Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Kraft Heinz Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
- Short-term Debt Trends
- The share of commercial paper and other short-term debt as a percentage of total liabilities and equity remains very low throughout the periods, fluctuating mostly below 1%, with occasional minor spikes but returning quickly to near zero levels. The current portion of long-term debt shows more volatility, starting very low, peaking significantly at 2.29%, and showing intermittent fluctuations thereafter, indicating periodic refinancing or debt restructuring activities within short-term obligations.
- Trade and Current Liabilities
- Trade payables as a percentage of total liabilities and equity exhibit moderate stability with minor fluctuations in the 2.2% to 4.2% range, showing a slight upward trend toward the later periods. Accrued marketing liabilities remain relatively stable with minor variations, generally hovering below 1%, although a noticeable increase occurs toward the last few quarters, indicating possible heightened marketing expenses or accruals. Other current liabilities experience some variability but generally stay within a narrow band between 1.2% and 2.4%, with a minor rise detected near the end of the period analyzed. Total current liabilities maintain a range between 4.7% and 8.9%, reflecting some fluctuations tied primarily to changes in the current portion of long-term debt and accrued marketing.
- Long-term Debt and Non-current Liabilities
- The long-term debt excluding current portion maintains a significant and relatively stable presence, generally around 20% to 30% of total liabilities and equity, with a gradual upward movement in recent periods. This suggests sustained long-term financing commitments. Deferred income taxes as a proportion of total liabilities and equity show a relative plateau around 11% to 17%, peaking early and stabilizing thereafter. Accrued postemployment costs experience a decline from early highs around 2.5% to steady levels below 0.5%, indicating possible reductions in obligations or changes in accounting estimates. Other non-current liabilities fluctuate mildly but generally remain under 1.5%. Overall, non-current liabilities account for approximately 35% to 50% of total liabilities and equity, highlighting the predominance of longer-term obligations in the company's capital structure.
- Total Liabilities and Equity Composition
- Total liabilities generally fall within the 44% to 52% range of total liabilities and equity, exhibiting a modest upward trend near the midpoint of the time frame and some reduction towards the latter periods. Shareholders’ equity maintains a roughly complementary share to liabilities, normally between 18% and 55%, with a marked increase occurring around 2017, followed by a decline approaching 50% in the most recent periods. Total equity displays similar movements, showing rises and declines that correspond with changes in retained earnings and additional paid-in capital. The redeemable noncontrolling interest and preferred stock presence diminishes over time, with the 9.00% cumulative compounding preferred stock component disappearing after mid-2016, possibly due to retirement or conversion. Additional paid-in capital rises significantly early on and sustains at high levels near or above 48%, signaling capital injections or equity adjustments.
- Retained Earnings and Comprehensive Losses
- Retained earnings reveal notable volatility, initially oscillating slightly around zero, then experiencing a considerable increase reaching above 7% during 2017 and early 2018, followed by a pronounced decline plunging into negative territory by 2019 and 2020. This swing may reflect substantial net losses or distributions during these periods. Accumulated other comprehensive losses remain negative throughout, with values deepening slightly over time from approximately -0.5% to -2.3%, indicating ongoing recognized losses under comprehensive income.
- Treasury Stock and Minor Items
- Treasury stock appears consistently as a small negative portion, growing modestly in magnitude over the periods from nearly zero to roughly -0.3%, suggesting ongoing share repurchases or stock retirements. Other minor elements such as warrants appear only briefly early on and then disappear, reflecting changes in capital structure or financial instrument holdings.
- Summary Insights
- The financial structure shows a balanced mix of liabilities and equity with long-term debt as a significant component. Current liabilities fluctuate due to periodic changes in debt maturities and accrued expenses. Shareholders' equity has experienced considerable volatility, notably due to swings in retained earnings, pointing to variable profitability or significant non-operating events during the periods analyzed. The reduction in preferred stock and stable additional paid-in capital suggest shifts in financing mix toward common equity. The relatively steady deferred taxes and other non-current liabilities reflect ongoing tax-related obligations and miscellaneous liabilities. Overall, the company maintains a consistent capital base with some periods of financial stress or restructuring evident from the changes in retained earnings and debt components.