Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 29, 2018 | Jun. 05, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 29, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Kraft Heinz Co | ||
Entity Central Index Key | 0001637459 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 38 | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 1,219,938,804 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Income Statement [Abstract] | ||||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 | |
Cost of products sold | 4,675 | 4,289 | 4,343 | 4,040 | 4,554 | 4,123 | 4,227 | 4,139 | 8,383 | 8,366 | 12,672 | 12,489 | 17,347 | 17,043 | 17,154 | |
Gross profit | 2,216 | 2,094 | 2,347 | 2,264 | 2,287 | 2,156 | 2,407 | 2,183 | 4,611 | 4,590 | 6,705 | 6,746 | 8,921 | 9,033 | 9,146 | |
Selling, general and administrative expenses, excluding impairment losses | 867 | 803 | 771 | 764 | 778 | 664 | 720 | 765 | 1,535 | 1,485 | 2,338 | 2,149 | 3,205 | 2,927 | 3,527 | |
Goodwill impairment losses | $ 6,900 | 6,875 | 0 | 133 | 0 | 0 | 0 | 0 | 0 | 133 | 0 | 133 | 0 | 7,008 | 0 | 0 |
Intangible asset impairment losses | 8,610 | 217 | 101 | 0 | 0 | 1 | 48 | 0 | 101 | 48 | 318 | 49 | 8,928 | 49 | 18 | |
Selling, general and administrative expenses | 16,352 | 1,020 | 1,005 | 764 | 778 | 665 | 768 | 765 | 1,769 | 1,533 | 2,789 | 2,198 | 19,141 | 2,976 | 3,545 | |
Operating income/(loss) | (14,136) | 1,074 | 1,342 | 1,500 | 1,509 | 1,491 | 1,639 | 1,418 | 2,842 | 3,057 | 3,916 | 4,548 | (10,220) | 6,057 | 5,601 | |
Interest expense | 325 | 326 | 316 | 317 | 308 | 306 | 307 | 313 | 633 | 620 | 959 | 926 | 1,284 | 1,234 | 1,134 | |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) | |
Income/(loss) before income taxes | (14,474) | 819 | 1,061 | 1,273 | 1,317 | 1,312 | 1,586 | 1,235 | 2,334 | 2,821 | 3,153 | 4,133 | (11,321) | 5,450 | 4,939 | |
Provision for/(benefit from) income taxes | (1,846) | 201 | 308 | 270 | (6,665) | 400 | 429 | 354 | 578 | 783 | 779 | 1,183 | (1,067) | (5,482) | 1,333 | |
Net income/(loss) | (12,628) | 618 | 753 | 1,003 | 7,982 | 912 | 1,157 | 881 | 1,756 | 2,038 | 2,374 | 2,950 | (10,254) | 10,932 | 3,606 | |
Net income/(loss) attributable to noncontrolling interest | (60) | (1) | (1) | 0 | (7) | (1) | 1 | (2) | (1) | (1) | (2) | (2) | (62) | (9) | 10 | |
Net income/(loss) attributable to Kraft Heinz | (12,568) | 619 | 754 | 1,003 | 7,989 | 913 | 1,156 | 883 | 1,757 | 2,039 | 2,376 | 2,952 | (10,192) | 10,941 | 3,596 | |
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | |
Net income/(loss) attributable to common shareholders | $ (12,568) | $ 619 | $ 754 | $ 1,003 | $ 7,989 | $ 913 | $ 1,156 | $ 883 | $ 1,757 | $ 2,039 | $ 2,376 | $ 2,952 | $ (10,192) | $ 10,941 | $ 3,416 | |
Per share data applicable to common shareholders: | ||||||||||||||||
Basic earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.51 | $ 0.62 | $ 0.82 | $ 6.55 | $ 0.75 | $ 0.95 | $ 0.73 | $ 1.44 | $ 1.67 | $ 1.95 | $ 2.42 | $ (8.36) | $ 8.98 | $ 2.81 | |
Diluted earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.50 | $ 0.62 | $ 0.82 | $ 6.50 | $ 0.74 | $ 0.94 | $ 0.72 | $ 1.43 | $ 1.66 | $ 1.94 | $ 2.40 | $ (8.36) | $ 8.91 | $ 2.78 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||||||||||||||
Net income/(loss) | $ (12,628) | $ 618 | $ 753 | $ 1,003 | $ 7,982 | $ 912 | $ 1,157 | $ 881 | $ 1,756 | $ 2,038 | $ 2,374 | $ 2,950 | $ (10,254) | $ 10,932 | $ 3,606 |
Other comprehensive income/(loss), net of tax: | |||||||||||||||
Foreign currency translation adjustments | (378) | (144) | (862) | 197 | 7 | 419 | 455 | 304 | (665) | 759 | (809) | 1,178 | (1,187) | 1,185 | (979) |
Net deferred gains/(losses) on net investment hedges | 126 | 13 | 219 | (74) | (26) | (124) | (152) | (51) | 145 | (203) | 158 | (327) | 284 | (353) | 226 |
Amounts excluded from the effectiveness assessment of net investment hedges | 4 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 7 | 0 | 0 |
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (5) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (7) | 0 | 0 |
Net deferred gains/(losses) on cash flow hedges | 59 | (16) | 34 | 22 | 23 | (70) | (32) | (34) | 56 | (66) | 40 | (136) | 99 | (113) | 46 |
Amounts excluded from the effectiveness assessment of cash flow hedges | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 |
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | (34) | 12 | (9) | (13) | (12) | 51 | 26 | 20 | (22) | 46 | (10) | 97 | (44) | 85 | (87) |
Net actuarial gains/(losses) arising during the period | (12) | 17 | 53 | 0 | 82 | (4) | 1 | (10) | 53 | (9) | 70 | (13) | 58 | 69 | (40) |
Prior service credits/(costs) arising during the period | 3 | 0 | 0 | 0 | 16 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 3 | 17 | 31 |
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | 15 | (58) | (17) | (58) | (49) | (51) | (154) | (55) | (75) | (209) | (133) | (260) | (118) | (309) | (204) |
Total other comprehensive income/(loss) | (220) | (175) | (582) | 74 | 41 | 221 | 145 | 174 | (508) | 319 | (683) | 540 | (903) | 581 | (1,007) |
Total comprehensive income/(loss) | (12,848) | 443 | 171 | 1,077 | 8,023 | 1,133 | 1,302 | 1,055 | 1,248 | 2,357 | 1,691 | 3,490 | (11,157) | 11,513 | 2,599 |
Comprehensive income/(loss) attributable to noncontrolling interest | (61) | (3) | (7) | (5) | 1 | (1) | 1 | (4) | (12) | (3) | (15) | (4) | (76) | (3) | 16 |
Comprehensive income/(loss) attributable to Kraft Heinz | $ (12,787) | $ 446 | $ 178 | $ 1,082 | $ 8,022 | $ 1,134 | $ 1,301 | $ 1,059 | $ 1,260 | $ 2,360 | $ 1,706 | $ 3,494 | $ (11,081) | $ 11,516 | $ 2,583 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jan. 03, 2016 |
ASSETS | ||||||||||
Cash and cash equivalents | $ 1,130 | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | ||
Trade receivables (net of allowances of $24 at December 29, 2018 and $23 at December 30, 2017) | 2,129 | 2,032 | 1,950 | 1,044 | 921 | 938 | 973 | 936 | ||
