General Mills Inc., balance sheet: property, plant and equipment

US$ in thousands

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Land	73,600)	77,700)	79,800)	92,900)	96,000)	106,900)
Buildings	2,477,200)	2,396,300)	2,249,200)	2,236,000)	2,272,700)	2,228,400)
Buildings under capital lease	300)	300)	300)	300)	300)	300)
Equipment	6,548,300)	6,236,600)	6,095,900)	5,945,600)	6,091,100)	5,979,700)
Equipment under capital lease	5,700)	5,800)	3,000)	3,000)	9,800)	9,000)
Capitalized software	631,600)	593,600)	545,400)	523,000)	499,000)	468,000)
Construction in progress	343,800)	692,900)	553,000)	702,700)	622,200)	600,800)
Land, buildings, and equipment, gross	10,080,500)	10,003,200)	9,526,600)	9,503,500)	9,591,100)	9,393,100)
Accumulated depreciation	(6,293,300)	(5,956,000)	(5,838,900)	(5,759,900)	(5,807,800)	(5,451,200)
Land, buildings, and equipment, less accumulated depreciation	3,787,200)	4,047,200)	3,687,700)	3,743,600)	3,783,300)	3,941,900)

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Item	Description	The company
Land, buildings, and equipment, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	General Mills Inc. land, buildings, and equipment, gross increased from 2017 to 2018 and from 2018 to 2019.
Land, buildings, and equipment, less accumulated depreciation	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	General Mills Inc. land, buildings, and equipment, less accumulated depreciation increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

General Mills Inc., asset age ratios

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Average age ratio	62.89%	60.01%	61.81%	61.21%	61.17%	58.70%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	General Mills Inc. average age ratio of depreciable property, plant and equipment improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Selected Financial Data (US$ in thousands)
Accumulated depreciation	6,293,300)	5,956,000)	5,838,900)	5,759,900)	5,807,800)	5,451,200)
Land, buildings, and equipment, gross	10,080,500)	10,003,200)	9,526,600)	9,503,500)	9,591,100)	9,393,100)
Land	73,600)	77,700)	79,800)	92,900)	96,000)	106,900)
Asset Age Ratio
Average age¹	62.89%	60.01%	61.81%	61.21%	61.17%	58.70%

2019 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Land, buildings, and equipment, gross – Land)
= 100 × 6,293,300 ÷ (10,080,500 – 73,600) = 62.89%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	General Mills Inc. average age ratio of depreciable property, plant and equipment improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.

General Mills Inc. (NYSE:GIS)

Analysis of Property, Plant and Equipment