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Keurig Dr Pepper Inc. (NASDAQ:KDP)

This company has been moved to the archive! The financial data has not been updated since July 28, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Keurig Dr Pepper Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 1.07 1.16 1.12 0.40 0.33 0.66 0.48 0.39 0.30 0.40 0.15 0.15 0.21 0.17
Restricted cash and cash equivalents 0.00 0.00 0.00 0.01 0.01 0.03 0.03 0.05 0.06 0.05 0.05 0.06 0.09 0.09
Trade accounts receivable, net 2.58 2.37 2.27 2.26 2.14 2.11 2.11 2.13 2.06 2.12 2.25 2.21 2.16 2.06
Inventories 2.41 2.04 1.77 1.93 1.78 1.67 1.53 1.67 1.52 1.40 1.32 1.52 1.38 1.35
Prepaid expenses and other current assets 1.27 1.24 0.88 0.97 0.94 0.81 0.65 0.65 0.62 0.69 0.81 0.66 0.64 0.72
Current assets 7.33% 6.81% 6.04% 5.57% 5.20% 5.29% 4.80% 4.89% 4.57% 4.66% 4.59% 4.59% 4.48% 4.39%
Property, plant and equipment, net 4.76 4.75 4.93 4.82 4.81 4.49 4.44 4.24 4.22 4.13 4.10 4.53 4.62 4.63
Investments in unconsolidated affiliates 0.15 0.06 0.06 0.17 0.17 0.17 0.18 0.18 0.21 0.21 0.30 0.33 0.34 0.35
Goodwill 39.21 39.50 39.89 40.12 40.27 40.09 40.55 40.56 40.73 40.74 40.74 40.71 40.44 40.73
Other intangible assets, net 46.23 46.62 47.15 47.45 47.64 47.52 48.15 48.27 48.52 48.54 48.70 48.65 48.90 48.67
Other non-current assets 2.25 2.18 1.85 1.79 1.84 2.36 1.80 1.80 1.70 1.66 1.51 1.14 1.15 1.18
Deferred tax assets 0.07 0.07 0.08 0.08 0.08 0.09 0.09 0.06 0.06 0.06 0.06 0.05 0.05 0.05
Non-current assets 92.67% 93.19% 93.96% 94.43% 94.80% 94.71% 95.20% 95.11% 95.43% 95.34% 95.41% 95.41% 95.52% 95.61%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

An analysis of the common-size balance sheet reveals a gradual shift in asset composition from March 2019 to June 2022, characterized by a steady increase in the proportion of current assets and a corresponding decrease in non-current assets.

Current Asset Trends
Current assets as a percentage of total assets expanded from 4.39% in March 2019 to 7.33% by June 2022. This growth is driven by increases across all major liquid categories. Cash and cash equivalents showed the most significant relative growth, rising from 0.17% to 1.07%. Trade accounts receivable, net, demonstrated a consistent upward trend, moving from 2.06% to 2.58%. Inventories nearly doubled in relative weight, increasing from 1.35% to 2.41%, suggesting a larger allocation of resources toward stock management or an increase in operational scale.
Non-Current Asset Composition
Non-current assets decreased from 95.61% to 92.67% over the analyzed period. This decline is primarily attributed to a reduction in the relative weight of intangible assets. Goodwill decreased slightly from 40.73% to 39.21%, while other intangible assets, net, declined from 48.67% to 46.23%. Property, plant and equipment, net, remained relatively stable, fluctuating within a narrow range between 4.10% and 4.93%. Other non-current assets showed a notable increase, rising from 1.18% in March 2019 to 2.25% in June 2022.
Liquidity and Asset Weighting
The balance sheet remains heavily weighted toward non-physical assets, with goodwill and other intangibles collectively accounting for the vast majority of total assets throughout the period. However, the trajectory indicates a strategic or operational shift toward higher liquidity, as evidenced by the growth in the current assets ratio and the reduction of restricted cash from 0.09% to 0.00%.

The overall trend indicates a transition toward a more liquid asset profile, while the long-term asset base continues to be dominated by intangible assets, albeit with a marginal decrease in their relative concentration.

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