Name: General Mills Inc. (NYSE:GIS) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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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General Mills Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Nov 24, 2019	Aug 25, 2019	May 26, 2019	Feb 24, 2019	Nov 25, 2018	Aug 26, 2018	May 27, 2018	Feb 25, 2018	Nov 26, 2017	Aug 27, 2017	May 28, 2017	Feb 26, 2017	Nov 27, 2016	Aug 28, 2016	May 29, 2016	Feb 28, 2016	Nov 29, 2015	Aug 30, 2015	May 31, 2015	Feb 22, 2015	Nov 23, 2014	Aug 24, 2014	May 25, 2014	Feb 23, 2014	Nov 24, 2013	Aug 25, 2013
Net earnings, including earnings attributable to redeemable and noncontrolling interests	591,400)	528,500)	581,200)	457,900)	351,200)	395,900)	358,100)	952,500)	443,800)	408,600)	415,600)	370,200)	495,800)	419,500)	390,400)	367,700)	543,600)	435,100)	197,800)	353,800)	355,400)	352,400)	415,400)	417,000)	560,800)	468,100)
Depreciation and amortization	153,600)	154,100)	155,500)	154,500)	154,900)	155,200)	184,100)	143,900)	145,700)	145,100)	155,300)	147,200)	148,600)	152,500)	166,900)	148,700)	148,600)	143,900)	144,600)	153,300)	140,100)	150,300)	143,300)	144,500)	146,600)	151,000)
After-tax earnings from joint ventures	(24,900)	(21,800)	(20,000)	(11,800)	(22,500)	(17,700)	(20,600)	(16,600)	(23,800)	(23,700)	(19,900)	(11,100)	(29,800)	(24,200)	(23,300)	(16,200)	(23,200)	(25,700)	(18,100)	(13,100)	(27,100)	(26,000)	(16,600)	(22,800)	(26,100)	(24,100)
Distributions of earnings from joint ventures	8,200)	20,700)	40,100)	11,900)	5,500)	29,200)	52,600)	15,500)	16,100)	29,000)	31,900)	11,800)	5,500)	26,400)	36,500)	10,000)	9,500)	19,100)	35,800)	7,900)	4,400)	24,500)	48,900)	16,000)	10,600)	15,000)
Stock-based compensation	19,000)	28,800)	19,000)	21,400)	18,400)	26,100)	14,200)	14,600)	18,600)	29,600)	19,300)	20,200)	17,400)	38,800)	18,100)	19,000)	21,400)	31,300)	21,900)	19,600)	19,300)	45,600)	21,100)	22,800)	23,300)	41,300)
Deferred income taxes	27,300)	(37,200)	41,000)	8,700)	14,900)	28,900)	(15,200)	(559,300)	32,000)	38,200)	43,800)	45,500)	58,600)	36,000)	82,900)	70,400)	(53,400)	20,700)	(5,900)	18,000)	(4,200)	17,400)	76,700)	27,900)	45,000)	22,900)
Tax benefit on exercised options	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,000)	(5,400)	(6,700)	(53,000)	(36,900)	(12,500)	(7,300)	(37,400)	(18,000)	(29,800)	(10,100)	(16,700)	(23,700)	(6,100)	(7,900)	(31,600)
Pension and other postretirement benefit plan contributions	(7,400)	(6,900)	(7,000)	(7,200)	(7,200)	(7,400)	(11,500)	(7,700)	(6,700)	(5,900)	(11,400)	(11,400)	(11,300)	(11,300)	(12,600)	(12,500)	(12,100)	(10,600)	(14,200)	(10,900)	(12,100)	(12,300)	(12,400)	(12,600)	(12,600)	(12,100)
Pension and other postretirement benefit plan costs	(7,700)	(7,800)	1,400)	1,600)	1,600)	1,500)	1,100)	1,100)	1,300)	1,100)	8,800)	9,000)	9,000)	8,900)	29,900)	29,300)	29,400)	29,500)	23,000)	22,300)	22,900)	23,100)	31,100)	30,700)	31,500)	30,800)
Divestiture (gain) loss	—)	—)	(5,400)	35,400)	—)	—)	—)	—)	—)	—)	—)	—)	13,500)	—)	52,400)	(1,500)	(199,100)	—)	—)	—)	—)	—)	(65,500)	—)	—)	—)
Restructuring, impairment, and other exit costs	6,400)	4,900)	8,500)	48,200)	197,900)	(18,900)	138,300)	(4,900)	1,800)	(9,200)	(24,100)	70,100)	14,400)	56,600)	24,200)	(6,800)	42,300)	47,500)	255,900)	38,600)	223,800)	12,800)	(5,000)	(2,700)	(5,500)	(5,600)
