio a. Cash dividends per common share. We are a global consumer foods company. We develop distinctive value-added food products and market them under unique brand names. 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 stockholders over the long term. We believe that increases in net sales, segment operating profit, earnings per share EPS , and return on average total capital are the key drivers of financial performance for our business.
Our specific growth objectives are to consistently deliver: We believe that this financial performance, coupled with an attractive dividend yield, should result in long-term value creation for stockholders. We return a substantial amount of cash to stockholders through share repurchases and dividends. Fiscal was a challenging year, as developed markets continued to experience weak consumer trends and quite low category growth. The cereal category in developed markets was soft and the global yogurt category was impacted by significant dairy inflation.
Our return on average total capital declined by 40 basis points, as fiscal earnings did not grow in line with our capital base. We achieved the following related to our key operating objectives for fiscal We delivered a strong line-up of consumer marketing, merchandising, and innovation to support our leading brands and continued to build our global platforms in markets around the world.
While we exercised good administrative cost control, executed strong holistic margin management HMM efforts, increased share repurchases and had favorable interest expense, net sales and segment operating profit excluding Venezuela currency devaluation performance were below our targets.
We achieved 1 percent growth in net sales, primarily contributions from new businesses added in fiscal Total segment operating profit excluding Venezuela currency devaluation declined 2 percent and diluted EPS excluding certain items affecting comparability increased 4 percent.
Table of Contents In fiscal , we expect to generate constant currency growth consistent with our long-term model, including the effects of a 53 week year: We are targeting mid single-digit growth in constant currency net sales, primarily driven by volume growth and a 53 rd week, with double-digit growth in emerging markets and low single-digit growth in developed markets.
We expect to grow share in the U. We are targeting mid single-digit growth in total constant currency segment operating profit in fiscal We continue to view our HMM discipline of cost savings and mix management as a competitive advantage.
Cost of sales HMM is expected to offset anticipated input cost inflation of 3 percent. We are targeting high single-digit growth in constant currency diluted EPS excluding certain items affecting comparability. Our businesses generate strong levels of cash flows, and we will use some of this cash to reinvest in our business. Our consolidated results for fiscal include one additional quarter of operating activity from the acquisition of Yoki Alimentos S.
Yoki in Brazil, one additional quarter of operating activity from the assumption of the Canadian Yoplait franchise license, and three additional quarters of operating activity from the acquisition of Immaculate Baking Company in the United States.
Excluding new businesses, net sales grew 1 percent, offset by 1 percentage point of unfavorable foreign currency exchange. Fiscal results include a gain on the divestiture of certain grain elevators, the impact of Venezuela currency devaluation, gains from the mark-to-market valuation of certain commodity positions and grain inventories, and restructuring charges related to our fiscal productivity and cost savings plan. Fiscal results include the effects from various discrete tax items, the impact of Venezuela currency devaluation, restructuring charges related to our fiscal productivity and cost savings plan, integration costs resulting from the acquisition of Yoki, and gains from the mark-to-market valuation of certain commodity positions and grain inventories.
Table of Contents The components of net sales growth are shown in the following table: Components of Net Sales Growth. Contributions from volume growth a. Net price realization and mix. Net sales grew 1 percent in fiscal driven by an 1 percentage point increase in contributions from volume growth, including 2 percentage points of contribution from volume growth due to new businesses.
Favorable net price realization and mix contributed 1 percentage point of growth, and unfavorable foreign currency exchange decreased net sales growth by 1 percentage point.
Gross margin declined 1 percent in fiscal versus fiscal Gross margin as a percent of net sales of 36 percent was relatively flat compared to fiscal The restructuring charge related to a productivity and cost savings plan approved in the fourth quarter of fiscal These restructuring actions were completed in fiscal There were no divestitures in fiscal Table of Contents Our consolidated effective tax rate for fiscal was The change in net sales for each joint venture is set forth in the following table: Joint Venture Change in Net Sales.
In fiscal , CPW net sales declined by 1 percentage point due to unfavorable foreign currency exchange. Contribution from volume growth was flat compared to fiscal In fiscal , net sales for HDJ decreased 8 percentage points from fiscal as 11 percentage points of contributions from volume growth was offset by 17 percentage points of net sales decline from unfavorable foreign currency exchange and 2 percentage points of net sales decline attributable to unfavorable net price realization and mix.
