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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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Source: Based on data from General Mills Inc., Annual Reports
| 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 | |
Source: Based on data from General Mills Inc., Annual Reports
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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Source: Based on data from General Mills Inc., Annual Reports
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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Source: Based on data from General Mills Inc., Annual Reports
| Item | Description | The company |
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| Interest expense, net of capitalized interest | Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. | 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 | The amount of interest that was capitalized during the period. | 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
2018 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense, net of capitalized interest
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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. |
