Name: General Mills Inc. (NYSE:GIS) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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General Mills Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Accounts payable	2,854,100)	2,746,200)	2,119,800)	2,046,500)	1,684,000)	1,611,300)
Current portion of long-term debt	1,396,500)	1,600,100)	604,700)	1,103,400)	1,000,400)	1,250,600)
Notes payable	1,468,700)	1,549,800)	1,234,100)	269,800)	615,800)	1,111,700)
Accrued trade and consumer promotions	484,400)	499,600)	482,600)	563,700)	564,700)	578,200)
Accrued payroll	345,500)	347,000)	326,600)	386,400)	361,800)	390,100)
Dividends payable	19,200)	17,500)	21,500)	23,800)	27,900)	33,500)
Accrued taxes	37,500)	94,800)	58,000)	110,500)	20,700)	63,100)
Accrued interest, including interest rate swaps	92,600)	107,700)	83,800)	90,400)	91,800)	92,500)
Grain contracts	2,300)	1,200)	5,600)	5,500)	7,800)	4,800)
Restructuring and other exit costs reserve	36,500)	66,800)	85,000)	76,600)	120,800)	3,500)
Derivative payable	13,200)	8,300)	18,100)	35,600)	122,900)	23,100)
Miscellaneous	336,600)	302,900)	291,000)	302,500)	271,500)	261,100)
Other current liabilities	1,367,800)	1,445,800)	1,372,200)	1,595,000)	1,589,900)	1,449,900)
Current liabilities	7,087,100)	7,341,900)	5,330,800)	5,014,700)	4,890,100)	5,423,500)
Long-term debt, excluding current portion	11,624,800)	12,668,700)	7,642,900)	7,057,700)	7,607,700)	6,423,500)
Deferred income taxes	2,031,000)	2,003,800)	1,719,400)	1,399,600)	1,550,300)	1,666,000)
Accrued compensation and benefits, including obligations for underfunded other postretirement benefit and postemployment benefit plans	1,153,300)	999,400)	1,249,700)	1,755,000)	1,451,400)	1,341,900)
Accrued taxes	227,100)	265,300)	162,300)	204,000)	202,500)	195,600)
Miscellaneous	68,500)	76,300)	111,100)	128,600)	90,900)	105,700)
Other liabilities	1,448,900)	1,341,000)	1,523,100)	2,087,600)	1,744,800)	1,643,200)
Noncurrent liabilities	15,104,700)	16,013,500)	10,885,400)	10,544,900)	10,902,800)	9,732,700)
Total liabilities	22,191,800)	23,355,400)	16,216,200)	15,559,600)	15,792,900)	15,156,200)
Redeemable interest	551,700)	776,200)	910,900)	845,600)	778,900)	984,100)
Common stock, $0.10 par value	75,500)	75,500)	75,500)	75,500)	75,500)	75,500)
Additional paid-in capital	1,386,700)	1,202,500)	1,120,900)	1,177,000)	1,296,700)	1,231,800)
Retained earnings	14,996,700)	14,459,600)	13,138,900)	12,616,500)	11,990,800)	11,787,200)
Common stock in treasury, at cost	(6,779,000)	(7,167,500)	(7,762,900)	(6,326,600)	(6,055,600)	(5,219,400)
Accumulated other comprehensive loss	(2,625,400)	(2,429,000)	(2,244,500)	(2,612,200)	(2,310,700)	(1,340,300)
Stockholders’ equity	7,054,500)	6,141,100)	4,327,900)	4,930,200)	4,996,700)	6,534,800)
Noncontrolling interests	313,200)	351,300)	357,600)	376,900)	396,000)	470,600)
Total equity	7,367,700)	6,492,400)	4,685,500)	5,307,100)	5,392,700)	7,005,400)
Total liabilities and equity	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 liabilities and equity exhibited a general upward trajectory between 2014 and 2019, expanding from 23.1 billion to 30.1 billion. This growth was primarily driven by a significant increase in total liabilities, which rose from 15.1 billion in 2014 to a peak of 23.3 billion in 2018, before settling at 22.1 billion in 2019.

Current Liabilities Trends: Current liabilities showed a general increase over the five-year period, rising from 5.4 billion to 7.0 billion. A primary driver of this growth was accounts payable, which increased steadily from 1.6 billion in 2014 to 2.8 billion in 2019. Notes payable exhibited significant volatility, decreasing from 1.1 billion in 2014 to a low of 269 million in 2016, before rebounding to 1.4 billion by 2019.
Long-Term Debt and Noncurrent Liabilities: Noncurrent liabilities experienced a substantial increase, growing from 9.7 billion in 2014 to 15.1 billion in 2019. The most prominent change occurred in long-term debt, which surged from 7.6 billion in 2017 to 12.6 billion in 2018, representing a sharp increase in long-term leverage. Deferred income taxes also trended upward, increasing from 1.6 billion in 2014 to 2.0 billion in 2019.
Stockholders' Equity and Capital Structure: Stockholders' equity demonstrated a fluctuating pattern, declining from 6.5 billion in 2014 to a minimum of 4.3 billion in 2017, before recovering to 7.0 billion by 2019. This volatility is contrasted by the steady growth of retained earnings, which rose consistently from 11.7 billion to 14.9 billion. The impact of equity buybacks is evident in the common stock in treasury account, which grew from 5.2 billion in 2014 to a peak of 7.7 billion in 2017.
Comprehensive Loss and Other Equity Factors: Accumulated other comprehensive loss widened consistently over the analyzed period, moving from 1.3 billion in 2014 to 2.6 billion in 2019. Noncontrolling interests showed a gradual decline, decreasing from 470 million in 2014 to 313 million in 2019.

The overall financial profile suggests a strategic shift toward higher leverage, particularly evident in the 2018 fiscal year. While retained earnings grew steadily, the simultaneous increase in treasury stock and the sharp rise in long-term debt indicate a capital structure strategy that utilized debt to support shareholder returns or other corporate activities.

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