Our consolidated results for fiscal include three quarters of operating activity from the acquisitions of Yoki in Brazil and Food Should Taste Good in the United States, and the assumption of the Canadian Yoplait franchise license Yoplait Canada , four quarters of results for Yoplait Ireland and Parampara Foods in India, and two quarters of results for Immaculate Baking Company in the United States.
Also included in the first quarter of fiscal are two additional months of results from the acquisition of Yoplait S. Fiscal results include losses from the mark-to-market valuation of certain commodity positions and grain inventories, restructuring charges related to our productivity and cost savings plan, and integration costs resulting from the acquisitions of Yoplait S.
Net sales grew 7 percent in fiscal , including 6 percentage points of growth contributed by new businesses, primarily Yoki, Yoplait S. Excluding the impact of new businesses, net sales grew 2 percent, partially offset by 1 percentage point of unfavorable foreign currency exchange. Contributions from volume growth increased net sales by 9 percentage points, including 8 percentage points of contribution from volume growth due to new businesses.
Unfavorable net price realization and mix decreased net sales growth by 1 percentage point and unfavorable foreign currency exchange decreased net sales growth by 1 percentage point. Gross margin grew 6 percent in fiscal versus fiscal In fiscal , CPW net sales declined by 1 percentage point as 2 percentage points of net sales growth from favorable net price realization and mix were offset by 3 percentage points of net sales decline from unfavorable foreign currency exchange.
In fiscal , net sales for HDJ decreased 2 percentage points from fiscal as 6 percentage points of net sales growth from volume contribution was offset by 7 percentage points of net sales decline from unfavorable foreign currency exchange and 1 percentage point of net sales decline attributable to unfavorable net price realization and mix. Our businesses are organized into three operating segments: Table of Contents The following tables provide the dollar amount and percentage of net sales and operating profit from each segment for fiscal years , , and Convenience Stores and Foodservice.
Segment operating profit excludes unallocated corporate items, gain on divestitures, and restructuring, impairment, and other exit costs because these items affecting operating profit are centrally managed at the corporate level and are excluded from the measure of segment profitability reviewed by our executive management.
Retail segment reflects business with a wide variety of grocery stores, mass merchandisers, membership stores, natural food chains, and drug, dollar and discount chains operating throughout the United States.
Our product categories in this business segment include ready-to-eat cereals, refrigerated yogurt, soup, meal kits, shelf stable and frozen vegetables, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide variety of organic products including granola bars, cereal, and soup.
In fiscal , net sales for our U. Contributions from volume growth and net price realization and mix were flat compared to fiscal Net price realization and mix was flat compared to fiscal Retail Net Sales Growth. Table of Contents Net sales for our U. Retail Net Sales by Division. Small Planet Foods and other. Retail segment net sales were flat compared to fiscal as net sales growth in Snacks and Small Planet Foods was offset by declines in Meals, Yoplait, Frozen Foods, and Baking Products divisions.
Big G division net sales growth was flat compared to fiscal The 1 percentage point increase in the fiscal U.
The decrease reflects higher trade spending, partially offset by a 1 percent reduction in advertising and media expense. The increase was primarily driven by a 5 percent reduction in advertising and media expense, favorable net price realization and mix, and higher volume, partially offset by an increase in input costs.
Our International segment consists of retail and foodservice businesses outside of the United States. Our product categories include ready-to-eat cereals, shelf stable and frozen vegetables, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza snacks, refrigerated yogurt, grain and fruit snacks, and super-premium ice cream and frozen desserts.
We also sell super-premium ice cream and frozen desserts directly to consumers through owned retail shops. Our International segment also includes products manufactured in the United States for export, mainly to Caribbean and Latin American markets, as well as products we manufacture for sale to our international joint ventures.
Revenues from export activities and franchise fees are reported in the region or country where the end customer is located.
As part of a long-term plan to conform the fiscal year ends of all our operations, we have changed the reporting period of certain countries within our International segment from an April fiscal year end to a May fiscal year end to match our fiscal calendar.
Accordingly, in the year of change, our results include 13 months of results from the affected operations compared to 12 months in previous and future fiscal years. In fiscal , we changed the reporting period for our operations in Europe and Australia. In fiscal , we changed the reporting period for our operations in China.
The impact of these changes was not material to the fiscal or fiscal International segment results of operations. The growth in fiscal included 5 percentage points of contributions from volume growth, including 7 percentage points resulting from new businesses, and 3 percentage points of favorable net price realization and mix, partially offset by 4 percentage points of unfavorable foreign currency exchange.
The growth in fiscal was driven by 21 percentage points from new businesses, primarily Yoki, Yoplait S. Excluding the impact of new businesses, net sales growth was up 3 percent.
Volume contributed 34 percentage points of net sales growth, including 32 percentage points resulting from new businesses, partially offset by 6 percentage points of unfavorable net price realization and mix and 4 percentage points of unfavorable foreign currency exchange.
Components of International Net Sales Growth. Net sales for our International segment by geographic region are shown in the following tables: International Net Sales by Geographic Region. The 24 percentage point increase in the International segment fiscal net sales was driven by growth across all regions. Table of Contents Venezuela is a highly inflationary economy and as such, we remeasure the value of the assets and liabilities of our Venezuelan subsidiary based on the exchange rate at which we expect to remit dividends in U.
In February , the Venezuelan government devalued the bolivar by resetting the official exchange rate. This market has significantly higher foreign exchange rates than those available through the other foreign exchange mechanisms. We have been able to access U. Our Venezuela operations represent less than 1 percent of our consolidated assets, liabilities, net sales, and segment operating profit.
In the first quarter of fiscal , we changed the name of our Bakeries and Foodservice operating segment to Convenience Stores and Foodservice. The businesses in this segment were unchanged. Our major product categories are ready-to-eat cereals, snacks, refrigerated yogurt, unbaked and fully baked frozen dough products, baking mixes, and flour.
Many products we sell are branded to the consumer and nearly all are branded to our customers. We sell to distributors and operators in many customer channels including foodservice, convenience stores, vending, and supermarket bakeries. Volume declines were driven by the loss of business with a major customer as well as the impact of inclement weather, as fiscal had a sharp increase in weather-related events such as school and business closings. Unfavorable net price realization and mix were driven by commodity index priced items.
Net price realization and mix was flat compared to fiscal as gains from favorable product mix were offset by declines in commodity index priced items. Net sales for our Convenience Stores and Foodservice segment are shown in the following table: Convenience Stores and Foodservice Net Sales. The decrease was primarily driven by volume declines, unfavorable net price realization, and investments to protect and grow the business.
The increase was primarily driven by favorable product mix, lower manufacturing and input costs, and reduced administrative costs. Unallocated corporate items include corporate overhead expenses, variances to planned domestic employee benefits and incentives, contributions to the General Mills Foundation, and other items that are not part of our measurement of segment operating performance. We have experienced significant input cost volatility for several years.
Our gross margin performance in fiscal reflects the impact of 4 percent input cost inflation, primarily on commodities inputs.
We expect input cost inflation of 3 percent in fiscal We attempt to minimize the effects of inflation through HMM, planning, and operating practices. The Act codifies health care reforms with staggered effective dates from to Many provisions in the Act require the issuance of additional guidance from various government agencies.
Because the Act does not take effect fully until future years, the Act did not have a material impact on our fiscal , , or results of operations. The Act may also impact our future health care benefit related expenses. Given the complexity of the Act, the extended time period over which the reforms will be implemented, and the unknown impact of future regulatory guidance, the full impact of the Act on future periods will not be known until those regulations are adopted. The primary source of our liquidity is cash flow from operations.
A substantial portion of this operating cash flow has been returned to stockholders through share repurchases and dividends.
We also use cash from operations to fund our capital expenditures and acquisitions. We typically use a combination of cash, notes payable, and long-term debt to finance significant acquisitions and major capital expansions. There is currently no need to repatriate these funds in order to meet domestic funding obligations or scheduled cash distributions.
If we choose to repatriate cash held in foreign jurisdictions, we intend to do so only in a tax-neutral manner. Cash Flows from Operations. Net earnings, including earnings attributable to redeemable and noncontrolling interests. After-tax earnings from joint ventures. Distributions of earnings from joint ventures. Tax benefit on exercised options. Pension and other postretirement benefit plan contributions.
Pension and other postretirement benefit plan costs. Restructuring, impairment, and other exit costs. Changes in current assets and liabilities, excluding the effects of acquisitions. We strive to grow core working capital at or below the rate of growth in our net sales. For fiscal , core working capital decreased 9 percent, compared to net sales growth of 1 percent, primarily due to an increase in accounts payable. In fiscal , core working capital decreased 5 percent, compared to net sales growth of 7 percent, and in fiscal , core working capital decreased 7 percent, compared to net sales growth of 12 percent.
Purchases of land, buildings, and equipment. Acquisitions, net of cash acquired. Investments in affiliates, net. Proceeds from disposal of land, buildings, and equipment. Net cash used by investing activities.
