Slide 1: CAGNY 2019
ow j ‘General Mills Making Food People Love > Cheerios Yoplait CAGNY 2019 FEBRUARY 19, 2019
Slide 2: A Reminder on Forward-looking Statements
A Reminder on Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risks
Slide 3: Today's Key Messages
Today’s Key Messages Our Primary Focus is Restoring Consistent Topline Growth Making Progress on Our “Compete, Accelerate, Reshape” Priorities Maintaining Margin and Cash Discipline Reaffirming Full-year Fiscal 2019 Guidance 3
Slide 4: Our Consumers are at the Heart of Everything We Do
Our Consumers are at the Heart of Everything We Do Our Purpose Our Goal Create market-leading growth to deliver top-tier shareholder returns Our Strategy Consumer First: Deeply understand the needs and lives of our consumers and respond quickly to give them what they want 4
Slide 5: Our Portfolio Today
Our Portfolio Today FISCAL 2018 PRO FORMA NET SALES: $17.0 BILLION* Pet Cereal Yogurt Asia & Latin 8% 15% 12% America 10% Pet Food 8% Regional Europe & By By Snacks 12% Australia Segment Platform and Meals 59% North 11% America “Accelerate” 25% Convenience Retail Snack Bars Stores & Ice Cream Foodse
Slide 6: Eight $1B Brands Competing Around the World
Eight $1B Brands Competing Around the World Brands with $1B+ in retail sales Source: Nielsen and Euromonitor 6
Slide 7: Living Our Values Drives Value for Shareholders
Living Our Values Drives Value for Shareholders 7
Slide 8: Restoring Topline Growth Will Drive Long-term Shareholder Returns
Restoring Topline Growth Will Drive Long-term Shareholder Returns OUR SHAREHOLDER RETURN FRAMEWORK Sales Margin Cash Cash Growth Expansion Conversion Returns 8
Slide 9: Our Global Growth Priorities
Our Global Growth Priorities COMPETE 1 Effectively Across All Brands and All Geographies 2 ACCELERATE Our Differential Growth Platforms 3 RESHAPE the Portfolio for Growth 9
Slide 10: Competing Effectively through Superior Execution
Competing Effectively through Superior Execution • Remarkable Innovation and Brand Building • Excellence at Point of Sale • Differentiated Capabilities in E-commerce and Strategic Revenue Management (SRM) Goal: Grow with Our Categories (~1%) 10
Slide 11: Accelerating Our Differential Growth Platforms
Accelerating Our Differential Growth Platforms • Meaningful Scale: 25% of Global Portfolio • Advantaged Category Growth Rates • Leading Brand Positions • Investing in Innovation, Brand Building, and Distribution Expansion Goal: MSD+ Net Sales Growth 11
Slide 12: Reshaping the Portfolio for Growth
Reshaping the Portfolio for Growth ACQUISITIONS: BLUE BUFFALO DIVESTITURES • #1 Wholesome Natural Pet Food Brand • Targeting ~5% of Net Sales • Leading the Transformation of U.S. Pet Food • Focusing on Growth Dilutive Platforms with Lower ROIs • Adds 50-80bps to Organic Growth Profile • F19 Prioriti
Slide 13: Our Path to Restoring Consistent Topline Growth
Our Path to Restoring Consistent Topline Growth NET SALES GROWTH OPPORTUNITY +LSD -1% 1 2 3 F14-F17 Compete Accelerate Reshape Sustainable CGR* Effectively Differential Portfolio Growth Growth Platforms Opportunity *Organic Net Sales CGR. Non-GAAP measure. See appendix for reconciliation. 13
Slide 14: Accelerate Platforms Represent a Tremendous Growth Opportunity
Accelerate Platforms Represent a Tremendous Growth Opportunity HÄAGEN-DAZS NATURAL & ORGANIC OLD EL PASO SNACK BARS $61B, +MSD $47B, +HSD $4B, +LSD $26B, +MSD Category Size and Growth 14 Source: Euromonitor, Nielsen, and company estimates for calendar 2018.
