The Kraft Heinz Company Reports Third Quarter 2015 Results
- Integration of Kraft and Heinz on track with leadership and organizational structure in place
- GAAP net sales increased 136% due to the merger of Kraft and Heinz; Pro Forma Organic Net Sales1 declined 2.0%
- GAAP operating income declined 2.4%; Adjusted Pro Forma EBITDA1 grew 4.8% on a constant currency basis
"Our third quarter results reflect continued progress as we integrate
these two great companies while driving greater accountability,
discipline and efficiency," said
Q3 2015 Financial Summary
For the Three Months Ended | Year-over-year Change | |||||||||||||||||
|
|
Actual | FX | Divestitures | Organic | |||||||||||||
(in millions, except per share data) | ||||||||||||||||||
GAAP net sales | $ | 6,120 | $ | 2,594 | 135.9 |
% |
||||||||||||
GAAP operating income | 399 | 409 | (2.4 |
)% |
|
|||||||||||||
GAAP diluted EPS | $ | (0.27 | ) | $ | (0.02 | ) | nm | |||||||||||
Pro forma net sales | $ | 6,363 | $ | 6,993 | (9.0 |
)% |
6.7 pp | 0.3 pp | (2.0 | )% | ||||||||
Adjusted Pro Forma EBITDA | 1,482 | 1,534 | (3.4 |
)% |
||||||||||||||
Adjusted Pro Forma EPS1 | $ | 0.44 | $ | 0.46 | (4.3 |
)% |
||||||||||||
Pro forma net sales were
Adjusted Pro Forma EBITDA declined 3.4 percent to
Q3 2015 Business Segment Highlights
For the Three Months Ended | Year-over-year Change | |||||||||||||||||||
|
|
Actual | FX | Divestitures | Organic | |||||||||||||||
(in millions) | ||||||||||||||||||||
Pro forma net sales | $ | 4,541 | $ | 4,716 | (3.7 |
)% |
— | — | (3.7 | )% | ||||||||||
Segment Adjusted EBITDA | 1,061 | 1,046 | 1.4 |
% |
||||||||||||||||
United States Segment Adjusted EBITDA increased 1.4 percent to
For the Three Months Ended | Year-over-year Change | ||||||||||||||||||
|
|
Actual | FX | Divestitures | Organic | ||||||||||||||
(in millions) | |||||||||||||||||||
Pro forma net sales | $ | 539 | $ | 665 | (18.9 | )% | 16.3 pp | — | (2.6 |
)% |
|||||||||
Segment Adjusted EBITDA | 110 | 138 | (20.3 | )% | |||||||||||||||
Canada Segment Adjusted EBITDA declined 20.3 percent to
For the Three Months Ended | Year-over-year Change | |||||||||||||||||
|
|
Actual | FX | Divestitures | Organic | |||||||||||||
(in millions) | ||||||||||||||||||
Pro forma net sales | $ | 599 | $ | 696 | (13.9 |
)% |
11.1 pp | 3.3 pp | 0.5 | % | ||||||||
Segment Adjusted EBITDA | 222 | 205 | 8.3 |
% |
||||||||||||||
Europe Segment Adjusted EBITDA increased 8.3 percent to
Rest of World4
For the Three Months Ended | Year-over-year Change | ||||||||||||||||||
|
|
Actual | FX | Divestitures | Organic | ||||||||||||||
(in millions) | |||||||||||||||||||
Pro forma net sales | $ | 684 | $ | 916 | (25.3 | )% | 32.4 pp | — | 7.1 | % | |||||||||
Segment Adjusted EBITDA | 125 | 177 | (29.4 | )% | |||||||||||||||
Rest of World pro forma net sales were
Rest of World Segment Adjusted EBITDA declined 29.4 percent to
End Notes
1. | Pro Forma Organic Net Sales, Adjusted Pro Forma EBITDA and Adjusted Pro Forma EPS are non-GAAP financial measures. Please see discussion of non-GAAP financial measures and the reconciliations on Schedules 3, 4, 5 and 6 at the end of this press release for more information. | |
2. |
The Company's key commodities in |
|
3. | Cost savings initiatives include the Company's integration, restructuring and ongoing productivity efforts. | |
4. |
Rest of World is comprised of three operating segments: |
|
Webcast and Conference Call Information
A webcast of
ABOUT
Forward-Looking Statements
This release contains a number of forward-looking statements. Words such as "continue," "progress," "drive," "implement," "expect," "invest," "accelerate," "create" and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding sales growth, integration, investments, impacts of certain business methodologies and company performance. These forward-looking statements 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 the Company's control.
