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Income Statement

Difficulty: Beginner

The income statement presents information on the financial results of a company's 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

USD $ in thousands

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Source: General Mills Inc., Annual Reports
Item Description The company
Net sales Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. General Mills Inc.'s net sales declined from 2016 to 2017 but then slightly increased from 2017 to 2018.
Operating profit The net result for the period of deducting operating expenses from operating revenues. General Mills Inc.'s operating profit declined from 2016 to 2017 and from 2017 to 2018.
Earnings before income taxes and after-tax earnings from joint ventures Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. General Mills Inc.'s earnings before income taxes and after-tax earnings from joint ventures declined from 2016 to 2017 and from 2017 to 2018.
Net earnings, including earnings attributable to redeemable and noncontrolling interests The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. General Mills Inc.'s net earnings, including earnings attributable to redeemable and noncontrolling interests declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Net earnings attributable to General Mills The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. General Mills Inc.'s net earnings attributable to General Mills declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.