Stock Analysis on Net
AI Tokens
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: Liabilities and Stockholders’ Equity

General Mills Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Accounts payable 9.48 8.97 9.72 9.43 7.67 6.96
Current portion of long-term debt 4.64 5.22 2.77 5.08 4.55 5.40
Notes payable 4.88 5.06 5.66 1.24 2.80 4.80
Accrued trade and consumer promotions 1.61 1.63 2.21 2.60 2.57 2.50
Accrued payroll 1.15 1.13 1.50 1.78 1.65 1.69
Dividends payable 0.06 0.06 0.10 0.11 0.13 0.14
Accrued taxes 0.12 0.31 0.27 0.51 0.09 0.27
Accrued interest, including interest rate swaps 0.31 0.35 0.38 0.42 0.42 0.40
Grain contracts 0.01 0.00 0.03 0.03 0.04 0.02
Restructuring and other exit costs reserve 0.12 0.22 0.39 0.35 0.55 0.02
Derivative payable 0.04 0.03 0.08 0.16 0.56 0.10
Miscellaneous 1.12 0.99 1.33 1.39 1.24 1.13
Other current liabilities 4.54% 4.72% 6.29% 7.35% 7.24% 6.26%
Current liabilities 23.54% 23.97% 24.44% 23.10% 22.26% 23.43%
Long-term debt, excluding current portion 38.61 41.37 35.04 32.51 34.64 27.75
Deferred income taxes 6.74 6.54 7.88 6.45 7.06 7.20
Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans 3.83 3.26 5.73 8.08 6.61 5.80
Accrued taxes 0.75 0.87 0.74 0.94 0.92 0.85
Miscellaneous 0.23 0.25 0.51 0.59 0.41 0.46
Other liabilities 4.81% 4.38% 6.98% 9.61% 7.94% 7.10%
Noncurrent liabilities 50.16% 52.29% 49.90% 48.57% 49.64% 42.05%
Total liabilities 73.70% 76.27% 74.34% 71.66% 71.90% 65.48%
Redeemable interest 1.83 2.53 4.18 3.89 3.55 4.25
Common stock, $0.10 par value 0.25 0.25 0.35 0.35 0.34 0.33
Additional paid-in capital 4.61 3.93 5.14 5.42 5.90 5.32
Retained earnings 49.80 47.22 60.24 58.11 54.59 50.93
Common stock in treasury, at cost -22.51 -23.40 -35.59 -29.14 -27.57 -22.55
Accumulated other comprehensive loss -8.72 -7.93 -10.29 -12.03 -10.52 -5.79
Stockholders’ equity 23.43% 20.05% 19.84% 22.71% 22.75% 28.23%
Noncontrolling interests 1.04 1.15 1.64 1.74 1.80 2.03
Total equity 24.47% 21.20% 21.48% 24.44% 24.55% 30.27%
Total liabilities and equity 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 overall financial structure shows a transition toward higher leverage, characterized by an increase in total liabilities and a corresponding decrease in total equity. Total liabilities rose from 65.48% of the total balance sheet in 2014 to 73.70% in 2019, peaking at 76.27% in 2018. This trend indicates a growing reliance on external financing to support the company's asset base.

Liability Composition and Debt Trends
Current liabilities remained relatively stable over the period, fluctuating between 22.26% and 24.44%. However, accounts payable grew from 6.96% in 2014 to 9.48% in 2019, suggesting an increased utilization of trade credit. Noncurrent liabilities exhibited a more pronounced upward trend, increasing from 42.05% in 2014 to 50.16% in 2019.
The primary driver of this increase was long-term debt, which climbed from 27.75% in 2014 to a high of 41.37% in 2018, before settling at 38.61% in 2019. This indicates a strategic shift toward long-term borrowing to fund operations or capital allocations.
Equity Structure and Capital Management
Total equity declined from 30.27% in 2014 to 24.47% in 2019, reaching a low of 21.20% in 2018. This contraction is largely attributed to aggressive treasury stock activity. Common stock in treasury increased significantly as a negative component of equity, peaking at -35.59% in 2017, reflecting substantial share repurchase programs.
Retained earnings showed volatility, increasing from 50.93% in 2014 to a peak of 60.24% in 2017, followed by a sharp decline to 47.22% in 2018 and a slight recovery to 49.80% in 2019. Additionally, accumulated other comprehensive loss widened from -5.79% in 2014 to a peak of -12.03% in 2016, before moderating to -8.72% by 2019.

The combined effect of increasing long-term debt and significant treasury stock buybacks has resulted in a balance sheet with a higher debt-to-equity profile. While the company maintained stable current liability levels, the expansion of noncurrent debt suggests a long-term capital restructuring aimed at optimizing the weighted average cost of capital or returning value to shareholders through equity reduction.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?