Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

General Mills Inc., consolidated income statement

US$ in thousands

12 months ended:	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Net sales	16,865,200)	15,740,400)	15,619,800)	16,563,100)	17,630,300)	17,909,600)
Cost of sales	(11,108,400)	(10,312,900)	(10,056,000)	(10,733,600)	(11,681,100)	(11,539,800)
Gross margin	5,756,800)	5,427,500)	5,563,800)	5,829,500)	5,949,200)	6,369,800)
Selling, general, and administrative expenses	(2,935,800)	(2,752,600)	(2,801,300)	(3,118,900)	(3,328,000)	(3,474,300)
Divestitures gain (loss)	(30,000)	—)	(13,500)	148,200)	—)	65,500)
Restructuring, impairment, and other exit costs	(275,100)	(165,600)	(182,600)	(151,400)	(543,900)	(3,600)
Operating profit	2,515,900)	2,509,300)	2,566,400)	2,707,400)	2,077,300)	2,957,400)
Benefit plan non-service income	87,900)	—)	—)	—)	—)	—)
Interest expense, net of capitalized interest	(527,400)	(385,400)	(302,100)	(311,900)	(328,600)	(318,500)
Interest income	5,600)	11,700)	7,000)	8,100)	13,200)	16,100)
Interest, net	(521,800)	(373,700)	(295,100)	(303,800)	(315,400)	(302,400)
Earnings before income taxes and after-tax earnings from joint ventures	2,082,000)	2,135,600)	2,271,300)	2,403,600)	1,761,900)	2,655,000)
Income taxes	(367,800)	(57,300)	(655,200)	(755,200)	(586,800)	(883,300)
After-tax earnings from joint ventures	72,000)	84,700)	85,000)	88,400)	84,300)	89,600)
Net earnings, including earnings attributable to redeemable and noncontrolling interests	1,786,200)	2,163,000)	1,701,100)	1,736,800)	1,259,400)	1,861,300)
Net earnings attributable to redeemable and noncontrolling interests	(33,500)	(32,000)	(43,600)	(39,400)	(38,100)	(36,900)
Net earnings attributable to General Mills	1,752,700)	2,131,000)	1,657,500)	1,697,400)	1,221,300)	1,824,400)

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).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	General Mills Inc. net sales increased from 2017 to 2018 and from 2018 to 2019.
Operating profit	The net result for the period of deducting operating expenses from operating revenues.	General Mills Inc. operating profit decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Earnings before income taxes and after-tax earnings from joint ventures	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	General Mills Inc. earnings before income taxes and after-tax earnings from joint ventures decreased from 2017 to 2018 and from 2018 to 2019.
Net earnings attributable to General Mills	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	General Mills Inc. net earnings attributable to General Mills increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

General Mills Inc. (NYSE:GIS)

Income Statement