Short-term (Operating) Activity Analysis
Quarterly Data

Difficulty: Beginner


Ratios (Summary)

General Mills Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Turnover Ratios
Inventory turnover 6.56 6.29 6.28 7.11 6.72 6.28 6.78 6.93 6.74 6.83 7.59 8.12 7.76 6.41 7.58 7.38 6.12 6.37 7.40 7.45 6.66 6.59 7.34
Receivables turnover 9.48 9.40 9.35 10.46 10.31 10.01 10.92 11.03 11.54 11.25 12.17 12.17 11.83 11.47 12.71 11.11 10.34 10.97 12.07 10.94 10.48 11.05 12.29
Payables turnover 3.81 3.89 3.76 4.12 4.13 4.61 4.74 5.45 5.30 5.44 5.24 6.35 6.63 6.54 6.94 7.90 7.00 7.39 7.16 8.54 8.19 8.20 7.98
Working capital turnover
Average No. of Days
Average inventory processing period 56 58 58 51 54 58 54 53 54 53 48 45 47 57 48 49 60 57 49 49 55 55 50
Add: Average receivable collection period 38 39 39 35 35 36 33 33 32 32 30 30 31 32 29 33 35 33 30 33 35 33 30
Operating cycle 94 97 97 86 89 94 87 86 86 85 78 75 78 89 77 82 95 90 79 82 90 88 80
Less: Average payables payment period 96 94 97 89 88 79 77 67 69 67 70 57 55 56 53 46 52 49 51 43 45 45 46
Cash conversion cycle -2 3 0 -3 1 15 10 19 17 18 8 18 23 33 24 36 43 41 28 39 45 43 34

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. General Mills Inc.’s inventory turnover improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Receivables turnover An activity ratio equal to revenue divided by receivables. General Mills Inc.’s receivables turnover improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. General Mills Inc.’s payables turnover increased from Q4 2018 to Q1 2019 but then slightly declined from Q1 2019 to Q2 2019 not reaching Q4 2018 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital.

Ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. General Mills Inc.’s average payables payment period declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. General Mills Inc.’s cash conversion cycle deteriorated from Q4 2018 to Q1 2019 but then improved from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

Inventory Turnover

General Mills Inc., inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data (USD $ in thousands)
Cost of sales 2,901,500  2,751,200  2,471,100  2,627,000  2,755,700  2,459,100  2,486,900  2,485,500  2,592,600  2,491,000  2,551,100  2,644,900  2,884,300  2,653,300  2,783,300  2,975,000  3,093,100  2,829,700  2,801,400  2,864,700  3,114,000  2,759,700  2,880,100  2,907,900  3,139,500  2,422,700 
Inventories 1,639,200  1,685,500  1,642,200  1,452,500  1,516,500  1,595,200  1,483,600  1,461,000  1,525,500  1,547,500  1,413,700  1,350,200  1,455,000  1,795,800  1,540,900  1,585,100  1,893,400  1,823,300  1,559,400  1,559,600  1,752,300  1,773,600  1,545,500  1,606,400  1,770,200  1,808,500 
Ratio
Inventory turnover1 6.56 6.29 6.28 7.11 6.72 6.28 6.78 6.93 6.74 6.83 7.59 8.12 7.76 6.41 7.58 7.38 6.12 6.37 7.40 7.45 6.66 6.59 7.34

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Inventory turnover = (Cost of salesQ2 2019 + Cost of salesQ1 2019 + Cost of salesQ4 2018 + Cost of salesQ3 2018) ÷ Inventories
= (2,901,500 + 2,751,200 + 2,471,100 + 2,627,000) ÷ 1,639,200 = 6.56

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. General Mills Inc.’s inventory turnover improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Receivables Turnover

General Mills Inc., receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data (USD $ in thousands)
Net sales 4,411,200  4,094,000  3,890,200  3,882,300  4,198,700  3,769,200  3,806,600  3,793,200  4,112,100  3,907,900  3,927,900  4,002,400  4,424,900  4,207,900  4,298,800  4,350,900  4,712,200  4,268,400  4,283,800  4,377,400  4,875,700  4,372,700  4,410,700  4,430,600  4,881,800  4,051,000 
Receivables 1,716,800  1,709,100  1,684,200  1,496,500  1,510,500  1,546,500  1,430,100  1,427,500  1,382,700  1,446,100  1,360,800  1,390,900  1,461,300  1,531,500  1,386,700  1,585,300  1,705,800  1,623,300  1,483,600  1,648,100  1,725,500  1,637,500  1,446,400  1,591,500  1,673,800  1,473,500 
Ratio
Receivables turnover1 9.48 9.40 9.35 10.46 10.31 10.01 10.92 11.03 11.54 11.25 12.17 12.17 11.83 11.47 12.71 11.11 10.34 10.97 12.07 10.94 10.48 11.05 12.29

