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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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Based on: 10-K (filing date: 2018-06-29), 10-K (filing date: 2017-06-29), 10-K (filing date: 2016-06-30), 10-K (filing date: 2015-07-06), 10-K (filing date: 2014-07-03), 10-K (filing date: 2013-07-03).

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.'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 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.'s earnings before income taxes and after-tax earnings from joint ventures declined from 2016 to 2017 and from 2017 to 2018.
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.'s net earnings attributable to General Mills declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.