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General Mills Inc. (NYSE:GIS)

Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s 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’s 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.

General Mills Inc., consolidated cash flow statement

US$ in thousands

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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 1,786,200  2,163,000  1,701,100  1,736,800  1,259,400  1,861,300 
Depreciation and amortization 620,100  618,800  603,600  608,100  588,300  585,400 
After-tax earnings from joint ventures (72,000) (84,700) (85,000) (88,400) (84,300) (89,600)
Distributions of earnings from joint ventures 86,700  113,200  75,600  75,100  72,600  90,500 
Stock-based compensation 84,900  77,000  95,700  89,800  106,400  108,500 
Deferred income taxes 93,500  (504,300) 183,900  120,600  25,300  172,500 
Tax benefit on exercised options —  —  (64,100) (94,100) (74,600) (69,300)
Pension and other postretirement benefit plan contributions (28,800) (31,800) (45,400) (47,800) (49,500) (49,700)
Pension and other postretirement benefit plan costs 6,100  4,600  35,700  118,100  91,300  124,100 
Divestitures (gain) loss 30,000  —  13,500  (148,200) —  (65,500)
Restructuring, impairment, and other exit costs 235,700  126,000  117,000  107,200  531,100  (18,800)
Receivables (42,700) (122,700) (69,200) (6,900) 6,800  (41,000)
Inventories 53,700  15,600  (61,500) (146,100) (24,200) (88,300)
Prepaid expenses and other current assets (114,300) (10,700) 16,600  (100) (50,500) 10,500 
Accounts payable 162,400  575,300  99,500  318,700  145,800  191,500 
Other current liabilities (66,600) 84,600  (217,400) 92,600  136,800  (104,900)
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures (7,500) 542,100  (232,000) 258,200  214,700  (32,200)
Other, net (27,900) (182,900) (86,300) (105,600) (137,900) (76,200)
Adjustments to reconcile net earnings to net cash provided by operating activities 1,020,800  678,000  612,200  893,000  1,283,400  679,700 
Net cash provided by operating activities 2,807,000  2,841,000  2,313,300  2,629,800  2,542,800  2,541,000 
Purchases of land, buildings, and equipment (537,600) (622,700) (684,400) (729,300) (712,400) (663,500)
Acquisitions, net of cash acquired —  (8,035,800) —  (84,000) (822,300) — 
Investments in affiliates, net 100  (17,300) 3,300  63,900  (102,400) (54,900)
Proceeds from disposal of land, buildings, and equipment 14,300  1,400  4,200  4,400  11,000  6,600 
Proceeds from divestitures 26,400  —  17,500  828,500  —  121,600 
Exchangeable note —  —  13,000  21,100  27,900  29,300 
Other, net (59,700) (11,000) (500) (11,200) (4,000) (900)
Net cash (used) provided by investing activities (556,500) (8,685,400) (646,900) 93,400  (1,602,200) (561,800)
Change in notes payable (66,300) 327,500  962,400  (323,800) (509,800) 572,900 
Issuance of long-term debt 339,100  6,550,000  1,072,100  542,500  2,253,200  1,673,000 
Payment of long-term debt (1,493,800) (600,100) (1,000,000) (1,000,400) (1,145,800) (1,444,800)
Proceeds from common stock issued on exercised options 241,400  99,300  112,600  171,900  163,700  108,100 
Proceeds from common stock issued —  969,900  —  —  —  — 
Tax benefit on exercised options —  —  64,100  94,100  74,600  69,300 
Purchases of common stock for treasury (1,100) (601,600) (1,651,500) (606,700) (1,161,900) (1,745,300)
Dividends paid (1,181,700) (1,139,700) (1,135,100) (1,071,700) (1,017,700) (983,300)
Investments in redeemable interest 55,700  —  —  —  —  17,600 
Distributions to noncontrolling and redeemable interest holders (38,500) (51,800) (61,000) (84,300) (25,000) (77,400)
Other, net (31,200) (108,000) (9,100) (7,200) (16,100) (14,200)
Net cash provided (used) by financing activities (2,176,400) 5,445,500  (1,645,500) (2,285,600) (1,384,800) (1,824,100)
Effect of exchange rate changes on cash and cash equivalents (23,100) 31,800  (18,500) (8,100) (88,900) (29,200)
Increase (decrease) in cash and cash equivalents 51,000  (367,100) 2,400  429,500  (533,100) 125,900 
Cash and cash equivalents, beginning of year 399,000  766,100  763,700  334,200  867,300  741,400 
Cash and cash equivalents, end of year 450,000  399,000  766,100  763,700  334,200  867,300 

Based on: 10-K (filing date: 2019-06-28), 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).

Cash flow statement 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 increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
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 decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
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 2017 to 2018 but then decreased significantly from 2018 to 2019.