Sold receivables | 0 | 0 | 37 | 530 | 353 | 427 | 461 | 538 | ||
Income taxes receivable | 152 | 203 | 211 | 121 | 538 | 290 | 237 | 269 | ||
Inventories | 2,667 | 3,214 | 3,094 | 3,089 | 2,760 | 3,136 | 3,012 | 3,094 | ||
Prepaid expenses | 400 | 389 | 388 | 367 | 345 | 368 | 359 | 349 | ||
Other current assets | 1,221 | 352 | 431 | 426 | 655 | 527 | 547 | 611 | ||
Assets held for sale | 1,376 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total current assets | 9,075 | 7,556 | 9,480 | 7,371 | 7,201 | 7,127 | 7,034 | 9,039 | ||
Property, plant and equipment, net | 7,078 | 7,074 | 7,117 | 7,145 | 7,061 | 6,902 | 6,804 | 6,689 | ||
Goodwill | 36,503 | 44,339 | 44,302 | 44,844 | 44,825 | 44,859 | 44,566 | 44,301 | ||
Intangible assets, net | 49,468 | 58,727 | 59,084 | 59,583 | 59,432 | 59,483 | 59,383 | 59,313 | ||
Other non-current assets | 1,337 | 1,879 | 1,766 | 1,640 | 1,573 | 1,531 | 1,535 | 1,604 | ||
TOTAL ASSETS | 103,461 | 119,575 | 121,749 | 120,583 | 120,092 | 119,902 | 119,322 | 120,946 | ||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 21 | 973 | 34 | 1,003 | 462 | 457 | 1,090 | 909 | ||
Current portion of long-term debt | 377 | 371 | 2,723 | 2,715 | 2,733 | 2,747 | 19 | 2,022 | ||
Trade payables | 4,153 | 4,238 | 4,236 | 4,148 | 4,362 | 3,873 | 3,805 | 3,858 | ||
Accrued marketing | 722 | 494 | 480 | 576 | 689 | 500 | 499 | 601 | ||
Interest payable | 408 | 315 | 404 | 345 | 419 | 295 | 406 | 346 | ||
Other current liabilities | 1,767 | 1,231 | 1,236 | 1,500 | 1,489 | 1,578 | 1,589 | 1,905 | ||
Liabilities held for sale | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total current liabilities | 7,503 | 7,622 | 9,113 | 10,287 | 10,154 | 9,450 | 7,408 | 9,641 | ||
Long-term debt | 30,770 | 30,887 | 31,269 | 28,465 | 28,308 | 28,276 | 29,978 | 29,747 | ||
Deferred income taxes | 12,202 | 14,224 | 14,260 | 14,106 | 14,039 | 20,841 | 20,840 | 20,873 | ||
Accrued postemployment costs | 306 | 394 | 394 | 400 | 427 | 1,808 | 1,975 | 2,016 | ||
Other non-current liabilities | 902 | 1,035 | 998 | 1,023 | 1,088 | 715 | 701 | 851 | ||
TOTAL LIABILITIES | 51,683 | 54,162 | 56,034 | 54,281 | 54,016 | 61,090 | 60,902 | 63,128 | ||
Commitments and Contingencies (Note 18) | ||||||||||
Redeemable noncontrolling interest | 3 | 6 | 7 | 8 | 6 | 0 | 0 | 0 | ||
Equity: | ||||||||||
Common stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,220 shares outstanding at December 29, 2018; 1,221 shares issued and 1,219 shares outstanding at December 30, 2017) | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | ||
Additional paid-in capital | 58,723 | 58,716 | 58,689 | 58,656 | 58,634 | 58,618 | 58,597 | 58,565 | ||
Retained earnings/(deficit) | (4,853) | 8,479 | 8,624 | 8,634 | 8,495 | 1,280 | 1,129 | 705 | ||
Accumulated other comprehensive income/(losses) | (1,943) | (1,724) | (1,551) | (975) | (1,054) | (1,087) | (1,308) | (1,453) | ||
Treasury stock, at cost (4 shares at December 29, 2018 and 2 shares at December 30, 2017) | (282) | (264) | (254) | (240) | (224) | (223) | (223) | (223) | ||
Total shareholders' equity | 51,657 | 65,219 | 65,520 | 66,087 | 65,863 | 58,600 | 58,207 | 57,606 | ||
Noncontrolling interest | 118 | 188 | 188 | 207 | 207 | 212 | 213 | 212 | ||
TOTAL EQUITY | 51,775 | 65,407 | 65,708 | 66,294 | 66,070 | 58,812 | 58,420 | 57,818 | $ 57,460 | $ 57,871 |
TOTAL LIABILITIES AND EQUITY | $ 103,461 | $ 119,575 | $ 121,749 | $ 120,583 | $ 120,092 | $ 119,902 | $ 119,322 | $ 120,946 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jan. 03, 2016 |
Statement of Financial Position [Abstract] | ||||||||||
Trade receivables, allowances | $ 24 | $ 24 | $ 24 | $ 24 | $ 23 | $ 29 | $ 28 | $ 30 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | ||
Common stock, shares issued | 1,224,000,000 | 1,222,000,000 | 1,222,000,000 | 1,222,000,000 | 1,221,000,000 | 1,221,000,000 | 1,221,000,000 | 1,220,000,000 | 1,219,000,000 | 1,214,000,000 |
Common stock, shares outstanding | 1,220,000,000 | 1,219,000,000 | 1,219,000,000 | 1,219,000,000 | 1,219,000,000 | 1,218,000,000 | 1,218,000,000 | 1,218,000,000 | 1,217,000,000 | 1,214,000,000 |
Treasury stock, shares | 4,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 2,000,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings/(Deficit) | Accumulated Other Comprehensive Income/(Losses) | Treasury Stock, at Cost | Noncontrolling Interest |
Beginning balance at Jan. 03, 2016 | $ 57,871 | $ 12 | $ 58,298 | $ 0 | $ (616) | $ (31) | $ 208 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | 3,606 | 3,596 | 10 | ||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | (1,007) | (1,013) | 6 | ||||
Other comprehensive income/(loss) | (1,007) | ||||||
Dividends declared-Series A Preferred Stock ($2,250.00 per share) | (180) | (180) | |||||
Dividends declared-common stock ($2.50 per share) | (2,862) | (2,862) | |||||
Dividends declared-noncontrolling interest ($52.75 per share) | (8) | (8) | |||||
Exercise of stock options, issuance of other stock awards, and other | 40 | 218 | (2) | (176) | |||
Ending balance at Dec. 31, 2016 | $ 57,460 | 12 | 58,516 | 552 | (1,629) | (207) | 216 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 2.35 | ||||||
Preferred stock dividends declared (in dollars per share) | 2,250 | ||||||
Noncontrolling Interest dividends declared (in dollars per share) | $ 90.82 | ||||||
Net income/(loss) excluding redeemable noncontrolling interest | $ 881 | 883 | (2) | ||||
Other comprehensive income/(loss) | 174 | 176 | (2) | ||||
Dividends declared-common stock ($2.50 per share) | (731) | (731) | |||||
Exercise of stock options, issuance of other stock awards, and other | 34 | 49 | 1 | (16) | |||
Ending balance at Apr. 01, 2017 | $ 57,818 | 12 | 58,565 | 705 | (1,453) | (223) | 212 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 0.60 | ||||||
