Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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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- Income Statement
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Aggregate Accruals
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General Mills Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2019-11-24), 10-Q (reporting date: 2019-08-25), 10-K (reporting date: 2019-05-26), 10-Q (reporting date: 2019-02-24), 10-Q (reporting date: 2018-11-25), 10-Q (reporting date: 2018-08-26), 10-K (reporting date: 2018-05-27), 10-Q (reporting date: 2018-02-25), 10-Q (reporting date: 2017-11-26), 10-Q (reporting date: 2017-08-27), 10-K (reporting date: 2017-05-28), 10-Q (reporting date: 2017-02-26), 10-Q (reporting date: 2016-11-27), 10-Q (reporting date: 2016-08-28), 10-K (reporting date: 2016-05-29), 10-Q (reporting date: 2016-02-28), 10-Q (reporting date: 2015-11-29), 10-Q (reporting date: 2015-08-30), 10-K (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-22), 10-Q (reporting date: 2014-11-23), 10-Q (reporting date: 2014-08-24), 10-K (reporting date: 2014-05-25), 10-Q (reporting date: 2014-02-23), 10-Q (reporting date: 2013-11-24), 10-Q (reporting date: 2013-08-25).
The financial data reveals several noteworthy trends and fluctuations across the reported periods. The analysis below highlights key movements within liabilities, equity, and related financial components.
- Accounts Payable
- Accounts payable exhibited a general upward trajectory from August 2013 through November 2019, increasing from approximately 1.43 billion to about 3.06 billion US dollars. There were periodic quarters with slight decreases, but the overall pattern was growth, indicating increasing short-term obligations to suppliers or creditors.
- Current Portion of Long-Term Debt
- This category showed significant volatility, initially rising sharply from 748 million in August 2013 to over 1.2 billion by early 2014, before fluctuating between roughly 600 million and 1.6 billion throughout the subsequent periods. Notably, there was a peak at 1.6 billion around August 2018, followed by a slight decline in late 2019, signaling variable short-term debt repayment obligations.
- Notes Payable
- Notes payable also displayed considerable fluctuation, with a high near 2.0 billion in February 2017 and a low around 269 million in mid-2016. The values moved unpredictably, reflecting shifts in short-term borrowing strategies or restructuring of obligations.
- Other Current Liabilities
- This item remained relatively stable, mostly fluctuating between 1.3 billion and 1.8 billion, with a minor declining trend in the last reported years, suggesting modest decreases in miscellaneous current liabilities.
- Current Liabilities
- Current liabilities showed significant variability, peaking near 7.34 billion in May 2018. There were periods of decline, such as in May 2015, where it dropped below 5 billion. The overall trend suggests increasing short-term financial obligations over time.
- Long-Term Debt, Excluding Current Portion
- Long-term debt remained generally elevated around the 6.5 to 7.8 billion range until early 2018. There was a pronounced jump to nearly 12.7 billion around May 2018, after which it gradually declined to approximately 10.95 billion by late 2019. This indicates a significant increase in long-term borrowings followed by subsequent repayments or adjustments.
- Deferred Income Taxes
- Deferred income taxes fluctuated moderately, mostly between 1.3 billion and 2.0 billion, with a slight upward movement observed toward the end of the period, peaking just above 2.0 billion.
- Other Liabilities
- Other liabilities remained relatively consistent, generally around 1.3 to 2.0 billion, with some decreases in the later periods, suggesting stable non-current obligations outside of debt-related liabilities.
- Noncurrent Liabilities
- Noncurrent liabilities showed notable increases, especially around mid-2018 where it surged to over 16 billion from approximately 9.9 billion in earlier periods, then remained elevated near 14.5 to 16 billion. This trend reflects substantial growth in long-term obligations and possibly new financing activities.
- Total Liabilities
- Total liabilities experienced overall growth, rising from about 14.65 billion in 2013 to a peak of 23.35 billion in May 2018, then slightly declining but staying above 21.8 billion towards November 2019. The increase is primarily driven by spikes in long-term debt and current liabilities.
- Redeemable Interest
- Redeemable interest gradually decreased from roughly 995 million in 2013 to about 545 million by late 2019, indicating a reduction in obligations related to redeemable financial instruments.
- Common Stock and Additional Paid-in Capital
- The common stock par value remained constant throughout the period, reflecting no new issuances or changes in share structure at par value. Additional paid-in capital fluctuated mildly around 1.1 to 1.4 billion, with some decreases in the mid-to-later years, potentially indicating share repurchases or capital adjustments.
- Retained Earnings
- Retained earnings steadily increased from about 11.16 billion in August 2013 to approximately 15.5 billion by late 2019, suggesting consistent profitability and accumulation of earnings over time.
- Common Stock in Treasury, at Cost
- Treasury stock showed a marked increase in negative balance (indicating more shares repurchased) rising from approximately -3.9 billion to nearly -8.2 billion by late 2017, before slightly decreasing in magnitude towards 2019. This reflects significant buyback activities during the period.
- Accumulated Other Comprehensive Loss
- The accumulated other comprehensive loss fluctuated between approximately -1.3 billion and -2.6 billion, with no clear directional trend, indicating ongoing unrealized losses or adjustments in comprehensive income components.
- Stockholders’ Equity
- Equity declined from over 6.8 billion in 2013 to a low near 4.2 billion in late 2016 and early 2017, possibly due to repurchases and comprehensive losses, then gradually increased to about 7.7 billion by November 2019, reflecting recovery and accumulation from retained earnings and other equity items.
- Noncontrolling Interests
- Noncontrolling interests remained comparatively stable around 300 to 470 million, with slight decreases towards the end of the timeline, suggesting reduced minority interests.
- Total Equity
- Total equity followed a similar pattern to stockholders' equity, dipping around late 2016 to approximately 4.5 billion and rising consistently thereafter to about 8.0 billion, indicating improved overall net worth after a period of decline.
- Total Liabilities and Equity
- This metric remained relatively stable around 22.9 to 23.4 billion up to early 2018, followed by a significant jump to over 30.6 billion in May 2018, maintaining close values thereafter. This increase corresponds with elevated long-term liabilities and equity increases, indicating growth in overall capital structure and financing scale.
In summary, the financial data suggests that liabilities, especially long-term debt and current liabilities, experienced significant expansion around 2018, followed by some normalization. Equity components showed resilience with a dip around 2016-2017 and subsequent recovery, while retained earnings steadily grew, reflecting ongoing profitability. Repurchase of treasury stock was substantial, impacting equity levels during the period. The overall financial structure indicates an increase in financing activities and expansion in company obligations over time.