Important factors that affect the Company's 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, increased
competition; the Company's ability to maintain, extend and expand its
reputation and brand image; the Company's ability to differentiate its
products from other brands; the consolidation of retail customers;
changes in relationships with significant customers and suppliers; the
Company's ability to predict, identify and interpret changes in consumer
preferences and demand; the Company's ability to drive revenue growth in
its key product categories, increase its market share and add products;
an impairment of the carrying value of goodwill or other
indefinite-lived intangible assets; volatility in commodity, energy and
other input costs; changes in the Company's management team or other key
personnel; execution of the Company's international expansion strategy;
changes in laws and regulations; legal claims or other regulatory
enforcement actions; product recalls or product liability claims;
unanticipated business disruptions; failure to successfully integrate
the Company; the Company's ability to complete or realize the benefits
from potential and completed acquisitions, alliances, divestitures or
joint ventures; economic and political conditions in the nations in
which it operates; the volatility of capital markets; increased pension,
labor and people-related expenses; volatility in the market value of all
or a portion of the derivatives the Company uses; exchange rate
fluctuations; disruptions in information technology networks and
systems; the Company's inability to protect intellectual property
rights; impacts of natural events in the locations in which the Company
or its customers, suppliers or regulators operate; the Company's
indebtedness and ability to pay such indebtedness; the Company's
dividend payments on its Series A Preferred Stock; tax law changes or
interpretations; pricing actions; and other factors. For additional
information on these and other factors that could affect the
forward-looking statements, see the Company's risk factors, as they may
be amended from time to time, set forth in the Company's filings with
the
Unaudited Pro Forma Condensed Combined Financial Information
The unaudited pro forma condensed combined financial information (the
"financial information") presented in this release illustrates the
estimated effects of the merger (the "2015 Merger") consummated on
The financial information was prepared using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the completion of the acquisition. The Company utilized estimated fair values at the closing date of the 2015 Merger for the preliminary allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed. During the measurement period, the Company will continue to obtain information to assist in determining the fair value of net assets acquired, which may differ materially from these preliminary estimates.
The historical consolidated financial statements have been adjusted in the accompanying financial information to give effect to unaudited pro forma events that are (1) directly attributable to the transaction, (2) factually supportable, and (3) are expected to have a continuing impact on the results of operations of the combined company.
The financial information has been prepared based upon currently
available information and assumptions deemed appropriate by management.
This financial information is not necessarily indicative of what the
Company's results of operations actually would have been had the 2015
Merger been completed as of
This information should be read in conjunction with historical financial
statements and accompanying notes filed with the
Non-GAAP Financial Measures
To supplement the financial information, the Company has presented Pro
Forma Organic Net Sales, Adjusted Pro Forma EBITDA and Adjusted Pro
Forma EPS, which are considered non-GAAP financial measures. The
non-GAAP financial measures provided should be viewed in addition to,
and not as an alternative for, the financial measures prepared in
accordance with accounting principles generally accepted in
The non-GAAP financial measures presented in this release may differ from non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures in the same way. Pro Forma Organic Net Sales, Adjusted Pro Forma EBITDA and Adjusted Pro Forma EPS are not substitutes for their comparable GAAP financial measures, such as net sales, operating income, diluted earnings per share ("EPS"), or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures.
