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Stock Analysis on Net

Kraft Foods Group Inc. (NASDAQ:KRFT)

This company has been moved to the archive! The financial data has not been updated since April 28, 2015.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Kraft Foods Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
Current portion of long-term debt 6.12 0.02 0.02
Accounts payable 6.70 6.69 6.67
Accrued marketing 2.23 2.96 3.17
Accrued employment costs 0.71 0.79 0.83
Dividends payable 1.41 1.35 1.27
Accrued postretirement health care costs 0.84 0.85 1.01
Other current liabilities 2.79 2.07 2.48
Current liabilities 20.80% 14.73% 15.46%
Long-term debt, excluding current portion 37.60 43.10 42.72
Deferred income taxes 1.48 2.86 1.23
Accrued pension costs 4.82 1.75 8.53
Accrued postretirement health care costs 14.81 13.31 15.01
Other liabilities 1.47 1.85 1.74
Noncurrent liabilities 60.18% 62.86% 69.23%
Total liabilities 80.98% 77.59% 84.69%
Common stock, no par value 0.00 0.00 0.00
Additional paid-in capital 20.39 19.16 18.17
Retained earnings (deficit) 4.55 5.53 -0.88
Accumulated other comprehensive losses -2.45 -2.16 -1.97
Treasury stock, at cost -3.47 -0.13 -0.01
Equity 19.02% 22.41% 15.31%
Total liabilities and equity 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29).

The capital structure is characterized by high leverage, with total liabilities consistently representing the vast majority of the balance sheet across the analyzed period. While total liabilities decreased from 84.69% in 2012 to 77.59% in 2013, they rose slightly to 80.98% by 2014, indicating a sustained reliance on debt financing.

Liability Composition and Debt Maturity
A significant shift in the debt profile occurred in 2014, evidenced by the increase in current liabilities to 20.80%, up from 14.73% in 2013. This trend was driven primarily by the current portion of long-term debt, which surged from 0.02% to 6.12% between 2013 and 2014. Simultaneously, noncurrent liabilities experienced a steady decline from 69.23% in 2012 to 60.18% in 2014, as long-term debt, excluding the current portion, decreased from 42.72% to 37.60%.
Long-term Benefit Obligations
Postretirement health care costs remained a substantial component of the liability structure, maintaining a relatively stable presence between 13.31% and 15.01%. In contrast, accrued pension costs showed significant volatility, falling sharply from 8.53% in 2012 to 1.75% in 2013, before increasing to 4.82% in 2014.
Equity Trends and Capital Allocation
Total equity showed fluctuations, rising from 15.31% in 2012 to 22.41% in 2013, and then moderating to 19.02% in 2014. A notable improvement is observed in retained earnings, which transitioned from a deficit of -0.88% in 2012 to a positive balance of 4.55% by 2014. Furthermore, the increase in treasury stock from -0.01% in 2012 to -3.47% in 2014 suggests a strategic increase in share buybacks toward the end of the period.
Working Capital Components
Accounts payable remained remarkably stable, hovering around 6.7% of total liabilities and equity throughout the three years. Accrued marketing costs showed a consistent downward trend, decreasing from 3.17% in 2012 to 2.23% in 2014, reflecting a reduction in the proportional weight of these obligations on the balance sheet.

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