Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
General Mills Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
- Accounts payable
- The proportion of accounts payable as a percentage of total liabilities and equity showed an overall increasing trend from 6.21% in August 2013 to a peak of 11.27% in February 2018, before slightly declining to 10.06% in November 2019. This indicates a growing reliance on supplier credit over the analyzed period, with some fluctuations.
- Current portion of long-term debt
- This category exhibited volatility, starting at 3.26% in August 2013, rising sharply to 7.49% in February 2015, then generally declining with some variability to 5.05% by November 2019. The fluctuations suggest periodic refinancing or reclassification between current and long-term debt.
- Notes payable
- The notes payable percentage demonstrated a decreasing trend from 6.9% in August 2013 to lower single digits in subsequent years, fluctuating between 1.24% and 8.96%. Peaks occurred in early 2017, but the overall pattern reflects a reduction in short-term borrowings classified as notes payable.
- Other current liabilities
- This item gradually decreased from 7.44% in August 2013 to a low of 4.54% in November 2019, indicating improved management or reduction of miscellaneous current liabilities over time.
- Current liabilities
- Current liabilities as a whole maintained a range between approximately 20% and 28%, with no clear upward or downward trend, showing stability in the short-term obligations relative to total liabilities and equity.
- Long-term debt, excluding current portion
- There was a noticeable increase from 25.77% in August 2013 to a peak of 41.45% in August 2018, followed by a decline to 35.97% in November 2019. This indicates increased leverage through long-term obligations until late 2018, then some de-leveraging or repayment subsequently.
- Deferred income taxes
- The deferred income taxes percentage was relatively stable, fluctuating mildly between 5.55% and 8.07% throughout the period, reflecting consistent tax-related liabilities.
- Other liabilities
- Other liabilities declined over time from 8.15% in August 2013 to approximately 5.11% by November 2019, indicating a reduction in other miscellaneous liabilities.
- Noncurrent liabilities
- Noncurrent liabilities increased from about 40.06% to a peak of 52.43% in August 2018 before declining to 47.7% in November 2019. This reflects an overall trend toward increased long-term obligations, with a slight reduction near the end of the period.
- Total liabilities
- Total liabilities rose from 63.87% in August 2013 to roughly 76% in the period around mid-2017 to 2018 and then declined slightly to 71.87% in November 2019. This shows an increase in leverage over time, stabilizing somewhat later.
- Redeemable interest
- Redeemable interest steadily declined from 4.34% to 1.79% by November 2019, indicating reduced obligations related to redeemable instruments or preferred interests.
- Common stock
- The common stock percentage remained fairly stable around 0.25% to 0.35%, suggesting no significant changes in share capital relative to total liabilities and equity during the period.
- Additional paid-in capital
- This component showed a decrease from about 5.18% in 2013 to a lower range near 4.5% by late 2019, signifying some contraction or relative decrease in additional capital contributed by shareholders.
- Retained earnings
- Retained earnings increased significantly from 48.63% in 2013 to a peak of 64.74% in early 2018, followed by a sharp decline to approximately 47-51% in 2018-2019. The earlier rise suggests accumulation of earnings, while the subsequent drop may reflect dividends, losses, or other equity adjustments.
- Common stock in treasury, at cost
- The treasury stock showed an increasing negative value from -17.12% to almost -37.23% in late 2017, indicating substantial share repurchases. This level then decreased in magnitude to about -21.88% by late 2019, suggesting partial reissuance or reduced treasury holdings.
- Accumulated other comprehensive loss
- This loss fluctuated between approximately -5.79% and -12.03%, with higher negative values noted in 2015-2016. The fluctuation indicates variable unrealized losses in other comprehensive income components over the period.
- Stockholders’ equity
- Stockholders’ equity declined from roughly 29.74% in 2013 to a low near 17.58% in mid-2017, before gradually recovering to 25.33% by November 2019. This reflects a period of decreasing equity relative to total liabilities and equity, followed by partial recovery.
- Noncontrolling interests
- Noncontrolling interests remained relatively stable in a narrow range around 1% to 2%, indicating a consistent minority shareholder presence.
- Total equity
- Total equity declined from approximately 31.79% in 2013 to about 20.32% in late 2016, then showed gradual increase to 26.34% by November 2019, mirroring trends in stockholders’ equity with an initial decline and subsequent recovery.
- Overall observations
- Overall, the analysis reveals an increasing reliance on liabilities, especially long-term debt, reaching a peak around 2017-2018, alongside a decline in equity proportions during the same timeframe. Subsequently, some de-leveraging and equity strengthening are evident. The increase in treasury shares suggests active share repurchase programs. Fluctuations in retained earnings and accumulated other comprehensive loss highlight variability in profitability and other comprehensive income components.