Question
Please consider the excerpts from General Mills Inc. Annual Report for fiscal year 2021, and consider the following questions. Note that fiscal year 2021 ends
Please consider the excerpts from General Mills Inc. Annual Report for fiscal year 2021, and consider the following questions. Note that fiscal year 2021 ends on May 30, 2021.
1. What is the net book value of General Mills' land, buildings, and equipment at the end of fiscal year 2021?
2. What is the amount of additions to the land, buildings, and equipment account during fiscal year 2021? (Please note that some land, buildings, and equipment are not purchased with cash and non-cash land, buildings, and equipment acquisitions are $100 (in millions) in 2021)?
3. General Mills has disposed of some land, buildings, and equipment during fiscal year 2021. What is the cash generated from the disposed land, buildings, and equipment in year 2021?
Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 30, 2021 May 31, 2020 ASSETS Current assets: Cash and cash equivalents 1,505.2 S 1,677.8 Receivables 1,638.5 1,615.1 Inventories 1,820.5 1,426.3 Prepaid expenses and other current assets 790.3 402.1 Total current assets 5,754.5 5,121.3 Land, buildings, and equipment 3,606.8 3,580.6 Goodwill 14,062.4 13,923.2 Other intangible assets 7,150.6 7,095.8 Other assets 1,267.6 1,085.8 Total assets 31,841.9 $ 30.806.7 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, 50.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 146.9 and 144.8 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 3,653.5 S 2,463.8 361.3 1,787.2 8,265.8 9,786.9 2,118.4 1,292.7 21,463.8 604.9 3,247.7 2,331.5 279.0 1,633.3 7,491.5 10.929.0 1,947.1 1.545.0 21,912.6 544.6 75.5 1,365.5 17,069.8 (6,611.2) (2,429.2) 9,470.4 302.8 9,773.2 31,841.9 S 75.5 1.348.6 15,982.1 (6,433.3) (2.914.4) 8,058.5 291.0 8,349.5 30,806.7 2021 Shares Amount 8.349.5 Fiscal Year 2020 Shares Amount 7.367.7 2019 Shares Amount 6.492.4 754.6 75.5 754.6 75.5 754.6 75.5 1.348.6 6.2 1,386.7 (12.1) 1.202.5 (96.4) 78.0) 88.5 (85.7) 92.8 (71.3) 82.8 0.2 1,365.5 (33.1) 1.348.6 269.1 1.386.7 15,982.1 2.339.8 14.996.7 2.1812 14.459.6 1.752.7 (1.246.4) (1.195.8) (1,181.7) (33.9) 15.7) 17,069.8 15.982.1 14.996.7 Total equity, beginning balance Common stock, 1 billion shares authorized. $0.10 par value Additional paid-in capital: Beginning balance Stock compensation plans Uneared compensation related to stock unit awards Farned compensation Decrease increase) in redemption value of redeemable interest Ending balance Retained earnings: Beginning balance Comprehensive income Cash dividends declared ($2.02. S1.96. and 51.96 per share) Adoption of revenue recognition accounting requirements Adoption of current expected credit loss accounting requirements Ending balance Common stock in treasury: Beginning balance Share purchased Stock compensation plans Ending balance Accumulated other comprehensive los: Beginning balance Comprehensive income (loss) Ending balance No controlling interests: Beginning balance Comprehensive income Distributions to noncontrolling interest holders Ending balance Total equity, ending balance Redeemable interest: Beginning balance Comprehensive income (los) Increase in investment in redeemable interest (Decrease) increase in redemption value of redeemable interest Distributions to redeemable interest holder Ending balance (144.8) (5.0) 2.9 (146.9) (6.433.3) (152.7) (301.4) (0.1) 123.5 8.0 (6.611.2) (144.8) (6,779.0) (1615) (3.4) 349.1 8.8 (6.433.3) (152.7) (7,167.5) (1.1) 389.6 (6.779,0) (2.914.4) 485.2 2.429.2 (2.625.4) (289.0) 2.914.4) (2,429.0) (1964) 2.6254) 291.0 38.0 313.2 103 3513 0.4 (26.2) 302.8 9.773.2 (32.5) 291.0 8,349,5 (38.5) 3132 7.367.7 S S 5.44.6 83.2 551.7 (0.2) 776.2 (11.1) 55.7 (0.2) 33.1 (2691) (22.7) 604.9 (400) 544.6 551.7 Consolidated Statements of Cash Flows GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions) 2021 Fiscal Year 2020 2019 2.346.0 S 2,210.8 $ 1.786.2 601.3 (117.7) 95.2 89.9 118.8 (33.4) (33.6) 53.5 150.9 594.7 (91.1) 76.5 94.9 (296) (31.1) (323) 620.1 (72.0) 86.7 84.9 93.5 (28.8) 6.1 30.0 235.7 43.6 (130.9) (131.8) 2.983.2 195.9 45.9 3.676.2 (3) (27.9) 2.807.0 (460.8) (480) 1.7 Cash Flows - Operating Activities Net carnings, including camings attributable to redeemable and noncontrolling interests s Adjustments to reconcile net earings to net cash provided by operating activities: Depreciation and amortization After-tax earnings from joint ventures Distributions of earnings from joint ventures Stock-based compensation Deferred income taxes Pension and other postretirement benefit plan contributions Pension and other postretirement benefit plan costs Divestitures loss Restructuring, impairment, and other exit costs Changes in current assets and liabilities, excluding the effects of divestitures Othernet Net cash provided by operating activities Cash Flows - Investing Activities Purchases of land, buildings, and equipment Investments in affiliates, net Proceeds from disposal of land, buildings, and equipment Proceeds from divestitures Other, net Net cash used by investing activities Cash Flows - Financing Activities Change in notes payable Issuance of long-term debt Payment of long-term debt Debt exchange participation incentive cash payment Proceeds from common stock issued on exercised options Purchases of common stock for treasury Dividends paid Investments in redeemable interest Distributions to noncontrolling and redeemable interest holders Othernet Net cash used by financing activities Effect of exchange rate changes on cash and cash equivalents (Decrease) increase in cash and cash equivalents Cash and cash equivalents - beginning of year Cash and cash equivalents and of year Cash flow from changes in current assets and liabilities, excluding the effects of divestitures Receivables Inventories Prepaid expenses and other current assets Accounts payable Other current liabilities Changes in current assets and liabilities (530.8) 15.5 2.7 2.9 (3.1) (512.8) (537.6) 0.1 14.3 26.4 (59.7) (556.5) 20.9 (486.2) (1,158.6) 1,638.1 (1,396.7) (66.3) 339.1 (1.493.87 71.7 1.576.5 (2.609.0) (201.4) 74.3 (301.4) (1.246.4) 263.4 (3.4) (1.195.8) (48.9) (30.9) (2.715.5) 72.5 (172.6) 1.677. 1.505.2 (725) (16.0) (1.941.5) (20.7) 1.227.8 450.0 1.677.8 241.4 (1.1) (1,181.71 55.7 (38.5) (31.2) (2.176.4) 23.1. 51.0 399.0 450.0 37.9 103.1 94.2 27.9 $ (354.7) (42.7) 343.1 (129.5) (155.9) S (42.7) 53.7 (114.3) 162.4 (66.6) (7.5) 392.5 166.2 793.9 Supplemental Information The components of certain Consolidated Balance Sheet accounts are as follows: May 30, 2021 May 31, 2020 In Millions Receivables: Customers Less allowance for doubtful accounts Total 1.674.5 S (36.0) 1.638.5 S 1,648.3 (332) 1,615.1 s May 30, 2021 May 31, 2020 In Millions Inventories: Finished goods Raw materials and packaging Grain Excess of FIFO over LIFO cost (A) Total 1,506.9 S 411.9 111.2 (209.5) 1,820,5 s 1.142.6 392.2 93.6 (202.1) 1,426.3 (a) Inventories of $1,139.7 million as of May 30, 2021, and $892.6 million as of May 31, 2020. were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method. May 30, May 31. In Millions 2021 2020 Land, buildings, and equipment Equipment 6,732.7 S 6,428.0 Buildings 2,542.7 2.412.6 Capitalized software 718.5 668.3 Construction in progress 395.7 373.5 Land 67.4 66.1 Other 8.1 6.1 Total land, buildings, and equipment 10,465.1 9,954.8 Less accumulated depreciation (6.858.3) (6,374.2) Total 3,606.8 $ 3,580.6 Certain Consolidated Statements of Cash Flows amounts are as follows: In Millions Cash interest payments Cash paid for income taxes Fiscal Year 2021 2020 412.5 S 418.5 $ 636.1 403.3 2019 500.1 440.8Step by Step Solution
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