Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Current Ratio
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

General Mills Inc., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Federal	151,900)	441,200)	368,500)	489,800)	392,700)	526,700)
State and local	35,300)	35,200)	21,100)	30,800)	29,300)	37,800)
Foreign	84,600)	85,200)	81,700)	114,000)	139,500)	146,300)
Currently payable	271,800)	561,600)	471,300)	634,600)	561,500)	710,800)
Federal	86,700)	(478,500)	201,300)	123,000)	70,300)	159,100)
State and local	21,600)	15,700)	10,200)	(6,900)	(8,700)	21,300)
Foreign	(12,300)	(41,500)	(27,600)	4,500)	(36,300)	(7,900)
Deferred	96,000)	(504,300)	183,900)	120,600)	25,300)	172,500)
Income taxes	367,800)	57,300)	655,200)	755,200)	586,800)	883,300)

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

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Item	Description	The company
Currently payable	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	General Mills Inc. currently payable increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	General Mills Inc. deferred decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.
Income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	General Mills Inc. income taxes decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.

General Mills Inc., effective income tax rate (EITR) reconciliation

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
United States statutory income tax rate	21.00%	29.40%	35.00%	35.00%	35.00%	35.00%
State and local income taxes, net of federal tax benefits	2.50%	1.70%	0.80%	0.70%	0.70%	1.40%
Foreign rate differences	0.00%	-2.00%	-3.50%	-2.20%	-3.10%	-0.10%
Repatriation of foreign earnings	0.00%	0.00%	0.00%	0.00%	4.50%	0.00%
Non-deductible goodwill	0.00%	0.00%	0.00%	2.60%	0.00%	0.00%
Stock based compensation	-1.20%	-1.20%	0.00%	0.00%	0.00%	0.00%
Capital loss	-3.70%	0.00%	0.00%	0.00%	0.00%	0.00%
Prior period tax adjustment	0.00%	1.90%	0.00%	0.00%	0.00%	0.00%
Domestic manufacturing deduction	0.00%	-1.90%	-2.80%	-2.00%	-2.90%	-2.30%
Other, net	-0.50%	-0.70%	-0.70%	-2.70%	-0.90%	-0.70%
Effective income tax rate, before provisional net tax benefit	18.10%	27.20%	28.80%	31.40%	33.30%	33.30%
Provisional net tax benefit	-0.40%	-24.50%	0.00%	0.00%	0.00%	0.00%
Effective income tax rate	17.70%	2.70%	28.80%	31.40%	33.30%	33.30%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

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Item	Description	The company
Effective income tax rate, before provisional net tax benefit	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	General Mills Inc. effective income tax rate, before provisional net tax benefit decreased from 2017 to 2018 and from 2018 to 2019.

General Mills Inc., components of deferred tax assets and liabilities

US$ in thousands

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Accrued liabilities	50,900)	47,200)	70,000)	89,900)	98,000)	106,000)
Compensation and employee benefits	196,600)	210,200)	419,200)	491,500)	536,200)	546,000)
Unrealized hedges	—)	—)	—)	—)	800)	—)
Pension	103,200)	57,100)	196,300)	322,000)	169,000)	—)
Tax credit carryforwards	7,300)	7,400)	18,400)	4,500)	5,600)	78,900)
Stock, partnership, and miscellaneous investments	104,200)	147,900)	276,400)	353,600)	384,100)	427,900)
Capital losses	73,100)	12,900)	29,800)	14,500)	6,100)	13,000)
Net operating losses	141,700)	161,200)	109,500)	97,900)	89,300)	71,400)
Other	71,300)	52,900)	85,600)	84,100)	74,500)	117,700)
Gross deferred tax assets	748,300)	696,800)	1,205,200)	1,458,000)	1,363,600)	1,360,900)
Valuation allowance	(213,700)	(176,000)	(231,800)	(227,000)	(215,400)	(221,600)
Net deferred tax assets	534,600)	520,800)	973,400)	1,231,000)	1,148,200)	1,139,300)
Brands	(1,472,600)	(1,498,700)	(1,310,100)	(1,311,700)	(1,346,300)	(1,373,400)
Fixed assets	(377,800)	(329,500)	(484,500)	(476,300)	(446,500)	(499,400)
Pension	—)	—)	—)	—)	—)	(2,000)
Intangible assets	(259,700)	(255,100)	(238,600)	(221,800)	(208,400)	(204,200)
Tax lease transactions	(23,900)	(26,000)	(45,800)	(48,000)	(50,800)	(53,100)
Inventories	(39,000)	(38,800)	(60,000)	(53,000)	(59,700)	(60,600)
Stock, partnership, and miscellaneous investments	(330,000)	(317,100)	(479,400)	(476,000)	(472,500)	(470,700)
Unrealized hedges	(27,900)	(28,500)	(45,400)	(22,600)	—)	(22,800)
Other	(34,700)	(30,900)	(29,000)	(21,200)	(14,200)	(45,000)
Gross deferred tax liabilities	(2,565,600)	(2,524,600)	(2,692,800)	(2,630,600)	(2,598,400)	(2,731,200)
Net deferred tax asset (liability)	(2,031,000)	(2,003,800)	(1,719,400)	(1,399,600)	(1,450,200)	(1,591,900)

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	General Mills Inc. gross deferred tax assets decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Net deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	General Mills Inc. net deferred tax assets decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	General Mills Inc. net deferred tax asset (liability) decreased from 2017 to 2018 and from 2018 to 2019.

