. Refer to the FY2016 income statement and balance sheet for General Mills along with the forecasted FY2017 income statement Required Use that information and the following assumptions to forecast the General Mills balance sheet for FY2017 Unless noted in other assumptions, all assets and liabilities as a percentage of FY2017 sales, remain unchanged. Depreciation expense for FY2016 is $580.1 million. FY2016 CAPEX is $729.3 million, and its land, buildings, and equipment in FY 2015 total $3,783.3 million. Goodwill remains unchanged. Form 10-K reports that amortization expense for each of the next five fiscal years is estimated to be $28 million. Notes payable remains unchanged Long-term debt footnotes reveal that principal payments due on long-term debt in the next five years are: $1,103.4 million in FY2017, 5604.7 million in FY2018, $1,150.4 million in FY2019, $1,056.0 million in FY2020, and $555.9 million in FY2021. Stock repurchases will be $300 million in FY2017. Dividends in FY2016 are $1,071.7 million and will not change in FY2017 as a percentage of net earnings attributable to General Mills. EXHIBIT 11.3 Forecast of P&G's FY2017 Balance Sheet $ millions 2016 Act. % of Sales Computations Com 2017 Est. % of Sales Explanation $ 8172 Plug to balance the balance sheet." Current assets Cash and cash equivalents .. Available for sale investment securities.. Accounts receivable... Inventories ....... Deferred income taxes... Prepaid expenses and other current assets... Current assets held for sale.. 7,102 6.246 4,373 4.716 1,507 2,653 7,185 10.9% 9.6% 6.7% 72% 2.3% 4.1% 11.0% Plug no change $65,952 x 6.7% $65.952 X 7.2% $65,952 x 23% $65,952 X 4.1% none 6,246 4,419 4,749 1,517 2,704 12.4% 9.5% 6.7% 72 2.3% 4.1% 0.0% Forecast working capital accounts asa of sales using prior vear's % unless information suggests otherwise." Assume discontinued operations sold at book value during year. Total current assets ..... Property, plant, and equipment, net...... 33,782 19,385 51.7% 29.7% subtotal $3,462 - $2,656 27,477 20,191 41.7% 30.6% Goodwill.. no change 44,350 67.2% 67.9% 37.6% CAPEX estimates are from P&G guidance, and depreciation expense is computed as a % of prior year PPE, net Assume no changes because goodwill is not amortized. Apply estimated amortization expense from footnotes of P&G. Assume no change. Trademarks and other intangible assets, net... - $326 24,201 44,350 24,527 5,092 $127,136 36.7% no change Other noncurrent assets.... Total assets........ 7.8% 194.7% 5,092 $121,641 7.7% 184.4% Subtotal 2016 Act. % of Sales Computations 2017 Est. % of Sales Explanation $ millions Current liabilities Accounts payable.......... Accrued and other liabilities. ... Current liabilities held for sale ..... $ $65,952 x 14.3% $65,952 x 11.4% $ 9,431 7,519 14.3% 11.4% 9,325 7,449 2,343 11,653 14.3% 11.4% 3.6% 17.8% none 0.0% Debt due within one year. ........ -$2,760 + $1,323 10,216 Forecast working capital accounts as % of sales unless information suggests otherwise Assume discontinued operations sold at book value during year Use footnotes to get current maturities of long-term debt to be repaid in FY2017 ($2,700) and FY2018 ($1323). Assume all other debt remains unchanged. 15.5% Total current liabilities... Long-term debt .... 30,770 18,945 47.1% 29.0% subtotal $1,323 27,166 17,622 41.2% 26.7% Use footnotes to get current maturities of long-term debt to be repaid in FY2018 ($1,323). Assume no change as a % of sales. Assume no change as a % of sales 9,113 10,325 69,153 14.0% 15.8% 105.9% $65,962 X 14.0% $65,962 X 15.8% subtotal 9,233 10,420 14.0% 15.8% 64,441 97.7% 1,038 1,038 Deferred income taxes..... Other noncurrent liabilities ... Total liabilities.............. Shareholders' equity Convertible Class A preferred stock. ...... Non-voting Class B preferred stock... Common stock. ..... Additional paid-in capital....... Reserve for ESOP debt retirement........ Accumulated other comprehensive income/ floss) ....... .. Treasury stock ........ Retained earnings ... 1.6% 0.0% 6.1% 97.6% (2.0)% no change no change no change no change no change 4,009 63,714 (1.290) Assume no change in paid in capital accounts 4,009 1.6% 0.0% 6.1% 96.6% (2.0)% 63,714 Assume (15,907) (24.4)% (82,176) (125.8)% 87.953 134.7% no change -$4.000 $10.685-87.566 (15,907) (86,176) 91,073 (24.1)% (130.71% 138,1% Assume no change Use P&G guidance. increased by forecasted net income less forecasted dividends. Increased by net income allocated to noncontrolling interests Noncontrolling interest... 1.1% 642 57,983 $127,136 1.0% 88.8% 194.7% subtotal Total shareholders' equity. Total liabilities and shareholders' equity. 200 86.7% 18 Years Ending June 30 ($ millions) Estimated amortization expense .. 2017 $326 2018 $298 2019 $281 2020 $255 2021 $206 Long-term debt maturities during the next five fiscal years are as follows: Years Ending June 30 ($ millions) Debt maturities. .... 