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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 24, 2022
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/86ba46ad2148c781a181ec7faa8e96af-khc-20220924_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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐Emerging 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 22, 2022, there were 1,224,930,164 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.


Forward-Looking Statements
This Quarterly Report on Form 10-Q contains a number of forward-looking statements. Words such as “anticipate,” “reflect,” “invest,” “see,” “make,” “expect,” “give,” “deliver,” “drive,” “believe,” “improve,” “assess,” “reassess,” “remain,” “evaluate,” “grow,” “will,” “plan,” “intend,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our plans, impacts of accounting standards and guidance, growth, legal matters, taxes, costs and cost savings, impairments, and dividends. These forward-looking statements reflect management’s current expectations and 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 our control.
Important factors that may affect our 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, the impacts of COVID-19 and government and consumer responses; operating in a highly competitive industry; our ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; changes in the retail landscape or the loss of key retail customers; changes in our relationships with significant customers or suppliers, or in other business relationships; our ability to maintain, extend, and expand our reputation and brand image; our ability to leverage our brand value to compete against private label products; our ability to drive revenue growth in our key product categories or platforms, increase our market share, or add products that are in faster-growing and more profitable categories; product recalls or other product liability claims; climate change and legal or regulatory responses; our ability to identify, complete, or realize the benefits from strategic acquisitions, alliances, divestitures, joint ventures, or other investments; our ability to successfully execute our strategic initiatives; the impacts of our international operations; our ability to protect intellectual property rights; our ownership structure; our ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes, and improve our competitiveness; our level of indebtedness, as well as our ability to comply with covenants under our debt instruments; additional impairments of the carrying amounts of goodwill or other indefinite-lived intangible assets; foreign exchange rate fluctuations; volatility in commodity, energy, and other input costs; volatility in the market value of all or a portion of the commodity derivatives we use; compliance with laws and regulations and related legal claims or regulatory enforcement actions; failure to maintain an effective system of internal controls; a downgrade in our credit rating; the impact of future sales of our common stock in the public market; our ability to continue to pay a regular dividend and the amounts of any such dividends; unanticipated business disruptions and natural events in the locations in which we or our customers, suppliers, distributors, or regulators operate; economic and political conditions in the United States and in various other nations where we do business (including inflationary pressures, general economic slowdown, or recession and the Russia and Ukraine conflict and its regional and global ramifications); changes in our management team or other key personnel and our ability to hire or retain key personnel or a highly skilled and diverse global workforce; risks associated with information technology and systems, including service interruptions, misappropriation of data, or breaches of security; increased pension, labor, and people-related expenses; changes in tax laws and interpretations; volatility of capital markets and other macroeconomic factors; and other factors. For additional information on these and other factors that could affect our forward-looking statements, see Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 25, 2021. We disclaim and do not undertake any obligation to update, revise, or withdraw any forward-looking statement in this report, except as required by applicable law or regulation.