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Receivables turnover = (Net salesQ2 2019 + Net salesQ1 2019 + Net salesQ4 2018 + Net salesQ3 2018) ÷ Receivables
= (4,411,200 + 4,094,000 + 3,890,200 + 3,882,300) ÷ 1,716,800 = 9.48

Ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. General Mills Inc.’s receivables turnover improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Payables Turnover

General Mills Inc., payables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data (USD $ in thousands)
Cost of sales 2,901,500  2,751,200  2,471,100  2,627,000  2,755,700  2,459,100  2,486,900  2,485,500  2,592,600  2,491,000  2,551,100  2,644,900  2,884,300  2,653,300  2,783,300  2,975,000  3,093,100  2,829,700  2,801,400  2,864,700  3,114,000  2,759,700  2,880,100  2,907,900  3,139,500  2,422,700 
Accounts payable 2,823,900  2,723,800  2,746,200  2,505,700  2,467,000  2,172,900  2,119,800  1,855,300  1,938,300  1,944,800  2,046,500  1,725,600  1,704,100  1,759,600  1,684,000  1,481,300  1,656,700  1,571,300  1,611,300  1,360,300  1,424,100  1,425,500  1,423,200  1,186,000  1,244,900  1,264,900 
Ratio
Payables turnover1 3.81 3.89 3.76 4.12 4.13 4.61 4.74 5.45 5.30 5.44 5.24 6.35 6.63 6.54 6.94 7.90 7.00 7.39 7.16 8.54 8.19 8.20 7.98

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Payables turnover = (Cost of salesQ2 2019 + Cost of salesQ1 2019 + Cost of salesQ4 2018 + Cost of salesQ3 2018) ÷ Accounts payable
= (2,901,500 + 2,751,200 + 2,471,100 + 2,627,000) ÷ 2,823,900 = 3.81

Ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. General Mills Inc.’s payables turnover increased from Q4 2018 to Q1 2019 but then slightly declined from Q1 2019 to Q2 2019 not reaching Q4 2018 level.

Working Capital Turnover

General Mills Inc., working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data (USD $ in thousands)
Current assets 4,233,800  4,185,500  4,123,700  4,277,100  4,334,100  4,338,500  4,061,400  4,128,000  4,111,500  4,193,000  3,937,200  4,011,300  4,047,600  4,305,100  3,785,700  4,464,400  4,986,400  4,695,500  4,393,500  4,557,600  4,775,800  4,693,200  4,298,900  4,365,800  4,565,500  5,217,400 
Less: Current liabilities 7,298,100  7,187,800  7,341,900  6,209,600  5,349,500  5,889,900  5,330,800  5,743,500  6,244,400  5,215,100  5,014,700  5,253,700  4,969,400  5,299,900  4,890,100  6,702,500  6,093,700  5,793,100  5,423,500  4,683,600  4,990,100  5,462,900  5,293,900  4,282,600  5,736,400  5,975,500 
Working capital (3,064,300) (3,002,300) (3,218,200) (1,932,500) (1,015,400) (1,551,400) (1,269,400) (1,615,500) (2,132,900) (1,022,100) (1,077,500) (1,242,400) (921,800) (994,800) (1,104,400) (2,238,100) (1,107,300) (1,097,600) (1,030,000) (126,000) (214,300) (769,700) (995,000) 83,200  (1,170,900) (758,100)
Net sales 4,411,200  4,094,000  3,890,200  3,882,300  4,198,700  3,769,200  3,806,600  3,793,200  4,112,100  3,907,900  3,927,900  4,002,400  4,424,900  4,207,900  4,298,800  4,350,900  4,712,200  4,268,400  4,283,800  4,377,400  4,875,700  4,372,700  4,410,700  4,430,600  4,881,800  4,051,000 
Ratio
Working capital turnover1

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Working capital turnover = (Net salesQ2 2019 + Net salesQ1 2019 + Net salesQ4 2018 + Net salesQ3 2018) ÷ Working capital
= (4,411,200 + 4,094,000 + 3,890,200 + 3,882,300) ÷ -3,064,300 =

Ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital.

