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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 September 26, 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/31882281cfd2e97491384d9449666866-khc-20200926_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 October 24, 2020, there were 1,222,623,168 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 Nine Months Ended
September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Net sales$6,441 $6,076 $19,246 $18,441 
Cost of products sold4,097 4,129 12,592 12,401 
Gross profit2,344 1,947 6,654 6,040 
Selling, general and administrative expenses, excluding impairment losses897 762 2,677 2,341 
Goodwill impairment losses300  2,343 744 
Intangible asset impairment losses 5 1,056 479 
Selling, general and administrative expenses1,197 767 6,076 3,564 
Operating income/(loss)1,147 1,180 578 2,476 
Interest expense314 398 1,066 1,035 
Other expense/(income)(73)(380)(232)(893)
Income/(loss) before income taxes906 1,162 (256)2,334 
Provision for/(benefit from) income taxes308 264 417 584 
Net income/(loss)598 898 (673)1,750 
Net income/(loss) attributable to noncontrolling interest1 (1)3 (3)
Net income/(loss) attributable to common shareholders$597 $899 $(676)$1,753 
Per share data applicable to common shareholders:
Basic earnings/(loss)$0.49 $0.74 $(0.55)$1.44 
Diluted earnings/(loss)0.49 0.74 (0.55)1.43 
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 Nine Months Ended
September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Net income/(loss)$598 $898 $(673)$1,750 
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments289 (407)(315)(257)
Net deferred gains/(losses) on net investment hedges(200)151 (51)147 
Amounts excluded from the effectiveness assessment of net investment hedges5 6 21 16 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(3)(6)(14)(10)
Net deferred gains/(losses) on cash flow hedges17 50 153 24 
Amounts excluded from the effectiveness assessment of cash flow hedges6 8 18 21 
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)(29)(50)(90)(55)
Net actuarial gains/(losses) arising during the period(22)(9)(22)(14)
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(29)(59)(78)(176)
Total other comprehensive income/(loss)34 (316)(378)(304)
Total comprehensive income/(loss)632 582 (1,051)1,446 
Comprehensive income/(loss) attributable to noncontrolling interest(3)2 (3)12 
Comprehensive income/(loss) attributable to common shareholders$635 $580 $(1,048)$1,434 
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)
 September 26, 2020December 28, 2019
ASSETS
Cash and cash equivalents$2,720 $2,279 
Trade receivables (net of allowances of $57 at September 26, 2020 and $33 at December 28, 2019)
1,979 1,973 
Inventories2,661 2,721 
Prepaid expenses382 384 
Other current assets401 618 
Assets held for sale1,922 122 
Total current assets10,065 8,097 
Property, plant and equipment, net6,558 7,055 
Goodwill32,861 35,546 
Intangible assets, net46,418 48,652 
Other non-current assets2,220 2,100 
TOTAL ASSETS$98,122 $101,450 
LIABILITIES AND EQUITY
Commercial paper and other short-term debt$6 $6 
Current portion of long-term debt529 1,022 
Trade payables4,052 4,003 
Accrued marketing1,001 647 
Interest payable333 384 
Other current liabilities1,755 1,804 
Liabilities held for sale18 9 
Total current liabilities7,694 7,875 
Long-term debt27,882 28,216 
Deferred income taxes11,461 11,878 
Accrued postemployment costs250 273 
Other non-current liabilities1,496 1,459 
TOTAL LIABILITIES48,783 49,701 
Commitments and Contingencies (Note 16)
Redeemable noncontrolling interest(2) 
Equity: 
Common stock, $0.01 par value (5,000 shares authorized; 1,228 shares issued and 1,223 shares outstanding at September 26, 2020; 1,224 shares issued and 1,221 shares outstanding at December 28, 2019)
12 12 
Additional paid-in capital55,544 56,828 
Retained earnings/(deficit)(3,739)(3,060)
Accumulated other comprehensive income/(losses)(2,258)(1,886)
Treasury stock, at cost (5 shares at September 26, 2020 and 3 shares at December 28, 2019)
(341)(271)
Total shareholders' equity49,218 51,623 
Noncontrolling interest123 126 
TOTAL EQUITY49,341 51,749 
TOTAL LIABILITIES AND EQUITY$98,122 $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, 202012 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, 202012 55,990 (4,336)(2,296)(330)126 49,166 
Net income/(loss) excluding redeemable noncontrolling interest— — 597 — — 1 598 
Other comprehensive income/(loss)— — — 38 — (4)34 
Dividends declared-common stock ($0.40 per share)
— (494)— — — — (494)
Exercise of stock options, issuance of other stock awards, and other— 48 — — (11)— 37 
Balance at September 26, 2020$12 $55,544 $(3,739)$(2,258)$(341)$123 $49,341 