Receivables	(59,600)	(37,400)	8,200)	13,100)	(15,300)	(48,700)	(97,200)	28,400)	34,200)	(88,100)	5,900)	(29,800)	36,400)	(81,700)	41,800)	61,200)	52,700)	(162,600)	183,200)	72,400)	(103,700)	(145,100)	166,800)	69,300)	(78,600)	(198,500)
Inventories	(21,900)	(145,300)	(27,000)	96,000)	42,900)	(58,200)	(41,000)	72,200)	74,300)	(89,900)	(19,400)	78,600)	1,500)	(122,200)	(56,800)	106,900)	79,000)	(275,200)	26,600)	258,800)	(72,400)	(237,200)	(58,200)	184,300)	27,200)	(241,600)
Prepaid expenses and other current assets	(80,400)	148,000)	(130,800)	(28,800)	9,900)	35,400)	(24,000)	(29,000)	30,200)	12,100)	(36,700)	55,600)	31,900)	(34,200)	2,500)	(21,200)	52,900)	(34,300)	(38,800)	(5,100)	(64,700)	58,100)	(26,100)	(16,500)	25,500)	27,600)
Accounts payable	281,500)	(35,800)	84,900)	(66,600)	126,400)	17,700)	162,300)	36,000)	298,400)	78,600)	199,900)	(80,500)	29,800)	(49,700)	242,800)	19,600)	(76,500)	132,800)	164,700)	(158,600)	97,300)	42,400)	210,300)	(57,700)	(8,200)	47,100)
Other current liabilities	(27,300)	(14,100)	20,700)	(77,200)	(78,700)	68,600)	147,100)	(75,000)	(57,000)	69,500)	22,300)	(55,600)	(114,800)	(69,300)	(178,100)	(17,500)	149,100)	139,100)	61,200)	64,700)	(59,700)	70,600)	(138,800)	(26,700)	(96,900)	157,500)
Changes in current assets and liabilities	92,300)	(84,600)	(44,000)	(63,500)	85,200)	14,800)	147,200)	32,600)	380,100)	(17,800)	172,000)	(31,700)	(15,200)	(357,100)	52,200)	149,000)	257,200)	(200,200)	396,900)	232,200)	(203,200)	(211,200)	154,000)	152,700)	(131,000)	(207,900)
Other, net	26,300)	(6,600)	9,100)	(26,000)	(10,800)	(200)	(142,600)	(3,200)	(32,600)	(4,500)	(37,700)	(43,300)	(500)	(4,800)	(13,400)	(38,100)	(31,800)	(22,300)	(38,300)	(93,700)	24,600)	(30,500)	49,500)	(52,100)	(6,900)	(66,700)
Adjustments to reconcile net earnings to net cash provided by operating activities	293,100)	43,600)	198,200)	173,200)	437,900)	211,500)	347,600)	(384,000)	532,500)	181,900)	339,000)	200,900)	203,500)	(131,200)	376,900)	338,800)	181,500)	(4,200)	783,600)	344,400)	178,400)	(23,000)	401,400)	298,300)	67,000)	(87,000)
Net cash provided by operating activities	884,500)	572,100)	779,400)	631,100)	789,100)	607,400)	705,700)	568,500)	976,300)	590,500)	754,600)	571,100)	699,300)	288,300)	767,300)	706,500)	725,100)	430,900)	981,400)	698,200)	533,800)	329,400)	816,800)	715,300)	627,800)	381,100)
Purchases of land, buildings, and equipment	(88,700)	(69,800)	(169,700)	(114,100)	(141,100)	(112,700)	(224,800)	(137,900)	(143,700)	(116,300)	(209,200)	(156,900)	(164,800)	(153,500)	(251,700)	(184,100)	(146,300)	(147,200)	(221,500)	(173,300)	(169,000)	(148,600)	(247,100)	(147,600)	(145,000)	(123,800)
Acquisitions, net of cash acquired	—)	—)	—)	—)	—)	—)	(8,035,800)	—)	—)	—)	—)	—)	—)	—)	—)	(84,000)	—)	—)	—)	—)	(809,400)	(12,900)	—)	—)	—)	—)
Investments in affiliates, net	(1,800)	(12,500)	1,600)	—)	(1,600)	100)	(2,100)	(7,800)	(800)	(6,600)	(1,500)	12,500)	(15,800)	8,100)	200)	52,000)	10,700)	1,000)	(10,300)	(59,800)	900)	(33,200)	(8,900)	900)	(57,900)	11,000)
Proceeds from disposal of land, buildings, and equipment	300)	300)	3,400)	(400)	11,200)	100)	500)	300)	200)	400)	3,000)	800)	—)	400)	(100)	3,300)	800)	400)	9,700)	200)	800)	300)	1,400)	4,200)	(2,000)	3,000)
Proceeds from divestiture	—)	—)	26,200)	200)	—)	—)	—)	—)	—)	—)	—)	—)	17,500)	—)	2,700)	3,100)	822,700)	—)	—)	—)	—)	—)	121,600)	—)	—)	—)
Exchangeable note	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	13,000)	1,600)	19,500)	—)	—)	27,900)	—)	—)	—)	—)	29,300)	—)	—)