Slide 15: Häagen-Dazs Growth Drivers
Häagen-Dazs Growth Drivers WORLD’S PREMIER SUPER-PREMIUM ICE CREAM BRAND Global Marketing Campaign Remarkable Innovation Distribution 15
Slide 16: Natural & Organic Growth Drivers
Natural & Organic Growth Drivers SECOND LARGEST U.S. NATURAL & ORGANIC FOOD PRODUCER Brand Building Innovation Core Distribution 16
Slide 17: Old El Paso Growth Drivers
Old El Paso Growth Drivers WORLD’S LARGEST MEXICAN FOOD BRAND Innovation and Brand Building Support Exciting In-store Events and Execution 17
Slide 18: Snack Bars Growth Drivers
Snack Bars Growth Drivers GLOBAL LEADER IN SNACK BARS Brand Building and Innovation Global Expansion 18
Slide 19: ACCELERATE: CONSUMER INTEGRATIONS
ACCELERATE: CONSUMER INTEGRATIONS 19
Slide 20: Compete
GENERAL MILLS CAGNY 2019 COMPETE Jon Nudi Group President, North America Retail 20
Slide 21: Competing More Effectively in North America Retail
Competing More Effectively in North America Retail • Making Strides on Top and Bottom Line • Stronger Execution on Innovation, Brand Building, and In Store • Benefiting from Investments in E-commerce and SRM Capabilities 21
Slide 22: General Mills Retail Sales Trends Improving
General Mills Retail Sales Trends Improving U.S. RETAIL SALES (% vs. LY) % +/- LY 1.2% 2-Year Average 0.8% 0.4% -0.3% -0.2% -0.2% -1.2% -3.6% -5.0% -7.0% F17 Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3TD F17 F18 F19 22 Source: Nielsen xAOC, Q3TD ended January 2019
Slide 23: General Mills U.S. Retail Market Share Performance
General Mills U.S. Retail Market Share Performance F17 F18 H1 F18 H2 F19 YTD Cereal Bars Yogurt Refrigerated Dough Soup Hot Snacks Desserts Mexican Fruit Snacks Natural & Organic Top 10 Holding / Gaining Share 3 of 10 6 of 10 8 of 10 7 of 10 Source: Nielsen xAOC, dollar share, FYTD ended January 201
Slide 24: Competing Effectively with Consumer First Innovation
Competing Effectively with Consumer First Innovation • Strong F19 H1 Performance and H2 Line-up • Increased Levels of Innovation • Consumer First Design Improves Speed and Quality of Ideas 24
Slide 25: A Holistic Approach to Building Brands
A Holistic Approach to Building Brands POINT OF SALE PACKAGING PARTNERSHIPS MEDIA 25
Slide 26: Investments in Capabilities Driving Growth
Investments in Capabilities Driving Growth STRATEGIC REVENUE MANAGEMENT E-COMMERCE Optimal Price Mix Management Price Pack Architecture Promotion Optimization F19 H1 Price/Mix +2pts F19 H1 E-commerce Net Sales +~50% 26 North America Retail Net Sales Source: Company estimates, Profitero, Retailer POS
Slide 27: U.S. Cereal Performance
U.S. Cereal Performance CEREAL CATEGORY IS STRENGTHENING SOLIDIFYING #1 SHARE POSITION (Retail Sales % vs. LY) (Dollar Share) F17 F18 F19 H1 F19 Q3TD 31.9 32.0 0.4% 31.6 31.5 -1.0% 30.8 30.7 General Mills Top Competitor -2.3% -2.5% F17 F18 F19 YTD 27 Source: Nielsen xAOC, Q3TD ended January 2019 Sou
Slide 28: Cereal Growth Drivers
Cereal Growth Drivers INNOVATION AND VARIETY BRINGS REMARKABLE BRAND BUILDING CONSUMERS TO THE CATEGORY AND STRONG EXECUTION IN-STORE Q4 Launch 28
Slide 29: U.S. Yogurt Performance
U.S. Yogurt Performance DIVERGING TRENDS IMPROVING SHARE PERFORMANCE WITHIN YOGURT SEGMENTS (General Mills Dollar Share vs. LY) (% of Category Retail Sales, % vs. LY) 0.2 -8% vs. LY -1.5 -2.5 Greek, 45% Flat vs. LY -3.8 Non-Greek, 55% F16 F17 F18 F19 YTD Yogurt Category Retail Sales -4% vs. LY 29 So
