General Mills Inc. (NYSE:GIS)

The financial data reveals several key trends in asset composition and valuation over the period from May 2014 to May 2019.

Current Assets

There is a noticeable decline in current assets from approximately 4,393,500 thousand US dollars in 2014 to 3,785,700 thousand in 2015, followed by a gradual increase to 4,186,500 thousand in 2019. This fluctuation is primarily influenced by cash and cash equivalents, which dropped sharply between 2014 and 2015 before recovering somewhat, and receivables that showed an overall upward trend.

Cash and Cash Equivalents

This item exhibited a significant decrease between 2014 and 2015, falling from 867,300 to 334,200 thousand US dollars. Subsequently, it experienced a resurgence to over 763,700 thousand in 2016 and stabilized around 450,000 thousand by 2019, indicative of variable liquidity conditions.

Receivables

Receivables demonstrated a relatively stable pattern with slight decreases from 1,483,600 thousand in 2014 to 1,360,800 thousand in 2016, then gained momentum, increasing to 1,679,700 thousand in 2019. This suggests a gradual buildup in amounts owed to the company.

Inventories

Inventories remained fairly stable, declining marginally from 1,559,400 thousand in 2014 to a low of 1,413,700 thousand in 2016, then increasing to 1,642,200 thousand in 2018 before decreasing again to 1,559,300 thousand in 2019. This pattern reflects modest adjustments in stockholding levels over time.

Other Current Assets

Items such as prepaid expenses, derivative receivables, grain contracts, miscellaneous assets, and prepaid expenses combined with other current assets show fluctuating but generally stable values. Prepaid expenses and other current assets rose from 409,100 thousand in 2014 to 497,500 thousand in 2019, indicating a slight increase in short-term prepaid and miscellaneous assets.

Noncurrent Assets

Noncurrent assets decreased consistently from 18,752,200 thousand in 2014 to 17,751,100 thousand in 2016, before leaping substantially to 26,500,300 thousand in 2018, followed by a slight decrease to 25,924,700 thousand in 2019. This sharp increase appears to be driven primarily by goodwill and other intangible assets.

Goodwill and Intangible Assets

Goodwill increased dramatically from 8,650,500 thousand in 2014 to 14,065,000 thousand in 2018, maintaining a similar level in 2019. Other intangible assets followed a similar trend, rising significantly from 5,014,300 thousand to 7,445,100 thousand in 2018 before slightly declining. These changes suggest notable acquisitions or revaluations that enhanced intangible asset balances.

Land, Buildings, and Equipment

This asset category declined moderately from 3,941,900 thousand in 2014 to 3,687,700 thousand in 2017, recovered to 4,047,200 thousand in 2018, and then decreased again to 3,787,200 thousand in 2019. The fluctuation may reflect capital expenditures and asset disposals or depreciation effects.

Other Noncurrent Assets

Investments in joint ventures, pension assets, life insurance, and miscellaneous other assets exhibited varied trends. Pension assets fell sharply in 2015 but gradually recovered by 2019. Miscellaneous other assets increased notably in 2019. These movements indicate adjustments in longer-term financial and insurance-related assets.

Total Assets

Total assets decreased from 23,145,700 thousand in 2014 to around 21,712,300 thousand in 2016 and remained relatively stable through 2017. There was a significant increase in total assets in 2018 to over 30,600,000 thousand, mainly due to the rise in goodwill and intangible assets, followed by a slight reduction in 2019. This overall increase points to substantive asset growth, likely from strategic acquisitions or investments.