Other, net	11,200)	(1,700)	(10,300)	2,000)	(24,300)	(27,100)	1,700)	(8,800)	(3,600)	(300)	(15,200)	(400)	10,400)	4,700)	5,600)	2,300)	(25,800)	6,700)	300)	(4,200)	2,700)	(2,800)	1,500)	300)	700)	(3,400)
Net cash (used) provided by investing activities	(79,000)	(83,700)	(148,800)	(112,300)	(155,800)	(139,600)	(8,260,500)	(154,200)	(147,900)	(122,800)	(222,900)	(144,000)	(152,700)	(127,300)	(241,700)	(187,900)	662,100)	(139,100)	(193,900)	(237,100)	(974,000)	(197,200)	(131,500)	(112,900)	(204,200)	(113,200)
Change in notes payable	50,300)	(170,000)	(496,200)	912,000)	(292,300)	(189,800)	364,800)	(90,400)	(360,700)	413,800)	(718,900)	516,800)	744,900)	419,600)	(378,600)	348,500)	(505,400)	211,700)	(1,276,200)	(155,900)	290,400)	631,900)	566,100)	(448,300)	(530,800)	985,900)
Issuance of long-term debt	—)	—)	339,100)	—)	—)	—)	6,050,000)	—)	500,000)	—)	322,100)	750,000)	—)	—)	(400)	542,900)	—)	—)	978,600)	100)	1,003,200)	271,300)	—)	750,000)	923,000)	—)
Payment of long-term debt	(509,200)	(100)	(340,400)	(1,153,000)	(200)	(200)	(100)	(99,900)	(500,100)	—)	3,000)	(1,002,900)	(100)	—)	(100)	(1,000,000)	(100)	(200)	(750,200)	(2,300)	100)	(393,400)	(700,300)	(24,200)	(400)	(719,900)
Proceeds from common stock issued on exercised options	12,800)	55,800)	100,700)	53,400)	13,900)	73,400)	7,900)	40,800)	9,600)	41,000)	22,100)	13,500)	13,400)	63,600)	68,900)	38,500)	16,800)	47,700)	60,600)	67,200)	18,400)	17,500)	65,500)	15,100)	15,800)	11,700)
Proceeds from common stock issued	—)	—)	—)	—)	—)	—)	969,900)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Tax benefit on exercised options	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,000)	5,400)	6,700)	53,000)	36,900)	12,500)	7,300)	37,400)	18,000)	29,800)	10,100)	16,700)	23,700)	6,100)	7,900)	31,600)
Purchases of common stock for treasury	(100)	—)	(400)	(400)	(100)	(200)	(400)	(700)	(200)	(600,300)	(600)	(301,000)	(950,200)	(399,700)	(4,900)	(52,800)	(396,900)	(152,100)	(200)	(192,900)	(530,000)	(438,800)	(342,100)	(539,300)	(565,700)	(298,200)
Dividends paid	(297,800)	(298,500)	(298,000)	(294,500)	(295,000)	(294,200)	(293,200)	(281,300)	(280,900)	(284,300)	(278,800)	(280,800)	(284,600)	(290,900)	(277,100)	(263,700)	(264,400)	(266,500)	(266,400)	(248,100)	(248,800)	(254,400)	(253,900)	(239,600)	(242,300)	(247,500)
Investment in redeemable interest	—)	—)	—)	—)	55,700)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	17,600)	—)	—)
Distributions to noncontrolling and redeemable interest holders	(6,100)	(2,500)	(5,000)	(26,700)	(4,400)	(2,400)	(3,500)	(3,000)	(43,800)	(1,500)	(1,500)	(54,900)	(3,400)	(1,200)	(2,600)	(4,500)	(42,200)	(35,000)	(1,000)	(3,500)	(19,700)	(800)	(900)	(51,900)	(23,700)	(900)
Other, net	(1,100)	(13,300)	(18,200)	(1,500)	(1,900)	(9,600)	(80,200)	(4,200)	(3,600)	(20,000)	(9,100)	—)	100)	(100)	(7,200)	(100)	—)	100)	(1,500)	(10,600)	(900)	(3,100)	(12,000)	(1,500)	(700)	—)
Net cash provided (used) by financing activities	(751,200)	(428,600)	(718,400)	(510,700)	(524,300)	(423,000)	7,015,200)	(438,700)	(679,700)	(451,300)	(662,700)	(353,900)	(473,200)	(155,700)	(565,100)	(378,700)	(1,184,900)	(156,900)	(1,238,300)	(516,200)	522,800)	(153,100)	(653,900)	(516,000)	(416,900)	(237,300)