Beginning balance at Dec. 31, 2016 | $ 57,460 | 12 | 58,516 | 552 | (1,629) | (207) | 216 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | 2,038 | 2,039 | (1) | ||||
Other comprehensive income/(loss) | 319 | 321 | (2) | ||||
Dividends declared-common stock ($2.50 per share) | (1,463) | (1,463) | |||||
Exercise of stock options, issuance of other stock awards, and other | 66 | 81 | 1 | (16) | |||
Ending balance at Jul. 01, 2017 | $ 58,420 | 12 | 58,597 | 1,129 | (1,308) | (223) | 213 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 1.20 | ||||||
Beginning balance at Dec. 31, 2016 | $ 57,460 | 12 | 58,516 | 552 | (1,629) | (207) | 216 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | 2,950 | 2,952 | (2) | ||||
Other comprehensive income/(loss) | 540 | 542 | (2) | ||||
Dividends declared-common stock ($2.50 per share) | (2,225) | (2,225) | |||||
Exercise of stock options, issuance of other stock awards, and other | 87 | 102 | 1 | (16) | |||
Ending balance at Sep. 30, 2017 | $ 58,812 | 12 | 58,618 | 1,280 | (1,087) | (223) | 212 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 1.825 | ||||||
Beginning balance at Dec. 31, 2016 | $ 57,460 | 12 | 58,516 | 552 | (1,629) | (207) | 216 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | 10,936 | 10,941 | (5) | ||||
Other comprehensive income/(loss) | 581 | 575 | 6 | ||||
Dividends declared-common stock ($2.50 per share) | (2,988) | (2,988) | |||||
Dividends declared-noncontrolling interest ($52.75 per share) | (10) | (10) | |||||
Exercise of stock options, issuance of other stock awards, and other | 91 | 118 | (10) | (17) | |||
Ending balance at Dec. 30, 2017 | $ 66,070 | 12 | 58,634 | 8,495 | (1,054) | (224) | 207 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 2.45 | ||||||
Preferred stock dividends declared (in dollars per share) | 0 | ||||||
Noncontrolling Interest dividends declared (in dollars per share) | $ 52.75 | ||||||
Beginning balance at Apr. 01, 2017 | $ 57,818 | 12 | 58,565 | 705 | (1,453) | (223) | 212 |
Total Shareholders' Equity [Roll forward] | |||||||
Other comprehensive income/(loss) | 145 | ||||||
Ending balance at Jul. 01, 2017 | 58,420 | 12 | 58,597 | 1,129 | (1,308) | (223) | 213 |
Total Shareholders' Equity [Roll forward] | |||||||
Other comprehensive income/(loss) | 221 | ||||||
Ending balance at Sep. 30, 2017 | 58,812 | 12 | 58,618 | 1,280 | (1,087) | (223) | 212 |
Total Shareholders' Equity [Roll forward] | |||||||
Other comprehensive income/(loss) | 41 | ||||||
Ending balance at Dec. 30, 2017 | 66,070 | 12 | 58,634 | 8,495 | (1,054) | (224) | 207 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | 1,008 | 1,003 | 5 | ||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 74 | 79 | (5) | ||||
Other comprehensive income/(loss) | 74 | ||||||
Dividends declared-common stock ($2.50 per share) | (762) | (762) | |||||
Cumulative effect of accounting standards adopted in the period | (95) | (95) | |||||
Exercise of stock options, issuance of other stock awards, and other | (1) | 22 | (7) | (16) | |||
Ending balance at Mar. 31, 2018 | $ 66,294 | 12 | 58,656 | 8,634 | (975) | (240) | 207 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 0.625 | ||||||
Beginning balance at Dec. 30, 2017 | $ 66,070 | 12 | 58,634 | 8,495 | (1,054) | (224) | 207 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | 1,762 | 1,757 | 5 | ||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | (508) | (497) | (11) | ||||
Other comprehensive income/(loss) | (508) | ||||||
Dividends declared-common stock ($2.50 per share) | (1,524) | (1,524) | |||||
Cumulative effect of accounting standards adopted in the period | (95) | (95) | |||||
Exercise of stock options, issuance of other stock awards, and other | 3 | 55 | (9) | (30) | (13) | ||
Ending balance at Jun. 30, 2018 | $ 65,708 | 12 | 58,689 | 8,624 | (1,551) | (254) | 188 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 1.25 | ||||||
Beginning balance at Dec. 30, 2017 | $ 66,070 | 12 | 58,634 | 8,495 | (1,054) | (224) | 207 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | 2,383 | 2,376 | 7 | ||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | (683) | (670) | (13) | ||||
Other comprehensive income/(loss) | (683) | ||||||
Dividends declared-common stock ($2.50 per share) | (2,286) | (2,286) | |||||
Cumulative effect of accounting standards adopted in the period | (97) | (97) | |||||
Exercise of stock options, issuance of other stock awards, and other | 20 | 82 | (9) | (40) | (13) | ||
Ending balance at Sep. 29, 2018 | $ 65,407 | 12 | 58,716 | 8,479 | (1,724) | (264) | 188 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 1.875 | ||||||
Beginning balance at Dec. 30, 2017 | $ 66,070 | 12 | 58,634 | 8,495 | (1,054) | (224) | 207 |
Total Shareholders' Equity [Roll forward] | |||||||
Net income/(loss) excluding redeemable noncontrolling interest | (10,242) | (10,192) | (50) | ||||
Other comprehensive income/(loss) | (903) | (889) | (14) | ||||
Dividends declared-common stock ($2.50 per share) | (3,048) | (3,048) | |||||
Dividends declared-noncontrolling interest ($52.75 per share) | (12) | (12) | |||||
Cumulative effect of accounting standards adopted in the period | (97) | (97) | |||||
Exercise of stock options, issuance of other stock awards, and other | 7 | 89 | (11) | (58) | (13) | ||
Ending balance at Dec. 29, 2018 | $ 51,775 | 12 | 58,723 | (4,853) | (1,943) | (282) | 118 |
Dividends Declared, Per Share [Abstract] | |||||||
Common stock dividends declared (in dollars per share) | $ 2.50 | ||||||
Preferred stock dividends declared (in dollars per share) | 0 | ||||||
Noncontrolling Interest dividends declared (in dollars per share) | $ 174.76 | ||||||
Beginning balance at Mar. 31, 2018 | $ 66,294 | 12 | 58,656 | 8,634 | (975) | (240) | 207 |
Total Shareholders' Equity [Roll forward] | |||||||