The Company defines Pro Forma Organic Net Sales as pro forma net sales
excluding the impact of currency, acquisitions and divestitures. The
Company calculates the impact of currency on net sales by holding
exchange rates constant at the previous year's exchange rate, with the
exception of
The Company defines Adjusted Pro Forma EBITDA as pro forma operating
income/(loss) excluding the impacts of depreciation and amortization
(including amortization of postretirement benefit plans prior service
credits), integration and restructuring expenses, merger costs,
unrealized gains/(losses) on commodity hedges, equity award compensation
expense, impairment losses, gains/(losses) on the sale of a business,
and nonmonetary currency devaluation. We also present Adjusted Pro Forma
EBITDA on a constant currency basis. The Company calculates the impact
of currency on Adjusted Pro Forma EBITDA by holding exchange rates
constant at the previous year's exchange rate, with the exception of
The Company defines Adjusted Pro Forma EPS as pro forma diluted EPS excluding the impacts of integration and restructuring expenses, merger costs, unrealized gains/(losses) on commodity hedges, impairment losses, gains/(losses) on the sale of a business, and nonmonetary currency devaluation. Management uses Adjusted Pro Forma EPS to assess operating performance on a consistent basis.
See the attached schedules for supplemental financial data, which includes the financial information, the non-GAAP financial measures and corresponding reconciliations for the relevant periods.
Schedule 1 |
||||||||
|
||||||||
Condensed Consolidated Statements of Income | ||||||||
(in millions, except per share data) | ||||||||
(Unaudited) | ||||||||
For the Three Months Ended | ||||||||
|
|
|||||||
Net sales | $ | 6,120 | $ | 2,594 | ||||
Cost of products sold | 4,492 | 1,827 | ||||||
Gross profit | 1,628 | 767 | ||||||
Selling, general and administrative expenses | 1,229 | 358 | ||||||
Operating income | 399 | 409 | ||||||
Interest expense | 460 | 167 | ||||||
Other expense, net | 108 | 28 | ||||||
(Loss)/income before income taxes | (169 | ) | 214 | |||||
(Benefit from)/provision for income taxes | (49 | ) | 40 | |||||
Net (loss)/income | (120 | ) | 174 | |||||
Net income attributable to noncontrolling interest | 3 | 2 | ||||||
Net (loss)/income attributable to |
(123 | ) | 172 | |||||
Preferred dividend | 180 | 180 | ||||||
Net loss attributable to common shareholders | $ | (303 | ) | $ | (8 | ) | ||
Basic shares outstanding | 1,142 | 377 | ||||||
Diluted shares outstanding | 1,142 | 377 | ||||||
Per share data applicable to common shareholders: | ||||||||
Basic loss per share | $ | (0.27 | ) | $ | (0.02 | ) | ||
Diluted loss per share | $ | (0.27 | ) | $ | (0.02 | ) | ||
Note: The condensed consolidated statements of income for the three
months ended |
Schedule 2 |
|||||||
|
|||||||
Pro Forma Condensed Combined Statements of Income | |||||||
(in millions, except per share data) | |||||||
(Unaudited) | |||||||
For the Three Months Ended | |||||||
|
|
||||||
Net sales | $ | 6,363 | $ | 6,993 | |||
Cost of products sold | 4,314 | 4,893 | |||||
Gross profit | 2,049 | 2,100 | |||||
Selling, general and administrative expenses | 1,397 | 1,002 | |||||
Operating income | 652 | 1,098 | |||||
Interest expense | 460 | 274 | |||||
Other expense, net | 108 | 20 | |||||
Income before income taxes | 84 | 804 | |||||
(Benefit from)/provision for income taxes | 69 | 194 | |||||
Net income | 15 | 610 | |||||
