GENERAL MILLS Consumer Analyst Group of New York
February 20, 2018
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 thatare based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risksand uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-lookingstatements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including:competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions,advertising activities, pricing actions and promotional activities of our competitors; economic conditions, including changes ininflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance ofnew products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions ordispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including taxreform legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangibleassets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and theimpact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes inconsumer demand for our products; effectiveness of advertising, marketing and promotional programs; changes in consumerbehavior, trends and preferences, including weight loss trends; consumer perception of health-related issues, including obesity;consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the costand availability of supply chain resources, including raw materials, packaging and energy; disruptions or inefficiencies in the supplychain; effectiveness of restructuring and cost savings initiatives; volatility in the market value of derivatives used to manage price riskfor certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine planliabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations;and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation topublicly revise any forward-looking statements to reflect any future events or circumstances.
A Reminder on Forward-looking Statements
2
1. Clear Priorities for Restoring Consistent Topline Growth
2. Remaining Disciplined on Margins and Cash
3. Updating F18 Outlook, Including U.S. Tax Reform Impact
Today’s Key Messages
3
Our Strategic Framework is Grounded on the Consumer
4
SalesGrowth
MarginExpansion
CashConversion
CashReturns
Four Levers Drive Shareholder Returns
11%
10%
9%
Food Peers S&P 500
10-YEAR ANNUALIZED TOTAL SHAREHOLDER RETURN
(Through Calendar 2017)
5Source: Capital IQ; Total shareholder return reflects price appreciation plus dividends, compound annual growth, in USD. Food Peers include: BN, CAG, CPB, HSY, K, MDLZ, NESN, SJM.
With Change Happening All Around…
6
…Consumer First is More Relevant Than Ever
1. COMPETE Effectively Across All Brands and All Geographies
2. ACCELERATE Our Differential Growth Platforms
3. RESHAPE the Portfolio for Growth
8
3 Keys to Restoring Consistent Topline Growth
GENERAL MILLS U.S. RETAIL SALES
9
Competing Effectively in the U.S.
(% vs. LY)
-7%
-4%
-1%
1%
Q4 Q1 Q2 Q3TD
Fiscal 2017 Fiscal 2018
Source: Nielsen XAOC; Q3TD through January 2018
GENERAL MILLS U.S. RETAIL SALES IMPROVEMENT
10
Competing Effectively in the U.S.
680
1,250
790
440
1,990
1,170
570
250
(220)
Cereal Yogurt Grain
Snacks
Dough Soup Desserts Hot
Snacks
Fruit
Snacks
Mexican
(Last 3 Months Growth % vs. Q4 Fiscal 2017 Growth %, basis points)
Source: Nielsen XAOC; last 3 months ended January 2018
>80% of U.S. Retail Measured Sales
Competing Effectively Requires Strong Execution
COMPELLING MARKETING
IMPACTFUL INNOVATION
EXCELLENCE AT POINT OF SALE
11
Competing Effectively Requires Global Idea Sharing with Local Activation
MARKETING
NEW PRODUCT PLATFORMS
LEVERAGING THE “CHASSIS”
12
Competing Effectively Requires New Capabilities
E-COMMERCE
STRATEGIC REVENUE MANAGEMENT
CONSUMER FIRST DESIGN
13
Compete Effectively: Cereal