Other comprehensive income/(loss) | (582) | ||||||
Ending balance at Jun. 30, 2018 | 65,708 | 12 | 58,689 | 8,624 | (1,551) | (254) | 188 |
Total Shareholders' Equity [Roll forward] | |||||||
Other comprehensive income/(loss) | (175) | ||||||
Ending balance at Sep. 29, 2018 | 65,407 | 12 | 58,716 | 8,479 | (1,724) | (264) | 188 |
Total Shareholders' Equity [Roll forward] | |||||||
Other comprehensive income/(loss) | (220) | ||||||
Ending balance at Dec. 29, 2018 | $ 51,775 | $ 12 | $ 58,723 | $ (4,853) | $ (1,943) | $ (282) | $ 118 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income/(loss) | $ 1,003 | $ 881 | $ 1,756 | $ 2,038 | $ 2,374 | $ 2,950 | $ (10,254) | $ 10,932 | $ 3,606 |
Adjustments to reconcile net income/(loss) to operating cash flows: | |||||||||
Depreciation and amortization | 227 | 262 | 462 | 517 | 712 | 789 | 983 | 1,031 | 1,337 |
Amortization of postretirement benefit plans prior service costs/(credits) | (106) | (82) | (183) | (171) | (261) | (247) | (339) | (328) | (347) |
Equity award compensation expense | 7 | 11 | 27 | 24 | 44 | 36 | 33 | 46 | 46 |
Deferred income tax provision/(benefit) | (46) | 68 | 79 | 223 | 104 | 432 | (1,967) | (6,495) | (72) |
Postemployment benefit plan contributions | (22) | (38) | (60) | (90) | (64) | (283) | (76) | (1,659) | (494) |
Goodwill and intangible asset impairment losses | 0 | 0 | 234 | 48 | 451 | 49 | 15,936 | 49 | 18 |
Nonmonetary currency devaluation | 47 | 8 | 67 | 33 | 131 | 36 | 146 | 36 | 24 |
Other items, net | (22) | 40 | 27 | (48) | 35 | (62) | 175 | 253 | 25 |
Changes in current assets and liabilities: | |||||||||
Trade receivables | (712) | (1,040) | (2,001) | (1,598) | (2,154) | (2,061) | (2,280) | (2,629) | (2,055) |
Inventories | (312) | (475) | (428) | (418) | (645) | (567) | (251) | (236) | (130) |
Accounts payable | (85) | 62 | 127 | 84 | 130 | 123 | (23) | 441 | 879 |
Other current assets | 26 | (72) | (44) | (103) | (103) | (90) | (146) | (64) | (41) |
Other current liabilities | 403 | (240) | 153 | (717) | 124 | (1,090) | 637 | (876) | (148) |
Net cash provided by/(used for) operating activities | 408 | (615) | 216 | (178) | 878 | 15 | 2,574 | 501 | 2,648 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Cash receipts on sold receivables | 436 | 464 | 1,221 | 1,069 | 1,296 | 1,633 | 1,296 | 2,286 | 2,589 |
Capital expenditures | (223) | (368) | (438) | (690) | (594) | (956) | (826) | (1,194) | (1,247) |
Payments to acquire business, net of cash acquired | (215) | 0 | (215) | 0 | (248) | 0 | (248) | 0 | 0 |
Other investing activities, net | 6 | 38 | 11 | 44 | 31 | 45 | 66 | 85 | 110 |
Net cash provided by/(used for) investing activities | 4 | 134 | 579 | 423 | 485 | 722 | 288 | 1,177 | 1,452 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of long-term debt | (6) | (27) | (12) | (2,032) | (2,706) | (2,635) | (2,713) | (2,641) | (85) |
Proceeds from issuance of long-term debt | 0 | 2 | 2,990 | 4 | 2,990 | 1,496 | 2,990 | 1,496 | 6,981 |
Proceeds from issuance of commercial paper | 1,524 | 2,324 | 1,525 | 4,213 | 2,485 | 5,495 | 2,784 | 6,043 | 6,680 |
Repayments of commercial paper | (1,006) | (2,068) | (1,950) | (3,777) | (1,950) | (5,709) | (3,213) | (6,249) | (6,043) |
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (180) |
Dividends paid - common stock | (897) | (736) | (1,659) | (1,434) | (2,421) | (2,161) | (3,183) | (2,888) | (3,584) |
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,320) |
Other financing activities, net | 14 | 0 | (3) | 15 | (35) | 28 | (28) | 18 | (69) |
Net cash provided by/(used for) financing activities | (371) | (505) | 891 | (3,011) | (1,637) | (3,486) | (3,363) | (4,221) | (4,620) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10) | 13 | (80) | 29 | (128) | 43 | (132) | 57 | (137) |
Cash, cash equivalents, and restricted cash | |||||||||
Net increase/(decrease) | 31 | (973) | 1,606 | (2,737) | (402) | (2,706) | (633) | (2,486) | (657) |
Balance at beginning of period | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 4,912 |
Balance at end of period | 1,800 | 3,282 | 3,375 | 1,518 | 1,367 | 1,549 | 1,136 | 1,769 | 4,255 |
Non-cash investing activities: | |||||||||
Beneficial interest obtained in exchange for securitized trade receivables | $ 613 | $ 880 | $ 899 | $ 1,407 | $ 938 | $ 1,936 | 938 | 2,519 | 2,213 |
Cash paid during the period for: | |||||||||
Interest | 1,322 | 1,269 | 1,176 | ||||||
Income taxes | $ 543 | $ 1,206 | $ 1,619 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | Basis of Presentation Organization On July 2, 2015 (the “2015 Merger Date”) , 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 (“Kraft Heinz”). Before the consummation of the 2015 Merger, Heinz was controlled by Berkshire Hathaway Inc. and 3G Global Food Holdings, LP (“3G Global Food Holdings” and together with its affiliates, “3G Capital”), following their acquisition of H. J. Heinz Company on June 7, 2013. Principles of Consolidation The consolidated financial statements include Kraft Heinz, as well as our wholly-owned and majority-owned subsidiaries. All intercompany transactions are eliminated. Reportable Segments We manage and report our operating results through four segments. We have three reportable segments defined by geographic region: United States, Canada, and Europe, Middle East, and Africa (“EMEA”) . Our remaining businesses are combined and disclosed as “Rest of World.” Rest of World comprises two operating segments: Latin America and Asia Pacific (“APAC”). Our segments reflect a change, effective in the first quarter of our fiscal year 2018, to reorganize our international businesses to better align our global geographies. We moved our Middle East and Africa businesses from the historical Asia Pacific, Middle East, and Africa (“AMEA”) operating segment into the historical Europe reportable segment, forming the new EMEA reportable segment. The remaining businesses from the AMEA operating segment became the APAC operating segment. We have reflected this change in all historical periods presented. See Note 22, Segment Reporting , for our financial information by segment. Held for Sale In the fourth quarter of 2018, we announced our plans to divest certain assets and operations, predominantly in Canada and India. At December 29, 2018 , we have classified the assets and liabilities related to these disposal groups as held for sale in our consolidated balance sheets. These assets and liabilities are included in assets held for sale within current assets and liabilities held for sale within current liabilities. See Note 5, Acquisitions and Divestitures , for additional information. Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“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 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 consolidated financial statements. Reclassifications We made reclassifications to certain previously reported financial information to conform to our current period presentation. |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial Statements We have restated herein our audited consolidated financial statements at December 30, 2017 and for the years ended December 30, 2017 and December 31, 2016. We have also restated impacted amounts within the accompanying footnotes to the consolidated financial statements. Restatement Background As previously disclosed on February 21, 2019, we received a subpoena from the Securities and Exchange Commission (“SEC”) in October 2018 related to our procurement area, specifically the accounting policies, procedures, and internal controls related to our procurement function, including, but not limited to, agreements, side agreements, and changes or modifications to agreements with our suppliers. Following the receipt of this subpoena, we, together with external counsel and forensic accountants, and subsequently, under the oversight of the Audit Committee of our Board of Directors (the “Audit Committee”), conducted an internal investigation into the procurement area and related matters. As a result of the findings from this internal investigation, which is now complete and which identified that multiple employees in the procurement area engaged in misconduct, we corrected prior period misstatements that generally increased the total cost of products sold in prior financial periods. These misstatements principally related to the incorrect timing of when certain cost and rebate elements associated with supplier contracts and related arrangements were initially recognized. In connection with the internal investigation, we also conducted a comprehensive review of supplier contracts and related arrangements to identify other potential misstatements in the timing of the recognition of supplier rebates, incentive payments, and pricing arrangements. The review identified further misstatements, which we also investigated and have been unable to conclude if they resulted from the misconduct described above. These misstatements are described in more detail in restatement reference (a) below. Our internal investigation and review identified adjustments that resulted in an understatement of cost of products sold totaling $208 million , including misstatements of $175 million relating to the periods up through September 29, 2018 that are being restated in this Annual Report on Form 10-K. The misstatements of cost of products sold related to our internal investigation and review included $22 million for fiscal year 2018, $94 million for fiscal year 2017, $35 million for fiscal year 2016, and $24 million for fiscal year 2015. We do not believe that the misstatements are quantitatively material to any period presented in our prior financial statements. However, due to the qualitative nature of the matters identified in our internal investigation, including the number of years over which the misconduct occurred and the number of transactions, suppliers, and procurement employees involved, we determined that it would be appropriate to correct the misstatements in our previously issued consolidated financial statements by restating such financial statements. The restatement also included corrections for additional identified out-of-period and uncorrected misstatements in the impacted periods. Accordingly, we have restated herein our consolidated financial statements at December 30, 2017 and for the fiscal years ended December 30, 2017 and December 31, 2016, in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections . In addition to the misstatements related to the supplier contracts and related arrangements, including the misstatements related to lease classification described in restatement reference (b) below , we corrected additional identified out-of-period and uncorrected misstatements that were not material, individually or in the aggregate, to our consolidated financial statements. These misstatements were related to customer incentive program expense misclassifications, balance sheet misclassifications, income taxes, impairments, and other misstatements , all of which are described in more detail in restatement references (c) through (g) below. The restated interim financial information for the relevant unaudited interim financial information for the quarterly periods ended September 29, 2018, June 30, 2018, March 31, 2018, December 30, 2017, September 30, 2017, July 1, 2017, and April 1, 2017, is included in Note 23, Quarterly Financial Information (Unaudited) . The categories of misstatements and their impact on our previously issued consolidated financial statements are described in more detail below. Description of Misstatements Misstatements Associated with Supplier Contracts and Related Arrangements (a) Supplier Rebates We recorded adjustments to correct