General Mills Inc., deferred tax assets and liabilities, classification

US$ in thousands

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Current deferred tax assets	—)	—)	—)	—)	100,100)	74,100)
	Noncurrent deferred tax liabilities	2,031,000)	2,003,800)	1,719,400)	1,399,600)	1,550,300)	1,666,000)

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

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Item	Description	The company
Noncurrent deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	General Mills Inc. noncurrent deferred tax liabilities increased from 2017 to 2018 and from 2018 to 2019.

General Mills Inc., adjustments to financial statements

US$ in thousands

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Adjustment to Current Assets
Current assets (as reported)	4,186,500)	4,123,700)	4,061,400)	3,937,200)	3,785,700)	4,393,500)
Less: Current deferred tax assets, net	—)	—)	—)	—)	100,100)	74,100)
Current assets (adjusted)	4,186,500)	4,123,700)	4,061,400)	3,937,200)	3,685,600)	4,319,400)
Adjustment to Total Assets
Total assets (as reported)	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)
Less: Current deferred tax assets, net	—)	—)	—)	—)	100,100)	74,100)
Total assets (adjusted)	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,864,400)	23,071,600)
Adjustment to Total Liabilities
Total liabilities (as reported)	22,191,800)	23,355,400)	16,216,200)	15,559,600)	15,792,900)	15,156,200)
Less: Noncurrent deferred tax liabilities, net	2,031,000)	2,003,800)	1,719,400)	1,399,600)	1,550,300)	1,666,000)
Total liabilities (adjusted)	20,160,800)	21,351,600)	14,496,800)	14,160,000)	14,242,600)	13,490,200)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	7,054,500)	6,141,100)	4,327,900)	4,930,200)	4,996,700)	6,534,800)
Less: Net deferred tax assets (liabilities)	(2,031,000)	(2,003,800)	(1,719,400)	(1,399,600)	(1,450,200)	(1,591,900)
Stockholders’ equity (adjusted)	9,085,500)	8,144,900)	6,047,300)	6,329,800)	6,446,900)	8,126,700)
Adjustment to Net Earnings Attributable To General Mills
Net earnings attributable to General Mills (as reported)	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Add: Deferred income tax expense (benefit)	96,000)	(504,300)	183,900)	120,600)	25,300)	172,500)
Net earnings attributable to General Mills (adjusted)	1,848,700)	1,626,700)	1,841,400)	1,818,000)	1,246,600)	1,996,900)

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

General Mills Inc., Financial Data: Reported vs. Adjusted

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General Mills Inc., adjusted financial ratios

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Current Ratio
Reported current ratio	0.59	0.56	0.76	0.79	0.77	0.81
Adjusted current ratio	0.59	0.56	0.76	0.79	0.75	0.80
Net Profit Margin
Reported net profit margin	10.39%	13.54%	10.61%	10.25%	6.93%	10.19%
Adjusted net profit margin	10.96%	10.33%	11.79%	10.98%	7.07%	11.15%
Total Asset Turnover
Reported total asset turnover	0.56	0.51	0.72	0.76	0.80	0.77
Adjusted total asset turnover	0.56	0.51	0.72	0.76	0.81	0.78
Financial Leverage
Reported financial leverage	4.27	4.99	5.04	4.40	4.40	3.54
Adjusted financial leverage	3.31	3.76	3.61	3.43	3.39	2.84
Return on Equity (ROE)
Reported ROE	24.85%	34.70%	38.30%	34.43%	24.44%	27.92%
Adjusted ROE	20.35%	19.97%	30.45%	28.72%	19.34%	24.57%
Return on Assets (ROA)
Reported ROA	5.82%	6.96%	7.60%	7.82%	5.56%	7.88%
Adjusted ROA	6.14%	5.31%	8.44%	8.37%	5.70%	8.66%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

Financial ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	General Mills Inc. adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	General Mills Inc. adjusted net profit margin ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	General Mills Inc. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	General Mills Inc. adjusted financial leverage ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	General Mills Inc. adjusted ROE deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	General Mills Inc. adjusted ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

