Cash Flow Statement
Quarterly Data
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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- 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 cash flow statement (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).
- Net Earnings
- Net earnings exhibit considerable volatility over the quarters, with periods of strong performance interspersed with notable declines. Peaks are observed in early 2018 (Feb 25, 2018) reaching 952,500 thousand US$, following which earnings drop significantly but stabilize around 350,000 to 590,000 thousand US$ in subsequent quarters.
- Depreciation and Amortization
- This expense remains relatively stable throughout the periods, fluctuating mildly around the 140,000 to 185,000 thousand US$ range, indicating a consistent level of asset usage and amortization.
- After-tax Earnings from Joint Ventures
- The values remain predominantly negative, ranging approximately from -29,800 to -11,100 thousand US$, indicating sustained losses or expenses from joint ventures without clear improvement over time.
- Distributions of Earnings from Joint Ventures
- Distributions fluctuate widely, with spikes in certain quarters such as May 2014 (48,900 thousand US$) and Aug 2018 (52,600 thousand US$), suggesting irregular cash inflows from joint venture activities.
- Stock-Based Compensation
- Stock-based compensation varies over time, with peaks in August quarters such as Aug 2014 (45,600 thousand US$) and Aug 2016 (38,800 thousand US$), and troughs around Feb 2018 and May 2018 (~15,000 thousand US$), reflecting fluctuating incentives granted to employees.
- Deferred Income Taxes
- Deferred tax amounts display significant variability, including a very large negative figure in Feb 2018 (-559,300 thousand US$), which likely reflects tax adjustments impacting net income considerably. Other periods show both positive and negative balances, highlighting complex taxation dynamics.
- Tax Benefit on Exercised Options
- Generally negative, with larger magnitudes in early periods such as Aug 2013 (-31,600 thousand US$) and intermittent quarters of missing data later on, indicating the tax advantage from option exercises fluctuated or was less relevant in some periods.
- Pension and Postretirement Contributions and Costs
- Contributions are consistently negative, reflective of cash outflows, generally stable around the -7,000 to -14,000 thousand US$ range, while pension costs decline markedly from approximately 30,800 thousand US$ in 2013 to negative or negligible costs by 2019, indicating a reduction in pension expenses over time.
- Divestiture Gains/Losses
- Significant divestiture gains and losses are observed sporadically, including substantial negative impacts such as -199,100 thousand US$ in Nov 2015, and positive gains at later dates, reflecting asset sale activities with material impact on earnings.
- Restructuring, Impairment, and Exit Costs
- This category experiences sharp swings, with significant positive costs in late 2014 and 2015 (up to 223,800 and 255,900 thousand US$), suggesting periods of restructuring and asset impairments, followed by mixed values including negative contributions indicating write-backs or recoveries in subsequent quarters.
- Receivables and Inventories
- Working capital components show large fluctuations, with both receivables and inventories regularly shifting between negative and positive changes, indicating variable operational cycles and inventory management challenges.
- Accounts Payable and Other Current Liabilities
- Accounts payable exhibit volatile swings, sometimes large positive and negative values reflecting timing differences in payment cycles, while other current liabilities demonstrate similar variability, revealing dynamic changes in short-term obligations.
- Changes in Current Assets and Liabilities
- Overall changes in current assets and liabilities are highly variable, with large positive and negative values, suggesting fluctuating cash impacts from operating working capital fluctuations quarter to quarter.
- Net Cash Provided by Operating Activities
- Operating cash flow shows strong and mostly positive values with some periods of decline, peaking at over 980,000 thousand US$ in May 2015, indicating generally healthy cash-generating operations despite earnings volatility.
- Purchases of Land, Buildings, and Equipment
- Capital expenditures are consistently negative and significant, typically ranging between -70,000 to -250,000 thousand US$, demonstrating steady investment in fixed assets.
- Acquisitions, Net of Cash Acquired
- Acquisition activity is sporadic but includes very large outflows, particularly in Nov 2014 and later periods, with an extremely large outflow of -8,035,800 thousand US$ in Aug 2018, reflecting major purchase transactions affecting the investing cash flows.
- Proceeds from Disposal and Divestiture
- Proceeds are uneven, including a large inflow of 822,700 thousand US$ in Nov 2015, indicating substantial asset disposals that partly offset investing outflows.
- Net Cash Provided (Used) by Investing Activities
- Investing cash flow is generally negative, often deeply so during quarters with heavy acquisition spending, showing the company’s ongoing investment and restructuring efforts.
- Financing Activities
- Financing cash flows fluctuate considerably, with periods of heavy inflows from debt issuance and stock issuance contrasted against large repayments and treasury stock purchases. For example, Jan 2018 shows a major financing inflow (7,015,200 thousand US$) likely linked to debt or equity issuance on a large scale, followed by mixed signs in later quarters.
- Dividends and Stock Repurchases
- Dividends paid are consistently negative and stable around -250,000 to -300,000 thousand US$, indicating steady shareholder returns, while there is substantial variability in common stock repurchases, including very large repurchase amounts especially in early periods and variable activity in later years.
- Overall Cash Position Changes
- Cash and cash equivalents experience fluctuating increases and decreases, with steep declines such as -450,000 thousand US$ in May 2015 and a notable increase of 99,800 thousand US$ in Nov 2018, reflecting the combined effects of operational, investing, and financing cash flows as well as currency exchange impacts.