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Statement of Financial Position, Assets

Difficulty: Beginner

The statement of financial position provides creditors, investors, and analysts with information on company's resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company's assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

General Mills Inc., Consolidated Statement of Financial Position, Assets

USD $ in thousands

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May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014 May 26, 2013
Cash and cash equivalents hidden hidden hidden hidden hidden hidden
Receivables hidden hidden hidden hidden hidden hidden
Inventories hidden hidden hidden hidden hidden hidden
Deferred income taxes hidden hidden hidden hidden hidden hidden
Other receivables hidden hidden hidden hidden hidden hidden
Prepaid expenses hidden hidden hidden hidden hidden hidden
Derivative receivables, primarily commodity-related hidden hidden hidden hidden hidden hidden
Grain contracts hidden hidden hidden hidden hidden hidden
Miscellaneous hidden hidden hidden hidden hidden hidden
Prepaid expenses and other current assets hidden hidden hidden hidden hidden hidden
Current assets hidden hidden hidden hidden hidden hidden
Land, buildings, and equipment hidden hidden hidden hidden hidden hidden
Goodwill hidden hidden hidden hidden hidden hidden
Other intangible assets hidden hidden hidden hidden hidden hidden
Investments in and advances to joint ventures hidden hidden hidden hidden hidden hidden
Pension assets hidden hidden hidden hidden hidden hidden
Exchangeable note with related party hidden hidden hidden hidden hidden hidden
Life insurance hidden hidden hidden hidden hidden hidden
Miscellaneous hidden hidden hidden hidden hidden hidden
Other assets hidden hidden hidden hidden hidden hidden
Noncurrent assets hidden hidden hidden hidden hidden hidden
Total assets hidden hidden hidden hidden hidden hidden
Source: General Mills Inc., Annual Reports
Item Description The company
Cash and cash equivalents Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. General Mills Inc.'s cash and cash equivalents increased from 2016 to 2017 but then declined significantly from 2017 to 2018.
Receivables Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. General Mills Inc.'s receivables increased from 2016 to 2017 and from 2017 to 2018.
Inventories Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). General Mills Inc.'s inventories increased from 2016 to 2017 and from 2017 to 2018.
Current assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. General Mills Inc.'s current assets increased from 2016 to 2017 and from 2017 to 2018.
Land, buildings, and equipment Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. General Mills Inc.'s land, buildings, and equipment declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Noncurrent assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. General Mills Inc.'s noncurrent assets declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Total assets Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. General Mills Inc.'s total assets increased from 2016 to 2017 and from 2017 to 2018.