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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 25, 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/2e6f9349ca9fc69565307b88a5e9ae69-khc-20210925_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 October 23, 2021, there were 1,225,261,485 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 25, 2021September 26, 2020September 25, 2021September 26, 2020
Net sales$6,324 $6,441 $19,333 $19,246 
Cost of products sold4,296 4,097 12,813 12,592 
Gross profit2,028 2,344 6,520 6,654 
Selling, general and administrative expenses, excluding impairment losses872 897 2,697 2,677 
Goodwill impairment losses 300 265 2,343 
Intangible asset impairment losses  78 1,056 
Selling, general and administrative expenses872 1,197 3,040 6,076 
Operating income/(loss)1,156 1,147 3,480 578 
Interest expense415 314 1,443 1,066 
Other expense/(income)(138)(73)(191)(232)
Income/(loss) before income taxes879 906 2,228 (256)
Provision for/(benefit from) income taxes143 308 949 417 
Net income/(loss)736 598 1,279 (673)
Net income/(loss) attributable to noncontrolling interest3 1 10 3 
Net income/(loss) attributable to common shareholders$733 $597 $1,269 $(676)
Per share data applicable to common shareholders:
Basic earnings/(loss)$0.60 $0.49 $1.04 $(0.55)
Diluted earnings/(loss)0.59 0.49 1.03 (0.55)
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 25, 2021September 26, 2020September 25, 2021September 26, 2020
Net income/(loss)$736 $598 $1,279 $(673)
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments(237)289 12 (315)
Net deferred gains/(losses) on net investment hedges96 (200)52 (51)
Amounts excluded from the effectiveness assessment of net investment hedges4 5 14 21 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(3)(3)(9)(14)
Net deferred gains/(losses) on cash flow hedges(6)17 (70)153 
Amounts excluded from the effectiveness assessment of cash flow hedges7 6 21 18 
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)22 (29)48 (90)
Net actuarial gains/(losses) arising during the period(15)(22)58 (22)
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(5)(29)(18)(78)
Total other comprehensive income/(loss)(137)34 108 (378)
Total comprehensive income/(loss)599 632 1,387 (1,051)
Comprehensive income/(loss) attributable to noncontrolling interest4 (3)9 (3)
Comprehensive income/(loss) attributable to common shareholders$595 $635 $1,378 $(1,048)
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 25, 2021December 26, 2020
ASSETS
Cash and cash equivalents$2,273 $3,417 
Trade receivables (net of allowances of $45 at September 25, 2021 and $48 at December 26, 2020)
1,958 2,063 
Inventories2,839 2,773 
Prepaid expenses158 132 
Other current assets603 574 
Assets held for sale1,726 1,863 
Total current assets9,557 10,822 
Property, plant and equipment, net6,588 6,876 
Goodwill31,386 33,089 
Intangible assets, net44,803 46,667 
Other non-current assets2,563 2,376 
TOTAL ASSETS$94,897 $99,830 
LIABILITIES AND EQUITY
Commercial paper and other short-term debt$1 $6 
Current portion of long-term debt1,034 230 
Trade payables4,380 4,304 
Accrued marketing908 946 
Interest payable285 358 
Other current liabilities1,841 2,200 
Liabilities held for sale6 17 
Total current liabilities8,455 8,061 
Long-term debt22,937 28,070 
Deferred income taxes11,389 11,462 
Accrued postemployment costs240 243 
Other non-current liabilities1,638 1,751 
TOTAL LIABILITIES44,659 49,587 
Commitments and Contingencies (Note 15)
Equity: 
Common stock, $0.01 par value (5,000 shares authorized; 1,235 shares issued and 1,227 shares outstanding at September 25, 2021; 1,228 shares issued and 1,223 shares outstanding at December 26, 2020)
12 12 
Additional paid-in capital53,823 55,096 
Retained earnings/(deficit)(1,425)(2,694)
Accumulated other comprehensive income/(losses)(1,858)(1,967)
Treasury stock, at cost (8 shares at September 25, 2021 and 5 shares at December 26, 2020)
(463)(344)
Total shareholders' equity50,089 50,103 
Noncontrolling interest149 140 
TOTAL EQUITY50,238 50,243 
TOTAL LIABILITIES AND EQUITY$94,897 $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 
Net income/(loss)— — 733 — — 3 736 
Other comprehensive income/(loss)— — — (138)— 1 (137)
Dividends declared-common stock ($0.40 per share)
— (495)— — — — (495)
Exercise of stock options, issuance of other stock awards, and other— 63 — — (71)— (8)
Balance at September 25, 2021$12 $53,823 $(1,425)$(1,858)$(463)$149 $50,238 
4


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 
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 
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 25, 2021September 26, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)$1,279 $(673)
Adjustments to reconcile net income/(loss) to operating cash flows: 
Depreciation and amortization677 722 
Amortization of postemployment benefit plans prior service costs/(credits)(5)(92)
Equity award compensation expense155 114 
Deferred income tax provision/(benefit)(120)(343)
Postemployment benefit plan contributions(21)(20)
Goodwill and intangible asset impairment losses343 3,399 
Nonmonetary currency devaluation4 6 
Loss/(gain) on sale of business(11)2 
Other items, net421 132 
Changes in current assets and liabilities:
Trade receivables92 (6)
Inventories(264)(441)
Accounts payable194 62 
Other current assets(96)(18)
Other current liabilities(200)482 
Net cash provided by/(used for) operating activities2,448 3,326 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(655)(397)
Proceeds from sale of business, net of cash disposed3,401  
Other investing activities, net(2)