Name: Kraft Foods Group Inc. (NASDAQ:KRFT) | Liabilities and Stockholders’ Equity (Quarterly)
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity
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.

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.

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

US$ in millions

	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	1,406)	1,405)	1,404)	1,404)	—)	4)	4)	3)	3)	5)	6)	7)	8)
Accounts payable	1,629)	1,537)	1,561)	1,606)	1,598)	1,548)	1,460)	1,444)	1,463)	1,556)	1,510)	1,336)	1,350)
Accrued marketing	500)	511)	385)	577)	575)	685)	583)	621)	626)	740)	458)	411)	483)
Accrued employment costs	84)	163)	135)	143)	87)	184)	156)	141)	97)	194)	178)	143)	98)
Dividends payable	326)	324)	—)	313)	313)	313)	—)	—)	—)	—)	—)	—)	—)
Accrued postretirement health care costs	191)	192)	196)	196)	196)	197)	—)	—)	—)	—)	—)	—)	—)
Other current liabilities	748)	641)	610)	557)	765)	479)	696)	1,073)	1,178)	1,111)	417)	700)	541)
Current liabilities	4,884)	4,773)	4,291)	4,796)	3,534)	3,410)	2,899)	3,282)	3,367)	3,606)	2,569)	2,597)	2,480)
Long-term debt, excluding current portion	8,626)	8,627)	8,615)	8,604)	9,998)	9,976)	9,975)	9,967)	9,966)	9,966)	9,568)	5,988)	26)
Deferred income taxes	292)	340)	656)	653)	644)	662)	678)	521)	296)	288)	2,047)	1,620)	1,608)
Accrued pension costs	1,100)	1,105)	317)	414)	410)	405)	780)	1,055)	1,947)	1,990)	105)	103)	110)
Accrued postretirement health care costs	3,380)	3,399)	3,024)	3,039)	3,070)	3,080)	3,506)	3,501)	3,504)	3,502)	—)	—)	—)
Other liabilities	335)	338)	315)	376)	398)	428)	435)	438)	445)	405)	537)	623)	596)
Noncurrent liabilities	13,733)	13,809)	12,927)	13,086)	14,520)	14,551)	15,374)	15,482)	16,158)	16,151)	12,257)	8,334)	2,340)
Total liabilities	18,617)	18,582)	17,218)	17,882)	18,054)	17,961)	18,273)	18,764)	19,525)	19,757)	14,826)	10,931)	4,820)
Common stock, no par value	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Additional paid-in capital	4,820)	4,678)	4,628)	4,587)	4,516)	4,434)	4,390)	4,354)	4,291)	4,240)	—)	—)	—)
Parent company investment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	7,918)	11,473)	17,582)
Retained earnings (deficit)	1,148)	1,045)	2,094)	1,648)	1,481)	1,281)	980)	481)	(48)	(206)	—)	—)	—)
Accumulated other comprehensive losses	(634)	(562)	(561)	(483)	(518)	(499)	(489)	(509)	(477)	(460)	(460)	(515)	(307)
Treasury stock, at cost	(817)	(796)	(576)	(289)	(172)	(29)	(28)	(26)	(24)	(2)	—)	—)	—)
Equity	4,517)	4,365)	5,585)	5,463)	5,307)	5,187)	4,853)	4,300)	3,742)	3,572)	7,458)	10,958)	17,275)
Total liabilities and equity	23,134)	22,947)	22,803)	23,345)	23,361)	23,148)	23,126)	23,064)	23,267)	23,329)	22,284)	21,889)	22,095)

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 significant structural transformation of the balance sheet occurred between March 2012 and December 2012, characterized by a shift from an equity-heavy capital structure to one heavily leveraged by long-term debt. This period saw the total elimination of parent company investments and a corresponding surge in long-term borrowings, suggesting a corporate restructuring or spin-off event.

Debt and Long-Term Obligations: Long-term debt, excluding the current portion, rose sharply from 26 million US$ in March 2012 to 9,966 million US$ by December 2012. While this figure remained relatively stable through early 2014, a reduction to approximately 8.6 billion US$ was observed in June 2014. Concurrently, a substantial shift occurred in June 2014 when the current portion of long-term debt jumped from 3 million US$ to 1,404 million US$, indicating a significant amount of debt became due within the following twelve months.
Equity and Shareholder Value: Total equity experienced a precipitous decline from 17,275 million US$ in March 2012 to a low of 3,572 million US$ in December 2012. Following this trough, equity showed a gradual recovery, reaching 4,517 million US$ by March 2015. This recovery was supported by a turnaround in retained earnings, which moved from a deficit of 206 million US$ in December 2012 to a positive balance of 1,148 million US$ by March 2015. However, this growth was partially offset by an increase in treasury stock expenditures, which grew from 2 million US$ to 817 million US$ over the same period, reflecting active share repurchases.
Current Liability Trends: Current liabilities trended upward from 2,480 million US$ in March 2012 to 4,884 million US$ in March 2015. The primary drivers of this increase were the aforementioned current portion of long-term debt and a steady rise in accounts payable, which grew from 1,350 million US$ to 1,629 million US$. Other current liabilities showed high volatility, peaking at 1,178 million US$ in March 2013 before stabilizing.
Employee and Postretirement Obligations: A marked increase in long-term employee-related liabilities occurred in late 2012. Accrued pension costs rose from 105 million US$ in September 2012 to 1,990 million US$ in December 2012, though they subsequently fluctuated, ending at 1,100 million US$ in March 2015. Similarly, accrued postretirement health care costs appeared as a significant liability of 3,502 million US$ in December 2012 and remained substantial through March 2015, closing at 3,380 million US$.

Overall, the financial data indicates a transition toward a higher-leverage model. The company replaced parent company equity with long-term debt and managed a recovery of retained earnings while simultaneously returning capital to shareholders through treasury stock acquisitions.

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Kraft Foods Group Inc. (NASDAQ:KRFT)

Balance Sheet: Liabilities and Stockholders’ EquityQuarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data