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Microsoft Excel LibreOffice Calc

General Mills Inc. (GIS)


Analysis of Debt

Difficulty: Advanced


Total Debt (Carrying Amount)

General Mills Inc., balance sheet: debt

US$ in thousands

Microsoft Excel LibreOffice Calc
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Current portion of long-term debt hidden hidden hidden hidden hidden hidden
Notes payable hidden hidden hidden hidden hidden hidden
Long-term debt, excluding current portion hidden hidden hidden hidden hidden hidden
Total debt (carrying amount) hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

Item Description The company
Total debt (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. General Mills Inc.’s total debt increased from 2017 to 2018 but then slightly declined from 2018 to 2019.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
May 26, 2019
Selected Financial Data (US$ in thousands)
Notes payable hidden
Long-term debt, including the current portion hidden
Total debt (fair value) hidden
Financial Ratio
Debt, fair value to carrying amount ratio hidden

Based on: 10-K (filing date: 2019-06-28).


Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt: hidden

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
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Total hidden hidden
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Based on: 10-K (filing date: 2019-06-28).

1 US$ in thousands

2 Weighted-average interest rate = 100 × hidden ÷ hidden = hidden


Interest Costs Incurred

General Mills Inc., interest costs incurred

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Interest expense, net of capitalized interest hidden hidden hidden hidden hidden hidden
Capitalized interest hidden hidden hidden hidden hidden hidden
Interest expense hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

Item Description The company
Interest expense, net of capitalized interest Amount of the cost of borrowed funds accounted for as interest expense for debt. General Mills Inc.’s interest expense, net of capitalized interest increased from 2017 to 2018 and from 2018 to 2019.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. General Mills Inc.’s capitalized interest declined from 2017 to 2018 and from 2018 to 2019.
Interest expense Total interest costs incurred during the period and either capitalized or charged against earnings. General Mills Inc.’s interest expense increased from 2017 to 2018 and from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills hidden hidden hidden hidden hidden hidden
Add: Net income attributable to noncontrolling interest hidden hidden hidden hidden hidden hidden
Add: Income tax expense hidden hidden hidden hidden hidden hidden
Add: Interest expense, net of capitalized interest hidden hidden hidden hidden hidden hidden
Earnings before interest and tax (EBIT) hidden hidden hidden hidden hidden hidden
 
Interest expense hidden hidden hidden hidden hidden hidden
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1 hidden hidden hidden hidden hidden hidden
Adjusted interest coverage ratio (with capitalized interest)2 hidden hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-06-28), 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03).

2019 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of capitalized interest
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2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
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Financial Ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). General Mills Inc.’s adjusted interest coverage ratio deteriorated from 2017 to 2018 and from 2018 to 2019.