$KHC
Kraft Heinz Co

2022 Q1 Form 10-Q Financial Statement

#000163745922000060 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $6.045B $6.394B
YoY Change -5.46% 3.85%
Cost Of Revenue $4.114B $4.193B
YoY Change -1.88% -2.47%
Gross Profit $1.931B $2.201B
YoY Change -12.27% 18.46%
Gross Profit Margin 31.94% 34.42%
Selling, General & Admin $816.0M $1.112B
YoY Change -26.62% 2.21%
% of Gross Profit 42.26% 50.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0M $222.0M
YoY Change -0.9% -8.64%
% of Gross Profit 11.39% 10.09%
Operating Expenses $816.0M $1.112B
YoY Change -26.62% 2.21%
Operating Profit $1.115B $1.089B
YoY Change 2.39% 41.43%
Interest Expense $242.0M $415.0M
YoY Change -41.69% 33.87%
% of Operating Profit 21.7% 38.11%
Other Income/Expense, Net $98.00M $30.00M
YoY Change 226.67% -62.96%
Pretax Income $971.0M $704.0M
YoY Change 37.93% 30.13%
Income Tax $190.0M $136.0M
% Of Pretax Income 19.57% 19.32%
Net Earnings $776.0M $563.0M
YoY Change 37.83% 48.94%
Net Earnings / Revenue 12.84% 8.81%
Basic Earnings Per Share $0.63 $0.46
Diluted Earnings Per Share $0.63 $0.46
COMMON SHARES
Basic Shares Outstanding 1.225B shares 1.223B shares
Diluted Shares Outstanding 1.234B shares 1.232B shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.978B $2.360B
YoY Change 26.19% -56.32%
Cash & Equivalents $2.978B $2.360B
Short-Term Investments
Other Short-Term Assets $869.0M $621.0M
YoY Change 39.94% 16.07%
Inventory $3.093B $2.676B
Prepaid Expenses $179.0M $136.0M
Receivables $2.067B $2.079B
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.275B $13.14B
YoY Change -29.39% 12.2%
LONG-TERM ASSETS
Property, Plant & Equipment $6.602B $6.579B
YoY Change 0.35% -3.43%
Goodwill $31.40B $31.40B
YoY Change 0.0% -10.44%
Intangibles $43.64B $45.02B
YoY Change -3.07% -6.71%
Long-Term Investments
YoY Change
Other Assets $2.907B $2.481B
YoY Change 17.17% 11.21%
Total Long-Term Assets $84.59B $85.53B
YoY Change -1.1% -7.4%
TOTAL ASSETS
Total Short-Term Assets $9.275B $13.14B
Total Long-Term Assets $84.59B $85.53B
Total Assets $93.86B $98.66B
YoY Change -4.86% -5.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.610B $4.225B
YoY Change 9.11% 6.8%
Accrued Expenses $1.189B $1.372B
YoY Change -13.34% 30.05%
Deferred Revenue
YoY Change
Short-Term Debt $50.00M $6.000M
YoY Change 733.33% 0.0%
Long-Term Debt Due $730.0M $126.0M
YoY Change 479.37% -89.86%
Total Short-Term Liabilities $9.064B $7.570B
YoY Change 19.74% -4.59%
LONG-TERM LIABILITIES
Long-Term Debt $20.97B $27.07B
YoY Change -22.55% -14.14%
Other Long-Term Liabilities $1.643B $1.726B
YoY Change -4.81% 23.73%
Total Long-Term Liabilities $1.643B $1.726B
YoY Change -4.81% 23.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.064B $7.570B
Total Long-Term Liabilities $1.643B $1.726B
Total Liabilities $44.02B $48.23B
YoY Change -8.73% -8.91%
SHAREHOLDERS EQUITY
Retained Earnings -$905.0M -$2.131B
YoY Change -57.53% -20.66%
Common Stock $12.00M $12.00M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $605.0M $373.0M
YoY Change 62.2% 38.66%
Treasury Stock Shares
Shareholders Equity $49.64B $50.29B
YoY Change
Total Liabilities & Shareholders Equity $93.86B $98.66B
YoY Change -4.86% -5.2%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $776.0M $563.0M
YoY Change 37.83% 48.94%
Depreciation, Depletion And Amortization $220.0M $222.0M
YoY Change -0.9% -8.64%
Cash From Operating Activities $486.0M $810.0M
YoY Change -40.0% 282.08%
INVESTING ACTIVITIES
Capital Expenditures $214.0M $227.0M
YoY Change -5.73% 73.28%
Acquisitions $241.0M $0.00
YoY Change
Other Investing Activities -$6.000M -$11.00M
YoY Change -45.45% 22.22%
Cash From Investing Activities -$469.0M -$216.0M
YoY Change 117.13% 77.05%
FINANCING ACTIVITIES
Cash Dividend Paid $490.0M $489.0M
YoY Change 0.2% 0.2%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $9.000M $1.014B
YoY Change -99.11% 149.14%
Cash From Financing Activities -$485.0M -$1.643B
YoY Change -70.48% -152.91%
NET CHANGE
Cash From Operating Activities $486.0M $810.0M
Cash From Investing Activities -$469.0M -$216.0M
Cash From Financing Activities -$485.0M -$1.643B
Net Change In Cash -$466.0M -$1.057B
YoY Change -55.91% -133.83%
FREE CASH FLOW
Cash From Operating Activities $486.0M $810.0M
Capital Expenditures $214.0M $227.0M
Free Cash Flow $272.0M $583.0M
YoY Change -53.34% 619.75%