Slide 30: Yogurt Growth Drivers
Yogurt Growth Drivers GROW THE CORE WITH FOCUS ON CATEGORY-LEADING INNOVATION FUNDAMENTALS AND PRODUCT NEWS UNLOCKING GROWTH IN SIMPLY BETTER 30
Slide 31: U.S. Meals & Baking Highlights
U.S. Meals & Baking Highlights (F19 YTD Retail Sales % vs. LY) REFRIGERATED BAKED GOODS OLD EL PASO HOT SNACKS Retail Sales +2% Retail Sales +7% Retail Sales +6% 31 Source: Nielsen XAOC, FYTD ended January 2019
Slide 32: U.S. Snacks and Natural & Organic Highlights
U.S. Snacks and Natural & Organic Highlights (F19 YTD Retail Sales % vs. LY) WORK CONTINUES ON U.S. SNACKS SUCCESS ON CORE NATURAL & ORGANIC STRONG NUTRITION BAR PERFORMANCE Q4 Launch Retail Sales -3% Retail Sales +15% Retail Sales +14% 32 Source: Nielsen XAOC, FYTD ended January 2019
Slide 33: COMPETE: CONSUMER INTEGRATIONS
COMPETE: CONSUMER INTEGRATIONS 33
Slide 34: Reshape
GENERAL MILLS CAGNY 2019 RESHAPE Billy Bishop Group President, Pet Segment 34
Slide 35: It All Started with Our Family Dog Blue
It All Started with Our Family Dog Blue 35
Slide 36: True BLUE Promise
True BLUE Promise FORMULATED WITH THE FINEST NATURAL INGREDIENTS BRINGING TRANSPARENCY TO THE INDUSTRY 36
Slide 37: BLUE On Track For Continued Growth
BLUE On Track For Continued Growth BLUE is Growing the Wholesome Natural Segment FDM Expansion Plans are On Track and First Wave Customer Results Are Encouraging Upside for BLUE Across Channels and Pet Food and Treat Segments 37
Slide 38: Wholesome Natural Outpacing Total Market
Wholesome Natural Outpacing Total Market U.S. PET FOOD RETAIL SALES U.S. PET FOOD RETAIL SALES GROWING IN ($ in billions) WHOLESOME NATURAL (% of Pet Food Retail Market Sales, % vs. LY) Wholesome Natural +HSD vs. LY CGR = +2% $29 20% All Other Flat vs. LY $27 80% 2015 2018 Source: Total U.S. Sales,
Slide 39: A Complete Portfolio of Products for Pet Parents
A Complete Portfolio of Products for Pet Parents PRODUCT LINES FOR ALL LIFE STAGES, PRODUCT FOR ALL OCCASIONS SPECIAL NEEDS, AND DIET PREFERENCES (% of BLUE Net Sales, % vs. LY) Treats +DD vs. LY Wet Food 6% +DD vs. LY 15% Life Protection Formula Wilderness 79% Dry Food +LSD vs. LY Basics Freedom Na
Slide 40: High Quality Products at Accessible Price Points
High Quality Products at Accessible Price Points Approximate daily cost difference for a $86.99 22 lbs medium-sized dog to switch to BLUE LPF1 $58.99 22 lbs $48.99 9¢ 30 lbs $45.59 19¢ 35 lbs 33¢ $43.49 35 lbs 49¢ $31.94 29.1 lbs 56¢ $22.98 50 lbs $18.10 30 lbs (1) “LPF” stands for Life Protection F
Slide 41: Positioned For Growth
Positioned For Growth (% of Net Sales) PET SPECIALTY E-COMMERCE FOOD, DRUG, & MASS #1 Brand in Pet Specialty #1 Pet Food Brand Online Fastest Growing FDM Pet Brand SHOP NOW 55% of Business 24% of Business 21% of Business Source; Net Sales three months ending October 2018, excludes Int’l/Vet/Other 41
Slide 42: Our Strategic Framework
Our Strategic Framework OBJECTIVE: REACH MORE PET PARENTS AND FEED MORE PETS Grow Market Share in the U.S. Capitalize on Select Grow with Increase our International Drive awareness younger pets Make BLUE share of Opportunities with pet parents and younger more available wet foods and influencers pet
Slide 43: Grow with Pets and Pet Parents
Grow with Pets and Pet Parents HOUSEHOLD PENETRATION GROWING • Impressive Household +35% 8.4 Penetration Gains in 2018 6.2 4.8 5.2 • Significant Upside Remains • Growth with Younger Pets and Pet Parents Outpacing 2015 2016 2017 2018 Total BLUE Sales Growth Source: IRI Household panel, All Outlets, T
