Stock Analysis on Net
Stock Analysis on Net

Kraft Foods Group Inc. (NASDAQ:KRFT)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 28, 2015.

Analysis of Income Taxes

Microsoft Excel

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Income Tax Expense (Benefit)

Kraft Foods Group Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
United States federal
State and local
United States
Outside United States
Current
United States federal
State and local
United States
Outside United States
Deferred
Provision for income taxes

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

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Kraft Foods Group Inc. current increased from 2012 to 2013 and from 2013 to 2014.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Kraft Foods Group Inc. deferred increased from 2012 to 2013 but then decreased significantly from 2013 to 2014.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Kraft Foods Group Inc. provision for income taxes increased from 2012 to 2013 but then decreased significantly from 2013 to 2014.

Effective Income Tax Rate (EITR)

Kraft Foods Group Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
U.S. federal statutory tax rate
U.S. state and local income taxes, net of federal tax benefit
Domestic manufacturing deduction
Foreign rate differences
Changes in uncertain tax positions
Other
Effective tax rate

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

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Kraft Foods Group Inc. effective tax rate increased from 2012 to 2013 but then decreased significantly from 2013 to 2014.

Components of Deferred Tax Assets and Liabilities

Kraft Foods Group Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
Pension benefits
Postretirement benefits
Other employee benefits
Other
Deferred income tax assets
Valuation allowance
Net deferred income tax assets
Trade names
Property, plant and equipment
Debt exchange
Other
Deferred income tax liabilities
Net deferred income tax assets (liabilities)

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

Item Description The company
Deferred income tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Kraft Foods Group Inc. deferred income tax assets decreased from 2012 to 2013 but then increased from 2013 to 2014 not reaching 2012 level.
Net deferred income tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Kraft Foods Group Inc. net deferred income tax assets decreased from 2012 to 2013 but then increased from 2013 to 2014 not reaching 2012 level.
Net deferred income tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Kraft Foods Group Inc. net deferred income tax assets (liabilities) decreased from 2012 to 2013 but then increased from 2013 to 2014 not reaching 2012 level.

Adjustments to Financial Statements: Removal of Deferred Taxes

Kraft Foods Group Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
Adjustment to Current Assets
Current assets (as reported)
Less: Current deferred tax assets, net
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Current deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Equity
Equity (as reported)
Less: Net deferred tax assets (liabilities)
Equity (adjusted)
Adjustment to Net Earnings
Net earnings (as reported)
Add: Deferred income tax expense (benefit)
Net earnings (adjusted)

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

Kraft Foods Group Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Kraft Foods Group Inc., adjusted financial ratios

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

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

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Kraft Foods Group Inc. adjusted current ratio improved from 2012 to 2013 but then deteriorated significantly from 2013 to 2014.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Kraft Foods Group Inc. adjusted net profit margin ratio improved from 2012 to 2013 but then deteriorated significantly from 2013 to 2014.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Kraft Foods Group Inc. adjusted total asset turnover ratio deteriorated from 2012 to 2013 but then improved from 2013 to 2014 exceeding 2012 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Kraft Foods Group Inc. adjusted financial leverage ratio decreased from 2012 to 2013 but then slightly increased from 2013 to 2014.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Kraft Foods Group Inc. adjusted ROE deteriorated from 2012 to 2013 and from 2013 to 2014.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Kraft Foods Group Inc. adjusted ROA improved from 2012 to 2013 but then deteriorated significantly from 2013 to 2014.

Kraft Foods Group Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
As Reported
Selected Financial Data (US$ in millions)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted current assets
Current liabilities
Liquidity Ratio
Adjusted current ratio2

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

2014 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Kraft Foods Group Inc. adjusted current ratio improved from 2012 to 2013 but then deteriorated significantly from 2013 to 2014.

Adjusted Net Profit Margin

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
As Reported
Selected Financial Data (US$ in millions)
Net earnings
Net revenues
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings
Net revenues
Profitability Ratio
Adjusted net profit margin2

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

2014 Calculations

1 Net profit margin = 100 × Net earnings ÷ Net revenues
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net earnings ÷ Net revenues
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Kraft Foods Group Inc. adjusted net profit margin ratio improved from 2012 to 2013 but then deteriorated significantly from 2013 to 2014.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
As Reported
Selected Financial Data (US$ in millions)
Net revenues
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenues
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

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

2014 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Kraft Foods Group Inc. adjusted total asset turnover ratio deteriorated from 2012 to 2013 but then improved from 2013 to 2014 exceeding 2012 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
As Reported
Selected Financial Data (US$ in millions)
Total assets
Equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted equity
Solvency Ratio
Adjusted financial leverage2

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

2014 Calculations

1 Financial leverage = Total assets ÷ Equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Kraft Foods Group Inc. adjusted financial leverage ratio decreased from 2012 to 2013 but then slightly increased from 2013 to 2014.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
As Reported
Selected Financial Data (US$ in millions)
Net earnings
Equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings
Adjusted equity
Profitability Ratio
Adjusted ROE2

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

2014 Calculations

1 ROE = 100 × Net earnings ÷ Equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Kraft Foods Group Inc. adjusted ROE deteriorated from 2012 to 2013 and from 2013 to 2014.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 27, 2014 Dec 28, 2013 Dec 29, 2012
As Reported
Selected Financial Data (US$ in millions)
Net earnings
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings
Adjusted total assets
Profitability Ratio
Adjusted ROA2

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

2014 Calculations

1 ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Kraft Foods Group Inc. adjusted ROA improved from 2012 to 2013 but then deteriorated significantly from 2013 to 2014.