Name: General Mills Inc. (NYSE:GIS) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company 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.

Assets: Selected Items

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Current Assets: Selected Items

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General Mills Inc., consolidated balance sheet: assets

US$ in thousands

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Cash and cash equivalents	450,000)	399,000)	766,100)	763,700)	334,200)	867,300)
Receivables	1,679,700)	1,684,200)	1,430,100)	1,360,800)	1,386,700)	1,483,600)
Inventories	1,559,300)	1,642,200)	1,483,600)	1,413,700)	1,540,900)	1,559,400)
Deferred income taxes	—)	—)	—)	—)	100,100)	74,100)
Other receivables	250,200)	174,400)	163,700)	159,300)	148,800)	153,900)
Prepaid expenses	189,000)	165,600)	168,900)	177,900)	169,300)	187,200)
Derivative receivables, primarily commodity-related	42,200)	40,500)	35,000)	44,600)	80,900)	33,300)
Grain contracts	6,700)	7,100)	2,700)	1,800)	3,300)	7,500)
Miscellaneous	9,400)	10,700)	11,300)	15,400)	21,500)	27,200)
Prepaid expenses and other current assets	497,500)	398,300)	381,600)	399,000)	423,800)	409,100)
Current assets	4,186,500)	4,123,700)	4,061,400)	3,937,200)	3,785,700)	4,393,500)
Land, buildings, and equipment	3,787,200)	4,047,200)	3,687,700)	3,743,600)	3,783,300)	3,941,900)
Goodwill	13,995,800)	14,065,000)	8,747,200)	8,741,200)	8,874,900)	8,650,500)
Other intangible assets	7,166,800)	7,445,100)	4,530,400)	4,538,600)	4,677,000)	5,014,300)
Investments in and advances to joint ventures	452,900)	499,600)	505,300)	518,900)	530,600)	507,500)
Pension assets	323,500)	309,900)	144,900)	90,900)	138,200)	432,200)
Exchangeable note with related party	—)	—)	—)	12,700)	30,700)	68,200)
Life insurance	22,700)	26,900)	25,600)	26,300)	26,600)	25,800)
Miscellaneous	175,800)	106,600)	110,100)	102,900)	117,500)	111,800)
Other assets	974,900)	943,000)	785,900)	751,700)	843,600)	1,145,500)
Noncurrent assets	25,924,700)	26,500,300)	17,751,200)	17,775,100)	18,178,800)	18,752,200)
Total assets	30,111,200)	30,624,000)	21,812,600)	21,712,300)	21,964,500)	23,145,700)

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).

Total assets remained relatively stable between 2014 and 2017, fluctuating between 21.7 billion and 23.1 billion US dollars. A significant expansion occurred in 2018, where total assets surged to 30.6 billion US dollars, before slightly contracting to 30.1 billion US dollars in 2019.

Current Asset Composition and Liquidity: Current assets exhibited a general pattern of stability, ranging from approximately 3.8 billion to 4.4 billion US dollars. Cash and cash equivalents showed significant volatility, reaching a low of 334.2 million US dollars in 2015 and a high of 867.3 million US dollars in 2014. Receivables showed a gradual upward trend, increasing from 1.48 billion US dollars in 2014 to 1.68 billion US dollars by 2018. Inventories remained consistent, generally fluctuating between 1.4 billion and 1.6 billion US dollars throughout the period.
Non-current Asset Growth and Intangibles: The most substantial growth in the balance sheet is observed within non-current assets, which rose from 18.8 billion US dollars in 2014 to a peak of 26.5 billion US dollars in 2018. This increase was driven almost entirely by a sharp rise in goodwill and other intangible assets. Goodwill increased from 8.65 billion US dollars in 2014 to 14.1 billion US dollars in 2018, while other intangible assets rose from 5.0 billion US dollars in 2014 to 7.4 billion US dollars in 2018. These patterns suggest a major acquisition or strategic investment occurred during the 2018 fiscal year.
Fixed Assets and Long-term Investments: Land, buildings, and equipment remained relatively flat, starting at 3.9 billion US dollars in 2014 and ending at 3.8 billion US dollars in 2019, indicating a stable physical infrastructure. Investments in and advances to joint ventures saw a slight downward trend, decreasing from 507.5 million US dollars in 2014 to 452.9 million US dollars in 2019. Pension assets experienced significant volatility, dropping from 432.2 million US dollars in 2014 to 90.9 million US dollars in 2016, before recovering to 323.5 million US dollars by 2019.
Other Asset Trends: Several smaller asset categories showed diminishing values over time. The exchangeable note with a related party decreased steadily from 68.2 million US dollars in 2014 until it was completely removed from the balance sheet by 2017. Miscellaneous current assets also trended downward, falling from 27.2 million US dollars in 2014 to 9.4 million US dollars in 2019.

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