CEREAL GROWTH DRIVERS:
✓ Relevant Consumer News
✓ Innovation Focused on Consumer Needs
✓ Execution Across Channels
F17 Net Sales = $2.7B
(17% of total)
50% of CPW
Net Sales = $0.8B
Growing and Gaining
Share in F18 YTD
14
Cereal Growth Drivers
15
INNOVATION FOCUSED ON CONSUMER NEEDS
RELEVANT CONSUMER NEWS
EXECUTION ACROSS CHANNELS
Granola
YOGURT GROWTH DRIVERS:
✓ Premium New Products
✓ Strengthen the Core
✓ Geographic Expansion
Compete Effectively: Yogurt
16
F17 Net Sales = $2.4B
(15% of total)
F18 Share Improving,
but Below LY
17
Yogurt Growth Drivers
China
STRENGTHEN THE COREPREMIUM NEW PRODUCTS GEOGRAPHIC EXPANSION
Brazil
(FISCAL 2018, LATEST 12 WEEKS, % VS LY)
18Source: Nielsen XAOC through January 2018; net sales through November 2017Note: Net sales held at a constant exchange rate
Compete Effectively: Regional Business Highlights
Expand Snacking Competitive in Key Season Premium Innovation
SEASONAL BUSINESSESTOTINO’S WANCHAI FERRY
Retail Sales: +7% Retail Sales: +2% Net Sales: +DD
• F17 Net Sales ~$4B ($25% of Total)
• Growing and Gaining Share in F18 YTD
• Increasing Investment to Drive MSD+ Net Sales Growth
19
Accelerate Our Differential Growth Platforms
Häagen-Dazs Old El Paso Natural & OrganicSnack Bars
• Category Outside N. America: $49B, Growing +MSD
• Premium, Indulgence, and Impulse Driving Category Growth
• Häagen-Dazs is the World’s Premier Super-premium Ice Cream Brand
20Source: Euromonitor
Accelerate: Häagen-Dazs
21
Häagen-Dazs Growth Drivers
Emerging Markets
Developed Markets
Marketing
DIFFERENTIAL INNOVATIONBUILD THE CORE EXPAND DISTRIBUTION
Point of Sale
Australia Italy
China
• Global Category: ~$20B, Growing +MSD
• General Mills is the Global Snack Bars Leader
• Our Key Advantages are our Innovation Engine and Global Scale
22Source: Euromonitor
Accelerate: Snack Bars
(F18 YTD RETAIL SALES GROWTH)
23Source: Nielsen XAOC through January 2018
Snack Bars: Performance Highlights
NatureValleyU.S.
+11%
Snack BarsEurope
& Australia
+39%
LärabarU.S.
+31%
U.S.A.
India
U.K.
24
Snack Bars Growth Drivers
INVEST IN BRAND BUILDINGFUEL THE
INNOVATION ENGINEEXPAND
PLATFORMS GLOBALLY
• Global Category: $3.5B, Growing +LSD
• Consumers Looking for Freshness, Variety, and Convenience
• Old El Paso is the Global Leader in Mexican
25Source: Nielsen and company estimates.
Accelerate: Old El Paso
26
Old El Paso Growth Drivers
In Store Support
Media and Online Support
DIFFERENTIAL INNOVATIONMORE FROM OUR CORE EXPANDED FOOTPRINT
Distribution Growth
Online
Presence
• N. America Category: $41B, Growing +HSD
• General Mills is #3 N&O Food Producer in U.S.
• Leading Brands: Annie’s, Lärabar, Liberté, Cascadian Farm
27Source: Nielsen and company estimates.
Accelerate: Natural & Organic
28
Natural & Organic Growth Drivers
Sampling
TV and Digital
INNOVATIONDISTRIBUTION CONSUMER SUPPORT
F15-F17 Acquisitions
M&A HAS ENHANCED OUR ORGANIC GROWTH PROFILE
29
Reshape Our Portfolio for Growth
Acquisition Focus Areas:
✓ Bolt-on Acquisitions in North America and Europe
✓ Adding Scale in Emerging Markets
✓ New Growth Platforms that Leverage Our Capabilities
Divestiture Scope: Roughly 5% of Company Sales
F16 Divestiture
NET SALES GROWTH OPPORTUNITY
30*Organic Net Sales CGR. Non-GAAP measure. See appendix for reconciliation.
3 Keys to Restoring Consistent Topline Growth
+LSD
Sustainable Growth
Opportunity
Accelerate Differential
Growth Platforms
Reshape Portfolio
F14-F17 CGR*
-1%
Compete Effectively
1 2 3
Don MulliganEVP, Chief Financial Officer
SalesGrowth
MarginExpansion
CashConversion
CashReturns
32
Four Levers to Drive Shareholder Returns
+MSDAdjusted Op. Profit*
+LSD ≥ 95% ≥ 90%of Free Cash Flow*
LT Target:
*Non-GAAP measures.