4


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, 201912 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, 201912 57,769 (4,140)(1,807)(291)132 51,675 
Net income/(loss) excluding redeemable noncontrolling interest— — 899 — — (5)894 
Other comprehensive income/(loss)— — — (319)— 3 (316)
Dividends declared-common stock ($0.40 per share)
— (491)— — — — (491)
Exercise of stock options, issuance of other stock awards, and other— 15 — — 26 1 42 
Balance at September 28, 2019$12 $57,293 $(3,241)$(2,126)$(265)$131 $51,804 
See accompanying notes to the condensed consolidated financial statements.
5


The Kraft Heinz Company
Condensed Consolidated Statements of Cash Flows
(in millions)
(Unaudited)
For the Nine Months Ended
September 26, 2020September 28, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)$(673)$1,750 
Adjustments to reconcile net income/(loss) to operating cash flows: 
Depreciation and amortization722 737 
Amortization of postretirement benefit plans prior service costs/(credits)(92)(229)
Equity award compensation expense114 26 
Deferred income tax provision/(benefit)(343)(140)
Postemployment benefit plan contributions(20)(23)
Goodwill and intangible asset impairment losses3,399 1,223 
Nonmonetary currency devaluation6 10 
Loss/(gain) on sale of business2 (490)
Other items, net143 (34)
Changes in current assets and liabilities:
Trade receivables(6)138 
Inventories(455)(637)
Accounts payable62 113 
Other current assets(15)(73)
Other current liabilities482 (381)
Net cash provided by/(used for) operating activities3,326 1,990 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(397)(581)
Payments to acquire business, net of cash acquired (199)
Proceeds from sale of business, net of cash disposed 1,875 
Other investing activities, net35 16 
Net cash provided by/(used for) investing activities(362)1,111 
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt(4,395)(3,272)
Proceeds from issuance of long-term debt3,500 2,967 
Debt prepayment and extinguishment costs(101)(91)
Proceeds from revolving credit facility4,000  
Repayments of revolving credit facility(4,000) 
Proceeds from issuance of commercial paper 377 
Repayments of commercial paper (377)
Dividends paid(1,467)(1,464)
Other financing activities, net(46)(21)
Net cash provided by/(used for) financing activities(2,509)(1,881)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(14)(40)
Cash, cash equivalents, and restricted cash
Net increase/(decrease)441 1,180 
Balance at beginning of period2,280 1,136 
Balance at end of period$2,721 $2,316 
See accompanying notes to the condensed consolidated financial statements.
6


The Kraft Heinz Company
Notes to Condensed Consolidated Financial Statements
Note 1. Basis of Presentation
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, in accordance with the rules of the Securities and Exchange Commission (the “SEC”). In management’s opinion, these interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary to fairly state our results for the periods presented.
We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2020 fiscal year is scheduled to be a 52-week period ending on December 26, 2020, and the 2019 fiscal year was a 52-week period that ended on December 28, 2019.
The condensed consolidated balance sheet data at December 28, 2019 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These statements should be read in conjunction with our audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 28, 2019. The results for interim periods are not necessarily indicative of future or annual results.
Principles of Consolidation
The condensed consolidated financial statements include Kraft Heinz and all of our controlled subsidiaries. All intercompany transactions are eliminated.
Reportable Segments
In the first quarter of 2020, our internal reporting and reportable segments changed. We moved our Puerto Rico business from the Latin America zone to the United States zone to consolidate and streamline the management of our product categories and supply chain. We also combined our Europe, Middle East, and Africa (“EMEA”), Latin America, and Asia Pacific (“APAC”) zones to form the International zone as a result of certain previously announced organizational changes.
Therefore, effective in the first quarter of 2020, we manage and report our operating results through three reportable segments defined by geographic region: United States, International, and Canada. We have reflected these changes in all historical periods presented.
Considerations Related to the Novel Coronavirus