Stock Analysis on Net
Stock Analysis on Net

YUM! Brands Inc. (NYSE:YUM)

This company has been moved to the archive! The financial data has not been updated since October 11, 2016.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

YUM! Brands Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 26, 2015 Dec 27, 2014 Dec 28, 2013 Dec 29, 2012 Dec 31, 2011
Accounts payable 7.63 8.32 8.10 7.59 8.06
Accrued capital expenditures 2.15 3.00 2.56 2.93 2.59
Accrued compensation and benefits 5.76 5.02 5.08 5.40 4.98
Dividends payable 2.44 2.13 1.89 1.68 1.48
Accrued taxes, other than income taxes 1.44 1.20 1.07 1.14 1.27
Other current liabilities 5.16 3.97 3.48 2.84 2.83
Accounts payable and other current liabilities 24.58% 23.63% 22.19% 21.58% 21.21%
Income taxes payable 0.95 0.92 1.94 1.08 1.61
Short-term borrowings 11.43 3.20 0.82 0.11 3.62
Advertising cooperative liabilities 1.28 1.14 1.10 1.51 1.29
Current liabilities 38.24% 28.89% 26.05% 24.28% 27.73%
Long-term debt 37.82 36.87 33.56 32.54 33.93
Other liabilities and deferred credits 11.86 14.91 14.31 17.52 16.65
Noncurrent liabilities 49.68% 51.78% 47.87% 50.06% 50.58%
Total liabilities 87.93% 80.67% 73.92% 74.34% 78.31%
Redeemable noncontrolling interest 0.07 0.11 0.45 0.65 0.00
Common Stock, no par value 0.00 0.00 0.00 0.00 0.20
Retained earnings 14.24 20.81 24.17 25.37 23.23
Accumulated other comprehensive income (loss) -2.96 -2.28 0.74 -1.46 -2.80
Shareholders’ equity, YUM! Brands, Inc. 11.28% 18.54% 24.91% 23.90% 20.64%
Noncontrolling interests 0.72 0.68 0.72 1.10 1.05
Total shareholders’ equity 12.00% 19.22% 25.64% 25.00% 21.69%
Total liabilities, redeemable noncontrolling interest and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2015-12-26), 10-K (reporting date: 2014-12-27), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31).

The capital structure of the organization underwent a significant shift between 2011 and 2015, characterized by a marked increase in total liabilities and a corresponding decline in total shareholders' equity. The total liabilities as a percentage of the total balance sheet rose from 78.31% in 2011 to 87.93% by the end of 2015, indicating an increasing reliance on debt and other obligations to fund operations and assets.

Current Liabilities and Short-Term Obligations
Current liabilities exhibited a notable upward trend, particularly in the final year of the period, rising from 27.73% in 2011 to 38.24% in 2015. This increase was primarily driven by a substantial surge in short-term borrowings, which escalated from 3.20% in 2014 to 11.43% in 2015. Other current liabilities also saw a steady climb from 2.83% in 2011 to 5.16% in 2015, while accounts payable remained relatively stable, fluctuating between 7.59% and 8.32%.
Noncurrent Liabilities and Long-Term Debt
Noncurrent liabilities remained relatively stable as a proportion of the total balance sheet, hovering around the 50% mark for most of the period. However, long-term debt showed a gradual increase, moving from 33.93% in 2011 to 37.82% in 2015. This suggests a strategic shift toward long-term borrowing to support the company's capital requirements.
Shareholders' Equity and Retained Earnings
Total shareholders' equity experienced a significant contraction, peaking at 25.64% in 2013 before dropping sharply to 12.00% by 2015. This decline is largely attributable to the reduction in retained earnings, which fell from a high of 25.37% in 2012 to 14.24% in 2015. Additionally, accumulated other comprehensive income reflected volatility, ending the period with a negative balance of 2.96%.

The overall financial trajectory indicates a transition toward a more highly leveraged balance sheet. The simultaneous increase in both short-term and long-term debt, coupled with the erosion of the equity base, suggests an aggressive capital management strategy or an increase in funding requirements that exceeded the growth of retained earnings during this period.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?