GENERAL MILLS INC, 10-K filed on 6/29/2018 Annual Report Cover Financial Statements Notes to Financial Statements Accounting Policies No CONSOLIDATED BALANCE SHEETS - USD ($) Sin Millions May 27, 2018 May 28, 2017 $ 399.0 1,684.2 1,642.2 398.3 4,123.7 4,047.2 14,065.0 7,445.1 943.0 30,624.0 $ 766.1 1,430.1 1,483.6 381.6 4,061.4 3,687.7 8,747.2 4,530.4 785.9 21,812.6 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 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 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 2,746.2 1,600.1 1,549.8 1,445.8 7,341.9 12,668.7 2,003.8 1,341.0 23,355.4 776.2 2,119.8 604.7 1,234.1 1,372.2 5,330.8 7,642.9 1,719.4 1,523.1 16,216.2 910.9 75.5 1,202.5 14,459.6 (7,167.5) (2.429.0) 6,141.1 351.3 6,492.4 $ 30,624.0 75.5 1,120.9 13,138.9 (7,762.9) (2,244.5) 4.327.9 357.6 4.685.5 $21,812.6 General Mills FYE 2017 1. Use the formulas contained in the Chapter to complete the "insert formula here" column of the template 2. For all references in the text to fiscal year 2017 -- use the information from the financial statements provided in the link for the year ended 05/27/18 3. For all references in the text to fiscal year 2016 - use the information from the financial statements provided in the link for the year ended 05/28/2017 4. For all calculations requiring averaging -- use the information from the text labeled fiscal year 2015 as the prior year balance 5. Round all percentages calculated to 1 decimal place, and all other answers to 2 decimal places I have attached a template below for this assignment however if you feel something is incorrect or missing be sure to ask it is the students responsibility to complete all requirements. For example Asset Turnover Ratio = Net Sales / Average Total Assets For 5/27/18 =15740.4/((30624+21812.6)/2) or .60 For 5/27/17 = 15619.8/((21812.6+21832)/2) or .73 12 Months Ended CONSOLIDATED STATEMENTS OF EARNINGS- USD ($) S in Millions May 27, 2018 May 28, 2017 May 29, 2016 Consolidated Statements of Earnings [Abstract] Net sales Cost of sales Selling, general, and administrative expenses Divestitures loss (gain) Restructuring, impairment, and other exit costs Operating profit Interest, net 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 Earnings per share - basic Earnings per share - diluted Dividends per share $ 15,740.4 10,312.9 2,752.6 0.0 165.6 2,509.3 373.7 2,135.6 57.3 84.7 2,163.0 $ 15,619.8 10,056.0 2,801.3 13.5 182.6 2,566.4 295.1 2,271.3 655.2 85.0 $ 16,563.1 10,733.6 3,118.9 (148.2) 151.4 2,707.4 303.8 2,403.6 755.2 88.4 1,701.1 1,736.8 43.6 32.0 $ 2,131.0 $ 3.69 3.64 $ 1.96 $ 1,657.5 $ 2.82 2.77 $ 1.92 39.4 $ 1,697.4 $ 2.83 2.77 $ 1.78 May 29, 2016 $ 1,736.8 608.1 (88.4) 75.1 89.8 120.6 (47.8) 118.1 (148.2) 107.2 298.5 (105.6) 2,764.2 May 27, 2018 May 28, 2017 Cash Flows - Operating Activities Net earnings, including earnings attributable to redeemable and noncontrolling $ 2,163.0 $ 1,701.1 interests Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 618.8 603.6 After-tax earnings from joint ventures (84.7) (85.0) Distributions of earnings from joint ventures 113.2 75.6 Stock-based compensation 77.0 95.7 Deferred income taxes (504.3) 183.9 Pension and other postretirement benefit plan contributions (31.8) (45.4) Pension and other postretirement benefit plan costs 4.6 35.7 Divestitures loss (gain) 0.0 13.5 Restructuring, impairment, and other exit costs 126.0 117.0 Changes in current assets and liabilities, excluding the effects of acquisitions and 542.1 (1942) divestitures Other, net (182.9) (86.3) Net cash provided by operating activities 2,841.0 2,415.2 Cash Flows - Investing Activities Purchases of land, buildings, and equipment (622.7) (684.4) Acquisitions, net of cash acquired (8,035.8) 0.0 Investments in affiliates, net (17.3) 3.3 Proceeds from disposal of land, buildings, and equipment 1.4 4.2 Proceeds from divestitures 0.0 17.5 Exchangeable note 0.0 13.0 Other, net (11.0) (0.5) Net cash provided (used) by investing activities (8,685.4) (646.9) Cash Flows - Financing Activities Change in notes payable 327.5 962.4 Issuance of long-term debt 6.550.0 1,072.1 Payment of long-term debt (600.1) (1,000.0) Proceeds from common stock issued on exercised options 99.3 112.6 Proceeds from common stock issued 969.9 0.0 Purchases of common stock for treasury (601.6) (1,651.5) Dividends paid (1,139.7) (1,135.1) Distributions to noncontrolling and redeemable interest holders (51.8) (61.0) Other, net (108.0) (46.9) Net cash provided (used) by financing activities 5,445.5 (1,747.4) Effect of exchange rate changes on cash and cash equivalents 31.8 (18.5) Increase (decrease) in cash and cash equivalents (367.1) 2.4 Cash and cash equivalents - beginning of year 766.1 763.7 Cash and cash equivalents - end of year 399.0 766.1 Cash Flow from Changes in Current Assets and Liabilities, excluding effects of acquisitions and divestitures: Receivables (122.7) (69.2) Inventories 15.6 (61.5) (729.3) (84.0) 63.9 4.4 828.5 21.1 (11.2) 93.4 (323.8) 542.5 (1,000.4) 171.9 0.0 (606.7) (1,071.7) (84.3) (47.5) (2,420.0) (8.1) 429.5 334.2 763.7 (6.9) (146.1) Inventories Prepaid expenses and other current assets Accounts payable Other current liabilities Changes in current assets and liabilities 15.6 (10.7) 575.3 84.6 $ 542.1 (61.5) 16.6 99.5 (179.6) $(1942) (146.1) (0.1) 318.7 132.9 $ 298.5 8 Operating cash flow to current liabilities ratio 2017 2016 9 Accounts Receivable Turnover 2017 Net credit sales/average accounts receivables 2016 10 Average collection period 2017 365/ 365/accounts receivable turnover (net) 2016 365/ 11 Inventory Turnover 2017 cost of goods sold/average inventory 2016 12 Days' Sales in Inventory 2017 10312.9/ 365/inventory turnover 2016 10056 0/