Kraft Heinz Reports Second Quarter 2017 Results
-
Q2 net sales decreased 1.7%; Organic
Net Sales (1) decreased 0.9% - Q2 net income attributable to common shareholders increased 50.5%; Adjusted EBITDA(1) increased 1.9% on a constant currency basis
-
Q2 diluted EPS increased to
$0.94 ; Adjusted EPS(1) increased to$0.98 , up from$0.85 the prior year
"As expected, our second quarter results were sequentially better than
our first quarter, and we expect this momentum to continue into the
second half of the year," said
Q2 2017 Financial Summary
For the Three Months Ended | Year-over-year Change | ||||||||||||||||
|
|
Actual |
Impact of Currency |
Organic | |||||||||||||
(in millions, except per share data) | |||||||||||||||||
Net sales | $ | 6,677 | $ | 6,793 | (1.7 | )% | (0.8 | ) pp | (0.9 | )% | |||||||
Operating income | 1,921 | 1,636 | 17.5 | % | |||||||||||||
Net income/(loss) attributable to common shareholders | 1,159 | 770 | 50.5 | % | |||||||||||||
Diluted EPS | $ | 0.94 | $ | 0.63 | 49.2 | % | |||||||||||
Adjusted EBITDA(1) | 2,101 | 2,087 | 0.7 | % | (1.2 | ) pp | |||||||||||
Adjusted EPS(1) | $ | 0.98 | $ | 0.85 | 15.3 | % | |||||||||||
Net sales were
Net income attributable to common shareholders increased to
Q2 2017 Business Segment Highlights
For the Three Months Ended | Year-over-year Change | |||||||||||||||
|
|
Actual |
Impact of Currency |
Organic | ||||||||||||
(in millions) | ||||||||||||||||
Net sales | $ | 4,634 | $ | 4,692 | (1.2 | )% | 0.0 pp | (1.2 | )% | |||||||
Segment Adjusted EBITDA | 1,566 | 1,518 | 3.2 | % | 0.0 pp | |||||||||||
United States Segment Adjusted EBITDA increased 3.2 percent versus the
year-ago period to
For the Three Months Ended | Year-over-year Change | ||||||||||||||||
|
|
Actual | Impact of Currency | Organic | |||||||||||||
(in millions) | |||||||||||||||||
Net sales | $ | 597 | $ | 638 | (6.4 | )% | (3.3 | ) pp | (3.1 | )% | |||||||
Segment Adjusted EBITDA | 189 | 192 | (1.2 | )% | (3.5 | ) pp | |||||||||||
Canada Segment Adjusted EBITDA decreased 1.2 percent versus the year-ago
period to
For the Three Months Ended | Year-over-year Change | ||||||||||||||||
|
|
Actual |
Impact of Currency |
Organic | |||||||||||||
(in millions) | |||||||||||||||||
Net sales(4) | $ | 595 | $ | 625 | (4.9 | )% | (4.1 | ) pp | (0.8 | )% | |||||||
Segment Adjusted EBITDA(4)(5) | 202 | 221 | (8.6 | )% | (6.2 | ) pp | |||||||||||
Europe Segment Adjusted EBITDA decreased 8.6 percent versus the year-ago
period to
Rest of World(6)
For the Three Months Ended | Year-over-year Change | ||||||||||||||||
|
|
Actual | Impact of Currency | Organic | |||||||||||||
(in millions) | |||||||||||||||||
Net sales(4) | $ | 851 | $ | 838 | 1.6 | % | (1.4 | ) pp | 3.0 | % | |||||||
Segment Adjusted EBITDA(4) | 180 | 202 | (11.6 | )% | (3.0 | ) pp | |||||||||||
Rest of World net sales were
Rest of World Segment Adjusted EBITDA decreased 11.6 percent versus the
year-ago period to
End Notes
(1) |
Organic |
|
(2) | Cost savings initiatives include the Company's integration, restructuring and ongoing productivity efforts. | |
(3) |
The Company's key commodities in |
|
(4) |
In the fourth quarter of 2016, the Company moved the |
|
(5) |
In the fourth quarter of 2016, management of our Global Procurement
Office ("GPO") moved from one of our European subsidiaries to our
global headquarters. This change resulted in the reclassification of
Segment Adjusted EBITDA from the |
|
(6) |
Rest of World is comprised of two operating segments: |
|
Webcast and Conference Call Information
A webcast of
ABOUT
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words such as "expect," "momentum," "continue," "forward," "remain," "execute," "expand," "drive," "believe," "will," and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the Company's plans, objectives, cost savings, initiatives, opportunities, capabilities, investments, execution and growth. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company's control.