the misstatements found as a result of the internal investigation related to procurement described above. In connection with the internal investigation, we also conducted a comprehensive review of supplier contracts and related arrangements to identify other potential misstatements in the timing of the recognition of supplier rebates, incentive payments, and pricing arrangements. The review identified further misstatements, which we also investigated and have been unable to conclude if they resulted from the misconduct described above. These misstatements were primarily related to certain supplier contracts and related arrangements where the allocation of value of all or a portion of rebates and up-front payments to contractual elements in the current period should have been deferred and recognized over an applicable contractual period. We corrected these misstatements to defer the up-front consideration from suppliers when the retention or receipt of that consideration was contingent upon future events and to correctly recognize the consideration as a reduction of cost of products sold over the terms of the arrangements with the suppliers. The impacts of the supplier rebate misstatements on each period are discussed in restatement reference (a) throughout this note and in Note 23, Quarterly Financial Data (Unaudited) . (b) Capital Leases As part of our review of supplier contracts and related arrangements in connection with the internal investigation, we evaluated additional elements of such arrangements, including the classification of embedded lease provisions as capital or operating. We had initially classified certain embedded lease provisions as capital leases and allocated their fixed consideration to the lease components. As a result of our analysis, and also taking into consideration, among other elements, the total value of supplier contracts and related arrangements, we determined that the classification of the embedded lease element for certain contracts should have been classified as an operating lease instead of a capital lease. In addition, we identified certain arrangements that were improperly accounted for as embedded capital leases. The impacts of the capital lease misstatements on each period are discussed in restatement reference (b) throughout this note and in Note 23, Quarterly Financial Data (Unaudited) . Additional Misstatements (c) Customer Incentive Program Expense Misclassifications As previously disclosed in March 2018, we retrospectively corrected immaterial misclassifications in our statements of income principally related to customer incentive program expense misclassifications. The impacts of the customer incentive program expense misclassifications on each period are discussed in restatement reference (c) throughout this note and in Note 23, Quarterly Financial Data (Unaudited) . (d) Balance Sheet Misclassifications We recorded adjustments to recognize certain balance sheet misclassifications in the correct period. These adjustments primarily related to the classification of state income taxes, capital expenditures, and the classification of products held at co-packer locations. The impacts of the balance sheet misclassifications on each period are discussed in restatement reference (d) throughout this note and in Note 23, Quarterly Financial Data (Unaudited) . (e) Income Taxes We recorded adjustments to recognize certain income tax items in the correct period, primarily deferred tax adjustments related to a Brazilian subsidiary, as well as return-to-provision adjustments and various other misclassifications. The income tax impacts of all misstatements outside of this category are included in their respective misstatement categories. The impacts of income tax misstatements on each period are discussed in restatement reference (e) throughout this note and in Note 23, Quarterly Financial Data (Unaudited) . (f) Impairments We recorded an adjustment to recognize certain non-cash impairment losses in the correct period. In 2018, we had determined that a definite-lived intangible asset had been impaired in the fourth quarter of 2016 due to a license termination in that period and recorded an out-of-period correction to recognize the non-cash impairment loss. In addition, we recorded an adjustment to correct goodwill impairment losses related to our Australia and New Zealand reporting unit, which had been overstated. The impacts of the impairment misstatements on each period are discussed in restatement reference (f) throughout this note and in Note 23, Quarterly Financial Data (Unaudited) . (g) Other We recorded adjustments to correct other identified out-of-period and uncorrected misstatements that were not material, individually or in the aggregate, to our consolidated financial statements. These other misstatements were primarily related to structured payable and product financing arrangements, postemployment benefit plans, inventory write-offs, certain accrued liabilities, and other misstatements within net sales and certain income tax and balance sheet accounts. The impacts of the other misstatements on each period are discussed in restatement reference (g) throughout this note and in Note 23, Quarterly Financial Data (Unaudited) . Description of Restatement Tables The following tables represent our restated consolidated statements of income, statements of comprehensive income, statements of equity, and statements of cash flows for the years ended December 30, 2017 and December 31, 2016, as well as our restated consolidated balance sheet at December 30, 2017. Following the restated consolidated financial statement tables, we have presented a reconciliation from our prior periods as previously reported to the restated values. The values as previously reported for fiscal years 2017 and 2016 were derived from our Annual Report on Form 10-K