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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 26, 2021
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/cec3fd99df83b1bdef2603e38f2da1fc-khc-20210626_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 Symbol(s)Name of each 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 31, 2021, there were 1,223,387,136 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 26, 2021June 27, 2020June 26, 2021June 27, 2020
Net sales$6,615 $6,648 $13,009 $12,805 
Cost of products sold4,324 4,196 8,517 8,495 
Gross profit2,291 2,452 4,492 4,310 
Selling, general and administrative expenses, excluding impairment losses943 918 1,825 1,780 
Goodwill impairment losses35 1,817 265 2,043 
Intangible asset impairment losses78 1,056 78 1,056 
Selling, general and administrative expenses1,056 3,791 2,168 4,879 
Operating income/(loss)1,235 (1,339)2,324 (569)
Interest expense613 442 1,028 752 
Other expense/(income)(23)(78)(53)(159)
Income/(loss) before income taxes645 (1,703)1,349 (1,162)
Provision for/(benefit from) income taxes670 (51)806 109 
Net income/(loss)(25)(1,652)543 (1,271)
Net income/(loss) attributable to noncontrolling interest2 (1)7 2 
Net income/(loss) attributable to common shareholders$(27)$(1,651)$536 $(1,273)
Per share data applicable to common shareholders:
Basic earnings/(loss)$(0.02)$(1.35)$0.44 $(1.04)
Diluted earnings/(loss)(0.02)(1.35)0.43 (1.04)
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 26, 2021June 27, 2020June 26, 2021June 27, 2020
Net income/(loss)$(25)$(1,652)$543 $(1,271)
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments190 186 249 (604)
Net deferred gains/(losses) on net investment hedges(49)(17)(44)149 
Amounts excluded from the effectiveness assessment of net investment hedges5 11 10 16 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(3)(5)(6)(11)
Net deferred gains/(losses) on cash flow hedges(35)35 (64)136 
Amounts excluded from the effectiveness assessment of cash flow hedges7 7 14 12 
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)(1)(51)26 (61)
Net actuarial gains/(losses) arising during the period71  73  
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(7)(24)(13)(49)
Total other comprehensive income/(loss)178 142 245 (412)
Total comprehensive income/(loss)153 (1,510)788 (1,683)
Comprehensive income/(loss) attributable to noncontrolling interest2 11 5  
Comprehensive income/(loss) attributable to common shareholders$151 $(1,521)$783 $(1,683)
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 26, 2021December 26, 2020
ASSETS
Cash and cash equivalents$3,941 $3,417 
Trade receivables (net of allowances of $44 at June 26, 2021 and $48 at December 26, 2020)
2,008 2,063 
Inventories2,820 2,773 
Prepaid expenses149 132 
Other current assets624 574 
Assets held for sale1,843 1,863 
Total current assets11,385 10,822 
Property, plant and equipment, net6,611 6,876 
Goodwill31,477 33,089 
Intangible assets, net44,941 46,667 
Other non-current assets2,624 2,376 
TOTAL ASSETS$97,038 $99,830 
LIABILITIES AND EQUITY
Commercial paper and other short-term debt$6 $6 
Current portion of long-term debt1,604 230 
Trade payables4,391 4,304 
Accrued marketing968 946 
Interest payable322 358 
Other current liabilities2,577 2,200 
Liabilities held for sale11 17 
Total current liabilities9,879 8,061 
Long-term debt23,545 28,070 
Deferred income taxes11,377 11,462 
Accrued postemployment costs248 243 
Other non-current liabilities1,847 1,751 
TOTAL LIABILITIES46,896 49,587 
Commitments and Contingencies (Note 15)
Equity: 
Common stock, $0.01 par value (5,000 shares authorized; 1,230 shares issued and 1,223 shares outstanding at June 26, 2021; 1,228 shares issued and 1,223 shares outstanding at December 26, 2020)
12 12 
Additional paid-in capital54,255 55,096 
Retained earnings/(deficit)(2,158)(2,694)
Accumulated other comprehensive income/(losses)(1,720)(1,967)
Treasury stock, at cost (7 shares at June 26, 2021 and 5 shares at December 26, 2020)
(392)(344)
Total shareholders' equity49,997 50,103 
Noncontrolling interest145 140 
TOTAL EQUITY50,142 50,243 
TOTAL LIABILITIES AND EQUITY$97,038 $99,830 
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 26, 2020$12 $55,096 $(2,694)$(1,967)$(344)$140 $50,243 
Net income/(loss)— — 563 — — 5 568 
Other comprehensive income/(loss)— — — 69 — (2)67 
Dividends declared-common stock ($0.40 per share)
— (495)— — — — (495)
Exercise of stock options, issuance of other stock awards, and other— 77  — (29)— 48 
Balance at March 27, 2021$12 $54,678 $(2,131)$(1,898)$(373)$143 $50,431 
Net income/(loss)— — (27)— — 2 (25)
Other comprehensive income/(loss)— — — 178 —  178 
Dividends declared-common stock ($0.40 per share)
— (495)— — — — (495)
Exercise of stock options, issuance of other stock awards, and other— 72  — (19)— 53 
Balance at June 26, 2021$12 $54,255 $(2,158)$(1,720)$(392)$145 $50,142 
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 
See accompanying notes to the condensed consolidated financial statements.
4


The Kraft Heinz Company
Condensed Consolidated Statements of Cash Flows
(in millions)
(Unaudited)
For the Six Months Ended
June 26, 2021June 27, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)$543 $(1,271)
Adjustments to reconcile net income/(loss) to operating cash flows: 
Depreciation and amortization449 490 
Amortization of postemployment benefit plans prior service costs/(credits)(3)(61)
Equity award compensation expense104 73 
Deferred income tax provision/(benefit)(114)(489)
Postemployment benefit plan contributions(14)(15)
Goodwill and intangible asset impairment losses343 3,099 
Nonmonetary currency devaluation4 4 
Loss/(gain) on sale of business65 2 
Other items, net278 204 
Changes in current assets and liabilities:
Trade receivables62 (60)
Inventories(227)(202)
Accounts payable220 (54)
Other current assets(67)(138)
Other current liabilities386 634 
Net cash provided by/(used for) operating activities2,029 2,216 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(431)(258)
Proceeds from sale of business, net of cash disposed3,435  
Other investing activities, net23 21 
Net cash provided by/(used for) investing activities3,027 (237)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt(3,090)(3,824)
Proceeds from issuance of long-term debt 3,500 
Debt prepayment and extinguishment costs(433)(101)
Proceeds from revolving credit facility 4,000 
Repayments of revolving credit facility (4,000)
Dividends paid(979)(977)
Other financing activities, net(53)(35)
Net cash provided by/(used for) financing activities(4,555)(1,437)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash23 (9)
Cash, cash equivalents, and restricted cash
Net increase/(decrease)524 533 
Balance at beginning of period3,418 2,280 
Balance at end of period$3,942 $2,813 
See accompanying notes to the condensed consolidated financial statements.
5


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 2021 fiscal year is scheduled to be a 52-week period ending on December 25, 2021, and the 2020 fiscal year was a 52-week period that ended on December 26, 2020.
The condensed consolidated balance sheet data at December 26, 2020 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 26, 2020. 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
We manage and report our operating results through three reportable segments defined by geographic region: United States, International, and Canada.
Considerations Related to COVID-19
The ongoing spread of COVID-19 throughout the United States and internationally, as well as measures implemented by governmental authorities in an attempt to minimize transmission of the vir