Net income attributable to noncontrolling interest | 3 | 2 | |||||
Net income attributable to |
$ | 12 | $ | 608 | |||
Preferred dividend | 180 | 180 | |||||
Net (loss)/income attributable to common shareholders | $ | (168 | ) | $ | 428 | ||
Basic common shares outstanding | 1,213 | 1,192 | |||||
Diluted common shares outstanding | 1,213 | 1,222 | |||||
Per share data applicable to common shareholders: | |||||||
Basic (loss)/earnings per share | $ | (0.14 | ) | $ | 0.36 | ||
Diluted (loss)/earnings per share | $ | (0.14 | ) | $ | 0.35 | ||
Note: The pro forma condensed combined statements of income for the
three months ended |
|
Schedule 3 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||
Reconciliation of Pro Forma Net Sales to Pro Forma Organic Net Sales | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Pro Forma |
Impact of |
Impact of |
Pro Forma |
Price | Volume/Mix | |||||||||||||||||||
|
||||||||||||||||||||||||
|
$ | 4,541 | $ | - | $ | - | $ | 4,541 | ||||||||||||||||
|
539 | 108 | - | 647 | ||||||||||||||||||||
|
599 | 74 | - | 673 | ||||||||||||||||||||
Rest of World | 684 | 153 | - | 837 | ||||||||||||||||||||
$ | 6,363 | $ | 335 | $ | - | $ | 6,698 | |||||||||||||||||
|
||||||||||||||||||||||||
|
$ | 4,716 | $ | - | $ | - | $ | 4,716 | ||||||||||||||||
|
665 | - | - | 665 | ||||||||||||||||||||
|
696 | - | (26 | ) | 670 | |||||||||||||||||||
Rest of World | 916 | (134 | ) | - | 782 | |||||||||||||||||||
$ | 6,993 | $ | (134 | ) | $ | (26 | ) | $ | 6,833 | |||||||||||||||
Year-over-year growth rates | ||||||||||||||||||||||||
|
(3.7 | )% | 0.0 pp | 0.0 pp | (3.7 | )% | 0.2 pp | (3.9) pp | ||||||||||||||||
|
(18.9 | )% | 16.3 pp | 0.0 pp | (2.6 | )% | 2.6 pp | (5.2) pp | ||||||||||||||||
|
(13.9 | )% | 11.1 pp | 3.3 pp | 0.5 |
% |
0.4 pp | 0.1 pp | ||||||||||||||||
Rest of World | (25.3 | )% | 32.4 pp | 0.0 pp | 7.1 |
% |
2.9 pp | 4.2 pp | ||||||||||||||||
(9.0 | )% | 6.7 pp | 0.3 pp | (2.0 | )% | 0.7 pp | (2.7) pp | |||||||||||||||||
Note: The reconciliation of pro forma net sales to Pro Forma Organic Net Sales reflects the results of Kraft and Heinz as if they had been combined in both periods presented. |
Schedule 4 |
||||||||
|
||||||||
Reconciliation of Pro Forma Operating Income to Adjusted Pro Forma EBITDA | ||||||||
(in millions) | ||||||||
(Unaudited) | ||||||||
For the Three Months Ended | ||||||||
|
|
|||||||
Pro forma operating income | $ | 652 | $ | 1,098 | ||||
Depreciation and amortization (excluding integration and restructuring expenses) | 193 | 222 | ||||||
Integration and restructuring expenses | 482 | 163 | ||||||
Merger costs | 139 | 15 | ||||||
Unrealized losses on commodity hedges | — | 10 | ||||||
Equity award compensation expense | 16 | 26 | ||||||
Adjusted Pro Forma EBITDA | $ | 1,482 | $ | 1,534 | ||||
Segment Adjusted EBITDA: | ||||||||
|
$ | 1,061 | $ | 1,046 | ||||
|
110 | 138 | ||||||
|
222 | 205 | ||||||
Rest of World | 125 | 177 | ||||||
General corporate expenses | (36 | ) | (32 | ) | ||||
Adjusted Pro Forma EBITDA | $ | 1,482 | $ | 1,534 | ||||
Note: The reconciliation of pro forma operating income to Adjusted Pro Forma EBITDA reflects the results of Kraft and Heinz as if they had been combined in both periods presented. |
Schedule 5 |
|||||||||
|
|||||||||
Reconciliation of Adjusted Pro Forma EBITDA to Constant Currency Adjusted Pro Forma EBITDA | |||||||||
(dollars in millions) | |||||||||
(Unaudited) | |||||||||
For the Three Months Ended | |||||||||
Adjusted Pro |
Impact of |
Constant |
|||||||
|
$ | 1,482 | $ | 76 | $ | 1,558 | |||
