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Analysis of Revenues

Difficulty: Advanced


Revenue Recognition Accounting Policy

General Mills recognizes sales revenue when the shipment is accepted by the customer. Sales include shipping and handling charges billed to the customer and are reported net of consumer coupon redemption, trade promotion and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts. Sales, use, value-added, and other excise taxes are not recognized in revenue. Coupons are recorded when distributed, based on estimated redemption rates. Trade promotions are recorded based on estimated participation and performance levels for offered programs at the time of sale. General Mills generally does not allow a right of return. However, on a limited case-by-case basis with prior approval, General Mills may allow customers to return product. In limited circumstances, product returned in saleable condition is resold to other customers or outlets. Receivables from customers generally do not bear interest. Terms and collection patterns vary around the world and by channel. The allowance for doubtful accounts represents General Mills' estimate of probable non-payments and credit losses in the existing receivables, as determined based on a review of past due balances and other specific account data. Account balances are written off against the allowance when General Mills deems the amount is uncollectible.

Source: 10-K (filing date: 2018-06-29).


Revenues as Reported

General Mills Inc., Income Statement, Revenues

USD $ in thousands

Microsoft Excel LibreOffice Calc
12 months ended May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014 May 26, 2013
Snacks hidden hidden hidden hidden hidden hidden
Cereal hidden hidden hidden hidden hidden hidden
Convenient meals hidden hidden hidden hidden hidden hidden
Yogurt hidden hidden hidden hidden hidden hidden
Dough hidden hidden hidden hidden hidden hidden
Baking mixes and ingredients hidden hidden hidden hidden hidden hidden
Super-premium ice cream hidden hidden hidden hidden hidden hidden
Vegetables hidden hidden hidden hidden hidden hidden
Other hidden hidden hidden hidden hidden hidden
Net sales hidden hidden hidden hidden hidden hidden

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
Net sales Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. General Mills Inc.'s net sales declined from 2016 to 2017 but then slightly increased from 2017 to 2018.