$KHC
Kraft Heinz Co

2021 Q1 Form 10-Q Financial Statement

#000163745921000047 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $6.394B $6.157B
YoY Change 3.85% 3.32%
Cost Of Revenue $4.193B $4.299B
YoY Change -2.47% 8.89%
Gross Profit $2.201B $1.858B
YoY Change 18.46% -7.61%
Gross Profit Margin 34.42% 30.18%
Selling, General & Admin $1.112B $1.088B
YoY Change 2.21% -24.91%
% of Gross Profit 50.52% 58.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $222.0M $243.0M
YoY Change -8.64% 1.67%
% of Gross Profit 10.09% 13.08%
Operating Expenses $1.112B $1.088B
YoY Change 2.21% -24.91%
Operating Profit $1.089B $770.0M
YoY Change 41.43% 37.01%
Interest Expense $415.0M $310.0M
YoY Change 33.87% -3.43%
% of Operating Profit 38.11% 40.26%
Other Income/Expense, Net $30.00M $81.00M
YoY Change -62.96% -78.68%
Pretax Income $704.0M $541.0M
YoY Change 30.13% -12.88%
Income Tax $136.0M $160.0M
% Of Pretax Income 19.32% 29.57%
Net Earnings $563.0M $378.0M
YoY Change 48.94% -6.67%
Net Earnings / Revenue 8.81% 6.14%
Basic Earnings Per Share $0.46 $0.31
Diluted Earnings Per Share $0.46 $0.31
COMMON SHARES
Basic Shares Outstanding 1.223B shares 1.222B shares
Diluted Shares Outstanding 1.232B shares 1.224B shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.360B $5.403B
YoY Change -56.32% 392.97%
Cash & Equivalents $2.360B $5.403B
Short-Term Investments
Other Short-Term Assets $621.0M $535.0M
YoY Change 16.07% -52.06%
Inventory $2.676B $2.831B
Prepaid Expenses $136.0M $485.0M
Receivables $2.079B $2.321B
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.14B $11.71B
YoY Change 12.2% 32.52%
LONG-TERM ASSETS
Property, Plant & Equipment $6.579B $6.813B
YoY Change -3.43% -3.1%
Goodwill $31.40B $35.06B
YoY Change -10.44% -2.85%
Intangibles $45.02B $48.26B
YoY Change -6.71% -2.61%
Long-Term Investments
YoY Change
Other Assets $2.481B $2.231B
YoY Change 11.21% 8.72%
Total Long-Term Assets $85.53B $92.37B
YoY Change -7.4% -2.49%
TOTAL ASSETS
Total Short-Term Assets $13.14B $11.71B
Total Long-Term Assets $85.53B $92.37B
Total Assets $98.66B $104.1B
YoY Change -5.2% 0.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.225B $3.956B
YoY Change 6.8% -5.45%
Accrued Expenses $1.372B $1.055B
YoY Change 30.05% -0.75%
Deferred Revenue
YoY Change
Short-Term Debt $6.000M $6.000M
YoY Change 0.0% 200.0%
Long-Term Debt Due $126.0M $1.242B
YoY Change -89.86% -4.83%
Total Short-Term Liabilities $7.570B $7.934B
YoY Change -4.59% -0.48%
LONG-TERM LIABILITIES
Long-Term Debt $27.07B $31.53B
YoY Change -14.14% 5.8%
Other Long-Term Liabilities $1.726B $1.395B
YoY Change 23.73% -5.93%
Total Long-Term Liabilities $1.726B $1.395B
YoY Change 23.73% -5.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.570B $7.934B
Total Long-Term Liabilities $1.726B $1.395B
Total Liabilities $48.23B $52.95B
YoY Change -8.91% 2.36%
SHAREHOLDERS EQUITY
Retained Earnings -$2.131B -$2.686B
YoY Change -20.66% -41.43%
Common Stock $12.00M $12.00M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $373.0M $269.0M
YoY Change 38.66% -7.56%
Treasury Stock Shares
Shareholders Equity $50.29B $51.01B
YoY Change
Total Liabilities & Shareholders Equity $98.66B $104.1B
YoY Change -5.2% 0.49%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $563.0M $378.0M
YoY Change 48.94% -6.67%
Depreciation, Depletion And Amortization $222.0M $243.0M
YoY Change -8.64% 1.67%
Cash From Operating Activities $810.0M $212.0M
YoY Change 282.08% -30.26%
INVESTING ACTIVITIES
Capital Expenditures $227.0M $131.0M
YoY Change 73.28% -47.39%
Acquisitions $0.00 $0.00
YoY Change -100.0%
Other Investing Activities -$11.00M -$9.000M
YoY Change 22.22% -164.29%
Cash From Investing Activities -$216.0M -$122.0M
YoY Change 77.05% -168.93%
FINANCING ACTIVITIES
Cash Dividend Paid $489.0M $488.0M
YoY Change 0.2%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.014B $407.0M
YoY Change 149.14% 40600.0%
Cash From Financing Activities -$1.643B $3.105B
YoY Change -152.91% -716.07%
NET CHANGE
Cash From Operating Activities $810.0M $212.0M
Cash From Investing Activities -$216.0M -$122.0M
Cash From Financing Activities -$1.643B $3.105B
Net Change In Cash -$1.057B $3.124B
YoY Change -133.83% -9288.24%
FREE CASH FLOW
Cash From Operating Activities $810.0M $212.0M
Capital Expenditures $227.0M $131.0M
Free Cash Flow $583.0M $81.00M
YoY Change 619.75% 47.27%