COST OF GOODS HMM SAVINGS ANNOUNCED PROJECTS SAVINGS
33
Significant Cost Savings Realization
$3,250
$4,000
F10 - F17Cumulative
Savings
F18Target
F10 - F20Cumulative
Savings Goal
$390
$75
$350
$540
$700
F15 F16 F17 F18Target
$700
($ in Millions)
ADJUSTED OPERATING PROFIT MARGIN*
SG&A EXPENSE EXCLUDING MEDIA AND R&D*
34
19.0
12.5
8.6
GIS
15.1 16.4
17.2 15.9
16.8 18.1
F15 F16 F17
U.S. Food Median GIS
Source: CapIQ, fiscal 2017/calendar year 2016.Food Peers: CAG, CPB, HSY, K, KHC, MDLZ, SJM.
*Non-GAAP measure. See appendix for reconciliation.
Profit Margins and Cost StructureAhead of Food Peer Median
(% of Net Sales) (% of Net Sales)
Global Sourcing Go to Market Human Resources Finance
ENTERPRISE PROCESS TRANSFORMATION
35
Further Opportunities for Global Efficiency
$1.7 $1.6
$1.4
$1.2
$0.7 $0.8
40
34
29
24
810
0
5
10
15
20
25
30
35
40
45
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
F12 F13 F14 F15 F16 F17
Core Working Capital CWC Days
($ in Billions)
36
Reducing Core Working Capital and Increasing Efficiency
-52% Cum Decline
56
10
(44)
GIS
Source: CapIQ, fiscal 2017/calendar year 2016.Industry Peer Group – see 2017 proxy for full list.
Opportunities to Drive FurtherCore Working Capital Improvement
Top Quartile
Core Working Capital Days
Global CPG Peers
37
Free Cash Flow Performance
$4.1
$4.9
$5.9 $6.0$5.6
$5.4
$6.1
83%
94%
109% 109%102%
97%
111%
F10-F12 F11-F13 F12-F14 F13-F15 F14-F16 F15-F17 Latest 12 Qtrs
TARGET: CASH CONVERSION ≥ 95%
38*Non-GAAP measure. See appendix for reconciliation. Latest 12 quarters through F18 Q2.
Free Cash Flow* Free Cash Flow Conversion*
(3-Year Rolling, $ in Billions)
+5% CGR
DIVIDENDS PER SHARE AVERAGE DILUTED SHARES OUTSTANDING
39
Consistent Dividend and Share Repurchase Track Record
$1.22$1.32
$1.55$1.67
$1.78$1.92 $1.96
F12 F13 F14 F15 F16 F17 CurrentAnnualized
Rate
CGR = +9%
667 666
646
619 612
598
F12 F13 F14 F15 F16 F17 F18Target
CGR = -2%
Down 2%
TARGET: CASH RETURN ≥ 90%
40*Non-GAAP measure. See appendix for reconciliation. Latest 12 quarters through F18 Q2.
Strong Cash Returns to Shareholders
$4.1
$4.9
$5.9 $6.0$5.6
$5.4
$6.1
$3.3
$4.0
$5.1
$6.2 $6.1 $6.2$5.9
F10-F12 F11-F13 F12-F14 F13-F15 F14-F16 F15-F17 Latest 12 Qtrs
Free Cash Flow* Net Share Repurchases + Dividends Paid
Cash
Return %:
(3-Year Rolling, $ in Billions)
81% 86% 104% 110% 96%80% 116%
41
Four Levers to Drive Shareholder Returns
SalesGrowth
MarginExpansion
CashConversion
CashReturns
• Estimate F18 Adjusted ETR* ~27%; F19 Adjusted ETR ~22-24%
• Plan to Reinvest a Portion of Benefit in High-ROI Initiatives:
• “Accelerate” Plans on Häagen-Dazs, Snack Bars, Old El Paso, and N&O
• Key Capabilities Including E-commerce and SRM
• Anticipate One-time Impacts in F18 Q3:
• Deemed Repatriation
• Restating Deferred Tax Liabilities
42*Non-GAAP measure.