Facts In Submission

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CY2022Q1 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 2022 fiscal year is scheduled to be a 53-week period ending on December 31, 2022, and our 2021 fiscal year was a 52-week period that ended on December 25, 2021.</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 25, 2021 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 25, 2021. 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 The Kraft Heinz Company 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:400;line-height:120%">During the fourth quarter of 2021, certain organizational changes were announced that will impact our future internal reporting and reportable segments. As a result of these changes, we plan to combine our United States and Canada zones to form the North America zone and expect to have two reportable segments, North America and International. We expect that any change to our reportable segments will be effective in the second quarter of 2022. </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 and private businesses in an attempt to minimize transmission of the virus (including social distancing mandates, shelter-in-place orders, vaccine mandates, and business restrictions and shutdowns) and consumer responses to such measures and the pandemic have had and continue to have negative and positive implications for portions of our business. Though many areas have relaxed restrictions, varying levels remain throughout the world, are continuously evolving, and may be increased, including as a result of further outbreaks, resurgences, or the emergence of new variants. </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%">, 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.</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 26, 2022, we classified certain assets as held for sale in our condensed consolidated balance sheet, including certain property, plant and equipment, net in our United States segment related to the sale of a manufacturing facility, inventory in our International segment, and certain manufacturing equipment and land use rights across the globe. At December 25, 2021, we classified certain assets as held for sale in our condensed consolidated balance sheet, including inventory 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>
CY2022Q1 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 2022 fiscal year is scheduled to be a 53-week period ending on December 31, 2022, and our 2021 fiscal year was a 52-week period that ended on December 25, 2021.
CY2021Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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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>
CY2022Q1 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.</span></div>
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CY2022Q1 us-gaap Goodwill
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20000000 USD
CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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39400000000 USD
CY2021Q4 khc Brandpercentageoffairvalueinexcessofcarryingvalue
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CY2021Q4 khc Brandpercentageoffairvalueinexcessofcarryingvalue
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CY2022Q1 us-gaap Asset Impairment Charges
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CY2022Q1 us-gaap Investment Income Interest
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CY2022Q1 khc Derivative Gain Loss On Derivative Excluding Net Investment Hedges Net
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