GENERAL MILLS INC 10-K form, page 42: 
































































































42 

Consolidated Statements of Earnings 


GENERAL MILLS, INC. AND SUBSIDIARIES 


(In Millions, Except per Share Data) 


Fiscal Year 

2024 
2023 
2022 
Net sales 
$ 
19,857.2
$ 
20,094.2
$ 
18,992.8

Cost of sales 

12,925.1
13,548.4
12,590.6
Selling, general, and administrative expenses 
3,259.0
3,500.4
3,147.0
Divestitures gain, net 
-
(444.6)
(194.1)
Restructuring, impairment, and other exit costs (recoveries) 
241.4
56.2
(26.5)
Operating profit 
3,431.7
3,433.8
3,475.8
Benefit plan non-service income 
(75.8)
(88.8)
(113.4)
Interest, net 
479.2
382.1
379.6
Earnings before income taxes and after-tax earnings
from joint ventures 
3,028.3
3,140.5
3,209.6
Income taxes 
594.5
612.2
586.3
After-tax earnings from joint ventures 
84.8
81.3
111.7
Net earnings, including earnings attributable to redeemable and

noncontrolling interests 
2,518.6
2,609.6
2,735.0
Net earnings attributable to redeemable and noncontrolling interests 
22.0
15.7
27.7

Net earnings attributable to General Mills 

$ 
2,496.6
$ 
2,593.9
$ 
2,707.3
Earnings per share - basic 
$ 
4.34
$ 
4.36
$ 
4.46
Earnings per share - diluted 
$ 
4.31
$ 
4.31
$ 
4.42
Dividends per share 
$ 
2.36
$ 
2.16
$ 
2.04
See accompanying notes to consolidated financial statements. 

 
, GENERAL MILLS INC 10-K form, page 44: 





















































































44 

Consolidated Balance Sheets 


GENERAL MILLS, INC. AND SUBSIDIARIES 


(In Millions, Except Par Value) 


May 26, 2024 


May 28, 2023 


ASSETS 


Current assets: 

Cash and cash equivalents 
$ 
418.0
$ 
585.5

Receivables 

1,696.2
1,683.2

Inventories 

1,898.2
2,172.0
Prepaid expenses and other current assets 
568.5
735.7
Total current
assets 
4,580.9
5,176.4
Land, buildings, and equipment 
3,863.9
3,636.2

Goodwill 

14,750.7
14,511.2
Other intangible assets 
6,979.9
6,967.6
Other assets 
1,294.5
1,160.3
Total assets 
$ 
31,469.9
$ 
31,451.7

LIABILITIES AND EQUITY 


Current liabilities: 

Accounts payable 
$ 
3,987.8
$ 
4,194.2
Current portion of long-term debt 
1,614.1
1,709.1
Notes payable 
11.8
31.7
Other current liabilities 
1,419.4
1,600.7
Total current
liabilities 
7,033.1
7,535.7
Long-term debt 
11,304.2
9,965.1
Deferred income taxes 
2,200.6
2,110.9
Other liabilities 
1,283.5
1,140.0
Total liabilities 
21,821.4
20,751.7
Stockholders' equity: 

Common stock, 

754.6

shares issued, $
0.10

par value 
75.5
75.5
Additional paid-in capital 
1,227.0
1,222.4
Retained earnings 
20,971.8
19,838.6

Common stock in treasury,


at cost, shares of 

195.5


and 

168.0
(10,357.9)
(8,410.0)
Accumulated other comprehensive loss 
(2,519.7)
(2,276.9)

Total stockholders'

equity 
9,396.7
10,449.6
Noncontrolling interests 
251.8
250.4
Total equity 
9,648.5
10,700.0
Total liabilities and equity 
$ 
31,469.9
$ 
31,451.7
See accompanying notes to consolidated financial statements. 

 


Question: How does the receivables turnover ratio for General Mills in the fiscal year 2024 assess the company's efficiency in collecting receivables
Answer: The receivables turnover ratio is an efficiency metric that measures how effectively a company collects its receivables. It is calculated by dividing net sales by the average receivables. For General Mills in the fiscal year 2024, the net sales were $19,857.2 million, and the average receivables were approximately $1,689.7 million (calculated as the average of the beginning and ending receivables for the year). This results in a receivables turnover ratio of approximately 11.75. A higher receivables turnover ratio indicates that the company is efficiently collecting its receivables and converting them into cash. For General Mills, a receivables turnover ratio of 11.75 suggests that the company is collecting its receivables nearly 12 times a year. Efficient receivables management is crucial for maintaining healthy cash flow and reducing the risk of bad debts. The company must continue to focus on timely collection of receivables to ensure strong cash flow management and financial stability.