These expenditures will support initiatives that are expected to fuel International growth, increase manufacturing capacity for Snacks, and continue HMM initiatives throughout the supply chain.
Cash Flows from Financing Activities. Change in notes payable. Issuance of long-term debt. Payment of long-term debt. Proceeds from common stock issued on exercised options. Purchases of common stock for treasury. Addition of noncontrolling interest. Distributions to noncontrolling and redeemable interest holders. Net cash used by financing activities. For more information on our debt issuances, please refer to Note 8 to the Consolidated Financial Statements in Item 8 of this report. The authorization has no specified termination date.
Selected Cash Flows from Joint Ventures. Selected cash flows from our joint ventures are set forth in the following table: Advances to joint ventures, net. Total capital consisted of the following: Current portion of long-term debt. Total committed credit facilities. Total committed and uncommitted credit facilities.
To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding short-term borrowings. Commercial paper is a continuing source of short-term financing. We have commercial paper programs available to us in the United States and Europe. We also have uncommitted and asset-backed credit lines that support our foreign operations.
The credit facilities contain several covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2. Certain of our long-term debt agreements, our credit facilities, and our noncontrolling interests contain restrictive covenants.
We believe that cash flows from operations, together with available short- and long-term debt financing, will be adequate to meet our liquidity and capital needs for at least the next 12 months. The change in the fixed-rate and floating-rate percentages was driven by increased commercial paper issuances. Return on average total capital decreased from We also believe that our fixed charge coverage ratio and the ratio of operating cash flow to debt are important measures of our financial strength.
Our fixed charge coverage ratio in fiscal was 8. Our operating cash flow to debt ratio decreased 7. We have a 51 percent controlling interest in Yoplait S. Sodiaal holds the remaining interests in each of these entities. We consolidate these entities into our consolidated financial statements. These euro- and Canadian dollar-denominated interests are reported in U.
Sodiaal has the ability to put a limited portion of its redeemable interest to us at fair value once per year up to a maximum remaining term of 6 years.
GMC retained the remaining intellectual property. In the event of a liquidation of GMC, each member of GMC will receive the amount of its then current capital account balance. The PPA revised the basis and methodology for determining defined benefit plan minimum funding requirements as well as maximum contributions to and benefits paid from tax-qualified plans.
The PPA may ultimately require us to make additional contributions to our domestic plans. We do not expect to be required to make any contributions in fiscal Table of Contents The following table summarizes our future estimated cash payments under existing contractual obligations, including payments due by period: Other long-term obligations d.
Our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations.
These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement, and postemployment benefits. Our promotional activities are conducted through our customers and directly or indirectly with end consumers.
The recognition of these costs requires estimation of customer participation and performance levels. These estimates are made based on the forecasted customer sales, the timing and forecasted costs of promotional activities, and other factors. Differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period.
Because our total promotional expenditures including amounts classified as a reduction of revenues are significant, if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a material effect on our results of operations. We estimate the useful lives of long-lived assets and make estimates concerning undiscounted cash flows to review for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.
Fair value is measured using discounted cash flows or independent appraisals, as appropriate. Goodwill and other indefinite lived intangible assets are not subject to amortization and are tested for impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred.
Our estimates of fair value for goodwill impairment testing are determined based on a discounted cash flow model. We use inputs from our long-range planning process to determine growth rates for sales and profits. We evaluate the useful lives of our other intangible assets, mainly brands, to determine if they are finite or indefinite-lived.
Intangible assets that are deemed to have definite lives are amortized on a straight-line basis, over their useful lives, generally ranging from 4 to 30 years. Our estimate of the fair value of our brand assets is based on a discounted cash flow model using inputs which include projected revenues from our long-range plan, assumed royalty rates that could be payable if we did not own the brands, and a discount rate. While we currently believe that the fair value of each intangible exceeds its carrying value and that those intangibles so classified will contribute indefinitely to our cash flows, materially different assumptions regarding future performance of our businesses or a different weighted-average cost of capital could result in significant impairment losses and amortization expense.
The significant assumptions used to estimate the redemption value include projected revenue growth and profitability from our long-range plan, capital spending, depreciation and taxes, foreign currency rates, and a discount rate. The valuation of stock options is a significant accounting estimate that requires us to use judgments and assumptions that are likely to have a material impact on our financial statements.