Important factors that may affect the Company's business and operations
and that may cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, increased
competition; the Company's ability to maintain, extend and expand its
reputation and brand image; the Company's ability to differentiate its
products from other brands; the consolidation of retail customers; the
Company's ability to predict, identify and interpret changes in consumer
preferences and demand; the Company's ability to drive revenue growth in
its key product categories, increase its market share or add products;
an impairment of the carrying value of goodwill or other
indefinite-lived intangible assets; volatility in commodity, energy and
other input costs; changes in the Company's management team or other key
personnel; the Company's inability to realize the anticipated benefits
from the Company's cost savings initiatives; changes in relationships
with significant customers and suppliers; execution of the Company's
international expansion strategy; changes in laws and regulations; legal
claims or other regulatory enforcement actions; product recalls or
product liability claims; unanticipated business disruptions; failure to
successfully integrate the business and operations of the Company in the
expected time frame; the Company's ability to complete or realize the
benefits from potential and completed acquisitions, alliances,
divestitures or joint ventures; economic and political conditions in the
nations in which the Company operates; the volatility of capital
markets; increased pension, labor and people-related expenses;
volatility in the market value of all or a portion of the derivatives
that the Company uses; exchange rate fluctuations; risks associated with
information technology and systems, including service interruptions,
misappropriation of data or breaches of security; the Company's
inability to protect intellectual property rights; impacts of natural
events in the locations in which the Company or its customers, suppliers
or regulators operate; the Company's indebtedness and ability to pay
such indebtedness; tax law changes or interpretations; and other
factors. For additional information on these and other factors that
could affect the Company's forward-looking statements, see the Company's
risk factors, as they may be amended from time to time, set forth in its
filings with the
Non-GAAP Financial Measures
To supplement the financial information, the Company has presented
Organic
Management uses these non-GAAP financial measures to assist in comparing the Company's performance on a consistent basis for purposes of business decision making by removing the impact of certain items that management believes do not directly reflect the Company's underlying operations. Management believes that presenting the Company's non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company's results. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting the Company's business than could be obtained absent these disclosures.
Organic
Adjusted EBITDA is defined as net income/(loss) from continuing
operations before interest expense, other expense/(income), net,
provision for/(benefit from) income taxes; in addition to these
adjustments, the Company excludes, when they occur, the impacts of
depreciation and amortization (excluding integration and restructuring
expenses) (including amortization of postretirement benefit plans prior
service credits), integration and restructuring expenses, merger costs,
unrealized losses/(gains) on commodity hedges, impairment losses,
losses/(gains) on the sale of a business, nonmonetary currency
devaluation (e.g., remeasurement gains and losses), and equity award
compensation expense (excluding integration and restructuring expenses).
The Company also presents Adjusted EBITDA on a constant currency basis.
The Company calculates the impact of currency on Adjusted EBITDA by
holding exchange rates constant at the previous year's exchange rate,
with the exception of
Adjusted EPS is defined as diluted earnings per share excluding, when they occur, the impacts of integration and restructuring expenses, merger costs, unrealized losses/(gains) on commodity hedges, impairment losses, losses/(gains) on the sale of a business, and nonmonetary currency devaluation (e.g., remeasurement gains and losses), and including when they occur, adjustments to reflect preferred stock dividend payments on an accrual basis. The Company believes Adjusted EPS provides important comparability of underlying operating results, allowing investors and management to assess operating performance on a consistent basis.
See the attached schedules for supplemental financial data, which includes the financial information, the non-GAAP financial measures and corresponding reconciliations for the relevant periods.
