This excerpt taken from the GIS 8-K filed Jun 29, 2006.
Cash Flow Highlights
Cash flow from operations totaled $1.8 billion in 2006, up 3 percent from $1.7 billion in 2005. Capital expenditures in 2006 totaled $360 million, down from $434 million in 2005. Dividends paid in 2006 grew 8 percent to $1.34 per share. On June 26, 2006, the company announced a 1-cent increase in the quarterly dividend rate to 35 cents per share, effective with the August 1, 2006, payment.
General Mills renewed share repurchases in 2006, buying back 19 million shares at an average price of $47.35. As a result, average diluted shares outstanding declined from 409 million in 2005 to 379 million in 2006. The average diluted share balance in both years includes the impact of accounting for contingently convertible debt, as shown in note three to the consolidated financial statements. As a result of a refinancing and related actions taken during 2006, this accounting impact ended in December 2005. Excluding the impact of this accounting rule in both years, General Mills average diluted shares declined 4 percent in 2006 to 366 million.