2017 $2,760 2018 $1,323 2019 $2,357 2020 $2,099 2021 $1,387 . Refer to the FY2016 income statement and balance sheet for General Mills along with the forecasted FY2017 income statement Required Use that information and the following assumptions to forecast the General Mills balance sheet for FY2017 Unless noted in other assumptions, all assets and liabilities as a percentage of FY2017 sales, remain unchanged. Depreciation expense for FY2016 is $580.1 million. FY2016 CAPEX is $729.3 million, and its land, buildings, and equipment in FY 2015 total $3,783.3 million. Goodwill remains unchanged. Form 10-K reports that amortization expense for each of the next five fiscal years is estimated to be $28 million. Notes payable remains unchanged Long-term debt footnotes reveal that principal payments due on long-term debt in the next five years are: $1,103.4 million in FY2017, 5604.7 million in FY2018, $1,150.4 million in FY2019, $1,056.0 million in FY2020, and $555.9 million in FY2021. Stock repurchases will be $300 million in FY2017. Dividends in FY2016 are $1,071.7 million and will not change in FY2017 as a percentage of net earnings attributable to General Mills. EXHIBIT 11.3 Forecast of P&G's FY2017 Balance Sheet $ millions 2016 Act. % of Sales Computations Com 2017 Est. % of Sales Explanation $ 8172 Plug to balance the balance sheet." Current assets Cash and cash equivalents .. Available for sale investment securities.. Accounts receivable... Inventories ....... Deferred income taxes... Prepaid expenses and other current assets... Current assets held for sale.. 7,102 6.246 4,373 4.716 1,507 2,653 7,185 10.9% 9.6% 6.7% 72% 2.3% 4.1% 11.0% Plug no change $65,952 x 6.7% $65.952 X 7.2% $65,952 x 23% $65,952 X 4.1% none 6,246 4,419 4,749 1,517 2,704 12.4% 9.5% 6.7% 72 2.3% 4.1% 0.0% Forecast working capital accounts asa of sales using prior vear's % unless information suggests otherwise." Assume discontinued operations sold at book value during year. Total current assets ..... Property, plant, and equipment, net...... 33,782 19,385 51.7% 29.7% subtotal $3,462 - $2,656 27,477 20,191 41.7% 30.6% Goodwill.. no change 44,350 67.2% 67.9% 37.6% CAPEX estimates are from P&G guidance, and depreciation expense is computed as a % of prior year PPE, net Assume no changes because goodwill is not amortized. Apply estimated amortization expense from footnotes of P&G. Assume no change. Trademarks and other intangible assets, net... - $326 24,201 44,350 24,527 5,092 $127,136 36.7% no change Other noncurrent assets.... Total assets........ 7.8% 194.7% 5,092 $121,641 7.7% 184.4% Subtotal 2016 Act. % of Sales Computations 2017 Est. % of Sales Explanation $ millions Current liabilities Accounts payable.......... Accrued and other liabilities. ... Current liabilities held for sale ..... $ $65,952 x 14.3% $65,952 x 11.4% $ 9,431 7,519 14.3% 11.4% 9,325 7,449 2,343 11,653 14.3% 11.4% 3.6% 17.8% none 0.0% Debt due within one year. ........ -$2,760 + $1,323 10,216 Forecast working capital accounts as % of sales unless information suggests otherwise Assume discontinued operations sold at book value during year Use footnotes to get current maturities of long-term debt to be repaid in FY2017 ($2,700) and FY2018 ($1323). Assume all other debt remains unchanged. 15.5% Total current liabilities... Long-term debt .... 30,770 18,945 47.1% 29.0% subtotal $1,323 27,166 17,622 41.2% 26.7% Use footnotes to get current maturities of long-term debt to be repaid in FY2018 ($1,323). Assume no change as a % of sales. Assume no change as a % of sales 9,113 10,325 69,153 14.0% 15.8% 105.9% $65,962 X 14.0% $65,962 X 15.8% subtotal 9,233 10,420 14.0% 15.8% 64,441 97.7% 1,038 1,038 Deferred income taxes..... Other noncurrent liabilities ... Total liabilities.............. Shareholders' equity Convertible Class A preferred stock. ...... Non-voting Class B preferred stock... Common stock. ..... Additional paid-in capital....... Reserve for ESOP debt retirement........ Accumulated other comprehensive income/ floss) ....... .. Treasury stock ........ Retained earnings ... 1.6% 0.0% 6.1% 97.6% (2.0)% no change no change no change no change no change 4,009 63,714 (1.290) Assume no change in paid in capital accounts 4,009 1.6% 0.0% 6.1% 96.6% (2.0)% 63,714 Assume (15,907) (24.4)% (82,176) (125.8)% 87.953 134.7% no change -$4.000 $10.685-87.566 (15,907) (86,176) 91,073 (24.1)% (130.71% 138,1% Assume no change Use P&G guidance. increased by forecasted net income less forecasted dividends. Increased by net income allocated to noncontrolling interests Noncontrolling interest... 1.1% 642 57,983 $127,136 1.0% 88.8% 194.7% subtotal Total shareholders' equity. Total liabilities and shareholders' equity. 200 86.7% 18 Years Ending June 30 ($ millions) Estimated amortization expense .. 2017 $326 2018 $298 2019 $281 2020 $255 2021 $206 Long-term debt maturities during the next five fiscal years are as follows: Years Ending June 30 ($ millions) Debt maturities. .... 2017 $2,760 2018 $1,323 2019 $2,357 2020 $2,099 2021 $1,387