Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Operating Profit Margin since 2005
- Price to Sales (P/S) since 2005
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General Mills Inc., consolidated statement of comprehensive income
US$ in thousands
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).
- Net Earnings
- Net earnings exhibited considerable volatility over the six-year period. Beginning at approximately 1.86 billion USD in 2014, earnings dropped notably in 2015 to roughly 1.26 billion USD. A recovery occurred in 2016 with earnings increasing to 1.74 billion USD, followed by a slight decline in 2017 to 1.70 billion USD. In 2018, net earnings peaked at over 2.16 billion USD, but this was followed by a decrease to 1.79 billion USD in 2019. Overall, the trend shows fluctuations without a clear consistent upward or downward trajectory.
- Foreign Currency Translation
- Foreign currency translation adjustments were predominantly negative throughout the period, indicating adverse currency movements. The most significant negative adjustment was in 2015 at nearly -958 million USD. While the losses were less severe in other years, there were no positive spikes except a small gain in 2017. This suggests currency exposure had a generally unfavorable impact on comprehensive income.
- Net Actuarial Income (Loss)
- This item showed considerable variability, with positive values in 2014, 2017, and 2018, and negative values in 2015, 2016, and 2019. The largest actuarial loss was in 2015 at approximately -358 million USD, while gains peaked at around 207 million USD in 2014. These fluctuations reflect volatility in pension or other post-retirement benefit obligations.
- Other Fair Value Changes
- Fair value changes on securities remained small and generally positive but insignificantly varied each year. Hedge derivative fair value changes were more volatile, with gains increasing substantially in 2017 to over 53 million USD, followed by a sharp decline to a loss of about -51 million USD in 2018, and a rebound to 12 million USD in 2019. This volatility indicates exposure to financial instruments impacted by market conditions.
- Reclassification to Earnings
- Amounts reclassified to earnings showed mixed movements between securities, hedge derivatives, and amortization of losses. Securities reclassifications were small and only recorded in the last two years with losses. Hedge derivative reclassifications alternated between small positive and negative values, peaking at -25.7 million USD in 2017 and recovering afterward. Amortization of losses and prior service costs gradually decreased from 128.6 million USD in 2016 to 84.6 million USD in 2019, indicating diminishing recognized costs over time.
- Other Comprehensive Income (Loss), Net of Tax
- This category reflected considerable fluctuations, with a large negative balance of over -1.2 billion USD in 2015 and positive spikes in 2014, 2017, and 2018. The unpredictable pattern suggests volatile comprehensive components beyond net earnings affecting overall financial results.
- Comprehensive Income
- Comprehensive income mirrored net earnings trends but was significantly impacted by other comprehensive income or loss. After a strong start in 2014 at roughly 2.16 billion USD, comprehensive income plummeted to only 58 million USD in 2015. The following years saw recovery, peaking in 2018 at approximately 2.35 billion USD, before a decline to about 1.55 billion USD in 2019. This trend underlines the influence of foreign currency and other comprehensive items on overall performance.
- Comprehensive Income Attributable to General Mills
- The portion of comprehensive income attributable to the company showed a similar trend to total comprehensive income, with a substantial drop in 2015 followed by recovery. Values ranged from near 2.07 billion USD in 2014 to a low of 251 million USD in 2015, increasing again to 2.28 billion USD in 2018 and falling to 1.56 billion USD in 2019. The fluctuations highlight variability in profitability and comprehensive income components attributable to shareholders.