Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

General Mills Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Net earnings, including earnings attributable to redeemable and noncontrolling interests	1,786,200)	2,163,000)	1,701,100)	1,736,800)	1,259,400)	1,861,300)
Depreciation and amortization	620,100)	618,800)	603,600)	608,100)	588,300)	585,400)
After-tax earnings from joint ventures	(72,000)	(84,700)	(85,000)	(88,400)	(84,300)	(89,600)
Distributions of earnings from joint ventures	86,700)	113,200)	75,600)	75,100)	72,600)	90,500)
Stock-based compensation	84,900)	77,000)	95,700)	89,800)	106,400)	108,500)
Deferred income taxes	93,500)	(504,300)	183,900)	120,600)	25,300)	172,500)
Tax benefit on exercised options	—)	—)	(64,100)	(94,100)	(74,600)	(69,300)
Pension and other postretirement benefit plan contributions	(28,800)	(31,800)	(45,400)	(47,800)	(49,500)	(49,700)
Pension and other postretirement benefit plan costs	6,100)	4,600)	35,700)	118,100)	91,300)	124,100)
Divestitures (gain) loss	30,000)	—)	13,500)	(148,200)	—)	(65,500)
Restructuring, impairment, and other exit costs	235,700)	126,000)	117,000)	107,200)	531,100)	(18,800)
Receivables	(42,700)	(122,700)	(69,200)	(6,900)	6,800)	(41,000)
Inventories	53,700)	15,600)	(61,500)	(146,100)	(24,200)	(88,300)
Prepaid expenses and other current assets	(114,300)	(10,700)	16,600)	(100)	(50,500)	10,500)
Accounts payable	162,400)	575,300)	99,500)	318,700)	145,800)	191,500)
Other current liabilities	(66,600)	84,600)	(217,400)	92,600)	136,800)	(104,900)
Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures	(7,500)	542,100)	(232,000)	258,200)	214,700)	(32,200)
Other, net	(27,900)	(182,900)	(86,300)	(105,600)	(137,900)	(76,200)
Adjustments to reconcile net earnings to net cash provided by operating activities	1,020,800)	678,000)	612,200)	893,000)	1,283,400)	679,700)
Net cash provided by operating activities	2,807,000)	2,841,000)	2,313,300)	2,629,800)	2,542,800)	2,541,000)
Purchases of land, buildings, and equipment	(537,600)	(622,700)	(684,400)	(729,300)	(712,400)	(663,500)
Acquisitions, net of cash acquired	—)	(8,035,800)	—)	(84,000)	(822,300)	—)
Investments in affiliates, net	100)	(17,300)	3,300)	63,900)	(102,400)	(54,900)
Proceeds from disposal of land, buildings, and equipment	14,300)	1,400)	4,200)	4,400)	11,000)	6,600)
Proceeds from divestitures	26,400)	—)	17,500)	828,500)	—)	121,600)
Exchangeable note	—)	—)	13,000)	21,100)	27,900)	29,300)
Other, net	(59,700)	(11,000)	(500)	(11,200)	(4,000)	(900)
Net cash (used) provided by investing activities	(556,500)	(8,685,400)	(646,900)	93,400)	(1,602,200)	(561,800)
Change in notes payable	(66,300)	327,500)	962,400)	(323,800)	(509,800)	572,900)
Issuance of long-term debt	339,100)	6,550,000)	1,072,100)	542,500)	2,253,200)	1,673,000)
Payment of long-term debt	(1,493,800)	(600,100)	(1,000,000)	(1,000,400)	(1,145,800)	(1,444,800)
Proceeds from common stock issued on exercised options	241,400)	99,300)	112,600)	171,900)	163,700)	108,100)
Proceeds from common stock issued	—)	969,900)	—)	—)	—)	—)
Tax benefit on exercised options	—)	—)	64,100)	94,100)	74,600)	69,300)
Purchases of common stock for treasury	(1,100)	(601,600)	(1,651,500)	(606,700)	(1,161,900)	(1,745,300)
Dividends paid	(1,181,700)	(1,139,700)	(1,135,100)	(1,071,700)	(1,017,700)	(983,300)
Investments in redeemable interest	55,700)	—)	—)	—)	—)	17,600)
Distributions to noncontrolling and redeemable interest holders	(38,500)	(51,800)	(61,000)	(84,300)	(25,000)	(77,400)
Other, net	(31,200)	(108,000)	(9,100)	(7,200)	(16,100)	(14,200)
Net cash provided (used) by financing activities	(2,176,400)	5,445,500)	(1,645,500)	(2,285,600)	(1,384,800)	(1,824,100)
Effect of exchange rate changes on cash and cash equivalents	(23,100)	31,800)	(18,500)	(8,100)	(88,900)	(29,200)
Increase (decrease) in cash and cash equivalents	51,000)	(367,100)	2,400)	429,500)	(533,100)	125,900)
Cash and cash equivalents, beginning of year	399,000)	766,100)	763,700)	334,200)	867,300)	741,400)
Cash and cash equivalents, end of year	450,000)	399,000)	766,100)	763,700)	334,200)	867,300)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	General Mills Inc. net cash provided by operating activities increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Net cash (used) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	General Mills Inc. net cash (used) provided by investing activities decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Net cash provided (used) by financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	General Mills Inc. net cash provided (used) by financing activities increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

General Mills Inc. (NYSE:GIS)

Cash Flow Statement