Annually, we make predictive assumptions regarding future stock price volatility, employee exercise behavior, dividend yield, and the forfeiture rate. Table of Contents The estimated fair values of stock options granted and the assumptions used for the Black-Scholes option-pricing model were as follows: Estimated fair values of stock options granted.
The risk-free interest rate for periods during the expected term of the options is based on the U. Treasury zero-coupon yield curve in effect at the time of grant. An increase in the expected term by 1 year, leaving all other assumptions constant, would increase the grant date fair value by 2 percent. If all other assumptions are held constant, a one percentage point increase in our fiscal volatility assumption would increase the grant date fair value of our fiscal option awards by 7 percent.
To the extent that actual outcomes differ from our assumptions, we are not required to true up grant-date fair value-based expense to final intrinsic values. However, these differences can impact the classification of cash tax benefits realized upon exercise of stock options, as explained in the following two paragraphs. Furthermore, historical data has a significant bearing on our forward-looking assumptions. Significant variances between actual and predicted experience could lead to prospective revisions in our assumptions, which could then significantly impact the year-over-year comparability of stock-based compensation expense.
Any corporate income tax benefit realized upon exercise or vesting of an award in excess of that previously recognized in earnings referred to as a windfall tax benefit is presented in the Consolidated Statements of Cash Flows as a financing cash flow.
Realized windfall tax benefits are credited to additional paid-in capital within the Consolidated Balance Sheets. Realized shortfall tax benefits amounts which are less than that previously recognized in earnings are first offset against the cumulative balance of windfall tax benefits, if any, and then charged directly to income tax expense, potentially resulting in volatility in our consolidated effective income tax rate.
We calculated a cumulative amount of windfall tax benefits for the purpose of accounting for future shortfall tax benefits and currently have sufficient cumulative windfall tax benefits to absorb projected arising shortfalls, such that we do not currently expect future earnings to be affected by this provision.
However, as employee stock option exercise behavior is not within our control, it is possible that materially different reported results could occur if different assumptions or conditions were to prevail.
We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly, we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in the quarter of such change. We have defined benefit pension plans covering most employees in the United States, Canada, France, and the United Kingdom.
We also sponsor plans that provide health care benefits to the majority of our retirees in the United States, Canada, and Brazil. Under certain circumstances, we also provide accruable benefits to former or inactive employees in the United States, Canada, and Mexico, and members of our Board of Directors, including severance and certain other benefits payable upon death. Please refer to Note 13 to the Consolidated Financial Statements in. Accordingly, we make various assumptions to predict and measure costs and obligations many years prior to the settlement of our obligations.
Assumptions that require significant management judgment and have a material impact on the measurement of our net periodic benefit expense or income and accumulated benefit obligations include the long-term rates of return on plan assets, the interest rates used to discount the obligations for our benefit plans, and the health care cost trend rates. Expected Rate of Return on Plan Assets.
Our expected rate of return on plan assets is determined by our asset allocation, our historical long-term investment performance, our estimate of future long-term returns by asset class using input from our actuaries, investment services, and investment managers , and long-term inflation assumptions.
We review this assumption annually for each plan, however, our annual investment performance for one particular year does not, by itself, significantly influence our evaluation.
Our historical investment returns compound annual growth rates for our United States defined benefit pension and other postretirement benefit plan assets were On a weighted-average basis, the expected rate of return for all defined benefit plans was 8.
A market-related valuation basis is used to reduce year-to-year expense volatility. The market-related valuation recognizes certain investment gains or losses over a five-year period from the year in which they occur. Investment gains or losses for this purpose are the difference between the expected return calculated using the market-related value of assets and the actual return based on the market-related value of assets.
Our outside actuaries perform these calculations as part of our determination of annual expense or income. Our discount rate assumptions are determined annually as of the last day of our fiscal year for our defined benefit pension, other postretirement benefit, and postemployment benefit plan obligations. We work with our outside actuaries to determine the timing and amount of expected future cash outflows to plan participants and, using the Aa Above Median corporate bond yield, to develop a forward interest rate curve, including a margin to that index based on our credit risk.
This forward interest rate curve is applied to our expected future cash outflows to determine our discount rate assumptions. Our weighted-average discount rates were as follows: All obligation-related experience gains and losses are amortized using a straight-line method over the average remaining service period of active plan participants. We review our health care cost trend rates annually. Our review is based on data we collect about our health care claims experience and information provided by our actuaries.
This information includes recent plan experience, plan design, overall industry experience and projections, and assumptions used by other similar organizations. Our initial health care cost trend rate is adjusted as necessary to remain consistent with this review, recent experiences, and short-term expectations.
