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Statement of Cash Flows

Difficulty: Beginner

The cash flow statement provides information about a company's cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company's statement of financial position.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

General Mills Inc., Consolidated Statement of Cash Flows

USD $ in thousands

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12 months ended May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014 May 26, 2013
Net earnings, including earnings attributable to redeemable and noncontrolling interests 2,163,000  1,701,100  1,736,800  1,259,400  1,861,300  1,892,500 
Depreciation and amortization 618,800  603,600  608,100  588,300  585,400  588,000 
After-tax earnings from joint ventures (84,700) (85,000) (88,400) (84,300) (89,600) (98,800)
Distributions of earnings from joint ventures 113,200  75,600  75,100  72,600  90,500  115,700 
Stock-based compensation 77,000  95,700  89,800  106,400  108,500  100,400 
Deferred income taxes (504,300) 183,900  120,600  25,300  172,500  81,800 
Tax benefit on exercised options –  (64,100) (94,100) (74,600) (69,300) (103,000)
Pension and other postretirement benefit plan contributions (31,800) (45,400) (47,800) (49,500) (49,700) (223,200)
Pension and other postretirement benefit plan costs 4,600  35,700  118,100  91,300  124,100  131,200 
Divestitures (gain) loss –  13,500  (148,200) –  (65,500) – 
Restructuring, impairment, and other exit costs 126,000  117,000  107,200  531,100  (18,800) (60,200)
Receivables (122,700) (69,200) (6,900) 6,800  (41,000) (44,600)
Inventories 15,600  (61,500) (146,100) (24,200) (88,300) 18,700 
Prepaid expenses and other current assets (10,700) 16,600  (100) (50,500) 10,500  (64,300)
Accounts payable 575,300  99,500  318,700  145,800  191,500  263,600 
Other current liabilities 84,600  (217,400) 92,600  136,800  (104,900) 297,700 
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures 542,100  (232,000) 258,200  214,700  (32,200) 471,100 
Other, net (182,900) (86,300) (105,600) (137,900) (76,200) 30,500 
Adjustments to reconcile net earnings to net cash provided by operating activities 678,000  612,200  893,000  1,283,400  679,700  1,033,500 
Net cash provided by operating activities 2,841,000  2,313,300  2,629,800  2,542,800  2,541,000  2,926,000 
Purchases of land, buildings, and equipment (622,700) (684,400) (729,300) (712,400) (663,500) (613,900)
Acquisitions, net of cash acquired (8,035,800) –  (84,000) (822,300) –  (898,000)
Investments in affiliates, net (17,300) 3,300  63,900  (102,400) (54,900) (40,400)
Proceeds from disposal of land, buildings, and equipment 1,400  4,200  4,400  11,000  6,600  24,200 
Proceeds from divestitures –  17,500  828,500  –  121,600  – 
Exchangeable note –  13,000  21,100  27,900  29,300  16,200 
Other, net (11,000) (500) (11,200) (4,000) (900) (3,500)
Net cash (used) provided by investing activities (8,685,400) (646,900) 93,400  (1,602,200) (561,800) (1,515,400)
Change in notes payable 327,500  962,400  (323,800) (509,800) 572,900  (44,500)
Issuance of long-term debt 6,550,000  1,072,100  542,500  2,253,200  1,673,000  1,001,100 
Payment of long-term debt (600,100) (1,000,000) (1,000,400) (1,145,800) (1,444,800) (542,300)
Proceeds from common stock issued on exercised options 99,300  112,600  171,900  163,700  108,100  300,800 
Proceeds from common stock issued 969,900  –  –  –  –  – 
Tax benefit on exercised options –  64,100  94,100  74,600  69,300  103,000 
Purchases of common stock for treasury (601,600) (1,651,500) (606,700) (1,161,900) (1,745,300) (1,044,900)
Dividends paid (1,139,700) (1,135,100) (1,071,700) (1,017,700) (983,300) (867,600)
Addition of noncontrolling interest –  –  –  –  17,600  – 
Distributions to noncontrolling and redeemable interest holders (51,800) (61,000) (84,300) (25,000) (77,400) (39,200)
Other, net (108,000) (9,100) (7,200) (16,100) (14,200) (6,600)
Net cash provided (used) by financing activities 5,445,500  (1,645,500) (2,285,600) (1,384,800) (1,824,100) (1,140,200)
Effect of exchange rate changes on cash and cash equivalents 31,800  (18,500) (8,100) (88,900) (29,200) (200)
Increase (decrease) in cash and cash equivalents (367,100) 2,400  429,500  (533,100) 125,900  270,200 
Cash and cash equivalents, beginning of year 766,100  763,700  334,200  867,300  741,400  471,200 
Cash and cash equivalents, end of year 399,000  766,100  763,700  334,200  867,300  741,400 

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 cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. General Mills Inc.'s net cash provided by operating activities declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Net cash (used) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. General Mills Inc.'s net cash (used) provided by investing activities declined from 2016 to 2017 and from 2017 to 2018.
Net cash provided (used) by financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. General Mills Inc.'s net cash provided (used) by financing activities increased from 2016 to 2017 and from 2017 to 2018.