Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Accounts payable	4,316)	3,740)	3,176)	2,300)
Customer rebates & incentives	446)	382)	362)	342)
Accrued compensation	227)	215)	183)	214)
Insurance reserve	33)	35)	39)	37)
Interest accrual	55)	57)	54)	77)
Accrued professional fees	19)	21)	31)	113)
Other accrued expenses	330)	330)	270)	229)
Accrued expenses	1,110)	1,040)	939)	1,012)
Structured payables	142)	153)	321)	526)
Short-term borrowings and current portion of long-term obligations	304)	2,345)	1,593)	1,458)
Dividends payable	265)	212)	212)	209)
Income taxes payable	144)	39)	75)	60)
Current operating lease liability	76)	72)	69)	—)
Current finance lease liability	79)	44)	41)	26)
Derivative instruments	39)	25)	12)	34)
Holdback liability	—)	15)	25)	44)
Other	10)	9)	11)	33)
Other current liabilities	613)	416)	445)	406)
Current liabilities	6,485)	7,694)	6,474)	5,702)
Long-term obligations, excluding current portion	11,578)	11,143)	12,827)	14,201)
Deferred tax liabilities	5,986)	5,993)	6,030)	5,923)
Long-term pension and postretirement liability	40)	38)	29)	30)
Insurance reserves	75)	72)	66)	57)
Non-current operating lease liability	608)	580)	427)	—)
Non-current finance lease liability	621)	298)	269)	305)
Derivative instruments	143)	18)	4)	16)
Deferred compensation liability	43)	41)	40)	44)
Other	47)	72)	95)	107)
Other non-current liabilities	1,577)	1,119)	930)	559)
Non-current liabilities	19,141)	18,255)	19,787)	20,683)
Total liabilities	25,626)	25,949)	26,261)	26,385)
Preferred stock, $0.01 par value, no shares issued	—)	—)	—)	—)
Common stock, $0.01 par value	14)	14)	14)	14)
Additional paid-in capital	21,785)	21,677)	21,557)	21,471)
Retained earnings	3,199)	2,061)	1,582)	1,178)
Accumulated other comprehensive income (loss)	(26)	77)	104)	(130)
Stockholders’ equity	24,972)	23,829)	23,257)	22,533)
Non-controlling interest	—)	1)	—)	—)
Total equity	24,972)	23,830)	23,257)	22,533)
Total liabilities and equity	50,598)	49,779)	49,518)	48,918)

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).

Current Liabilities: The current liabilities showed an increase from 5,702 million USD in 2018 to a peak of 7,694 million USD in 2020, followed by a decline to 6,485 million USD in 2021. Accounts payable consistently grew, reaching 4,316 million USD in 2021. Customer rebates and incentives also exhibited a steady rise over the four years. Short-term borrowings and current portions of long-term obligations saw fluctuations, rising sharply to 2,345 million USD in 2020 before dropping significantly to 304 million USD in 2021. Other current liabilities increased notably in 2021, suggesting variability in miscellaneous obligations. Overall, current liabilities peaked in 2020 before retreating somewhat in 2021.
Accrued Expenses and Related Items: Accrued expenses demonstrated modest growth over the period, increasing from 1,012 million USD in 2018 to 1,110 million USD in 2021. Other accrued expenses also rose steadily through 2020 and then stabilized. Accrued professional fees experienced a marked decrease from 113 million USD in 2018 to 19 million USD in 2021. The structured payables category declined significantly over time, suggesting changes in payment structuring or liability reclassification. These patterns indicate active management of accrued liabilities with some reductions in professional fees and structured payables.
Lease Liabilities: Current operating lease liabilities emerged in 2019 and steadily increased from 69 million USD to 76 million USD by 2021. Current finance lease liabilities also increased, particularly in 2021 where the figure almost doubled to 79 million USD. Non-current operating lease liabilities showed strong growth from 427 million USD in 2019 to 608 million USD in 2021. Similarly, non-current finance lease liabilities more than doubled from 269 million USD in 2019 to 621 million USD in 2021. The trends are consistent with growing lease commitments, possibly reflecting expanded leasing activity or adoption of new accounting standards related to leases.
Long-term Liabilities: Long-term obligations excluding current portion declined from 14,201 million USD in 2018 to 11,143 million USD in 2020, before rising again to 11,578 million USD in 2021. Deferred tax liabilities remained relatively stable, slightly fluctuating around 6,000 million USD throughout. Insurance reserves and long-term pension liabilities grew slowly, indicating modest increases in these liabilities over time. Other non-current liabilities increased significantly from 559 million USD in 2018 to 1,577 million USD in 2021, pointing to potentially expanded obligations or provisions in this category. Derivative instruments under non-current liabilities exhibited a sharp increase in 2021 to 143 million USD, highlighting possibly heightened hedging or risk management activities in that year.
Total Liabilities: Total liabilities showed a gradual decrease over the period, from 26,385 million USD in 2018 to 25,626 million USD in 2021. This decline coupled with fluctuations in current and long-term liabilities suggests ongoing liability management and potential debt repayment or refinancing initiatives.
Equity and Capital Structure: Stockholders’ equity consistently increased from 22,533 million USD in 2018 to 24,972 million USD in 2021, driven primarily by growth in retained earnings which nearly tripled over the four years to 3,199 million USD. Additional paid-in capital exhibited slight increases, supporting equity growth. Accumulated other comprehensive income exhibited volatility, turning positive in 2019 and 2020 before dropping into a negative position in 2021. Total equity trends indicate strengthening financial position with retained earnings as the key contributor to equity expansion.
Total Liabilities and Equity: The combined total of liabilities and equity rose steadily each year from 48,918 million USD in 2018 to 50,598 million USD in 2021, reflecting overall organizational growth in balance sheet size.

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Keurig Dr Pepper Inc. (NASDAQ:KDP)

Balance Sheet: Liabilities and Stockholders’ Equity