Slide 44: Drive Awareness with Pet Parents and Influencers
Drive Awareness with Pet Parents and Influencers TRADITIONAL MEDIA IN-STORE DIGITAL $1B Spent on Brand Building Since 2003 44
Slide 45: BLUE Buffalo Advertisement
BLUE BUFFALO ADVERTISEMENT 45
Slide 46: Make BLUE More Available
Make BLUE More Available FDM EXPANSION HAS BEEN SUCCESSFUL HEALTHY SALES GROWTH IN (Retail Sales, $in millions, 4 weeks ending) FIRST WAVE OF FDM CUSTOMERS (Retail Sales, $ in millions, 12 weeks ending) $26.0 $21.7 $18.8 +11% $17.4 $13.8 12/02/17 02/24/18 05/19/18 08/11/18 11/03/18 8/11/18 11/4/18 4
Slide 47: Significant Expansion Plans On Track in F19
Significant Expansion Plans On Track in F19 H2 FDM Expansion Plans: BLUE BUFFALO U.S. FDM DISTRIBUTION (% ACV) • Double Distribution (% ACV) • Expand Product Offerings 65% ACV 32 25 17 1 Jul 2017 Oct 2017 Apr 2018 Oct 2018 Apr 2019 Target 47 Source: Nielsen xAOC
Slide 48: Increase Share of Wet Foods and Treats
Increase Share of Wet Foods and Treats BLUE PRODUCT MIX SHIFTING TO HIGHER MARGIN ITEMS IN WET FOOD AND TREATS (% of Retail Sales) Category Blue Buffalo 21% 45% 38% 79% 55% 62% Total Category Pet Superstores FDM Dry Food Wet Food & Treats Source: Nielsen xAOC + Pet Specialty, CY 2018 48
Slide 49: Opportunity Remains for BLUE
Opportunity Remains for BLUE Deliver Double-Digit Top and Bottom Line Growth in F19 Significant Growth Beyond F19: • Continue to Expand Distribution • Increase Share of all Pet Food Segments • Differential Innovation Geared Toward Humanization Trends • Select International Expansion 49
Slide 50: Financial Overview
GENERAL MILLS CAGNY 2019 FINANCIAL OVERVIEW Don Mulligan Chief Financial Officer 50
Slide 51: Four Levers to Drive Shareholder Returns
Four Levers to Drive Shareholder Returns Sales Margin Cash Cash Growth Expansion Conversion Returns Long-term Target: +LSD +MSD ≥ 95% ≥ 90% Organic Sales* Adj. Operating Profit* Adj. EAT to FCF* of FCF* *Non-GAAP measures. 51
Slide 52: Generated Significant Cost Savings in Fiscal 2015-2018
Generated Significant Cost Savings in Fiscal 2015-2018 F15-F18 COST SAVINGS DRIVERS ADJUSTED OP PROFIT MARGIN* (% of Net Sales) • Cumulative COGS HMM Savings = $1.6B 16.6% 15.9% +70 • Additional Project Savings = $700MM bps Restructured Global Supply Chain Realigned Global Org Structure Implem
Slide 53: Actions to Support Profitability in Fiscal 2019 and Beyond
Actions to Support Profitability in Fiscal 2019 and Beyond • Record Levels of HMM Savings COGS HMM SAVINGS ($ in Millions) Includes Global Sourcing $450 • SRM Driving Increased Price/Mix $391 $396 • Further Supply Chain Optimization • Enterprise Process Transformation F17 F18 F19 Target 53
Slide 54: Further Global Efficiency Opportunities
Further Global Efficiency Opportunities ENTERPRISE PROCESS TRANSFORMATION GO-TO-MARKET FINANCE DEMAND & SUPPLY PLANNING Improved Cost Visibility Enhanced Technology New Reporting Suite 54
Slide 55: Delivering Working Capital Improvement
Delivering Working Capital Improvement ($ in Billions) -62% Cum Decline $1.8 40 $1.6 $1.6 35 $1.4 $1.4 34 $1.2 30 $1.2 29 25 $1.0 24 $0.8 20 $0.8 $0.7 $0.6 $0.6 15 Lower 10 $0.4 than F18 10 $0.2 8 5 0 $0.0 0 F13 F14 F15 F16 F17 F18 F19 F19Target Plan Core Working Capital CWC Days 55
Slide 56: Opportunities to Drive Further Core Working Capital Improvement
