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: Liabilities and Stockholders’ Equity 

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

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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).

Accounts payable
Accounts payable as a percentage of total liabilities and equity increased steadily from 6.96% in 2014 to a peak of 9.72% in 2017, followed by a slight decline and stabilization around 9.48% by 2019.
Current portion of long-term debt
This component fluctuated, declining from 5.4% in 2014 to a low of 2.77% in 2017, then increasing again to near 5.22% in 2018 before a slight reduction to 4.64% in 2019.
Notes payable
Notes payable decreased sharply from 4.8% in 2014 to 1.24% in 2016, then rose significantly to 5.66% in 2017, followed by a moderate decrease stabilizing near 4.88% in 2019.
Accrued trade and consumer promotions
There was a gradual reduction from 2.5% in 2014 to 1.61% in 2019, indicating improved control or fewer obligations in promotions over the period.
Accrued payroll
Accrued payroll remained relatively stable with a slight downward trend from 1.69% to around 1.15% of total liabilities and equity between 2014 and 2019.
Dividends payable
Dividends payable showed a consistent decline from 0.14% in 2014 to 0.06% in 2019, suggesting a decreasing short-term dividend obligation.
Accrued taxes
Accrued taxes displayed variability with no clear trend, dropping from 0.27% in 2014 to 0.12% in 2019 after some fluctuations.
Accrued interest, including interest rate swaps
This item slightly decreased over time from 0.4% in 2014 to 0.31% in 2019, reflecting lower accrued interest liabilities.
Grain contracts
Grain contracts remained consistently negligible throughout the years, fluctuating marginally around 0% to 0.04%.
Restructuring and other exit costs reserve
This reserve peaked at 0.55% in 2015 but steadily declined to 0.12% by 2019, indicating reduced restructuring liabilities.
Derivative payable
Derivative payables showed a peak at 0.56% in 2015, followed by a significant decline and stabilization near 0.04% by 2019, pointing to lower derivative liabilities.
Miscellaneous (current liabilities category)
This showed minor fluctuations ranging between 0.99% to 1.39%, with a slight dip around 2018.
Other current liabilities
Other current liabilities decreased consistently from 6.26% in 2014 to 4.54% in 2019, indicating a reduction in sundry current obligations.
Current liabilities total
Current liabilities as a whole remained relatively stable, fluctuating narrowly between 22.26% and 24.44%, ending at 23.54% in 2019.
Long-term debt, excluding current portion
Long-term debt increased notably from 27.75% in 2014 to a peak of 41.37% in 2018 before slightly decreasing to 38.61% in 2019, indicating a growing proportion of longer-term financing.
Deferred income taxes
This metric was fairly steady, mostly oscillating around 6.5% to 7.9% without significant trend.
Accrued compensation and benefits
Accrued compensation and benefits showed a marked decrease from a high of 8.08% in 2016 to around 3.26%-3.83% by 2018-2019, suggesting lower liabilities associated with employee benefits.
Accrued taxes (noncurrent)
Noncurrent accrued taxes remained relatively stable, near 0.75%-0.94%, with minor fluctuations.
Miscellaneous (noncurrent liabilities category)
Miscellaneous noncurrent liabilities decreased from around 0.59% in 2016 to 0.23% in 2019, reflecting reduced unspecified noncurrent obligations.
Other liabilities (noncurrent)
Other noncurrent liabilities declined significantly from 9.61% in 2016 to approximately 4.81% in 2019.
Noncurrent liabilities total
Noncurrent liabilities rose from 42.05% in 2014 to a peak of 52.29% in 2018, then slightly decreased to 50.16% in 2019, indicating an overall upward trend in long-term obligations.
Total liabilities
Total liabilities increased steadily from 65.48% in 2014 to a peak of 76.27% in 2018, then declined somewhat to 73.7% in 2019, reflecting greater leverage overall but some reduction in the last year.
Redeemable interest
Redeemable interest consistently decreased from 4.25% in 2014 to 1.83% in 2019, suggesting lower interest liabilities of this nature.
Common stock, $0.10 par value
This remained stable around 0.33%-0.35% until 2017 and then dropped to 0.25% by 2018-2019.
Additional paid-in capital
Additional paid-in capital peaked at 5.9% in 2015 but declined to around 3.93% in 2018 with a slight recovery to 4.61% in 2019.
Retained earnings
Retained earnings increased from 50.93% in 2014 to a high of 60.24% in 2017, followed by a considerable decrease to 47.22% in 2018 and a minor rebound to 49.8% in 2019.
Common stock in treasury, at cost
Treasury stock increased in magnitude negatively from -22.55% in 2014 to a peak negative value of -35.59% in 2017, then sharply improved (less negative) to about -22.51% by 2019.
Accumulated other comprehensive loss
This item deepened from -5.79% in 2014 to a peak of -12.03% in 2016, before partially recovering to around -8.72% by 2019.
Stockholders’ equity
Stockholders’ equity declined from 28.23% in 2014 to 19.84% in 2017, then gradually increased to 23.43% in 2019, indicating some stabilization after previous erosion.
Noncontrolling interests
Noncontrolling interests steadily declined over the period from 2.03% to 1.04%, showing reduced minority interest in the company's net assets.
Total equity
Total equity decreased from 30.27% in 2014 to 21.48% in 2017, followed by stabilization and increase to 24.47% by 2019.
Overall relationship
The proportions of liabilities and equity remained balanced at 100% as expected, with a general trend towards increased leverage driven mainly by rising long-term debt and total liabilities, partially offset by fluctuations and some recovery in equity components post-2017.