Schedule 1 |
||||||||||||||||
|
||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||
(dollars in millions, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
|
|
|
|
|||||||||||||
Net sales | $ | 6,677 | $ | 6,793 | $ | 13,041 | $ | 13,363 | ||||||||
Cost of products sold(a) | 3,996 | 4,262 | 8,059 | 8,454 | ||||||||||||
Gross profit | 2,681 | 2,531 | 4,982 | 4,909 | ||||||||||||
Selling, general and administrative expenses(b) | 760 | 895 | 1,510 | 1,760 | ||||||||||||
Operating income | 1,921 | 1,636 | 3,472 | 3,149 | ||||||||||||
Interest expense | 307 | 264 | 620 | 513 | ||||||||||||
Other expense/(income), net | 24 | 6 | 12 | (2 | ) | |||||||||||
Income/(loss) before income taxes | 1,590 | 1,366 | 2,840 | 2,638 | ||||||||||||
Provision for/(benefit from) income taxes | 430 | 411 | 789 | 783 | ||||||||||||
Net income/(loss) | 1,160 | 955 | 2,051 | 1,855 | ||||||||||||
Net income/(loss) attributable to noncontrolling interest | 1 | 5 | (1 | ) | 9 | |||||||||||
Net income/(loss) attributable to |
1,159 | 950 | 2,052 | 1,846 | ||||||||||||
Preferred dividends(c) | — | 180 | — | 180 | ||||||||||||
Net income/(loss) attributable to common shareholders | $ | 1,159 | $ | 770 | $ | 2,052 | $ | 1,666 | ||||||||
Basic shares outstanding | 1,218 | 1,217 | 1,218 | 1,216 | ||||||||||||
Diluted shares outstanding | 1,229 | 1,227 | 1,229 | 1,226 | ||||||||||||
Per share data applicable to common shareholders: | ||||||||||||||||
Basic earnings/(loss) per share | $ | 0.95 | $ | 0.63 | $ | 1.69 | $ | 1.37 | ||||||||
Diluted earnings/(loss) per share | 0.94 | 0.63 | 1.67 | 1.36 |
(a) |
Integration and restructuring charges recorded in cost of products
sold resulted in a |
|
(b) |
Integration and restructuring expenses recorded in selling, general
and administrative expenses were |
|
(c) |
On |
Schedule 2 |
|||||||||||||||||||||
|
|||||||||||||||||||||
Reconciliation of |
|||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
|
Impact of Currency |
Organic |
Price | Volume/Mix | |||||||||||||||||
|
|||||||||||||||||||||
|
$ | 4,634 | $ | — | $ | 4,634 | |||||||||||||||
|
597 | (21 | ) | 618 | |||||||||||||||||
|
595 | (25 | ) | 620 | |||||||||||||||||
Rest of World | 851 | (3 | ) | 854 | |||||||||||||||||
$ | 6,677 | $ | (49 | ) | $ | 6,726 | |||||||||||||||
|
|||||||||||||||||||||
|
$ | 4,692 | $ | — | $ | 4,692 | |||||||||||||||
|
638 | — | 638 | ||||||||||||||||||
|
625 | — | 625 | ||||||||||||||||||
Rest of World(a) | 838 | 9 | 829 | ||||||||||||||||||
$ | 6,793 | $ | 9 | $ | 6,784 | ||||||||||||||||
Year-over-year growth rates | |||||||||||||||||||||
|
(1.2 | )% |
0.0 |
pp |
(1.2 | )% | (0.4 | ) pp | (0.8 | ) pp | |||||||||||
|
(6.4 | )% | (3.3 | ) pp | (3.1 | )% | (3.7 | ) pp |
0.6 |
pp |
|||||||||||
|
(4.9 | )% | (4.1 | ) pp | (0.8 | )% | (1.6 | ) pp |
0.8 |
pp |
|||||||||||
Rest of World(a) | 1.6 | % | (1.4 | ) pp | 3.0 | % |
3.7 |
pp |
(0.7 | ) pp | |||||||||||
|
(1.7 | )% | (0.8 | ) pp | (0.9 | )% | (0.4 | ) pp | (0.5 | ) pp |
(a) |
In the fourth quarter of 2016, the Company moved the |
Schedule 3 |
|||||||||||||||||||||
|
|||||||||||||||||||||
Reconciliation of |
|||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
