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Analysis of Debt
Difficulty: Advanced
Total Debt (Carrying Amount)
General Mills Inc., Statement of Financial Position, Debt
USD $ in thousands
| May 27, 2018 | May 28, 2017 | May 29, 2016 | May 31, 2015 | May 25, 2014 | May 26, 2013 | ||
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| Current portion of long-term debt | |
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| Long-term debt, excluding current portion | |
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Based on: 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), 10-K (filing date: 2013-07-03).
| 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 2016 to 2017 and from 2017 to 2018. |
Total Debt (Fair Value)
| May 27, 2018 | |
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| Selected Financial Data (USD $ in thousands) | |
| Notes payable | |
| Long-term debt, including the current portion | |
| Total debt (fair value) | |
| Ratio | |
| Debt, fair value to carrying amount | |
Based on: 10-K (filing date: 2018-06-29).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest Rate | Debt Amount1 | Interest Rate × Debt Amount | Weighted-average Interest Rate2 | |
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| Total | |
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Based on: 10-K (filing date: 2018-06-29).
1 USD $ in thousands
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
General Mills Inc.
USD $ in thousands
| 12 months ended | May 27, 2018 | May 28, 2017 | May 29, 2016 | May 31, 2015 | May 25, 2014 | May 26, 2013 | |||||||
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| Interest expense, net of capitalized interest | |
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| Interest expense | |
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Based on: 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), 10-K (filing date: 2013-07-03).
| 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 declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level. |
| Capitalized interest | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | General Mills Inc.’s capitalized interest declined from 2016 to 2017 and from 2017 to 2018. |
| Interest expense | Total interest costs incurred during the period and either capitalized or charged against earnings. | General Mills Inc.’s interest expense declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level. |
Adjusted Interest Coverage Ratio
Based on: 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), 10-K (filing date: 2013-07-03).
2018 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense, net of capitalized interest
= ÷ =
2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest expense
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| Ratio | Description | The company |
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| 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 2016 to 2017 and from 2017 to 2018. |
