Kraft Heinz Files 2024 10-K

TL;DR

KHC filed its 2024 10-K. All systems go.

AI Summary

The Kraft Heinz Co. filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 28, 2024. The company, headquartered at One PPG Place in Pittsburgh, PA, operates in the preserved food specialties sector. This filing covers its financial performance and business operations for the fiscal year 2024.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Kraft Heinz's financial health, operational performance, and strategic direction for the 2024 fiscal year.

Risk Assessment

Risk Level: low — This is a standard annual financial filing for a large, established public company.

Key Numbers

• 2024 — Fiscal Year (The period covered by the 10-K filing.)
• 1228 — Fiscal Year End (The specific date the fiscal year concluded.)
• 20250213 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Kraft Heinz Co (company) — Filer of the 10-K
• 20241228 (date) — Fiscal year end date
• 20250213 (date) — Filing date
• One PPG Place, Pittsburgh, PA 15222 (location) — Company business and mail address
• 462078182 (dollar_amount) — IRS Number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value KHC The Nasdaq Stock Market L
• $26 b — o. With 2024 net sales of approximately $26 billion, we are committed to growing our

Filing Documents

• khc-20241228.htm (10-K) — 4010KB
• a425-descriptionofsecuriti.htm (EX-4.25) — 136KB
• a191-khcinsidertradingpoli.htm (EX-19.1) — 95KB
• exhibit211q42024.htm (EX-21.1) — 98KB
• exhibit221q42024.htm (EX-22.1) — 8KB
• exhibit231q42024.htm (EX-23.1) — 2KB
• exhibit241q42024.htm (EX-24.1) — 20KB
• exhibit311q42024.htm (EX-31.1) — 10KB
• exhibit312q42024.htm (EX-31.2) — 10KB
• exhibit321q42024.htm (EX-32.1) — 6KB
• exhibit322q42024.htm (EX-32.2) — 6KB
• image_0.jpg (GRAPHIC) — 63KB
• image_1.jpg (GRAPHIC) — 43KB
• khc-20241228_g1.jpg (GRAPHIC) — 213KB
• khc-20241228_g2.jpg (GRAPHIC) — 70KB
• 0001637459-25-000011.txt ( ) — 24093KB
• khc-20241228.xsd (EX-101.SCH) — 128KB
• khc-20241228_cal.xml (EX-101.CAL) — 153KB
• khc-20241228_def.xml (EX-101.DEF) — 844KB
• khc-20241228_lab.xml (EX-101.LAB) — 1387KB
• khc-20241228_pre.xml (EX-101.PRE) — 1291KB
• khc-20241228_htm.xml (XML) — 4673KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 21

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties. 23

Legal Proceedings

Item 3. Legal Proceedings. 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 23 PART II 23

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 24

[Reserved]

Item 6. [Reserved]. 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 26 Overview 26 Consolidated Results of Operations 27 Results of Operations by Segment 31 Liquidity and Capital Resources 35 Commodity Trends 40 Critical Accounting Estimates 40 New Accounting Pronouncements 44 Contingencies 44 Non-GAAP Financial Measures 44

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk. 50

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 51 Report of Independent Registered Public Accounting Firm 51 Consolidated Statements of Income 55 Consolidated Statements of Comprehensive Income 56 Consolidated Balance Sheets 57 Consolidated Statements of Equity 58 Consolidated Statements of Cash Flows 59

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 60 Note 1. Basis of Presentation 60 Note 2. Significant Accounting Policies 61 Note 3. New Accounting Standards 66 Note 4. Acquisitions and Divestitures 66 Note 5. Restructuring Activities 69 Note 6. Inventories 71 Note 7. Property, Plant and Equipment 71 Note 8. Goodwill and Intangible Assets 71 Note 9. Income Taxes 77 Note 10. Employees' Stock Incentive Plans 80 Note 11. Postemployment Benefits 84 Note 12. Financial Instruments 94 Note 13. Accumulated Other Comprehensive Income/(Losses) 99 Note 14. Financing Arrangements 103 Note 15. Commitments and Contingencies 103 Note 16. Debt 105 Note 17. Leases 107 Note 18. Capital Stock 109 Note 19. Earnings Per Share 110 Note 20. Segment Reporting 110 Note 21. Other Financial Data 115

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 117

Controls and Procedures

Item 9A. Controls and Procedures. 117

Other Information

Item 9B. Other Information. 118

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 118 PART III 118

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 118

Executive Compensation

Item 11. Executive Compensation. 118

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 118

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 118

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 118 PART IV 119

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 119

Form 10-K Summary

Item 16. Form 10-K Summary. 124

Signatures

Signatures 125 Valuation and Qualifying Accounts S- 1 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

Forward-Looking Statements This Annual Report on Form 10-K 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, 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

Business

Item 1. Business. General We are driving transformation at The Kraft Heinz Company (Nasdaq: KHC), inspired by our Purpose, Let's Make Life Delicious . Consumers are at the center of everything we do. With 2024 net sales of approximately $26 billion, we are committed to growing our iconic and emerging food and beverage brands on a global scale. We leverage our scale and agility to unleash the full power of Kraft Heinz across a portfolio of eight consumer-driven product platforms. As global citizens, we're dedicated to making a sustainable, ethical impact while helping to feed the world in healthy, responsible ways. On July 2, 2015, through a series of transactions, we consummated the merger of Kraft Foods Group, Inc. ("Kraft") with and into a wholly-owned subsidiary of H.J. Heinz Holding Corporation ("Heinz") (the "2015 Merger"). At the closing of the 2015 Merger, Heinz was renamed The Kraft Heinz Company, and H. J. Heinz Company changed its name to Kraft Heinz Foods Company ("KHFC"). 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 2024 fiscal year was a 52-week period that ended on December 28, 2024, our 2023 fiscal year was a 52-week period that ended on December 30, 2023, and our 2022 fiscal year was a 53-week period that ended on December 31, 2022. Reportable Segments: In the first quarter of 2024, we divided our International segment into three operating segments — Europe and Pacific Developed Markets ("EPDM" or "International Developed Markets"), West and East Emerging Markets ("WEEM"), and Asia Emerging Markets ("AEM") — to enable enhanced focus on the different strategies required for each of these regions as part of our long-term strategic plan. Subsequently, we manage our operating results through four operating segments. We have two reportable segments d

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View this 10-K filing on SEC EDGAR