Facts In Submission

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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Basis Of Accounting
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Basis of Presentation<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Principles of Consolidation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements include Kraft Heinz and all of our controlled subsidiaries. All intercompany transactions are eliminated.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reportable Segments</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We manage and report our operating results through three reportable segments defined by geographic region: United States, International, and Canada.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Considerations Related to COVID-19 </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 virus, including social distancing restrictions, shelter-in-place orders, and business shutdowns, and consumer responses have had and continue to have negative and positive implications for portions of our business. Though many areas have begun relaxing such restrictions, varying levels of restrictions remain in many places and may be increased. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the preparation of these financial statements and related disclosures we have assessed the impact that COVID-19 has had on our estimates, assumptions, forecasts, and accounting policies and made additional disclosures, as necessary. As COVID-19 and its impacts are unprecedented and ever evolving, future events and effects related to the pandemic cannot be determined with precision and actual results could significantly differ from estimates or forecasts.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See Note 8, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Goodwill and Intangible Assets</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, Note 11, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Postemployment Benefits</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, and Note 15, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Commitments, Contingencies and Debt</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, for further discussion of COVID-19 considerations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation. In the first quarter of 2021, we reclassified certain balances, which were previously reported in prepaid expenses, to inventories on our condensed consolidated balance sheets. Certain financial statement line items in our condensed consolidated balance sheet at December 26, 2020 and our condensed consolidated statement of cash flows for the three months ended March 28, 2020, were adjusted as necessary. See Note 7, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Inventories</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, for additional information.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Held for Sale</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 27, 2021, we classified certain assets and liabilities as held for sale in our condensed consolidated balance sheet, primarily relating to the divestitures of our nuts business and certain of our cheese businesses, a business in our International segment, and certain manufacturing equipment and land use rights across the globe. At December 26, 2020, the assets and liabilities identified as held for sale in our condensed consolidated balance sheet primarily related to the divestiture of certain of our cheese businesses, a business in our International segment, and certain manufacturing equipment and land use rights across the globe. See Note 4, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Acquisitions and Divestitures</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, for additional information.</span></div>
CY2021Q1 us-gaap Fiscal Period
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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.
CY2021Q1 khc Disposal Group Including Discontinued Operation Impairment Of Goodwill In Disposal Group
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530000000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
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CY2021Q1 us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements.</span></div>
CY2021Q1 khc Disposal Group Including Discontinued Operation Goodwill Net Of Impairment
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CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation. In the first quarter of 2021, we reclassified certain balances, which were previously reported in prepaid expenses, to inventories on our condensed consolidated balance sheets. Certain financial statement line items in our condensed consolidated balance sheet at December 26, 2020 and our condensed consolidated statement of cash flows for the three months ended March 28, 2020, were adjusted as necessary. See Note 7, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Inventories</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, for additional information.</span></div>
CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
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466000000 USD
CY2021Q1 khc Disposal Group Including Discontinued Operation Impairment Of Goodwill In Disposal Group
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530000000 USD
CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Intangible Assets
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2519000000 USD
CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Other Assets
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30000000 USD
CY2021Q1 khc Disposal Group Including Discontinued Operation Reserve For Assets Held For Sale
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26000000 USD
CY2021Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
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CY2020Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
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257000000 USD
CY2020Q4 khc Disposal Group Including Discontinued Operation Impairment Of Goodwill In Disposal Group
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300000000 USD
CY2020Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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CY2020Q4 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
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CY2020Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
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CY2020Q4 khc Disposal Group Including Discontinued Operation Goodwill Net Of Impairment
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CY2020Q4 us-gaap Disposal Group Including Discontinued Operation Intangible Assets
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CY2020Q4 us-gaap Disposal Group Including Discontinued Operation Other Assets
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CY2020Q4 khc Disposal Group Including Discontinued Operation Impairment Of Goodwill In Disposal Group
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CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
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18000000 USD
CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
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CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
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CY2020Q1 us-gaap Restructuring And Related Cost Incurred Cost
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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3417000000 USD
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1000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2361000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3418000000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
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482000000 USD
CY2021Q1 us-gaap Inventory Parts And Components Net Of Reserves
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211000000 USD
CY2020Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
219000000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q1 us-gaap Inventory Net
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2676000000 USD
CY2020Q4 us-gaap Inventory Net
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2773000000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.193
CY2020Q4 us-gaap Goodwill
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33089000000 USD
CY2021Q1 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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