|
$ | 1,534 | $ | (47) | $ | 1,487 | |||
Year-over-year growth rates | (3.4)% | 8.2 pp | 4.8% | ||||||
Note: The reconciliation of Adjusted Pro Forma EBITDA to Constant Currency Adjusted Pro Forma EBITDA reflects the results of Kraft and Heinz as if they had been combined in both periods presented. |
Schedule 6 |
|||||||
|
|||||||
Reconciliation of Pro Forma Diluted EPS to Adjusted Pro Forma EPS | |||||||
(Unaudited) | |||||||
For the Three Months Ended | |||||||
|
|
||||||
Pro forma diluted EPS | $ | (0.14 | ) | $ | 0.35 | ||
Integration and restructuring expenses | 0.27 | 0.09 | |||||
Merger costs | 0.31 | 0.01 | |||||
Unrealized losses on commodity hedges | — | 0.01 | |||||
Adjusted Pro Forma EPS | $ | 0.44 | $ | 0.46 | |||
|
Note: The reconciliation of pro forma diluted EPS to Adjusted Pro Forma EPS reflects the results of Kraft and Heinz as if they had been combined in both periods presented. |
Schedule 7 |
||||||||
|
||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in millions) | ||||||||
(Unaudited) | ||||||||
|
|
|||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 4,437 | $ | 2,298 | ||||
Trade receivables | 1,613 | 851 | ||||||
Inventories | 2,981 | 1,185 | ||||||
Other current assets | 1,380 | 581 | ||||||
Total current assets | 10,411 | 4,915 | ||||||
Property, plant and equipment, net | 6,432 | 2,365 | ||||||
|
46,750 | 14,959 | ||||||
Intangible assets, net | 56,693 | 13,188 | ||||||
Other assets | 1,506 | 1,108 | ||||||
TOTAL ASSETS | $ | 121,792 | $ | 36,535 | ||||
LIABILITIES AND EQUITY | ||||||||
Trade payables | $ | 2,719 | $ | 1,651 | ||||
Accrued marketing | 732 | 297 | ||||||
Accrued postemployment costs | 401 | 15 | ||||||
Income taxes payable | 410 | 232 | ||||||
Other current liabilities | 1,484 | 897 | ||||||
Total current liabilities | 5,746 | 3,092 | ||||||
Long-term debt | 25,250 | 13,358 | ||||||
Deferred income taxes | 19,684 | 3,867 | ||||||
Accrued postemployment costs | 3,019 | 244 | ||||||
Other liabilities | 734 | 289 | ||||||
TOTAL LIABILITIES | 54,433 | 20,850 | ||||||
Redeemable noncontrolling interest | 22 | 29 | ||||||
9.00% Series A cumulative redeemable preferred stock | 8,320 | 8,320 | ||||||
Equity: | ||||||||
Common stock, |
12 | 4 | ||||||
Warrants | — | 367 | ||||||
Additional paid-in capital | 59,622 | 7,320 | ||||||
Retained deficit | (196 | ) | — | |||||
Accumulated other comprehensive losses | (613 | ) | (574 | ) | ||||
|
(14 | ) | — | |||||
Total shareholders' equity | 58,811 | 7,117 | ||||||
Noncontrolling interest | 206 | 219 | ||||||
TOTAL EQUITY | 59,017 | 7,336 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 121,792 | $ | 36,535 | ||||
Note: The condensed consolidated balance sheet at |
Schedule 8 |
||||||||||||||||||
|
||||||||||||||||||
Pro Forma Condensed Combined Statement of Income | ||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
|
Historical |
Pro Forma |
Pro Forma | |||||||||||||||
Net sales | $ | 6,120 | $ | 243 | $ | — | $ | 6,363 | ||||||||||
Cost of products sold | 4,492 | 169 | (347 | ) | (b) | 4,314 | ||||||||||||
Gross profit | 1,628 | 74 | 347 | 2,049 | ||||||||||||||
Selling, general and administrative expenses | 1,229 | 264 | (96 | ) | (c) | 1,397 | ||||||||||||
Operating income/(loss) | 399 | (190 | ) | 443 | 652 | |||||||||||||
Interest expense | 460 | — | — | 460 | ||||||||||||||
Other expense, net | 108 | — | — | 108 | ||||||||||||||
(Loss)/income before income taxes | (169 | ) | (190 | ) | 443 | 84 | ||||||||||||