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 24, 2022September 25, 2021September 24, 2022September 25, 2021
Net sales$6,505 $6,324 $19,104 $19,333 
Cost of products sold4,662 4,296 13,346 12,813 
Gross profit1,843 2,028 5,758 6,520 
Selling, general and administrative expenses, excluding impairment losses798 872 2,437 2,697 
Goodwill impairment losses220 — 444 265 
Intangible asset impairment losses74 — 469 78 
Selling, general and administrative expenses1,092 872 3,350 3,040 
Operating income/(loss)751 1,156 2,408 3,480 
Interest expense228 415 704 1,443 
Other expense/(income)(22)(138)(211)(191)
Income/(loss) before income taxes545 879 1,915 2,228 
Provision for/(benefit from) income taxes110 143 434 949 
Net income/(loss)435 736 1,481 1,279 
Net income/(loss) attributable to noncontrolling interest3 3 8 10 
Net income/(loss) attributable to common shareholders$432 $733 $1,473 $1,269 
Per share data applicable to common shareholders:
Basic earnings/(loss)$0.35 $0.60 $1.20 $1.04 
Diluted earnings/(loss)0.35 0.59 1.19 1.03 
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 24, 2022September 25, 2021September 24, 2022September 25, 2021
Net income/(loss)$435 $736 $1,481 $1,279 
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments(816)(237)(1,500)12 
Net deferred gains/(losses) on net investment hedges324 96 581 52 
Amounts excluded from the effectiveness assessment of net investment hedges8 4 26 14 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(10)(3)(23)(9)
Net deferred gains/(losses) on cash flow hedges(29)(6)(101)(70)
Amounts excluded from the effectiveness assessment of cash flow hedges1 7 9 21 
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)48 22 97 48 
Net actuarial gains/(losses) arising during the period(117)(15)(260)58 
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(4)(5)(15)(18)
Total other comprehensive income/(loss)(595)(137)(1,186)108 
Total comprehensive income/(loss)(160)599 295 1,387 
Comprehensive income/(loss) attributable to noncontrolling interest2 4 2 9 
Comprehensive income/(loss) attributable to common shareholders$(162)$595 $293 $1,378 
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 24, 2022December 25, 2021
ASSETS
Cash and cash equivalents$997 $3,445 
Trade receivables (net of allowances of $52 at September 24, 2022 and $48 at December 25, 2021)
2,055 1,957 
Inventories3,535 2,729 
Prepaid expenses224 136 
Other current assets954 716 
Assets held for sale95 11 
Total current assets7,860 8,994 
Property, plant and equipment, net6,417 6,806 
Goodwill30,574 31,296 
Intangible assets, net42,354 43,542 
Other non-current assets2,787 2,756 
TOTAL ASSETS$89,992 $93,394 
LIABILITIES AND EQUITY
Commercial paper and other short-term debt$4 $14 
Current portion of long-term debt770 740 
Trade payables4,733 4,753 
Accrued marketing811 804 
Interest payable255 268 
Other current liabilities2,113 2,485 
Total current liabilities8,686 9,064 
Long-term debt19,296 21,061 
Deferred income taxes10,285 10,536 
Accrued postemployment costs194 205 
Long-term deferred income1,490 1,534 
Other non-current liabilities1,698 1,542 
TOTAL LIABILITIES41,649 43,942 
Commitments and Contingencies (Note 14)
Redeemable noncontrolling interest37 4 
Equity: 
Common stock, $0.01 par value (5,000 shares authorized; 1,242 shares issued and 1,227 shares outstanding at September 24, 2022; 1,235 shares issued and 1,224 shares outstanding at December 25, 2021)
12 12 
Additional paid-in capital52,077 53,379 
Retained earnings/(deficit)(208)(1,682)
Accumulated other comprehensive income/(losses)(3,004)(1,824)
Treasury stock, at cost (15 shares at September 24, 2022 and 11 shares at December 25, 2021)
(729)(587)
Total shareholders' equity48,148 49,298 
Noncontrolling interest158 150 
TOTAL EQUITY48,306 49,448 
TOTAL LIABILITIES AND EQUITY$89,992 $93,394 
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 25, 2021$12 $53,379 $(1,682)$(1,824)$(587)$150 $49,448 
Net income/(loss) excluding redeemable noncontrolling interest— — 776 — — 4 780 
Other comprehensive income/(loss)— — — 12 — (1)11 
Dividends declared-common stock ($0.40 per share)
— (492)— — — — (492)
Exercise of stock options, issuance of other stock awards, and other— 67 1 — (18)— 50 
Balance at March 26, 2022$12 $52,954 $(905)$(1,812)$(605)$153 $49,797 
Net income/(loss) excluding redeemable noncontrolling interest— — 265 — — 2 267 
Other comprehensive income/(loss)— — — (598)— (4)(602)
Dividends declared-common stock ($0.40 per share)
— (494)— — — — (494)
Exercise of stock options, issuance of other stock awards, and other— 60 — — (81)15 (6)
Balance at June 25, 2022$12 $52,520 $(640)$(2,410)$(686)$166 $48,962 
Net income/(loss) excluding redeemable noncontrolling interest— — 432 — — 4 436 
Other comprehensive income/(loss)— — — (594)— (1)(595)
Dividends declared-common stock ($0.40 per share)
— (494)— — — — (494)
Exercise of stock options, issuance of other stock awards, and other— 51 — — (43)(11)(3)
Balance at September 24, 2022$12 $52,077 $(208)$(3,004)$(729)$158 $48,306 
4

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 
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 24, 2022September 25, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)$1,481 $1,279 
Adjustments to reconcile net income/(loss) to operating cash flows: 
Depreciation and amortization685 677 
Amortization of postemployment benefit plans prior service costs/(credits)(11)(5)
Divestiture-related license income(41)— 
Equity award compensation expense107 155 
Deferred income tax provision/(benefit)(184)(120)
Postemployment benefit plan contributions(14)(21)
Goodwill and intangible asset impairment losses913 343 
Nonmonetary currency devaluation16 4 
Loss/(gain) on sale of business(1)(11)
Loss/(gain) on extinguishment of debt(12)571 
Other items, net6 (150)
Changes in current assets and liabilities:
Trade receivables(208)92 
Inventories(1,027)(264)
Accounts payable299 194 
Other current assets(136)(96)
Other current liabilities(356)(200)
Net cash provided by/(used for) operating activities1,517 2,448 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(632)(655)
Payments to acquire business, net of cash acquired(481)— 
Proceeds from sale of business, net of cash disposed and working capital adjustments(20)3,401 
Other investing activities, net95 (2)
Net cash provided by/(used for) investing activities(1,038)2,744 
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt(1,157)(4,145)
Debt prepayment and extinguishment costs(17)(577)
Proceeds from issuance of commercial paper228 — 
Repayments of commercial paper(228)— 
Dividends paid(1,470)(1,469)
Other financing activities, net(167)(142)
Net cash provided by/(used for) financing activities(2,811)(6,333)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(116)(