Our initial health care cost trend rate assumption is 7. Rates are graded down annually until the ultimate trend rate of 5.
The ultimate trend rate is adjusted annually, as necessary, to approximate the current economic view on the rate of long-term inflation plus an appropriate health care cost premium. Assumed trend rates for health care costs have an important effect on the amounts reported for the other postretirement benefit plans. A one percentage point change in the health care cost trend rate would have the following effects: Effect on the aggregate of the service and interest cost components in fiscal Any arising health care claims cost-related experience gain or loss is recognized in the calculation of expected future claims.
Once recognized, experience gains and losses are amortized using a straight-line method over 15 years, resulting in at least the minimum amortization required being recorded. These unrecognized actuarial net losses will result in increases in our future pension expense and increases in postretirement expense since they currently exceed the corridors defined by GAAP. Actual future net defined benefit pension, other postretirement benefit, and postemployment benefit plan income or expense will depend on investment performance, changes in future discount rates, changes in health care cost trend rates, and other factors related to the populations participating in these plans.
In May , the Financial Accounting Standards Board issued new accounting requirements for the recognition of revenue from contracts with customers. We do not expect this guidance to have a material impact on our results of operations or financial position. We have included in this report measures of financial performance that are not defined by GAAP. We believe that these measures provide useful information to investors, and include these measures in other communications to investors. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why our management or the Board of Directors believes the non-GAAP measure provides useful information to investors, and any additional purposes for which our management or Board of Directors uses the non-GAAP measure.
A reconciliation of this measure to International segment operating profit follows: International segment operating profit. Impact of Venezuela currency devaluation. International segment operating profit excluding Venezuela currency devaluation.
A reconciliation of this measure to operating profit, the relevant GAAP measure, follows: International, excluding Venezuela currency devaluation. Total segment operating profit excluding Venezuela currency devaluation. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-over-year basis.
Diluted earnings per share, as reported. Divestiture gain, net b. Acquisition integration costs d. Venezuela currency devaluation e. Diluted earnings per share, excluding certain items affecting comparability. We believe that this measure provides useful information to investors because it is important for assessing the utilization of capital and it eliminates certain items which affect year-to-year comparability.
Earnings before interest, after-tax. Earnings before interest, after-tax for return on capital calculation. Accumulated other comprehensive loss. After-tax earnings adjustments a. Adjusted average total capital. Return on average total capital. We believe that this measure of our International segment and region net sales provides useful information to investors because it provides transparency to the underlying performance in markets outside the United States by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability.
To present this information, current period results for entities reporting in currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year.
Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. Percentage Change in Net Sales. This report contains or incorporates by reference forward-looking statements within the meaning of the Private Securities Litigation Reform Act of that are based on our current expectations and assumptions.
We also may make written or oral forward-looking statements, including statements contained in our filings with the SEC and in our reports to stockholders.
Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those currently anticipated or projected. We wish to caution you not to place undue reliance on any such forward-looking statements. Wer die besten Preise erzielen möchte und keinen Top Ankäufer in seiner Nähe hat, fährt mit dem Postankauf meist am besten.
Selbstverständlich sollte die Ware dann versichert versendet werden, um das Versandrisiko zu minimieren. Einen einfachen und unkomplizierten Silberankauf-Preisvergleich, den wir Ihnen diesbezüglich ans Herz legen möchten, finden Sie auf der Seite Silberankauf des Preisvergleichs von Gold.
Jede Art von Geld, welches nicht durch wahre Werte wie Gold und Silber oder andere wertige Waren gedeckt ist, sondern das [ Bitte Gewicht eingeben Gramm g Kilogramm kg Unzen oz.
In der Regel ist bei Silbermünzen, Silberbarren, Silberbesteck oder anderen Gegenständen aus Silber eine meist dreistellige Zahl angegeben, die Feinheit oder auch Feingehalt genannt wird. Der Feingehalt gibt an, wie viel vom jeweiligen Edelmetall enthalten ist. Die Angabe erfolgt hierbei stets in Tausendsteln: Bei Silberschmuck ist z. Die bekannte er Feinheit ist auch unter dem Namen Sterlingsilber bekannt.
Wer gerne Silberschmuck kauft, wird Sterlingsilber bestimmt ein Begriff sein. Bei Anlagemünzen aus Silber sind Feinheiten von und mittlerweile auch häufig ,9 üblich.
Accumulated Other Comprehensive Income Loss.
Changes in current assets and liabilities.