(Benefit from)/provision for income taxes | (49 | ) | (52 | ) | 170 | (d) | 69 | |||||||||||
Net (loss)/income | (120 | ) | (138 | ) | 273 | 15 | ||||||||||||
Net income attributable to noncontrolling interest | 3 | — | — | 3 | ||||||||||||||
Net (loss)/income attributable to |
$ | (123 | ) | $ | (138 | ) | $ | 273 | $ | 12 | ||||||||
Preferred dividend | 180 | — | — | 180 | ||||||||||||||
Net (loss)/income attributable to common shareholders | $ | (303 | ) | $ | (138 | ) | $ | 273 | $ | (168 | ) | |||||||
Basic common shares outstanding | 1,213 | |||||||||||||||||
Diluted common shares outstanding | 1,213 | |||||||||||||||||
Per share data applicable to common shareholders: | ||||||||||||||||||
Basic (loss)/earnings per share | $ | (0.14 | ) | |||||||||||||||
Diluted (loss)/earnings per share | $ | (0.14 | ) | |||||||||||||||
(a) Historical Kraft reflects activity for the period from |
(b) Represents the elimination of nonrecurring non-cash costs related to the fair value adjustment of Kraft's inventory in purchase accounting. |
(c) Represents the elimination of nonrecurring deal costs incurred in connection with the 2015 Merger. |
(d) Represents the income tax effect of pro forma adjustments utilizing a 38.5% weighted average statutory tax rate. |
Schedule 9 |
|||||||||||||||||
|
|||||||||||||||||
Pro Forma Condensed Combined Statement of Income | |||||||||||||||||
For the Three Months Ended |
|||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Historical |
Historical |
Pro Forma |
Pro Forma | ||||||||||||||
Net sales | $ | 2,594 | $ | 4,399 | $ | — | $ | 6,993 | |||||||||
Cost of products sold | 1,827 | 3,078 | (12 | ) | (a) | 4,893 | |||||||||||
Gross profit | 767 | 1,321 | 12 | 2,100 | |||||||||||||
Selling, general and administrative expenses | 358 | 595 | 49 | (b) | 1,002 | ||||||||||||
Operating income | 409 | 726 | (37 | ) | 1,098 | ||||||||||||
Interest expense | 167 | 127 | (20 | ) | (c) | 274 | |||||||||||
Other expense/(income), net | 28 | (8 | ) | — | 20 | ||||||||||||
Income before income taxes | 214 | 607 | (17 | ) | 804 | ||||||||||||
Provision for income taxes | 40 | 161 | (7 | ) | (d) | 194 | |||||||||||
Net income | 174 | 446 | (10 | ) | 610 | ||||||||||||
Net income attributable to noncontrolling interest | 2 | — | — | 2 | |||||||||||||
Net income attributable to |
$ | 172 | $ | 446 | $ | (10 | ) | $ | 608 | ||||||||
Preferred dividend | 180 | — | — | 180 | |||||||||||||
Net (loss)/income attributable to common shareholders | $ | (8 | ) | $ | 446 | $ | (10 | ) | $ | 428 | |||||||
Basic common shares outstanding | 1,192 | ||||||||||||||||
Diluted common shares outstanding | 1,222 | ||||||||||||||||
Per share data applicable to common shareholders: | |||||||||||||||||
Basic earnings per share | $ | 0.36 | |||||||||||||||
Diluted earnings per share | $ | 0.35 | |||||||||||||||
(a) Represents the change to align Kraft to |
(b) Reflects 2015 Merger-related adjustments including the change to
align Kraft to |
(c) Represents the incremental change in interest expense resulting from the fair value adjustment of Kraft's long-term debt in connection with the 2015 Merger, including the elimination of the historical amortization of deferred financing fees and amortization of original issuance discount. |
(d) Represents the income tax effect of pro forma adjustments utilizing a 38.5% weighted average statutory tax rate. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105006810/en/
Michael.Mullen@kraftheinzcompany.com
or
ir@kraftheinzcompany.com
Source:
News Provided by Acquire Media