Opportunities to Drive Further Core Working Capital Improvement Core Working Capital Days Global CPG Peer Median = 10 Days 49 Top Quartile 0 GIS -36 Source: CapIQ, peer fiscal 2018/calendar year 2017. Industry Peer Group – see 2018 proxy for full list. 56
Slide 57: Free Cash Flow Performance
Free Cash Flow Performance (3-Year Rolling, $ in Billions) +13% Cum Increase $6.2 $6.3 $6.2 $5.9 $6.0 $5.7 115% 115% 112% $5.3 108% 108% 101% 103% F11-F13 F12-F14 F13-F15 F14-F16 F15-F17 F16-F18 Latest 12 Qtrs Free Cash Flow* Free Cash Flow Conversion* *Non-GAAP measure. See appendix for reconciliat
Slide 58: Long-run Capital Allocation Strategy
Long-run Capital Allocation Strategy F15-F17 USES OF CASH CAPITAL ALLOCATION PRIORITIES Recent Priorities Targets Allocation M&A Share Cost Savings 1) Capital Investments ~4% of Net Sales Growth Initiatives Repurchases Dividends 2) Dividends Grow with Earnings 5-yr CGR: +8%¹ CapEx 3) Strategic M&A 4
Slide 59: Capital Allocation Priorities Post-Blue Buffalo Acquisition
Capital Allocation Priorities Post-Blue Buffalo Acquisition ESTIMATED F19-F20 USES OF CASH CAPITAL ALLOCATION ADJUSTMENTS Share Repurchas • Maintain Current Dividend Per Share es Current Dividend Yield ~4.4% Debt Repayment • Share Repurchases and Large-scale M&A on Hold Dividends CapEx • F18 Net De
Slide 60: Four Levers to Drive Shareholder Returns
Four Levers to Drive Shareholder Returns Sales Margin Cash Cash Growth Expansion Conversion Returns 60
Slide 61: On Track to Deliver 2019 Full-year Targets
On Track to Deliver 2019 Full-year Targets F19-1H FISCAL 2019 KEY FINANCIAL METRICS RESULTS OUTLOOK Net Sales Growth +8%¹ +9 to +10%² Organic Net Sales Growth* Flat Flat to +1% Adjusted Operating Profit Growth* +5%¹ +6 to +9%² Adjusted Diluted EPS Growth* +1%¹ Flat to -3%² Free Cash Flow Conversion*
Slide 62: A Reminder on Non-GAAP Guidance
A Reminder on Non-GAAP Guidance Our fiscal 2019 outlook for organic net sales growth, constant currency adjusted operating profit and adjusted diluted EPS, and free cash flow are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including t
Slide 63: Reconciliation of Organic Net Sales Growth
Reconciliation of Organic Net Sales Growth (Fiscal Years) Full Year Reported Organic Organic Organic Foreign Acquisitions & Net Sales Volume Price/Mix Net Sales Exchange Divestitures 53rd Week Growth 2015 (2) pts 2 pts Flat (3) pts - 1 pt (2) % 2016 Flat Flat Flat (4) pts (1) pt (1) pt (6) % 2017 (7
Slide 64: Reconciliation of Adjusted Operating Profit Margin
Reconciliation of Adjusted Operating Profit Margin (Fiscal Years) % of Net Sales 2018 2015 Operating profit as reported 15.4 % 11.8 % Mark-to-market effects (0.2) 0.5 Divestitures (gain) loss, net - - Restructuring costs 0.5 1.9 Project-related costs - 0.1 Acquisition transaction and integration cos
Slide 65: Reconciliation of Free Cash Flow and Free Cash Flow Conversion
Reconciliation of Free Cash Flow and Free Cash Flow Conversion (Fiscal Years, $ in Millions) 2018 2017 2016 2015 2014 2013 2012 2011 Net earnings, including earnings attributable to redeemable and noncontrolling interests $2,163 $1,701 $1,737 $1,259 $1,861 $1,892 $1,589 $1,804 Mark-to-market effects
Slide 66: Free Cash Flow Conversion for Latest 12 Quarters
Reconciliation of Free Cash Flow and Free Cash Flow Conversion for Latest 12 Quarters (Fiscal Years, $ in Millions) Latest 12 2019 1H 2018 2017 2016 2H Quarters Net earnings, including earnings attributable to redeemable and noncontrolling interests $5,369 $747 $2,163 $1,701 $758 Provisional net tax