|
Impact of Currency |
Organic |
Price | Volume/Mix | |||||||||||||||||
|
|||||||||||||||||||||
|
$ | 9,186 | $ | — | $ | 9,186 | |||||||||||||||
|
1,040 | (7 | ) | 1,047 | |||||||||||||||||
|
1,138 | (64 | ) | 1,202 | |||||||||||||||||
Rest of World | 1,677 | 7 | 1,670 | ||||||||||||||||||
$ | 13,041 | $ | (64 | ) | $ | 13,105 | |||||||||||||||
|
|||||||||||||||||||||
|
$ | 9,407 | $ | — | $ | 9,407 | |||||||||||||||
|
1,142 | — | 1,142 | ||||||||||||||||||
|
1,208 | — | 1,208 | ||||||||||||||||||
Rest of World(a) | 1,606 | 22 | 1,584 | ||||||||||||||||||
$ | 13,363 | $ | 22 | $ | 13,341 | ||||||||||||||||
Year-over-year growth rates | |||||||||||||||||||||
|
(2.4 | )% |
0.0 |
pp |
(2.4 | )% |
0.1 |
pp |
(2.5 | ) pp | |||||||||||
|
(8.9 | )% | (0.6 | ) pp | (8.3 | )% | (2.5 | ) pp | (5.8 | ) pp | |||||||||||
|
(5.8 | )% | (5.3 | ) pp | (0.5 | )% | (1.1 | ) pp |
0.6 |
pp |
|||||||||||
Rest of World(a) | 4.4 | % | (1.0 | ) pp | 5.4 | % |
4.3 |
pp |
1.1 |
pp |
|||||||||||
|
(2.4 | )% | (0.6 | ) pp | (1.8 | )% |
0.3 |
pp |
(2.1 | ) pp |
(a) |
In the fourth quarter of 2016, the Company moved the |
Schedule 4 |
||||||||||||||||
|
||||||||||||||||
Reconciliation of Net Income/(Loss) to Adjusted EBITDA | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
|
|
|
|
|||||||||||||
Net income/(loss) | $ | 1,160 | $ | 955 | $ | 2,051 | $ | 1,855 | ||||||||
Interest expense | 307 | 264 | 620 | 513 | ||||||||||||
Other expense/(income), net | 24 | 6 | 12 | (2 | ) | |||||||||||
Provision for/(benefit from) income taxes | 430 | 411 | 789 | 783 | ||||||||||||
Operating income | 1,921 | 1,636 | 3,472 | 3,149 | ||||||||||||
Depreciation and amortization (excluding integration and restructuring expenses) | 137 | 124 | 269 | 285 | ||||||||||||
Integration and restructuring expenses | (6 | ) | 284 | 142 | 544 | |||||||||||
Merger costs | — | 14 | — | 29 | ||||||||||||
Unrealized losses/(gains) on commodity hedges | (13 | ) | (37 | ) | 29 | (45 | ) | |||||||||
Impairment losses | 48 | 53 | 48 | 53 | ||||||||||||
Nonmonetary currency devaluation | — | 2 | — | 3 | ||||||||||||
Equity award compensation expense (excluding integration and restructuring expenses) | 14 | 11 | 26 | 20 | ||||||||||||
Adjusted EBITDA | $ | 2,101 | $ | 2,087 | $ | 3,986 | $ | 4,038 | ||||||||
Segment Adjusted EBITDA: | ||||||||||||||||
|
$ | 1,566 | $ | 1,518 | $ | 3,038 | $ | 3,011 | ||||||||
|
189 | 192 | 315 | 343 | ||||||||||||
|
202 | 221 | 372 | 401 | ||||||||||||
Rest of World(a) | 180 | 202 | 326 | 368 | ||||||||||||
General corporate expenses(b) | (36 | ) | (46 | ) | (65 | ) | (85 | ) | ||||||||
Adjusted EBITDA | $ | 2,101 | $ | 2,087 | $ | 3,986 | $ | 4,038 |
(a) |
In the fourth quarter of 2016, the Company moved the |
|
(b) |
In the fourth quarter of 2016, management of our GPO moved from one
of our European subsidiaries to our global headquarters. This change
resulted in the reclassification of Segment Adjusted EBITDA from the
|
Schedule 5 |
|||||||||||||||
|
|||||||||||||||
Reconciliation of Adjusted EBITDA to Constant Currency Adjusted EBITDA | |||||||||||||||
For the Three Months Ended | |||||||||||||||
(dollars in millions) | |||||||||||||||