U.S. Tax Reform Impact
• Broad-based Topline Momentum Continues to Strengthen
• Greater Input Cost Pressure and Slower Improvement in Brazil Impacting Profit Expectations
• Increased Adjusted Diluted EPS
• Strong Free Cash Flow Growth
43*Non-GAAP measure.(1) Constant-currency growth rate.
Updating Fiscal 2018 Guidance
GUIDANCE MEASURE
Organic Net Sales* Growth
Total Segment Operating Profit* Growth
Tax Rate Excluding Items*
Adjusted Diluted EPS* Growth
Free Cash Flow* Growth
PREVIOUS F18 GUIDANCE
-1% to Flat
Flat to +1%1
~29%
+1 to 2%1
N/A
REVISED F18 GUIDANCE
Flat
-1% to Flat1
~27%
+3 to 4%1
> 15%
• Consumer First Remains Our Central Strategy
• Changing How We Operate: More Global, New Capabilities, Stronger Execution
• Competing, Accelerating, and Reshaping to Drive Consistent LSD Topline Growth
• Balancing All Levers to Generate Long-term Shareholder Value
44
Today’s General Mills Summary
GENERAL MILLS Consumer Analyst Group of New York
February 20, 2018
Our fiscal 2018 outlook for organic net sales growth, constant currency total segment operating profit, adjusted operating profit
margin, tax rate excluding items, adjusted diluted EPS, and free cash flow are non-GAAP financial measures that exclude, or
have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate
fluctuations, restructuring charges and project-related costs, mark-to-market effects, unusual tax items, acquisitions, and
divestitures. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable
forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable
degree of certainty the impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of
restructuring actions, unusual tax items, acquisitions, and divestitures throughout fiscal 2018. The unavailable information
could have a significant impact on our fiscal 2018 GAAP financial results.
For fiscal 2018, we currently expect: foreign currency exchange rates (based on blend of forward and forecasted rates and
hedge positions), acquisitions, and divestitures to increase net sales by approximately 1 percent; foreign currency exchange
rates to increase total segment operating profit and adjusted diluted EPS growth by approximately 1 percent; total restructuring
charges and project-related costs related to actions previously announced to total $40 million; and unusual tax items previously
announced to total approximately $42 million of expense.
46
A Reminder on Non-GAAP Guidance
47
Reconciliation of Organic Net Sales Growth(Fiscal Years)
Full Year
Organic
Volume
Organic
Price/Mix
Organic
Net Sales
Foreign
Exchange
Acquisitions &
Divestitures 53rd Week
Reported
Net Sales
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) pts 3 pts (4) % (1) pt (1) pt - (6) %
48
Reconciliation of Adjusted Operating Profit Margin
Full Year
% of Net Sales
2017 2016 2015
Operating profit as reported 16.4 % 16.3 % 11.8 %
Mark-to-market effects (0.1) (0.4) 0.5
Divestitures (gain) loss, net 0.1 (0.9) -
Restructuring costs 1.4 1.4 1.9
Project-related costs 0.3 0.4 0.1
Acquisition integration costs - - 0.1
Intangible asset impairment - - 1.5
Adjusted operating profit margin 18.1 % 16.8 % 15.9 %
(Fiscal Years)
49
Reconciliation of SG&A Expense Excluding Media and R&D
Full Year 2017
$ in Millions % of Net Sales
SG&A as reported $2,801 17.9 %
Media 624 4.0
R&D 218 1.4
SG&A Excluding Media and R&D $1,959 12.5%
(Fiscal Year)
2017 2016 2015 2014 2013 2012 2011 2010
Net earnings, including earnings attributable to redeemable and
