6. Financial Statement Analysis (4pts): Using the attached excerpts from General Mills 2020 Annual Report answer the following questions. In addition: All numbers are in Smillions (except per share data). Provide calculations when necessary. a. "General Questions about General Mills financial statements (1.5pts): i. What amount did General Mills report for Total Assets in the Balance Sheet as of May 31, 2020? ii. What is General Mills largest asset (name the item and the amount)? iii. What is the net book value (NBV) of General Mill's land, buildings and equipment as of May 31, 2020? iv. What amount did General Mills report for Total Liabilities in the Balance Sheet as of May 31, 2020? What is General Mills largest current liability (name the item and the amount)? vi. What does General Mills call its Income Statement? vii. What was General Mills Net Sales for the fiscal year ended May 31, 2020? viii. What was General Mills Net Income (i.e. 'Net Earnings attributable to General Mills) for the fiscal year ended May 31, 2020? V. b. Shares Issued and Outstanding (1.5pts): i. Shares issued: a) How many shares of Common Stock had been issued as of May 26, 2019? b) How many shares of Common Stock had been issued as of May 31, 2020? ii. Treasury Stock: General Mills also has repurchased some of its own shares of stock that had been previously issued (i.e. Treasury Stock). a) How many sbares did General Mills hold as Treasury Stock as of May 26, 2019? b) How many shares did General Mills hold as Treasury Stock as of May 31, 2020? Shares Outstanding: a) How many shares of General Mills's Common Stock were outstanding as of May 26, 2019? b) How many shares of General Mills's Common Stock were outstanding as of May 31, 2020? c. Common Stock (0.5pts): i) What is the par value of each share of common stock issued? ii) How much money in excess of the par value of the stock (i.e. Additional Paid in Capital, or APIC) had been contributed by shareholders as of the end of the fiscal year May 31, 2020? d. Equity analysis (0.5pts): i) What is the dividend yield for General Mills for the fiscal year ended 5/31/2020? (NOTE: The stock price for General Mills on 5/31/2020 was $62.93 per share. For dividends per share, use the dividends per share figure given in the Consolidated Statements of Total Equity and Redeemable Interest) ii) What is the price-earnings ratio on 5/31/2020 for General Mills? The stock price for General Mills on 5/31/2020 was $62.93 per share, 'Basic' earnings per share is provided near the bottom of the Consolidated Statements of Earnings. Consolidated Statements of Earnings GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except per Share Data) Fiscal Year 2019 2020 2018 $ 17,626.6 11,496.7 3,151.6 Net sales Cost of sales Selling, general, and administrative expenses Divestitures loss Restructuring, impairment, and other exit costs Operating profit Benefit plan non-service income Interest, net $ 16,865.2 11,108.4 2,935.8 30.0 275.1 $ 15,740.4 10,304.8 2,850.1 24.4 165.6 2,953.9 (112.8) 466.5 2,515.9 (87.9) 521.8 2,419.9 (89.4) 373.7 2,600.2 480.5 91.1 2,082.0 367.8 72.0 2,135.6 57.3 84.7 Earnings before income taxes and after-tax earnings from joint ventures Income taxes After-tax earnings from joint ventures Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests Net earnings attributable to General Mills 2,210.8 1,786.2 2,163.0 29.6 33.5 32.0 S 2,181.2 $ 1,752.7 $ 2,131.0 Earnings per share - basic $ 3.59 $ 2.92 $ 3.69 Earnings per share - diluted $ 3.56 $ 2.90 $ 3.64 Dividends per share S 1.96 $ 1.96 $ 1.96 See accompanying notes to consolidated financial statements. Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 31, 2020 May 26, 2019 $ $ 450.0 1,679.7 1,559.3 497.5 1,677.8 1,615.1 1,426.3 402.1 5,121.3 3,580.6 13,923.2 7,095.8 1,085.8 30,806.7 4,186.5 3,787.2 13,995.8 7,166.8 974.9 30,111.2 $ $ $ ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets Total assets LIABILITIES AND EQUITY Current liabilities: Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 144.8 and 152.7 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 3,247.7 2,331.5 279.0 1,633.3 7,491.5 10,929.0 1,947.1 1,545.0 21,912.6 2,854.1 1,396.5 1,468.7 1,367.8 7,087.1 11,624.8 2,031.0 1,448.9 22,191.8 551.7 544.6 75.5 1,348.6 15,982.1 (6,433.3) (2,914.4) 8,058.5 291.0 75.5 1,386.7 14,996.7 (6,779.0) (2,625.4) 7,054.5 313.2 7,367.7 30,111.2 8,349.5 30,806.7 $ $ See accompanying notes to consolidated financial statements. Shares 2018 Amount $ 4,685.5 75.5 754.6 1,120.9 (39.1) (57.9) (58.1) 77.0 159.7 1,202.5 13,138.9 2,131.0 (1,139.7) 329.4 Ending balance 14,459.6 Consolidated Statements of Total Equity and Redeemable Interest GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except per Share Data) Fiscal Year 2020 2019 Shares Amount Shares Amount Total equity, beginning balance $ 7,367.7 $ 6,492.4 Common stock 754.6 75.5 754.6 75.5 Additional paid-in capital: Beginning balance 1,386.7 1,202.5 Shares issued Stock compensation plans (12.1) (96.4) Uneared compensation related to stock unit awards (85.7) (71.3) Earned compensation 92.8 82.8 (Increase) decrease in redemption value of redeemable interest (33.1) 269.1 Ending balance 1,348.6 1,386.7 Retained earnings: Beginning balance 14.996.7 14,459.6 Comprehensive income 2,181.2 1,752.7 Cash dividends declared ($1.96, $1.96, and $1.96 per share) (1,195.8) (1,181.7) Reclassification of certain income tax effects Adoption of revenue recognition accounting requirements (33.9) 15,982.1 14,996.7 Common stock in treasury: Beginning balance (152.7) (6,779.0) (161.5) (7,167.5) Shares purchased (3.4) (1.1) Shares issued Stock compensation plans 8.0 349.1 8.8 389.6 Ending balance (144.8) (6,433.3) (152.7) (6,779.0) Accumulated other comprehensive loss: Beginning balance (2,625.4) (2,429.0) Comprehensive (loss) income (289.0) (196.4) Reclassification of certain income tax effects Ending balance (2,914.4) (2,625.4) Noncontrolling interests: Beginning balance 313.2 351.3 Comprehensive income 10.3 0.4 Distributions to redeemable and noncontrolling interest holders (32.5) (38.5) Ending balance 291.0 313.2 Total equity, ending balance $ 8,349.5 $ 7,367.7 Redeemable interest: Beginning balance 551.7 776.2 Comprehensive (Loss) income (0.2) (11.1) Increase in investment in redeemable interest 55.7 Increase (decrease) in redemption value of redeemable interest 33.1 (269.1) Distributions to redeemable and noncontrolling interest holders (40.0) Ending balance S 544.6 $ 551.7 (0.1) custom (177.7) (10.9) 22.7 4.4 (161.5) (7,762.9) (601.6) 1,009.0 188.0 (7,167.5) (2,244.5) 144.9 (329.4) (2,429.0) 357,6 26.9 (33.2) 351.3 $ 6,492.4 910.9 43.6 (159.7) (18.6) 776.2 S See accompanying notes to consolidated financial statements