Average Inventory Processing Period

General Mills Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data
Inventory turnover 6.56 6.29 6.28 7.11 6.72 6.28 6.78 6.93 6.74 6.83 7.59 8.12 7.76 6.41 7.58 7.38 6.12 6.37 7.40 7.45 6.66 6.59 7.34
Ratio (no. of days)
Average inventory processing period1 56 58 58 51 54 58 54 53 54 53 48 45 47 57 48 49 60 57 49 49 55 55 50

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 6.56 = 56

Ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

General Mills Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data
Receivables turnover 9.48 9.40 9.35 10.46 10.31 10.01 10.92 11.03 11.54 11.25 12.17 12.17 11.83 11.47 12.71 11.11 10.34 10.97 12.07 10.94 10.48 11.05 12.29
Ratio (no. of days)
Average receivable collection period1 38 39 39 35 35 36 33 33 32 32 30 30 31 32 29 33 35 33 30 33 35 33 30

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 9.48 = 38

Ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

General Mills Inc., operating cycle calculation (quarterly data)

No. of days

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data
Average inventory processing period 56 58 58 51 54 58 54 53 54 53 48 45 47 57 48 49 60 57 49 49 55 55 50
Average receivable collection period 38 39 39 35 35 36 33 33 32 32 30 30 31 32 29 33 35 33 30 33 35 33 30
Ratio
Operating cycle1 94 97 97 86 89 94 87 86 86 85 78 75 78 89 77 82 95 90 79 82 90 88 80

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Operating cycle = Average inventory processing period + Average receivable collection period
= 56 + 38 = 94

Ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period.

Average Payables Payment Period

General Mills Inc., average payables payment period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data
Payables turnover 3.81 3.89 3.76 4.12 4.13 4.61 4.74 5.45 5.30 5.44 5.24 6.35 6.63 6.54 6.94 7.90 7.00 7.39 7.16 8.54 8.19 8.20 7.98
Ratio (no. of days)
Average payables payment period1 96 94 97 89 88 79 77 67 69 67 70 57 55 56 53 46 52 49 51 43 45 45 46

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 3.81 = 96

Ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. General Mills Inc.’s average payables payment period declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.

Cash Conversion Cycle

General Mills Inc., cash conversion cycle calculation (quarterly data)

No. of days

Microsoft Excel LibreOffice Calc
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 May 26, 2013 Feb 24, 2013 Nov 25, 2012 Aug 26, 2012
Selected Financial Data
Average inventory processing period 56 58 58 51 54 58 54 53 54 53 48 45 47 57 48 49 60 57 49 49 55 55 50
Average receivable collection period 38 39 39 35 35 36 33 33 32 32 30 30 31 32 29 33 35 33 30 33 35 33 30
Average payables payment period 96 94 97 89 88 79 77 67 69 67 70 57 55 56 53 46 52 49 51 43 45 45 46
Ratio
Cash conversion cycle1 -2 3 0 -3 1 15 10 19 17 18 8 18 23 33 24 36 43 41 28 39 45 43 34

Based on: 10-Q (filing date: 2018-12-19), 10-Q (filing date: 2018-09-18), 10-K (filing date: 2018-06-29), 10-Q (filing date: 2018-03-21), 10-Q (filing date: 2017-12-20), 10-Q (filing date: 2017-09-20), 10-K (filing date: 2017-06-29), 10-Q (filing date: 2017-03-21), 10-Q (filing date: 2016-12-20), 10-Q (filing date: 2016-09-21), 10-K (filing date: 2016-06-30), 10-Q (filing date: 2016-03-23), 10-Q (filing date: 2015-12-17), 10-Q (filing date: 2015-09-23), 10-K (filing date: 2015-07-06), 10-Q (filing date: 2015-03-18), 10-Q (filing date: 2014-12-17), 10-Q (filing date: 2014-09-18), 10-K (filing date: 2014-07-03), 10-Q (filing date: 2014-03-19), 10-Q (filing date: 2013-12-18), 10-Q (filing date: 2013-09-18), 10-K (filing date: 2013-07-03), 10-Q (filing date: 2013-03-20), 10-Q (filing date: 2012-12-19), 10-Q (filing date: 2012-09-19).

Q2 2019 Calculations

1 Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 56 + 3896 = -2

Ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. General Mills Inc.’s cash conversion cycle deteriorated from Q4 2018 to Q1 2019 but then improved from Q1 2019 to Q2 2019 exceeding Q4 2018 level.