noncontrolling interests $1,701 $1,737 $1,259 $1,861 $1,893 $1,589 $1,804 $1,535
Mark-to-market effects* (9) (40) 57 (31) (3) 66 (60) 5
Divestitures (gain) loss* 9 (66) - (36) - - - -
Tax-related items - - 79 - (85) - (89) 35
Acquisition integration costs* - - 10 - 9 10 - -
Venezuela currency devaluation* - - 8 58 21 - - -
Restructuring costs* 154 161 218 4 16 64 3 20
Project-related costs* 28 37 8 - - - - -
Intangible asset impairment* - - 177 - - - - -
Adjusted net earnings, including earnings attributable to
redeemable and noncontrolling interests $1,884 $1,829 $1,816 $1,856 $1,850 $1,729 $1,657 $1,594
Net cash provided by operating activities, as reported $2,313 $2,630 $2,543 $2,541 $2,926 $2,407 $1,531 $2,185
Purchases of land, buildings, and equipment (684) (729) (712) (664) (614) (676) (649) (650)
Free cash flow $1,629 $1,901 $1,830 $1,878 $2,312 $1,731 $882 $1,535
Free cash flow, rolling 3-year $5,360 $5,608 $6,020 $5,921 $4,926 $4,149
Free cash flow conversion, rolling 3-years 97% 102% 109% 109% 94% 83%
50
*See reconciliation of tax rate excluding items.
Table does not foot due to rounding.
Reconciliation of Free Cash Flow and Free Cash Flow Conversion
(Fiscal Years, $ in Millions)
Latest 12
Quarters2018 1H 2017 2016 2015 2H
Net earnings, including earnings attributable to redeemable and
noncontrolling interests $4,842 $852 $1,701 $1,737 $552
Mark-to-market effects* (30) (4) (9) (40) 22
Divestitures (gain) loss* (57) - 9 (66) -
Tax-related items 121 42 - - 79
Acquisition integration costs* 8 - - - 8
Venezuela currency devaluation* 8 - - - 8
Restructuring costs* 390 14 154 161 61
Project-related costs* 77 4 28 37 8
Intangible asset impairment* 177 - - - 177
Adjusted net earnings, including earnings attributable to redeemable and
noncontrolling interests $5,539 $908 $1,884 $1,829 $914
Net cash provided by operating activities, as reported $8,190 $1,567 $2,313 $2,630 $1,680
Purchases of land, buildings, and equipment (2,069) (260) (684) (729) ($395)
Free cash flow $6,121 $1,307 $1,629 $1,901 $1,285
Free cash flow conversion, rolling 3-years 111%
51
*See reconciliation of tax rate excluding items.
Table does not foot due to rounding.
Reconciliation of Free Cash Flow and Free Cash Flow Conversion for Latest 12 Quarters
(Fiscal Years, $ in Millions)
52Fiscal year table does not foot due to rounding.
Cash Return to Shareholders(Fiscal Years, $ in Millions)
2017 2016 2015 2014 2013 2012 2011 2010
Dividends paid $1,135 $1,072 $1,018 $983 $868 $800 $729 $644
Purchases of common stock for treasury 1,652 607 1,162 1,745 1,045 313 1,164 692
Proceeds from common stock issued on
exercised options (113) (172) (164) (108) (301) (234) (410) (389)
Total cash return to shareholders $2,674 $1,507 $2,016 $2,621 $1,612 $880 $1,483 $947
Cash returns, rolling 3-year $6,197 $6,143 $6,248 $5,112 $3,974 $3,309
Cash returns %, rolling 3-year 116% 110% 104% 86% 81% 80%
53Fiscal year table does not foot due to rounding.
Cash Return to Shareholdersfor Latest 12 Quarters
(Fiscal Years, $ in Millions)
Latest 12
Quarters2018 1H 2017 2016 2015 2H
Dividends paid $3,287 $565 $1,135 $1,072 $515
Purchases of common stock for treasury 3,052 601 1,652 607 193
Proceeds from common stock issued on
exercised options (463) (51) (113) (172) (128)
Total cash return to shareholders $5,875 $1,115 $2,674 $1,507 $580
Cash returns, rolling 3-year $5,875
Cash returns %, rolling 3-year 96%
54
*Earnings before income taxes and after-tax earnings from joint ventures.
