Balance Sheet: Assets
Quarterly Data
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.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2012
- Return on Equity (ROE) since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
- Analysis of Debt
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Kraft Foods Group Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
The analysis of the quarterly financial figures reveals several noteworthy trends in asset composition and valuation over the observed periods.
- Cash and Cash Equivalents
- The cash holdings show significant variability, with a notable increase from US$3 million in early 2012 to a peak of US$1,686 million by December 2013. This is followed by a general decline through 2014, reaching US$935 million, before a moderate rebound to US$1,178 million by March 2015. This pattern suggests periods of substantial liquidity inflows and outflows, possibly reflective of operational cycles or financing activities.
- Receivables, Net of Allowances
- Receivables generally fluctuate around a range between approximately US$1,048 million and US$1,278 million. A peak is observed in March 2013 at US$1,278 million, followed by a gradual decrease and intermittent increases. This indicates relatively stable credit sales or collection patterns over the time horizon.
- Inventories
- Inventory levels exhibit variability with highs near US$2,174 million in early 2012, a decline through late 2013 reaching a low of US$1,616 million, and a partial recovery thereafter to US$1,886 million by March 2015. The decline during late 2013 might reflect efforts to reduce stock levels or more efficient inventory management.
- Deferred Income Taxes
- Deferred income taxes demonstrate moderate fluctuation, ranging from US$208 million to a high of US$428 million. The relatively stable figures indicate consistent tax-related timing differences without dramatic changes.
- Other Current Assets
- These assets increase markedly later in the periods analyzed, rising from US$131 million in December 2012 to a peak of US$339 million by March 2015. This upward trend may imply accumulation of other short-term assets or reclassification effects.
- Current Assets
- Total current assets show a general upward trend from US$3,634 million to peaks exceeding US$5,000 million by the end of 2014 and early 2015, indicating increased liquidity and short-term asset accumulation. This aligns with the patterns seen in cash, receivables, and other current assets.
- Property, Plant and Equipment, Net
- Fixed asset levels remain relatively stable, fluctuating narrowly between approximately US$4,000 million and US$4,260 million over the reviewed period. This consistency suggests stable investment in physical assets without major expansions or disposals.
- Goodwill
- Goodwill values remain relatively steady around US$11,300 million to US$11,500 million, with minor fluctuations. This stability indicates limited acquisitions or impairments impacting this intangible asset.
- Intangible Assets, Net
- Intangible assets see a small decline from around US$2,630 million to a low near US$2,229 million by late 2013, followed by stabilization near US$2,238 million. The decrease may reflect amortization or asset write-downs.
- Other Assets
- This category shows an increase from US$44 million in early 2012 to US$391 million in December 2013, maintaining elevated levels subsequently. Such growth suggests accumulation or reclassification into this asset group.
- Noncurrent Assets
- Noncurrent assets are generally stable, fluctuating slightly around US$18,200 million, showing no substantial net additions or disposals over time.
- Total Assets
- Total asset figures rise from approximately US$21,889 million in mid-2012 to a peak near US$23,361 million by early 2014, then slightly decrease and stabilize around US$23,134 million in early 2015. This overall growth reflects increased current asset levels, particularly cash and other current assets.
In summary, the financial data indicates a focus on liquidity management as demonstrated by fluctuating cash balances and a general increase in current assets. Inventory levels and receivables show moderate variation with tendencies toward optimization. Fixed and intangible assets remain relatively stable, implying no major structural changes in asset base. The total asset growth trend largely results from current asset increases, while noncurrent assets sustain consistency, signifying steady operational and investment activity.