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 
Quarterly Data

General Mills Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Nov 24, 2019 Aug 25, 2019 May 26, 2019 Feb 24, 2019 Nov 25, 2018 Aug 26, 2018 May 27, 2018 Feb 25, 2018 Nov 26, 2017 Aug 27, 2017 May 28, 2017 Feb 26, 2017 Nov 27, 2016 Aug 28, 2016 May 29, 2016 Feb 28, 2016 Nov 29, 2015 Aug 30, 2015 May 31, 2015 Feb 22, 2015 Nov 23, 2014 Aug 24, 2014 May 25, 2014 Feb 23, 2014 Nov 24, 2013 Aug 25, 2013
Cash and cash equivalents 1.84 1.67 1.49 1.81 1.75 1.42 1.30 4.29 4.34 3.70 3.51 4.15 3.75 3.49 3.52 3.62 3.01 2.02 1.52 3.35 3.70 3.60 3.75 3.70 3.34 3.31
Receivables 5.82 5.64 5.58 5.63 5.65 5.59 5.50 6.73 6.81 6.96 6.56 6.59 6.40 6.60 6.27 6.43 6.77 6.86 6.31 6.78 7.05 6.95 6.41 7.19 7.45 7.14
Inventories 5.65 5.61 5.18 5.10 5.39 5.52 5.36 6.53 6.83 7.18 6.80 6.74 7.06 7.06 6.51 6.24 6.74 8.04 7.02 6.78 7.82 7.80 6.74 6.80 7.57 7.73
Deferred income taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.40 0.46 0.39 0.46 0.52 0.41 0.28 0.32 0.45 0.48 0.50
Prepaid expenses and other current assets 1.40 1.14 1.65 1.24 1.14 1.17 1.30 1.69 1.55 1.69 1.75 1.57 1.82 1.98 1.84 1.86 1.77 1.97 1.93 1.66 1.63 1.46 1.77 1.74 1.78 1.78
Current assets 14.71% 14.06% 13.90% 13.77% 13.93% 13.70% 13.47% 19.23% 19.53% 19.53% 18.62% 19.05% 19.03% 19.13% 18.13% 18.54% 18.75% 19.29% 17.24% 19.09% 20.60% 20.09% 18.98% 19.88% 20.63% 20.45%
Land, buildings, and equipment 11.78 12.10 12.58 12.62 12.83 12.94 13.22 16.30 16.36 16.43 16.91 16.50 16.53 16.68 17.24 16.66 16.62 16.48 17.22 15.93 15.80 16.72 17.03 16.56 16.45 16.52
Goodwill 45.89 46.13 46.48 46.31 46.14 45.92 45.93 39.87 39.78 39.77 40.10 40.17 40.18 39.97 40.26 40.18 39.85 39.68 40.41 38.21 37.51 36.83 37.37 37.73 37.35 37.55
Other intangible assets 23.42 23.59 23.80 23.76 23.71 24.29 24.31 20.70 20.65 20.68 20.77 20.76 20.77 20.77 20.90 20.85 20.71 20.85 21.29 21.35 21.19 21.26 21.66 21.86 21.68 21.81
Other assets 4.20 4.12 3.24 3.54 3.40 3.15 3.08 3.89 3.68 3.59 3.60 3.51 3.48 3.44 3.46 3.76 4.07 3.70 3.84 5.41 4.90 5.11 4.95 3.97 3.89 3.67
Noncurrent assets 85.29% 85.94% 86.10% 86.23% 86.07% 86.30% 86.53% 80.77% 80.47% 80.47% 81.38% 80.95% 80.97% 80.87% 81.87% 81.46% 81.25% 80.71% 82.76% 80.91% 79.40% 79.91% 81.02% 80.12% 79.37% 79.55%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).


The financial data reveals several key trends in asset composition over the analyzed periods. The company’s current assets, represented as a percentage of total assets, experienced a general decline from around 20.45% in August 2013 to approximately 14.71% by November 2019. This decline was particularly notable beginning in early 2018, where current assets dropped sharply to levels around 13-14%, indicating a possible strategic shift toward a higher proportion of noncurrent assets.

Cash and cash equivalents showed some volatility, peaking intermittently near 4.3%-4.4% between late 2016 and early 2018, but then declining notably to levels below 2% from mid-2018 onward. This reduction suggests a tightening in liquidity or a shift in cash management practices.

Receivables also declined gradually over time, from about 7.14% in 2013 to around 5.82% at the end of the period. Such a trend could reflect improved collection processes or a decrease in credit sales. Inventories followed a similar downward trend, starting near 7.73% and falling to roughly 5.65%. This decrease may indicate better inventory management or a shift in the product mix that requires less inventory.

In terms of noncurrent assets, goodwill consistently constituted the largest portion, maintaining around 37-40% through 2013 to early 2018 and increasing sharply to above 45% from mid-2018 onward. Such an increase in goodwill percentage points to acquisitions or revaluations contributing to the asset base. Other intangible assets held steady around 20-21% initially but also showed a rise after 2018, reaching near 23-24%, further supporting the presence of intangible investments or acquisitions.

Land, buildings, and equipment showed a gradual decrease from about 16.52% in 2013 to around 11.78% by late 2019, reflecting possible asset sales, depreciation outpacing new investments, or shifts away from capital-intensive assets. Other assets fluctuated moderately within 3-5% but showed some increase toward the latter years.

Overall, the data indicates a strategic pivot toward an asset structure heavily weighted in goodwill and other intangibles, with a simultaneous reduction in current assets, tangible fixed assets, and liquidity ratios. This could imply increased investment in acquisitions, brands, or intellectual properties alongside tightened working capital management.

Current assets
Decreased from approximately 20.45% to 14.71% of total assets, indicating a reduced emphasis on short-term assets.
Cash and cash equivalents
Varied with peaks around 4.3%-4.4%, then declined after 2018 to below 2%, suggesting reduced liquidity or cash holdings.
Receivables
Gradually declined from about 7.14% to 5.82%, possibly reflecting improved collections or lower credit sales.
Inventories
Decreased steadily from 7.73% to roughly 5.65%, which may indicate inventory optimization or change in product mix.
Goodwill
Rose significantly from around 37-40% to over 45%, indicating increased acquisitions or intangible asset valuation.
Other intangible assets
Held steady initially, then increased from about 20% to near 24%, consistent with growth in intangible asset investment.
Land, buildings, and equipment
Declined from approximately 16.52% to 11.78%, suggesting decreased investment or higher depreciation effects on fixed assets.
Other assets
Fluctuated moderately around 3-5%, with some increase in the latter years.
Noncurrent assets
Increased from near 79.5% to over 85%, reflecting a greater proportion of the asset base devoted to long-term assets.