Kraft Heinz Q2 2024: Financial Snapshot
Ticker: KHC · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 1637459
| Field | Detail |
|---|---|
| Company | Kraft Heinz CO (KHC) |
| Form Type | 10-Q |
| Filed Date | Jul 31, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, balance-sheet
Related Tickers: KHC
TL;DR
KHC's Q2 2024 10-Q is out. Shows debt, equity, and retained earnings figures for 2023-2024.
AI Summary
Kraft Heinz Co. reported its second quarter 2024 results for the period ending June 29, 2024. The company's financial statements indicate various balance sheet items, including common stock, senior notes, and retained earnings, with specific figures available for different reporting dates throughout 2023 and 2024. The filing also references the company's fiscal year end as December 28.
Why It Matters
This filing provides investors with a detailed look at Kraft Heinz's financial health and position as of mid-2024, including its debt and equity structure.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) that provides balance sheet information and does not contain significant new risk disclosures.
Key Numbers
- 2024-06-29 — Reporting Period End Date (Second quarter of 2024)
- 2023-12-31 — Balance Sheet Date (End of fiscal year 2023)
- 2024-03-31 — Balance Sheet Date (End of first quarter 2024)
Key Players & Entities
- Kraft Heinz Co (company) — Filer
- 20240629 (date) — Period of Report
- 20240731 (date) — Filed as of Date
- ONE PPG PLACE (location) — Business Address
- PITTSBURGH (location) — Business Address City
- PA (location) — Business Address State
- 15222 (location) — Business Address Zip
- 412-456-5700 (phone_number) — Business Phone
- H.J. Heinz Holding Corp (company) — Former Company Name
- 20150323 (date) — Date of Name Change
FAQ
What is the period of report for this 10-Q filing?
The period of report is 20240629, representing the second quarter of 2024.
What is Kraft Heinz Co.'s fiscal year end?
Kraft Heinz Co.'s fiscal year ends on 1228.
What is the company's business address?
The business address is ONE PPG PLACE, PITTSBURGH, PA 15222.
When was the company's name changed from H.J. Heinz Holding Corp?
The date of the name change was 20150323.
What are some of the key balance sheet items mentioned for the reporting periods?
Key balance sheet items mentioned include us-gaap:CommonStockMember, khc:FloatingRateSeniorNotesDue2025Member, khc:SeniorNotesDue2029Member, and us-gaap:RetainedEarningsMember for various dates in 2023 and 2024.
Filing Stats: 4,697 words · 19 min read · ~16 pages · Grade level 16.5 · Accepted 2024-07-31 16:19:38
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value KHC The Nasdaq Stock Market L
Filing Documents
- khc-20240629.htm (10-Q) — 2161KB
- exhibit221q22024.htm (EX-22.1) — 8KB
- exhibit311q22024.htm (EX-31.1) — 10KB
- exhibit312q22024.htm (EX-31.2) — 10KB
- exhibit321q22024.htm (EX-32.1) — 5KB
- exhibit322q22024.htm (EX-32.2) — 5KB
- khc-20240629_g1.jpg (GRAPHIC) — 213KB
- 0001637459-24-000129.txt ( ) — 11418KB
- khc-20240629.xsd (EX-101.SCH) — 59KB
- khc-20240629_cal.xml (EX-101.CAL) — 79KB
- khc-20240629_def.xml (EX-101.DEF) — 357KB
- khc-20240629_lab.xml (EX-101.LAB) — 718KB
- khc-20240629_pre.xml (EX-101.PRE) — 593KB
- khc-20240629_htm.xml (XML) — 2107KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 1
Financial Statements
Item 1. Financial Statements. 1 Condensed Consolidated Statements of Income 1 Condensed Consolidated Statements of Comprehensive Income 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Note 1. Basis of Presentation 6 Note 2. Significant Accounting Policies 7 Note 3. New Accounting Standards 7 Note 4. Acquisitions and Divestitures 7 Note 5. Restructuring Activities 7 Note 6. Inventories 9 Note 7. Goodwill and Intangible Assets 9 Note 8. Income Taxes 11 Note 9. Employees' Stock Incentive Plans 12 Note 10. Postemployment Benefits 13 Note 11. Financial Instruments 14 Note 12. Accumulated Other Comprehensive Income/(Losses) 20 Note 13. Financing Arrangements 22 Note 14. Commitments, Contingencies, and Debt 23 Note 15. Earnings Per Share 25 Note 16. Segment Reporting 25 Note 17. Other Financial Data 27
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 29 Overview 29 Consolidated Results of Operations 29 Results of Operations by Segment 33 Liquidity and Capital Resources 37 Commodity Trends 41 Critical Accounting Estimates 41 New Accounting Pronouncements 43 Contingencies 43 Non-GAAP Financial Measures 43
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk. 48
Controls and Procedures
Item 4. Controls and Procedures. 48
- OTHER INFORMATION
PART II - OTHER INFORMATION 49
Legal Proceedings
Item 1. Legal Proceedings. 49
Risk Factors
Item 1A. Risk Factors. 49
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 49
Other Information
Item 5. Other Information. 49
Exhibits
Item 6. Exhibits. 50
Signatures
Signatures 51 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 Quarterly Report on Form 10-Q contains a number of forward-looking statements. Words such as "anticipate," "believe," "could," "estimate," "expect," "future," "intend," "plan," "will," 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 benefits from strategic acquisitions, divestitures, alliances, joint ventures, or investments
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. The Kraft Heinz Company Condensed Consolidated Statements of Income (in millions, except per share data) (Unaudited) For the Three Months Ended For the Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 6,476 $ 6,721 $ 12,887 $ 13,210 Cost of products sold 4,182 4,460 8,350 8,836 Gross profit 2,294 2,261 4,537 4,374 Selling, general and administrative expenses, excluding impairment losses 918 885 1,859 1,755 Goodwill impairment losses 854 — 854 — Selling, general and administrative expenses 1,772 885 2,713 1,755 Operating income/(loss) 522 1,376 1,824 2,619 Interest expense 229 228 455 455 Other expense/(income) ( 55 ) ( 24 ) ( 8 ) ( 59 ) Income/(loss) before income taxes 348 1,172 1,377 2,223 Provision for/(benefit from) income taxes 248 174 473 388 Net income/(loss) 100 998 904 1,835 Net income/(loss) attributable to noncontrolling interest ( 2 ) ( 2 ) 1 ( 1 ) Net income/(loss) attributable to common shareholders $ 102 $ 1,000 $ 903 $ 1,836 Per share data applicable to common shareholders: Basic earnings/(loss) $ 0.08 $ 0.81 $ 0.74 $ 1.50 Diluted earnings/(loss) 0.08 0.81 0.74 1.49 See accompanying notes to the condensed consolidated financial statements. 1 The Kraft Heinz Company Condensed Consolidated Statements of Comprehensive Income (in millions) (Unaudited) For the Three Months Ended For the Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net income/(loss) $ 100 $ 998 $ 904 $ 1,835 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments ( 108 ) 175 ( 292 ) 294 Net deferred gains/(losses) on net investment hedges 29 ( 51 ) 103 ( 75 ) Amounts excluded from the effectiveness assessment of net investment hedges 8 8 18 14 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) ( 9 ) ( 7 ) ( 18 ) ( 13 ) Net deferred gains/(losses) on cash flow hedges ( 5 ) 6 3 ( 9 ) Amounts