Slide 67: Reconciliation of Income Taxes on Adjusting Items
Reconciliation of Income Taxes on Adjusting Items (Fiscal Years, $ in Millions) 2018 2017 2016 2015 2014 2013 2012 2011 Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Earnings* Taxes Earnings* Taxes Earnings* Taxes Earnings* Taxes Earn
Slide 68: Adjusting Items for Latest 12 Quarters
Reconciliation of Income Taxes on Adjusting Items for Latest 12 Quarters (Fiscal Years, $ in Millions) Latest 12 Quarters 2019 1H 2018 2017 2016 2H Pretax Pretax Pretax Pretax Pretax Earnings* Income Taxes Earnings* Income Taxes Earnings* Income Taxes Earnings* Income Taxes Earnings* Income Taxes As
Slide 69: Net Debt-to-Pro Forma Adjusted EBITDA Ratio
Reconciliation of Fiscal 2018 Net Debt-to-Pro Forma Adjusted EBITDA Ratio (Fiscal Year, $ in Millions) Full Year 2018 Total Debt $15,818.6 Cash 399.0 Net Debt $15,419.6 Pro forma net earnings attributable to General Mills, as reported $2,252.4 Net earnings, attributable to redeemable and noncontroll
Slide 70: Cash Returns to Shareholders
Cash Returns to Shareholders (Fiscal Years, $ in Millions) 2017 2016 2015 Dividends paid $1,135 $1,072 $1,018 Purchases of common stock for treasury 1,652 607 1,162 Proceeds from common stock issued on exercised options (113) (172) (164) Total cash return to shareholders $2,674 $1,507 $2,016 Cash re
Slide 71: Constant-currency Net Sales Growth
Reconciliation of First Half Fiscal 2019 Constant-currency Net Sales Growth (Fiscal Year) 2019 Percentage Change Percentage Change in in Net Sales Impact of Foreign Net Sales on a Constant- as Reported Currency Exchange currency Basis 1H 7% (1) pt 8% 71
Slide 72: Organic Net Sales Growth
Reconciliation of First Half Fiscal 2019 Organic Net Sales Growth (Fiscal Year) 2019 Organic Organic Organic Net Foreign Acquisitions & Reported Net Volume Price/Mix Sales Exchange Divestitures Sales Growth 1H (2) pts 2 pts Flat (1) pt 8 pts 7% 72
Slide 73: Operating Profit Constant-currency Growth Rate
Reconciliation of First Half Fiscal 2019 Adjusted Operating Profit Constant-currency Growth Rate (Fiscal Year, $ in Millions) 1H 2019 2018 Change Operating profit as reported $ 1,148.5 $ 1,314.3 (13) % Mark-to-market effects 42.9 (6.3) Restructuring charges 2.4 19.7 Project-related costs 1.2 5.4 Acq
Slide 74: Reconciliation of First Half Fiscal 2019 Adjusted Diluted EPS
Reconciliation of First Half Fiscal 2019 Adjusted Diluted EPS and Related Constant-currency Growth Rate (Fiscal Years) 1H Per Share Data 2019 2018 Change Diluted earnings per share, as reported $ 1.22 $ 1.43 (15) % Tax adjustment* - 0.07 Mark-to-market effects* 0.06 - Acquisition integration costs*
Slide 75: Free Cash Flow and Free Cash Flow Conversion
Reconciliation of First Half Fiscal 2019 Free Cash Flow and Free Cash Flow Conversion (Fiscal Year, $ in Millions) 2019-1H Net earnings, including earnings attributable to redeemable and noncontrolling interests $747.1 Mark-to-market effects* 33.0 Restructuring charges* 2.2 Project-related costs* 0.
Slide 76: Tax Rate Excluding Items
Reconciliation of First Half Fiscal 2019 Tax Rate Excluding Items (Fiscal Year, $ in Millions) 1H 2019 2018 Pretax Income Pretax Income Earnings* Taxes Earnings* Taxes As reported $924.2 $217.3 $1,208.3 $403.4 Mark-to-market effects 42.9 9.9 (6.3) (2.3) Restructuring charges 2.4 0.2 19.7 5.9 Project