$KHC
Kraft Heinz Co

2023 Q4 Form 10-Q Financial Statement

#000163745923000143 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $6.860B
YoY Change -7.06%
Cost Of Revenue $4.530B
YoY Change -9.49%
Gross Profit $2.330B
YoY Change -1.94%
Gross Profit Margin 33.97%
Selling, General & Admin $995.0M
YoY Change -11.79%
% of Gross Profit 42.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $251.0M
YoY Change 1.21%
% of Gross Profit 10.77%
Operating Expenses $995.0M
YoY Change -11.79%
Operating Profit $1.335B
YoY Change 6.97%
Interest Expense -$229.0M
YoY Change 8.53%
% of Operating Profit -17.15%
Other Income/Expense, Net -$121.0M
YoY Change -1108.33%
Pretax Income $950.0M
YoY Change -9.61%
Income Tax $193.0M
% Of Pretax Income 20.32%
Net Earnings $757.0M
YoY Change -14.94%
Net Earnings / Revenue 11.03%
Basic Earnings Per Share
Diluted Earnings Per Share $0.61
COMMON SHARES
Basic Shares Outstanding 1.227B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400B
YoY Change 34.62%
Cash & Equivalents $1.400B
Short-Term Investments
Other Short-Term Assets $566.0M
YoY Change -32.78%
Inventory $3.614B
Prepaid Expenses $234.0M
Receivables $2.112B
Other Receivables $0.00
Total Short-Term Assets $7.929B
YoY Change 0.41%
LONG-TERM ASSETS
Property, Plant & Equipment $7.122B
YoY Change 5.67%
Goodwill $30.50B
YoY Change -0.97%
Intangibles $42.45B
YoY Change -0.47%
Long-Term Investments
YoY Change
Other Assets $2.381B
YoY Change -0.54%
Total Long-Term Assets $82.41B
YoY Change -0.25%
TOTAL ASSETS
Total Short-Term Assets $7.929B
Total Long-Term Assets $82.41B
Total Assets $90.34B
YoY Change -0.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.627B
YoY Change -4.56%
Accrued Expenses $991.0M
YoY Change -2.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due $638.0M
YoY Change -23.23%
Total Short-Term Liabilities $8.037B
YoY Change -10.98%
LONG-TERM LIABILITIES
Long-Term Debt $19.39B
YoY Change 0.84%
Other Long-Term Liabilities $1.418B
YoY Change -11.87%
Total Long-Term Liabilities $1.418B
YoY Change -11.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.037B
Total Long-Term Liabilities $1.418B
Total Liabilities $40.62B
YoY Change -2.46%
SHAREHOLDERS EQUITY
Retained Earnings $1.367B
YoY Change 179.55%
Common Stock $12.00M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.286B
YoY Change 51.83%
Treasury Stock Shares
Shareholders Equity $49.53B
YoY Change
Total Liabilities & Shareholders Equity $90.34B
YoY Change -0.19%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income $757.0M
YoY Change -14.94%
Depreciation, Depletion And Amortization $251.0M
YoY Change 1.21%
Cash From Operating Activities $1.356B
YoY Change 42.44%
INVESTING ACTIVITIES
Capital Expenditures $234.0M
YoY Change -17.61%
Acquisitions
YoY Change
Other Investing Activities $56.00M
YoY Change -75.76%
Cash From Investing Activities -$178.0M
YoY Change 235.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -862.0M
YoY Change -4.54%
NET CHANGE
Cash From Operating Activities 1.356B
Cash From Investing Activities -178.0M
Cash From Financing Activities -862.0M
Net Change In Cash 316.0M
YoY Change -8000.0%
FREE CASH FLOW
Cash From Operating Activities $1.356B
Capital Expenditures $234.0M
Free Cash Flow $1.122B
YoY Change 67.96%

Facts In Submission

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us-gaap Repayments Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Payments Of Debt Extinguishment Costs
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us-gaap Proceeds From Issuance Of Commercial Paper
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us-gaap Repayments Of Commercial Paper
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us-gaap Repayments Of Commercial Paper
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us-gaap Payments Of Dividends
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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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 2023 fiscal year is scheduled to be a 52-week period ending on December 30, 2023, and our 2022 fiscal year was a 53-week period that ended on December 31, 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:400;line-height:120%">The condensed consolidated balance sheet data at December 31, 2022 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 31, 2022. 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;text-align:justify"><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 two reportable segments defined by geographic region: North America and International.</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%">Following certain organizational changes announced on November 1, 2023, we will be evaluating the potential impact on our reportable segments. We expect that any change to our reportable segments will be effective in early 2024.</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 September 30, 2023 and December 31, 2022, we classified certain assets as held for sale in our condensed consolidated balance sheet, primarily relating to land use rights across the globe.</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%">Cash</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> Cash</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equivalents</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Restricted</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash</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%">Cash equivalents include term deposits with banks, money market funds, and all highly liquid investments with original maturities of three months or less. The fair value of cash equivalents approximates the carrying amount. Cash and cash equivalents that are legally restricted as to withdrawal or usage are classified in other current assets or other non-current assets, as applicable, on the condensed consolidated balance sheets. At September 30, 2023, we had restricted cash recorded in other current assets of $1 million and in other non-current assets of $1 million. At December 31, 2022, we had restricted cash recorded in other non-current assets of $1 million. Total cash, cash equivalents, and restricted cash was $1,054 million at September 30, 2023 and $1,041 million at December 31, 2022.</span></div>
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 2023 fiscal year is scheduled to be a 52-week period ending on December 30, 2023, and our 2022 fiscal year was a 53-week period that ended on December 31, 2022.
us-gaap Number Of Reportable Segments
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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>
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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khc Potential Dispositions Number Of Businesses
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us-gaap Restructuring And Related Cost Incurred Cost
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us-gaap Restructuring And Related Cost Incurred Cost
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khc Goodwill Foreign Currency Translation Gain Lossand Other
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2023Q3 khc Brandpercentageoffairvalueinexcessofcarryingvalue
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us-gaap Amortization Of Intangible Assets
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