Analysis of Debt
Total Debt (Carrying Amount)
Kraft Foods Group Inc., balance sheet: debt
US$ in millions
| Dec 27, 2014 | Dec 28, 2013 | Dec 29, 2012 | ||
|---|---|---|---|---|
| Current portion of long-term debt | 1,405) | 4) | 5) | |
| Long-term debt, excluding current portion | 8,627) | 9,976) | 9,966) | |
| Total debt (carrying amount) | 10,032) | 9,980) | 9,971) |
Based on: 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29).
Total debt (carrying amount) exhibited a marginal upward trend over the observed three-year period, increasing from 9,971 million USD in 2012 to 10,032 million USD in 2014. While the overall leverage remained relatively stable, a significant shift in the composition of the debt profile occurred in the final year of the analysis.
- Total Debt Stability
- The total carrying amount of debt grew by approximately 0.6% between December 29, 2012, and December 27, 2014. This indicates a consistent level of total borrowing with minimal new debt issuance or significant repayments affecting the aggregate balance.
- Debt Maturity Profile Shift
- A substantial reclassification of debt is observed between 2013 and 2014. The current portion of long-term debt, which remained negligible at 5 million USD and 4 million USD in 2012 and 2013 respectively, surged to 1,405 million USD by December 27, 2014. This spike indicates that a significant volume of obligations transitioned from long-term to short-term status, reflecting imminent maturity requirements.
- Long-term Debt Reduction
- Long-term debt, excluding the current portion, decreased from a peak of 9,976 million USD in 2013 to 8,627 million USD in 2014. This reduction is directly correlated with the increase in the current portion of long-term debt, suggesting that the change is primarily a timing-based accounting reclassification rather than a reduction in total indebtedness.
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Total Debt (Fair Value)
| Dec 27, 2014 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total debt (fair value) | 11,000) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.10 |
Based on: 10-K (reporting date: 2014-12-27).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 4.62%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 1.63% | 1,000) | 16) | |
| 7.55% | 400) | 30) | |
| 2.25% | 1,000) | 23) | |
| 6.13% | 1,035) | 63) | |
| 5.38% | 900) | 48) | |
| 3.50% | 2,000) | 70) | |
| 6.88% | 878) | 60) | |
| 6.50% | 787) | 51) | |
| 5.00% | 2,000) | 100) | |
| Total | 10,000) | 462) | |
| 4.62% | |||
Based on: 10-K (reporting date: 2014-12-27).
1 US$ in millions
2 Weighted-average interest rate = 100 × 462 ÷ 10,000 = 4.62%