(Unaudited) | |||||||||||||||
Constant Currency | |||||||||||||||
Adjusted EBITDA | Impact of Currency | Adjusted EBITDA | |||||||||||||
|
|||||||||||||||
|
$ | 1,566 | $ | — | $ | 1,566 | |||||||||
|
189 | (8 | ) | 197 | |||||||||||
|
202 | (13 | ) | 215 | |||||||||||
Rest of World | 180 | (1 | ) | 181 | |||||||||||
General corporate expenses | (36 | ) | 1 | (37 | ) | ||||||||||
$ | 2,101 | $ | (21 | ) | $ | 2,122 | |||||||||
|
|||||||||||||||
|
$ | 1,518 | $ | — | $ | 1,518 | |||||||||
|
192 | — | 192 | ||||||||||||
|
221 | — | 221 | ||||||||||||
Rest of World(a) | 202 | 5 | 197 | ||||||||||||
General corporate expenses(b) | (46 | ) | — | (46 | ) | ||||||||||
$ | 2,087 | $ | 5 | $ | 2,082 | ||||||||||
Year-over-year growth rates | |||||||||||||||
|
3.2 | % |
0.0 |
pp |
3.2 | % | |||||||||
|
(1.2 | )% | (3.5 | ) pp | 2.3 | % | |||||||||
|
(8.6 | )% | (6.2 | ) pp | (2.4 | )% | |||||||||
Rest of World(a) | (11.6 | )% | (3.0 | ) pp | (8.6 | )% | |||||||||
General corporate expenses(b) | (22.2 | )% | (1.2 | ) pp | (21.0 | )% | |||||||||
|
0.7 | % | (1.2 | ) pp | 1.9 | % |
(a) |
In the fourth quarter of 2016, the Company moved the |
|
(b) |
In the fourth quarter of 2016, management of our GPO moved from one
of our European subsidiaries to our global headquarters. This change
resulted in the reclassification of Segment Adjusted EBITDA from the
|
Schedule 6 |
|||||||||||||||
|
|||||||||||||||
Reconciliation of Adjusted EBITDA to Constant Currency Adjusted EBITDA | |||||||||||||||
For the Six Months Ended | |||||||||||||||
(dollars in millions) | |||||||||||||||
(Unaudited) | |||||||||||||||
Constant Currency | |||||||||||||||
Adjusted EBITDA | Impact of Currency | Adjusted EBITDA | |||||||||||||
|
|||||||||||||||
|
$ | 3,038 | $ | — | $ | 3,038 | |||||||||
|
315 | (4 | ) | 319 | |||||||||||
|
372 | (32 | ) | 404 | |||||||||||
Rest of World | 326 | 1 | 325 | ||||||||||||
General corporate expenses | (65 | ) | 1 | (66 | ) | ||||||||||
$ | 3,986 | $ | (34 | ) | $ | 4,020 | |||||||||
|
|||||||||||||||
|
$ | 3,011 | $ | — | $ | 3,011 | |||||||||
|
343 | — | 343 | ||||||||||||
|
401 | — | 401 | ||||||||||||
Rest of World(a) | 368 | 12 | 356 | ||||||||||||
General corporate expenses(b) | (85 | ) | — | (85 | ) | ||||||||||
$ | 4,038 | $ | 12 | $ | 4,026 | ||||||||||
Year-over-year growth rates | |||||||||||||||
|
0.9 | % |
0.0 |
pp |
0.9 | % | |||||||||
|
(8.0 | )% | (1.0 | ) pp | (7.0 | )% | |||||||||
|
(7.2 | )% | (7.9 | ) pp | 0.7 | % | |||||||||
Rest of World(a) | (11.7 | )% | (2.9 | ) pp | (8.8 | )% | |||||||||
General corporate expenses(b) | (23.5 | )% | (0.6 | ) pp | (22.9 | )% | |||||||||
|
(1.3 | )% | (1.1 | ) pp | (0.2 | )% |
(a) |
In the fourth quarter of 2016, the Company moved the |
|
(b) |
In the fourth quarter of 2016, management of our GPO moved from one
of our European subsidiaries to our global headquarters. This change
resulted in the reclassification of Segment Adjusted EBITDA from the
|
Schedule 7 |
||||||||||||||||
|
||||||||||||||||
Reconciliation of Diluted EPS to Adjusted EPS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
|
|
|
|
|||||||||||||
Diluted EPS | $ | 0.94 | $ | 0.63 | $ | 1.67 | $ | 1.36 | ||||||||
