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Stock Analysis on Net

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: Liabilities and Stockholders’ Equity

Keurig Dr Pepper Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 8.53 7.51 6.41 4.70
Customer rebates & incentives 0.88 0.77 0.73 0.70
Accrued compensation 0.45 0.43 0.37 0.44
Insurance reserve 0.07 0.07 0.08 0.08
Interest accrual 0.11 0.11 0.11 0.16
Accrued professional fees 0.04 0.04 0.06 0.23
Other accrued expenses 0.65 0.66 0.55 0.47
Accrued expenses 2.19% 2.09% 1.90% 2.07%
Structured payables 0.28 0.31 0.65 1.08
Short-term borrowings and current portion of long-term obligations 0.60 4.71 3.22 2.98
Dividends payable 0.52 0.43 0.43 0.43
Income taxes payable 0.28 0.08 0.15 0.12
Current operating lease liability 0.15 0.14 0.14 0.00
Current finance lease liability 0.16 0.09 0.08 0.05
Derivative instruments 0.08 0.05 0.02 0.07
Holdback liability 0.00 0.03 0.05 0.09
Other 0.02 0.02 0.02 0.07
Other current liabilities 1.21% 0.84% 0.90% 0.83%
Current liabilities 12.82% 15.46% 13.07% 11.66%
Long-term obligations, excluding current portion 22.88 22.38 25.90 29.03
Deferred tax liabilities 11.83 12.04 12.18 12.11
Long-term pension and postretirement liability 0.08 0.08 0.06 0.06
Insurance reserves 0.15 0.14 0.13 0.12
Non-current operating lease liability 1.20 1.17 0.86 0.00
Non-current finance lease liability 1.23 0.60 0.54 0.62
Derivative instruments 0.28 0.04 0.01 0.03
Deferred compensation liability 0.08 0.08 0.08 0.09
Other 0.09 0.14 0.19 0.22
Other non-current liabilities 3.12% 2.25% 1.88% 1.14%
Non-current liabilities 37.83% 36.67% 39.96% 42.28%
Total liabilities 50.65% 52.13% 53.03% 53.94%
Preferred stock, $0.01 par value, no shares issued 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.03 0.03 0.03 0.03
Additional paid-in capital 43.06 43.55 43.53 43.89
Retained earnings 6.32 4.14 3.19 2.41
Accumulated other comprehensive income (loss) -0.05 0.15 0.21 -0.27
Stockholders’ equity 49.35% 47.87% 46.97% 46.06%
Non-controlling interest 0.00 0.00 0.00 0.00
Total equity 49.35% 47.87% 46.97% 46.06%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

A gradual shift in the capital structure is observed between 2018 and 2021, characterized by a steady reduction in total liabilities and a corresponding increase in total equity. Total liabilities decreased from 53.94% of total liabilities and equity in 2018 to 50.65% by 2021, while total equity grew from 46.06% to 49.35% over the same period. This trend indicates a strategic move toward a more equity-funded balance sheet and a reduction in overall financial leverage.

Liability Composition and Trends
Current liabilities exhibited volatility, rising from 11.66% in 2018 to a peak of 15.46% in 2020, before settling at 12.82% in 2021. A primary driver of this movement is the significant increase in accounts payable, which rose consistently from 4.70% in 2018 to 8.53% in 2021, suggesting an increase in reliance on trade credit. Conversely, short-term borrowings and the current portion of long-term obligations saw a sharp decline in 2021, dropping to 0.60% from a peak of 4.71% in 2020.
Non-current liabilities showed a general downward trend, decreasing from 42.28% in 2018 to 37.83% in 2021. This is largely attributed to the reduction in long-term obligations, excluding the current portion, which fell from 29.03% to 22.88%. Deferred tax liabilities remained relatively stable, fluctuating slightly around the 12% mark throughout the four-year period.
Equity Analysis
Total equity growth was primarily driven by a consistent increase in retained earnings, which rose from 2.41% in 2018 to 6.32% in 2021. This upward trajectory suggests a steady accumulation of profits reinvested into the company. Additional paid-in capital remained the largest component of equity, though it experienced a slight contraction from 43.89% to 43.06%.
Accumulated other comprehensive income demonstrated instability, moving from a negative 0.27% in 2018 to a positive 0.21% in 2019, before returning to a negative 0.05% by 2021, indicating periodic fluctuations in unrealized gains or losses.
Operational Obligations
Lease liabilities emerged as a consistent component of the balance sheet following 2018. Non-current operating lease liabilities grew from 0.86% in 2019 to 1.20% in 2021, and non-current finance lease liabilities increased from 0.62% in 2018 to 1.23% in 2021, reflecting a growing proportion of leased assets relative to the total capital structure.

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