Stock Analysis on Net
Stock Analysis on Net

General Mills Inc. (NYSE:GIS)

This company has been moved to the archive! The financial data has not been updated since December 18, 2019.

Common-Size Balance Sheet: Assets

General Mills Inc., common-size consolidated balance sheet: assets

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May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Cash and cash equivalents 1.49 1.30 3.51 3.52 1.52 3.75
Receivables 5.58 5.50 6.56 6.27 6.31 6.41
Inventories 5.18 5.36 6.80 6.51 7.02 6.74
Deferred income taxes 0.00 0.00 0.00 0.00 0.46 0.32
Other receivables 0.83 0.57 0.75 0.73 0.68 0.66
Prepaid expenses 0.63 0.54 0.77 0.82 0.77 0.81
Derivative receivables, primarily commodity-related 0.14 0.13 0.16 0.21 0.37 0.14
Grain contracts 0.02 0.02 0.01 0.01 0.02 0.03
Miscellaneous 0.03 0.03 0.05 0.07 0.10 0.12
Prepaid expenses and other current assets 1.65% 1.30% 1.75% 1.84% 1.93% 1.77%
Current assets 13.90% 13.47% 18.62% 18.13% 17.24% 18.98%
Land, buildings, and equipment 12.58 13.22 16.91 17.24 17.22 17.03
Goodwill 46.48 45.93 40.10 40.26 40.41 37.37
Other intangible assets 23.80 24.31 20.77 20.90 21.29 21.66
Investments in and advances to joint ventures 1.50 1.63 2.32 2.39 2.42 2.19
Pension assets 1.07 1.01 0.66 0.42 0.63 1.87
Exchangeable note with related party 0.00 0.00 0.00 0.06 0.14 0.29
Life insurance 0.08 0.09 0.12 0.12 0.12 0.11
Miscellaneous 0.58 0.35 0.50 0.47 0.53 0.48
Other assets 3.24% 3.08% 3.60% 3.46% 3.84% 4.95%
Noncurrent assets 86.10% 86.53% 81.38% 81.87% 82.76% 81.02%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset structure exhibits a strategic shift toward noncurrent assets over the six-year period analyzed. Total current assets decreased from 18.98% of total assets in 2014 to 13.90% in 2019, while noncurrent assets rose from 81.02% to 86.10% during the same timeframe.

Intangible Asset Expansion
A significant concentration of value has shifted toward intangible assets. Goodwill increased from 37.37% in 2014 to 46.48% in 2019. Simultaneously, other intangible assets rose from 21.66% to 23.80%. Combined, these two categories represented 70.28% of total assets by 2019, compared to 59.03% in 2014, indicating a balance sheet increasingly dominated by acquired premiums and non-physical assets.
Current Asset Composition and Liquidity
A general downward trend is observed in the liquidity components of the balance sheet. Cash and cash equivalents were volatile, ending at 1.49% in 2019, a decrease from 3.75% in 2014. Receivables and inventories also experienced moderate contractions; receivables moved from 6.41% to 5.58%, and inventories decreased from 6.74% to 5.18% of total assets.
Tangible Fixed Asset Compression
Investment in physical infrastructure has diminished relative to the total asset base. Land, buildings, and equipment declined from 17.03% in 2014 to 12.58% in 2019. This suggests that the growth in the total asset base has been driven by intangible acquisitions rather than investments in property, plant, and equipment.
Other Asset Trends
Investments in and advances to joint ventures showed a steady decline from 2.19% in 2014 to 1.50% in 2019. Pension assets remained a small and fluctuating portion of the balance sheet, reaching a low of 0.42% in 2016 before recovering to 1.07% by 2019.

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