Table does not foot due to rounding.
Reconciliation of Income Taxes on Adjusting Items
2017 2016 2015 2014 2013 2012 2011 2010
Pretax
Earnings*
Income
Taxes
Pretax
Earnings*
Income
Taxes
Pretax
Earnings*
Income
Taxes
Pretax
Earnings*
Income
Taxes
Pretax
Earnings*
Income
Taxes
Pretax
Earnings*
Income
Taxes
Pretax
Earnings*
Income
Taxes
Pretax
Earnings*
Income
Taxes
As reported $2,271 $655 $2,404 $755 $1,762 $587 $2,655 $883 $2,535 $741 $2,211 $710 $2,428 $721 $2,205 $771
Mark-to-market effects (14) (5) (63) (23) 90 33 (49) (18) (4) (2) 104 39 (95) (35) 7 3
Divestitures (gain) loss 14 4 (148) (82) - - (66) (30) - - - - - - - -
Restructuring costs 224 70 230 69 344 126 4 - 19 3 101 36 4 2 31 12
Project-related costs 44 16 58 21 13 5 - - - - - - - - - -
Tax items - - - - - (79) - - - 85 - - - 89 - (35)
Acquisition integration costs - - - - 16 6 - - 12 4 11 2 - - - -
Venezuela currency devaluation - - - - 8 - 62 4 25 4 - - - - - -
Intangible asset impairment - - - - 260 83 - - - - - - - - - -
As adjusted $2,539 $740 $2,480 $740 $2,492 $761 $2,607 $840 $2,587 $836 $2,427 $786 $2,337 $776 $2,243 $750
(Fiscal Years, $ in Millions)
55
*Earnings before income taxes and after-tax earnings from joint ventures.
Table does not foot due to rounding.
Reconciliation of Income Taxes on Adjusting Itemsfor Latest 12 Quarters
2018 1H 2017 2016 2015 2H
Pretax
Earnings* Income Taxes
Pretax
Earnings* Income Taxes
Pretax
Earnings* Income Taxes
Pretax
Earnings* Income Taxes
As reported $1,208 $403 $2,271 $655 $2,404 $755 $801 $281
Mark-to-market effects (6) (2) (14) (5) (63) (23) 35 13
Divestitures (gain) loss - - 14 4 (148) (82) - -
Restructuring costs 20 6 224 70 230 69 96 35
Project-related costs 5 2 44 16 58 21 12 5
Tax items - (42) - - - - - (79)
Acquisition integration costs - - - - - - 12 5
Venezuela currency devaluation - - - - - - 8 -
Intangible asset impairment - - - - - - 260 83
As adjusted $1,227 $367 $2,539 $740 $2,480 $740 $1,226 $343
(Fiscal Years, $ in Millions)
56
Reconciliation of Fiscal 2017 Adjusted Diluted EPS
Per Share Data Fiscal Year 2017
Diluted earnings per share, as reported $ 2.77
Mark-to-market effects* (0.01)
Divestiture loss, net* 0.01
Restructuring costs* 0.26
Project-related costs* 0.05
Diluted earnings per share, excluding
certain items affecting
comparability $ 3.08
*See reconciliation of Fiscal 2017 tax rate excluding items.
57
Reconciliation of Fiscal 2017 Tax Rate Excluding Items
Fiscal Year 2017
Pretax Earnings* Income Taxes
As reported $2,271.3 $655.2
Mark-to-market effects (13.9) (5.1)
Divestiture loss 13.5 4.3
Restructuring costs 224.1 70.2
Project-related costs 43.9 15.7
As adjusted $2,538.9 $740.3
Effective tax rate:
As reported 28.8%
As adjusted 29.2%
Sum of adjustments to income taxes $85.1
Average number of common shares - diluted EPS 598.0
Impact of income tax adjustments on diluted EPS
excluding certain items affecting comparability $(0.14)
($ in Millions)
*Earnings before income taxes and after-tax earnings from joint ventures