Stock Analysis on Net

General Mills Inc. (NYSE:GIS)

$22.49

This company has been moved to the archive! The financial data has not been updated since December 18, 2019.

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

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.

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General Mills Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Net earnings, including earnings attributable to redeemable and noncontrolling interests
Depreciation and amortization
After-tax earnings from joint ventures
Distributions of earnings from joint ventures
Stock-based compensation
Deferred income taxes
Tax benefit on exercised options
Pension and other postretirement benefit plan contributions
Pension and other postretirement benefit plan costs
Divestitures (gain) loss
Restructuring, impairment, and other exit costs
Receivables
Inventories
Prepaid expenses and other current assets
Accounts payable
Other current liabilities
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures
Other, net
Adjustments to reconcile net earnings to net cash provided by operating activities
Net cash provided by operating activities
Purchases of land, buildings, and equipment
Acquisitions, net of cash acquired
Investments in affiliates, net
Proceeds from disposal of land, buildings, and equipment
Proceeds from divestitures
Exchangeable note
Other, net
Net cash (used) provided by investing activities
Change in notes payable
Issuance of long-term debt
Payment of long-term debt
Proceeds from common stock issued on exercised options
Proceeds from common stock issued
Tax benefit on exercised options
Purchases of common stock for treasury
Dividends paid
Investments in redeemable interest
Distributions to noncontrolling and redeemable interest holders
Other, net
Net cash provided (used) by financing activities
Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year

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).


The financial data reveals several noteworthy trends and fluctuations across the analyzed periods.

Net Earnings
Net earnings displayed volatility, decreasing from approximately 1.86 billion USD in 2014 to 1.26 billion USD in 2015, then rising to 2.16 billion USD in 2018 before declining again to around 1.79 billion USD in 2019. This pattern suggests variable profitability influenced by internal and external factors.
Depreciation and Amortization
The depreciation and amortization expense remained relatively stable, with a gradual increase from 585.4 million USD in 2014 to 620.1 million USD in 2019, indicating consistent asset base utilization and capital expenditure over time.
Joint Ventures
After-tax earnings from joint ventures were consistently negative, though the magnitude decreased in 2019 to -72 million USD compared to earlier years. Conversely, distributions of earnings from joint ventures fluctuated, peaking at 113.2 million USD in 2018 before falling to 86.7 million USD in 2019. This reflects mixed performance and cash returns from joint ventures.
Stock-Based Compensation
Stock-based compensation generally declined from 108.5 million USD in 2014 to 77 million USD in 2018, with a slight increase to 84.9 million USD in 2019, possibly reflecting changes in employee incentive plans or stock valuation.
Deferred Income Taxes
Deferred income taxes exhibited volatility, including a substantial negative value of -504.3 million USD in 2018, indicating significant tax adjustments or credits affecting the financial position in that year.
Pension and Postretirement Benefit Plans
Contributions to pension plans decreased steadily from -49.7 million USD in 2014 to -28.8 million USD in 2019, while associated costs declined sharply, reaching as low as 6.1 million USD in 2019. This trend suggests a reduction in pension liabilities or changes in plan funding.
Restructuring, Impairment, and Other Exit Costs
These costs fluctuated notably, with a peak in 2015 at 531.1 million USD and elevated levels of around 235.7 million USD in 2019, indicating ongoing organizational restructuring and associated charges.
Working Capital Changes
Accounts receivable and inventories showed mixed trends, with significant decreases in inventories in some years and subsequent increases in others, influencing working capital dynamics. Accounts payable increased substantially in 2018 to 575.3 million USD, marking a rise in short-term obligations. Variations in other current assets and liabilities also contributed to irregular changes in working capital.
Operating Cash Flow
Net cash provided by operating activities remained robust, generally rising from approximately 2.54 billion USD in 2014 to a peak near 2.84 billion USD in 2018, suggesting efficient cash generation despite earnings volatility.
Investing Activities
Investing cash flows were highly variable, notably influenced by large acquisitions such as the 8.04 billion USD net acquisition in 2018. Capital expenditures on property and equipment decreased steadily from 663.5 million USD in 2014 to 537.6 million USD in 2019. Proceeds from divestitures were significant in 2016 at 828.5 million USD but minimal or absent in other years.
Financing Activities
Financing cash flows showed wide fluctuations, including substantial issuance of long-term debt peaking at 6.55 billion USD in 2018, offset partially by debt repayments. Purchases of common stock for treasury declined markedly over time, with a notable drop to just 1.1 million USD in 2019 from over 1.74 billion USD in 2014. Dividends paid steadily increased to 1.18 billion USD in 2019, reflecting a consistent shareholder return strategy.
Cash and Cash Equivalents
Cash levels exhibited considerable variability, with a significant decline from 867.3 million USD at the start of 2015 to 334.2 million USD by end of that year, followed by recovery periods. The ending cash balance settled at 450 million USD in 2019, a moderate increase from the previous year.

Overall, the data suggests that while operating performance and cash flow generation remained relatively strong, the company engaged in substantial acquisitions and restructuring activities, impacting investing and financing cash flows. The variations in debt issuance and repayment, alongside steady dividend payments, indicate dynamic capital management strategies. Changes in working capital and deferred tax assets reflect complexities in operational cycles and tax positions throughout the period.