Effect of exchange rate changes on cash and cash equivalents	1,100)	(5,000)	(9,300)	6,300)	(9,200)	(10,900)	(14,500)	15,400)	(7,400)	38,300)	(2,000)	16,200)	(29,400)	(3,300)	20,500)	(7,000)	(3,100)	(18,500)	800)	(55,200)	(29,300)	(5,200)	(11,200)	(13,500)	8,600)	(13,100)
Increase (decrease) in cash and cash equivalents	55,400)	54,800)	(97,100)	14,400)	99,800)	33,900)	(554,100)	(9,000)	141,300)	54,700)	(133,000)	89,400)	44,000)	2,000)	(19,000)	132,900)	199,200)	116,400)	(450,000)	(110,300)	53,300)	(26,100)	20,200)	72,900)	15,300)	17,500)

Operating cash flows remain consistently positive throughout the analyzed period, reflecting a stable capacity to generate liquidity from core business activities. Net cash provided by operating activities typically fluctuates between 300 million and 980 million US dollars per quarter. A notable correlation exists between net earnings and operating cash flow, although the latter is frequently bolstered by steady depreciation and amortization charges, which generally range from 140 million to 160 million US dollars quarterly.

Earnings and Operational Efficiency: Net earnings demonstrate periodic volatility, with a significant peak of 952.5 million US dollars in February 2018. Operating cash flow remains resilient, often exceeding net earnings due to non-cash adjustments. Working capital management, evidenced by changes in current assets and liabilities, shows significant quarterly swings, particularly in accounts payable and inventories, which is characteristic of large-scale consumer goods operations.
Investing Activities and Capital Allocation: Capital expenditures for land, buildings, and equipment are maintained at a consistent pace, typically between 110 million and 250 million US dollars per quarter. A major strategic shift is observed in May 2018, characterized by a substantial cash outflow of approximately 8.036 billion US dollars for acquisitions. This represents a departure from the otherwise steady investment pattern. Divestitures provided intermittent liquidity, most notably a cash inflow of 822.7 million US dollars in November 2015.
Financing and Shareholder Distributions: Dividend payments exhibit a high degree of stability and a gradual upward trend, increasing from approximately 247 million US dollars in August 2013 to roughly 298 million US dollars by November 2019. Share repurchase activity was aggressive in the earlier years of the period, with several quarters exceeding 400 million US dollars in treasury stock purchases, before tapering off significantly after 2017.
Debt Profile and Liquidity Management: The company utilizes a dynamic approach to debt, with frequent issuances and repayments of long-term debt and notes payable. To fund the major acquisition in May 2018, a significant issuance of long-term debt totaling 6.05 billion US dollars was executed, alongside a common stock issuance of 969.9 million US dollars. This indicates a strategic use of leverage to finance growth while maintaining dividend obligations.

Overall, the financial trajectory indicates a company with strong operational cash generation that supports both consistent shareholder returns and large-scale strategic expansions. The transition from aggressive share buybacks toward targeted acquisitions and debt management suggests a shift in capital allocation priorities over the six-year period.

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General Mills Inc. (NYSE:GIS)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data