What is the FY2019 cash conversion cycle (CCC) for General Mills? CCC is defined as: DIO + DSO - DPO. DIO is defined as: 365 * (average inventory between FY2018 and FY2019) / (FY2019 COGS). DSO is defined as: 365 * (average accounts receivable between FY2018 and FY2019) / (FY2019 Revenue). DPO is defined as: 365 * (average accounts payable between FY2018 and FY2019) / (FY2019 COGS + change in inventory between FY2018 and FY2019). Round your answer to two decimal places. Address the question by using the line items and information shown within the income statement and the balance sheet.
Table of Contents
Consolidated Statements of Earnings
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except per Share Data)
 
 
 
Fiscal Year
 
 
 
2019
 
2018
 
2017
 
Net sales
 
 $ 16,865.2 
 $ 15,740.4 
 $ 15,619.8 
Cost of sales
 
 
11,108.4 
 
10,304.8 
 
10,052.0 
Selling, general, and administrative expenses
 
 
2,935.8 
 
2,850.1 
 
2,888.8 
Divestitures loss
 
 
30.0 
 
- 
 
6.5 
Restructuring, impairment, and other exit costs
 
 
275.1 
 
165.6 
 
180.4 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit
 
 
2,515.9 
 
2,419.9 
 
2,492.1 
Benefit plan non-service income
 
 
(87.9) 
 
(89.4) 
 
(74.3) 
Interest, net
 
 
521.8 
 
373.7 
 
295.1 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes and after-tax earnings from joint ventures
 
 
2,082.0 
 
2,135.6 
 
2,271.3 
Income taxes
 
 
367.8 
 
57.3 
 
655.2 
After-tax earnings from joint ventures
 
 
72.0 
 
84.7 
 
85.0 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings, including earnings attributable to redeemable and noncontrolling
interests
 
 
1,786.2 
 
2,163.0 
 
1,701.1 
Net earnings attributable to redeemable and noncontrolling interests
 
 
33.5 
 
32.0 
 
43.6 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings attributable to General Mills
 
 $
1,752.7 
 $
2,131.0 
 $
1,657.5 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share - basic
 
 $
2.92 
 $
3.69 
 $
2.82 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share - diluted
 
 $
2.90 
 $
3.64 
 $
2.77 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per share
 
 $
1.96 
 $
1.96 
 $
1.92 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.
 
53
-3.7
The metric in question was calculated using other simpler metrics. The various simpler metrics (from the current and, if relevant, previous fiscal year(s)) used were:

Metric 1: Accounts payable. This metric was located in the 10K as a single line item named: Accounts payable.

Metric 2: Accounts receivable, net. This metric was located in the 10K as a single line item named: Receivables.

Metric 3: Cost of goods sold. This metric was located in the 10K as a single line item named: Cost of sales.

Metric 4: Total revenue. This metric was located in the 10K as a single line item named: Net sales.

Metric 5: Inventories. This metric was located in the 10K as a single line item named: Inventories.