General Mills Inc., Financial Ratios: Reported vs. Adjusted

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	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
As Reported
Selected Financial Data (US$ in thousands)
Current assets	4,186,500)	4,123,700)	4,061,400)	3,937,200)	3,785,700)	4,393,500)
Current liabilities	7,087,100)	7,341,900)	5,330,800)	5,014,700)	4,890,100)	5,423,500)
Liquidity Ratio
Current ratio¹	0.59	0.56	0.76	0.79	0.77	0.81
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted current assets	4,186,500)	4,123,700)	4,061,400)	3,937,200)	3,685,600)	4,319,400)
Current liabilities	7,087,100)	7,341,900)	5,330,800)	5,014,700)	4,890,100)	5,423,500)
Liquidity Ratio
Adjusted current ratio²	0.59	0.56	0.76	0.79	0.75	0.80

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

2019 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= 4,186,500 ÷ 7,087,100 = 0.59

² Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 4,186,500 ÷ 7,087,100 = 0.59

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	General Mills Inc. adjusted current ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Profitability Ratio
Net profit margin¹	10.39%	13.54%	10.61%	10.25%	6.93%	10.19%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to General Mills	1,848,700)	1,626,700)	1,841,400)	1,818,000)	1,246,600)	1,996,900)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Profitability Ratio
Adjusted net profit margin²	10.96%	10.33%	11.79%	10.98%	7.07%	11.15%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

2019 Calculations

¹ Net profit margin = 100 × Net earnings attributable to General Mills ÷ Net sales
= 100 × 1,752,700 ÷ 16,865,200 = 10.39%

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to General Mills ÷ Net sales
= 100 × 1,848,700 ÷ 16,865,200 = 10.96%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	General Mills Inc. adjusted net profit margin ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
As Reported
Selected Financial Data (US$ in thousands)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)
Activity Ratio
Total asset turnover¹	0.56	0.51	0.72	0.76	0.80	0.77
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Adjusted total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,864,400)	23,071,600)
Activity Ratio
Adjusted total asset turnover²	0.56	0.51	0.72	0.76	0.81	0.78

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

2019 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 16,865,200 ÷ 30,111,200 = 0.56

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 16,865,200 ÷ 30,111,200 = 0.56

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	General Mills Inc. adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
As Reported
Selected Financial Data (US$ in thousands)
Total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)
Stockholders’ equity	7,054,500)	6,141,100)	4,327,900)	4,930,200)	4,996,700)	6,534,800)
Solvency Ratio
Financial leverage¹	4.27	4.99	5.04	4.40	4.40	3.54
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,864,400)	23,071,600)
Adjusted stockholders’ equity	9,085,500)	8,144,900)	6,047,300)	6,329,800)	6,446,900)	8,126,700)
Solvency Ratio
Adjusted financial leverage²	3.31	3.76	3.61	3.43	3.39	2.84

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

2019 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 30,111,200 ÷ 7,054,500 = 4.27

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 30,111,200 ÷ 9,085,500 = 3.31

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	General Mills Inc. adjusted financial leverage ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Stockholders’ equity	7,054,500)	6,141,100)	4,327,900)	4,930,200)	4,996,700)	6,534,800)
Profitability Ratio
ROE¹	24.85%	34.70%	38.30%	34.43%	24.44%	27.92%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to General Mills	1,848,700)	1,626,700)	1,841,400)	1,818,000)	1,246,600)	1,996,900)
Adjusted stockholders’ equity	9,085,500)	8,144,900)	6,047,300)	6,329,800)	6,446,900)	8,126,700)
Profitability Ratio
Adjusted ROE²	20.35%	19.97%	30.45%	28.72%	19.34%	24.57%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

2019 Calculations

¹ ROE = 100 × Net earnings attributable to General Mills ÷ Stockholders’ equity
= 100 × 1,752,700 ÷ 7,054,500 = 24.85%

² Adjusted ROE = 100 × Adjusted net earnings attributable to General Mills ÷ Adjusted stockholders’ equity
= 100 × 1,848,700 ÷ 9,085,500 = 20.35%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	General Mills Inc. adjusted ROE deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)
Total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)
Profitability Ratio
ROA¹	5.82%	6.96%	7.60%	7.82%	5.56%	7.88%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings attributable to General Mills	1,848,700)	1,626,700)	1,841,400)	1,818,000)	1,246,600)	1,996,900)
Adjusted total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,864,400)	23,071,600)
Profitability Ratio
Adjusted ROA²	6.14%	5.31%	8.44%	8.37%	5.70%	8.66%

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

2019 Calculations

¹ ROA = 100 × Net earnings attributable to General Mills ÷ Total assets
= 100 × 1,752,700 ÷ 30,111,200 = 5.82%

² Adjusted ROA = 100 × Adjusted net earnings attributable to General Mills ÷ Adjusted total assets
= 100 × 1,848,700 ÷ 30,111,200 = 6.14%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	General Mills Inc. adjusted ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

General Mills Inc. (NYSE:GIS)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

General Mills Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

General Mills Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)