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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
Quarterly Data

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

Microsoft Excel
Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Current portion of long-term debt 6.08 6.12 6.16 6.01 0.00 0.02 0.02 0.01 0.01 0.02 0.03 0.03 0.04
Accounts payable 7.04 6.70 6.85 6.88 6.84 6.69 6.31 6.26 6.29 6.67 6.78 6.10 6.11
Accrued marketing 2.16 2.23 1.69 2.47 2.46 2.96 2.52 2.69 2.69 3.17 2.06 1.88 2.19
Accrued employment costs 0.36 0.71 0.59 0.61 0.37 0.79 0.67 0.61 0.42 0.83 0.80 0.65 0.44
Dividends payable 1.41 1.41 0.00 1.34 1.34 1.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued postretirement health care costs 0.83 0.84 0.86 0.84 0.84 0.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current liabilities 3.23 2.79 2.68 2.39 3.27 2.07 3.01 4.65 5.06 4.76 1.87 3.20 2.45
Current liabilities 21.11% 20.80% 18.82% 20.54% 15.13% 14.73% 12.54% 14.23% 14.47% 15.46% 11.53% 11.86% 11.22%
Long-term debt, excluding current portion 37.29 37.60 37.78 36.86 42.80 43.10 43.13 43.21 42.83 42.72 42.94 27.36 0.12
Deferred income taxes 1.26 1.48 2.88 2.80 2.76 2.86 2.93 2.26 1.27 1.23 9.19 7.40 7.28
Accrued pension costs 4.75 4.82 1.39 1.77 1.76 1.75 3.37 4.57 8.37 8.53 0.47 0.47 0.50
Accrued postretirement health care costs 14.61 14.81 13.26 13.02 13.14 13.31 15.16 15.18 15.06 15.01 0.00 0.00 0.00
Other liabilities 1.45 1.47 1.38 1.61 1.70 1.85 1.88 1.90 1.91 1.74 2.41 2.85 2.70
Noncurrent liabilities 59.36% 60.18% 56.69% 56.05% 62.15% 62.86% 66.48% 67.13% 69.45% 69.23% 55.00% 38.07% 10.59%
Total liabilities 80.47% 80.98% 75.51% 76.60% 77.28% 77.59% 79.01% 81.36% 83.92% 84.69% 66.53% 49.94% 21.81%
Common stock, no par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 20.84 20.39 20.30 19.65 19.33 19.16 18.98 18.88 18.44 18.17 0.00 0.00 0.00
Parent company investment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 35.53 52.41 79.57
Retained earnings (deficit) 4.96 4.55 9.18 7.06 6.34 5.53 4.24 2.09 -0.21 -0.88 0.00 0.00 0.00
Accumulated other comprehensive losses -2.74 -2.45 -2.46 -2.07 -2.22 -2.16 -2.11 -2.21 -2.05 -1.97 -2.06 -2.35 -1.39
Treasury stock, at cost -3.53 -3.47 -2.53 -1.24 -0.74 -0.13 -0.12 -0.11 -0.10 -0.01 0.00 0.00 0.00
Equity 19.53% 19.02% 24.49% 23.40% 22.72% 22.41% 20.99% 18.64% 16.08% 15.31% 33.47% 50.06% 78.19%
Total liabilities and equity 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: 2015-03-28), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-27), 10-Q (reporting date: 2014-06-28), 10-Q (reporting date: 2014-03-29), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-28), 10-Q (reporting date: 2013-06-29), 10-Q (reporting date: 2013-03-30), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-30), 10-12B/A (reporting date: 2012-06-30), 10-12B/A (reporting date: 2012-03-31).

A fundamental transformation in the capital structure is observed between March 2012 and March 2015, characterized by a shift from a predominantly equity-funded balance sheet to one heavily leveraged by debt. Total liabilities rose sharply from 21.81% of total liabilities and equity in the first quarter of 2012 to a peak of 84.69% by December 2012, subsequently stabilizing in the 75% to 81% range.

Debt and Liability Composition
Long-term debt, excluding the current portion, experienced a dramatic increase during 2012, rising from 0.12% in March to 42.94% by September. This remained the primary driver of the liability structure, though a slight reduction to approximately 37% was noted by March 2015. A significant change occurred in June 2014, where the current portion of long-term debt appeared at 6.01% and remained stable around 6%, contributing to an overall increase in current liabilities from approximately 15% to over 21% of the total balance sheet.
Equity Dynamics and Corporate Restructuring
Total equity declined precipitously from 78.19% in March 2012 to 15.31% by December 2012, coinciding with the complete removal of parent company investments, which dropped from 79.57% to zero in the same period. Following this contraction, equity showed a gradual recovery, reaching 19.53% by March 2015. This recovery was supported by an increase in additional paid-in capital, rising from 18.17% in December 2012 to 20.84% in March 2015, and a reversal of retained earnings from a deficit of -0.88% to a positive 4.96%.
Long-term Obligations and Other Liabilities
Accrued postretirement health care costs emerged as a significant noncurrent liability starting in December 2012, maintaining a consistent presence between 13% and 15% of the total balance sheet through March 2015. Accrued pension costs showed higher volatility, peaking at 8.53% in December 2012 before fluctuating and ending at 4.75% in March 2015. Other current liabilities, including accounts payable, remained relatively stable, with accounts payable consistently representing between 6% and 7% of the total structure.
Treasury Stock and Comprehensive Losses
A consistent trend of increasing treasury stock acquisitions is observed, with the contra-equity account moving from -0.01% in December 2012 to -3.53% by March 2015. Accumulated other comprehensive losses also trended slightly downward, expanding from -1.39% in March 2012 to -2.74% in March 2015.

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