Analysis of Debt
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General Mills Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Total Debt (Carrying Amount)
General Mills Inc., balance sheet: debt
US$ in thousands
| May 26, 2019 | May 27, 2018 | May 28, 2017 | May 29, 2016 | May 31, 2015 | May 25, 2014 | ||
|---|---|---|---|---|---|---|---|
| Current portion of long-term debt | |||||||
| Notes payable | |||||||
| Long-term debt, excluding current portion | |||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).
| Debt item | Description | The company |
|---|---|---|
| Total debt (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | General Mills Inc. total debt increased from 2017 to 2018 but then slightly decreased from 2018 to 2019. |
Total Debt (Fair Value)
| May 26, 2019 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Notes payable | |
| Long-term debt, including the current portion | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2019-05-26).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2019-05-26).
1 US$ in thousands
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
General Mills Inc., interest costs incurred
US$ in thousands
| 12 months ended: | May 26, 2019 | May 27, 2018 | May 28, 2017 | May 29, 2016 | May 31, 2015 | May 25, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense, net of capitalized interest | |||||||||||||
| Capitalized interest | |||||||||||||
| Interest expense |
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).
| Debt item | Description | The company |
|---|---|---|
| Interest expense, net of capitalized interest | Amount of the cost of borrowed funds accounted for as interest expense for debt. | General Mills Inc. interest expense, net of capitalized interest increased from 2017 to 2018 and from 2018 to 2019. |
| Capitalized interest | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | General Mills Inc. capitalized interest decreased from 2017 to 2018 and from 2018 to 2019. |
| Interest expense | Total interest costs incurred during the period and either capitalized or charged against earnings. | General Mills Inc. interest expense increased from 2017 to 2018 and from 2018 to 2019. |
Adjusted Interest Coverage Ratio
Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).
2019 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of capitalized interest
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | General Mills Inc. adjusted interest coverage ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |