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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 2020
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number 001-37482
https://cdn.kscope.io/75e7bd1cdbcd5f178085feb09dfa9003-khc-20200627_g1.jpg
The Kraft Heinz Company
(Exact name of registrant as specified in its charter)

Delaware 46-2078182
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One PPG Place,Pittsburgh,Pennsylvania 15222
(Address of Principal Executive Offices)(Zip Code)

(412) 456-5700
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common stock, $0.01 par valueKHCThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

As of July 25, 2020, there were 1,222,578,592 shares of the registrant’s common stock outstanding.



Table of Contents
Unless the context otherwise requires, the terms “we,” “us,” “our,” “Kraft Heinz,” and the “Company” each refer to The Kraft Heinz Company and all of its consolidated subsidiaries.



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Kraft Heinz Company
Condensed Consolidated Statements of Income
(in millions, except per share data)
(Unaudited)
For the Three Months EndedFor the Six Months Ended
June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net sales$6,648  $6,406  $12,805  $12,365  
Cost of products sold4,196  4,324  8,495  8,272  
Gross profit2,452  2,082  4,310  4,093  
Selling, general and administrative expenses, excluding impairment losses918  750  1,780  1,579  
Goodwill impairment losses1,817  124  2,043  744  
Intangible asset impairment losses1,056  474  1,056  474  
Selling, general and administrative expenses3,791  1,348  4,879  2,797  
Operating income/(loss)(1,339) 734  (569) 1,296  
Interest expense442  316  752  637  
Other expense/(income)(78) (133) (159) (513) 
Income/(loss) before income taxes(1,703) 551  (1,162) 1,172  
Provision for/(benefit from) income taxes(51) 103  109  320  
Net income/(loss)(1,652) 448  (1,271) 852  
Net income/(loss) attributable to noncontrolling interest(1) (1) 2  (2) 
Net income/(loss) attributable to common shareholders$(1,651) $449  $(1,273) $854  
Per share data applicable to common shareholders:
Basic earnings/(loss)$(1.35) $0.37  $(1.04) $0.70  
Diluted earnings/(loss)(1.35) 0.37  (1.04) 0.70  
See accompanying notes to the condensed consolidated financial statements.
1


The Kraft Heinz Company
Condensed Consolidated Statements of Comprehensive Income
(in millions)
(Unaudited)
For the Three Months EndedFor the Six Months Ended
June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net income/(loss)$(1,652) $448  $(1,271) $852  
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments186  (69) (604) 150  
Net deferred gains/(losses) on net investment hedges(17) 10  149  (4) 
Amounts excluded from the effectiveness assessment of net investment hedges11  6  16  10  
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(5) (6) (11) (4) 
Net deferred gains/(losses) on cash flow hedges35  (10) 136  (26) 
Amounts excluded from the effectiveness assessment of cash flow hedges7  7  12  13  
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)(51) 3  (61) (5) 
Net actuarial gains/(losses) arising during the period  (5)   (5) 
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(24) (59) (49) (117) 
Total other comprehensive income/(loss)142  (123) (412) 12  
Total comprehensive income/(loss)(1,510) 325  (1,683) 864  
Comprehensive income/(loss) attributable to noncontrolling interest11  (1)   10  
Comprehensive income/(loss) attributable to common shareholders$(1,521) $326  $(1,683) $854  
See accompanying notes to the condensed consolidated financial statements.
2


The Kraft Heinz Company
Condensed Consolidated Balance Sheets
(in millions, except per share data)
(Unaudited)
 June 27, 2020December 28, 2019
ASSETS
Cash and cash equivalents$2,812  $2,279  
Trade receivables (net of allowances of $54 at June 27, 2020 and $33 at December 28, 2019)
2,045  1,973  
Inventories2,815  2,721  
Prepaid expenses471  384  
Other current assets504  618  
Assets held for sale129  122  
Total current assets8,776  8,097  
Property, plant and equipment, net6,777  7,055  
Goodwill33,310  35,546  
Intangible assets, net47,202  48,652  
Other non-current assets2,241  2,100  
TOTAL ASSETS$98,306  $101,450  
LIABILITIES AND EQUITY
Commercial paper and other short-term debt$6  $6  
Current portion of long-term debt757  1,022  
Trade payables3,880  4,003  
Accrued marketing938  647  
Interest payable378  384  
Other current liabilities2,083  1,804  
Liabilities held for sale8  9  
Total current liabilities8,050  7,875  
Long-term debt28,097  28,216  
Deferred income taxes11,374  11,878  
Accrued postemployment costs250  273  
Other non-current liabilities1,370  1,459  
TOTAL LIABILITIES49,141  49,701  
Commitments and Contingencies (Note 16)
Redeemable noncontrolling interest(1)   
Equity: 
Common stock, $0.01 par value (5,000 shares authorized; 1,228 shares issued and 1,223 shares outstanding at June 27, 2020; 1,224 shares issued and 1,221 shares outstanding at December 28, 2019)
12  12  
Additional paid-in capital55,990  56,828  
Retained earnings/(deficit)(4,336) (3,060) 
Accumulated other comprehensive income/(losses)(2,296) (1,886) 
Treasury stock, at cost (5 shares at June 27, 2020 and 3 shares at December 28, 2019)
(330) (271) 
Total shareholders' equity49,040  51,623  
Noncontrolling interest126  126  
TOTAL EQUITY49,166  51,749  
TOTAL LIABILITIES AND EQUITY$98,306  $101,450  
See accompanying notes to the condensed consolidated financial statements.
3


The Kraft Heinz Company
Condensed Consolidated Statements of Equity
(in millions)
(Unaudited)
Common StockAdditional Paid-in CapitalRetained Earnings/(Deficit)Accumulated Other Comprehensive Income/(Losses)Treasury Stock, at CostNoncontrolling InterestTotal Equity
Balance at December 28, 2019$12  $56,828  $(3,060) $(1,886) $(271) $126  $51,749  
Net income/(loss) excluding redeemable noncontrolling interest—  —  378  —  —  3  381  
Other comprehensive income/(loss)—  —  —  (540) —  (14) (554) 
Dividends declared-common stock ($0.40 per share)
—  (492) —  —  —  —  (492) 
Exercise of stock options, issuance of other stock awards, and other—  42  (4) —  2  —  40  
Balance at March 28, 2020$12  $56,378  $(2,686) $(2,426) $(269) $115  $51,124  
Net income/(loss) excluding redeemable noncontrolling interest—  —  (1,651) —  —  (1) (1,652) 
Other comprehensive income/(loss)—  —  —  130  —  12  142  
Dividends declared-common stock ($0.40 per share)
—  (493) —  —  —  —  (493) 
Exercise of stock options, issuance of other stock awards, and other—  105  1  —  (61) —  45  
Balance at June 27, 2020$12  $55,990  $(4,336) $(2,296) $(330) $126  $49,166  

Common StockAdditional Paid-in CapitalRetained Earnings/(Deficit)Accumulated Other Comprehensive Income/(Losses)Treasury Stock, at CostNoncontrolling InterestTotal Equity
Balance at December 29, 2018$12  $58,723  $(4,853) $(1,943) $(282) $118  $51,775  
Net income/(loss) excluding redeemable noncontrolling interest—  —  405  —  —  —  405  
Other comprehensive income/(loss)—  —  —  123  —  12  135  
Dividends declared-common stock ($0.40 per share)
—  (488) —  —  —  —  (488) 
Cumulative effect of accounting standards adopted in the period—  —  (136) 136  —  —    
Exercise of stock options, issuance of other stock awards, and other—  17  (2) —  (9) —  6  
Balance at March 30, 2019$12  $58,252  $(4,586) $(1,684) $(291) $130  $51,833  
Net income/(loss) excluding redeemable noncontrolling interest—  —  449  —  —  —  449  
Other comprehensive income/(loss)—  —  —  (123) —  —  (123) 
Dividends declared-common stock ($0.40 per share)
—  (488) —  —  —  —  (488) 
Exercise of stock options, issuance of other stock awards, and other—  5  (3) —  —  2  4  
Balance at June 29, 2019$12  $57,769  $(4,140) $(1,807) $(291) $132  $51,675  
See accompanying notes to the condensed consolidated financial statements.
4


The Kraft Heinz Company
Condensed Consolidated Statements of Cash Flows
(in millions)
(Unaudited)