Integration and restructuring expenses(a)(b) | — | 0.16 | 0.08 | 0.30 | ||||||||||||
Merger costs(a)(b) | — | 0.01 | — | 0.02 | ||||||||||||
Unrealized losses/(gains) on commodity hedges(a)(b) | (0.01 | ) | (0.02 | ) | 0.01 | (0.03 | ) | |||||||||
Impairment losses(a)(b) | 0.03 | 0.03 | 0.03 | 0.03 | ||||||||||||
Nonmonetary currency devaluation(a)(c) | 0.02 | — | 0.03 | 0.01 | ||||||||||||
Preferred dividend adjustment(d) | — | 0.04 | — | (0.11 | ) | |||||||||||
Adjusted EPS | $ | 0.98 | $ | 0.85 | $ | 1.82 | $ | 1.58 |
(a) | Income tax expense associated with these items is based on applicable jurisdictional tax rates and deductibility assessments of individual items. | |
(b) | Refer to the reconciliation of net income/(loss) to Adjusted EBITDA for the related gross expenses. | |
(c) | Nonmonetary currency devaluation includes the following gross expenses/(income): | |
• Expenses recorded in cost of products sold of |
||
• Expenses recorded in other expense/(income), net, of |
||
(d) |
For Adjusted EPS, we present the impact of the Series A Preferred
Stock dividend payments on an accrual basis. Accordingly, we
included an adjustment to EPS to include |
Schedule 8 |
||||||||
|
||||||||
Condensed Consolidated Balance Sheets | ||||||||
(dollars in millions) | ||||||||
(Unaudited) | ||||||||
|
|
|||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 1,445 | $ | 4,204 | ||||
Trade receivables, net | 913 | 769 | ||||||
Sold receivables | 521 | 129 | ||||||
Inventories | 3,065 | 2,684 | ||||||
Other current assets | 1,164 | 967 | ||||||
Total current assets | 7,108 | 8,753 | ||||||
Property, plant and equipment, net | 6,808 | 6,688 | ||||||
|
44,565 | 44,125 | ||||||
Intangible assets, net | 59,400 | 59,297 | ||||||
Other assets | 1,535 | 1,617 | ||||||
TOTAL ASSETS | $ | 119,416 | $ | 120,480 | ||||
LIABILITIES AND EQUITY | ||||||||
Commercial paper and other short-term debt | $ | 1,090 | $ | 645 | ||||
Current portion of long-term debt | 19 | 2,046 | ||||||
Trade payables | 3,888 | 3,996 | ||||||
Accrued marketing | 494 | 749 | ||||||
Accrued postemployment costs | 157 | 157 | ||||||
Income taxes payable | 153 | 255 | ||||||
Interest payable | 406 | 415 | ||||||
Other current liabilities | 1,149 | 1,238 | ||||||
Total current liabilities | 7,356 | 9,501 | ||||||
Long-term debt | 29,979 | 29,713 | ||||||
Deferred income taxes | 20,887 | 20,848 | ||||||
Accrued postemployment costs | 1,975 | 2,038 | ||||||
Other liabilities | 673 | 806 | ||||||
TOTAL LIABILITIES | 60,870 | 62,906 | ||||||
Equity: | ||||||||
Common stock, |
12 | 12 | ||||||
Additional paid-in capital | 58,674 | 58,593 | ||||||
Retained earnings/(deficit) | 1,178 | 588 | ||||||
Accumulated other comprehensive income/(losses) | (1,308 | ) | (1,628 | ) | ||||
|
(223 | ) | (207 | ) | ||||
Total shareholders' equity | 58,333 | 57,358 | ||||||
Noncontrolling interest | 213 | 216 | ||||||
TOTAL EQUITY | 58,546 | 57,574 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 119,416 | $ | 120,480 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170803006236/en/
Michael.Mullen@kraftheinzcompany.com
or
ir@kraftheinzcompany.com
Source:
News Provided by Acquire Media