for the fiscal year ended December 30, 2017 filed on February 16, 2018. In addition, the statements of income for fiscal years 2017 and 2016, as previously reported, did not originally reflect the adoption of accounting standards update (“ASU”) 2017-07 related to the presentation of net periodic benefit cost (pension and postretirement cost). This ASU was adopted in the first quarter of 2018 and was applied retrospectively for statement of income presentation of service cost components and other net periodic benefit cost components. The restated statements of income for fiscal years 2017 and 2016 reflect the retrospective application of ASU 2017-07 and are labeled “As Recast.” See Note 4, New Accounting Standards , for additional information related to our adoption of ASU 2017-07. The Kraft Heinz Company Consolidated Statement of Income (in millions, except per share data) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated ASU Adoption Impacts As Restated & Recast Net sales $ 26,232 $ (156 ) (c)(g) $ 26,076 $ — $ 26,076 Cost of products sold 16,529 (44 ) (a)(b)(c)(g) 16,485 558 17,043 Gross profit 9,703 (112 ) 9,591 (558 ) 9,033 Selling, general and administrative expenses, excluding impairment losses 2,881 (32 ) (c)(g) 2,849 78 2,927 Goodwill impairment losses — — — — — Intangible asset impairment losses 49 — (f) 49 — 49 Selling, general and administrative expenses 2,930 (32 ) 2,898 78 2,976 Operating income/(loss) 6,773 (80 ) 6,693 (636 ) 6,057 Interest expense 1,234 — (b)(g) 1,234 — 1,234 Other expense/(income), net 9 — 9 (636 ) (627 ) Income/(loss) before income taxes 5,530 (80 ) 5,450 — 5,450 Provision for/(benefit from) income taxes (5,460 ) (22 ) (a)(b)(e)(f)(g) (5,482 ) — (5,482 ) Net income/(loss) 10,990 (58 ) 10,932 — 10,932 Net income/(loss) attributable to noncontrolling interest (9 ) — (9 ) — (9 ) Net income/(loss) attributable to Kraft Heinz 10,999 (58 ) 10,941 — 10,941 Preferred dividends — — — — — Net income/(loss) attributable to common shareholders $ 10,999 $ (58 ) $ 10,941 $ — $ 10,941 Per share data applicable to common shareholders: Basic earnings/(loss) $ 9.03 $ (0.05 ) $ 8.98 $ — $ 8.98 Diluted earnings/(loss) 8.95 (0.04 ) 8.91 — 8.91 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $94 million and an increase to benefit from income taxes of $18 million for the year ended December 30, 2017. (b) Capital Leases—The correction of these misstatements resulted in a decrease to cost of products sold of less than $1 million , a decrease to interest expense of less than $1 million , and a decrease to benefit from income taxes of less than $1 million for the year ended December 30, 2017. (c) Customer Incentive Program Expense Misclassifications—As previously disclosed in March 2018, the correction of these misstatements resulted in a decrease to net sales of $147 million , a decrease to cost of products sold of $139 million , and a decrease to selling, general and administrative expenses (“SG&A”) of $8 million for the year ended December 30, 2017. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in an increase to benefit from income taxes of $12 million for the year ended December 30, 2017. (f) Impairments—The correction of these misstatements resulted in a decrease to SG&A of less than $1 million and a decrease to benefit from income taxes of less than $1 million for the year ended December 30, 2017. (g) Other—The correction of these misstatements resulted in a decrease to net sales of $9 million , an increase to cost of products sold of $1 million , a decrease to SG&A of $24 million , a decrease to interest expense of less than $1 million , and a decrease to benefit from income taxes of $8 million for the year ended December 30, 2017. The values as previously reported for the year ended December 30, 2017 were derived from our Annual Report on Form 10-K for the year ended December 30, 2017 filed on February 16, 2018. The Kraft Heinz Company Consolidated Statement of Income (in millions, except per share data) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated ASU Adoption Impacts As Restated & Recast Net sales $ 26,487 $ (187 ) (c)(g) $ 26,300 $ — $ 26,300 Cost of products sold 16,901 (116 ) (a)(c)(g) 16,785 369 17,154 Gross profit 9,586 (71 ) 9,515 (369 ) 9,146 Selling, general and administrative expenses, excluding impairment losses 3,444 (5 ) (c)(g) 3,439 88 3,527 Goodwill impairment losses — — — — — Intangible asset impairment losses — 18 (f) 18 — 18 Selling, general and administrative expenses 3,444 13 3,457 88 3,545 Operating income/(loss) 6,142 (84 ) 6,058 (457 ) 5,601 Interest expense 1,134 — (g) 1,134 — 1,134 Other expense/(income), net (15 ) — (g) (15 ) (457 ) (472 ) Income/(loss) before income taxes 5,023 (84 ) 4,939 — 4,939 Provision for/(benefit from) income taxes 1,381 (48 ) (a)(e)(f)(g) 1,333 — 1,333 Net income/(loss) 3,642 (36 ) 3,606 — 3,606 Net income/(loss) attributable to noncontrolling interest 10 — 10 — 10 Net income/(loss) attributable to Kraft Heinz 3,632 (36 ) 3,596 — 3,596 Preferred dividends 180 — 180 — 180 Net income/(loss) attributable to common shareholders $ 3,452 $ (36 ) $ 3,416 $ — $ 3,416 Per share data applicable to common shareholders: Basic earnings/(loss) $ 2.84 $ (0.03 ) $ 2.81 $ — $ 2.81 Diluted earnings/(loss) 2.81 (0.03 ) 2.78 — 2.78 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $35 million and a decrease to provision for income taxes of $13 million for the year ended December 31, 2016. (b) Capital Leases—None. (c) Customer Incentive Program Expense Misclassifications—As previously disclosed in March 2018, the correction of these misstatements resulted in a decrease to net sales of $152 million , a decrease to cost of products sold of $145 million , and a decrease to SG&A of $7 million for the year ended December 31, 2016. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in a decrease to provision for income taxes of $18 million for the year ended December 31, 2016. (f) Impairments—The correction of these misstatements resulted in an increase to SG&A of $18 million and a decrease to provision for income taxes of $4 million for the year ended December 31, 2016. (g) Other—The correction of these misstatements resulted in a decrease to net sales of $35 million , a decrease to cost of products sold of $6 million , an increase to SG&A of $2 million , a decrease to interest expense of less than $1 million , a decrease to other expense/(income), net, of less than $1 million , and a decrease to provision for income taxes of $13 million for the year ended December 31, 2016. The values as previously reported for the year ended December 31, 2016 were derived from our Annual Report on Form 10-K for the year ended December 30, 2017 filed on February 16, 2018. The Kraft Heinz Company Consolidated Statement of Comprehensive Income (in millions) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated Net income/(loss) $ 10,990 $ (58 ) (a)(b)(e)(f)(g) $ 10,932 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments 1,184 1 (b)(e) 1,185 Net deferred gains/(losses) on net investment hedges (353 ) — (353 ) Amounts excluded from the effectiveness assessment of net investment hedges — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — Net deferred gains/(losses) on cash flow hedges (113 ) — (113 ) Amounts excluded from the effectiveness assessment of cash flow hedges — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 85 — 85 Net actuarial gains/(losses) arising during the period 69 — 69 Prior service credits/(costs) arising during the period 17 — 17 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (309 ) — (309 ) Total other comprehensive income/(loss) 580 1 581 Total comprehensive income/(loss) 11,570 (57 ) 11,513 Comprehensive income/(loss) attributable to noncontrolling interest (3 ) — (3 ) Comprehensive income/(loss) attributable to Kraft Heinz $ 11,573 $ (57 ) $ 11,516 The $58 million decrease to net income was primarily driven by misstatements in the supplier rebates category, partially offset by misstatements in the income taxes, other, impairments, and capital leases categories. See additional descriptions of the net income impacts in the consolidated statement of income for the year ended December 30, 2017 section above. The $1 million increase to foreign currency translation adjustments is the result of misstatements in the capital leases and income taxes categories. The Kraft Heinz Company Consolidated Statement of Comprehensive Income (in millions) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated Net income/(loss) $ 3,642 $ (36 ) (a)(e)(f)(g) $ 3,606 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments (986 ) 7 (d)(g)(e) (979 ) Net deferred gains/(losses) on net investment hedges 226 — 226 Amounts excluded from the effectiveness assessment of net investment hedges — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — Net deferred gains/(losses) on cash flow hedges 46 — 46 Amounts excluded from the effectiveness assessment of cash flow hedges — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (87 ) — (87 ) Net actuarial gains/(losses) arising during the period (40 ) — (40 ) Prior service credits/(costs) arising during the period 97 (66 ) (g) 31 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (207 ) 3 (g) (204 ) Total other comprehensive income/(loss) (951 ) (56 ) (1,007 ) Total comprehensive income/(loss) 2,691 (92 ) 2,599 Comprehensive income/(loss) attributable to noncontrolling interest 16 — 16 Comprehensive income/(loss) attributable to Kraft Heinz $ 2,675 $ (92 ) $ 2,583 The $36 million decrease to net income was primarily driven by the misstatements in the other, supplier rebates, and impairments categories, partially offset by the misstatements in the income taxes category. See additional descriptions of the net income impacts in the consolidated statement of income for the year ended December 31, 2016 section above. The $7 million increase to foreign currency translation adjustments is primarily the result of misstatements in the balance sheet misclassifications and the other misstatements categories, partially offset by misstatements in the income taxes category. The $66 million decrease to prior service credits arising during the period and the $3 million increase to net postemployment benefit gains reclassified to net income are the result of misstatements in the other category. The Kraft Heinz Company Consolidated Balance Sheets (in millions, except per share data) December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated ASSETS Cash and cash equivalents $ 1,629 $ — $ 1,629 Trade receivables (net of allowances of $23 at December 30, 2017) 921 — 921 Sold receivables 353 — 353 Income taxes receivable 582 (44 ) (a)(b)(d)(e)(g) 538 Inventories 2,815 (55 ) (d)(g) 2,760 Prepaid expenses 345 — 345 Other current assets 621 34 (a)(d) 655 Total current assets 7,266 (65 ) 7,201 Property, plant and equipment, net 7,120 (59 ) (b)(d)(g) 7,061 Goodwill 44,824 1 (g) 44,825 Intangible assets, net 59,449 (17 ) (f) 59,432 Other non-current assets 1,573 — 1,573 TOTAL ASSETS $ 120,232 $ (140 ) $ 120,092 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 460 $ 2 (g) $ 462 Current portion of long-term debt 2,743 (10 ) (b)(g) 2,733 Trade payables 4,449 (87 ) (d)(g) 4,362 Accrued marketing 680 9 (g) 689 Interest payable 419 — 419 Other current liabilities 1,381 108 (a)(d)(g) 1,489 Total current liabilities 10,132 22 10,154 Long-term debt 28,333 (25 ) (b) 28,308 Deferred income taxes 14,076 (37 ) (a)(d)(e)(f)(g) 14,039 Accrued postemployment costs 427 — 427 Other non-current liabilities 1,017 71 (a) 1,088 TOTAL LIABILITIES 53,985 31 54,016 Commitments and Contingencies Redeemable noncontrolling interest 6 — 6 Equity: Common stock, $0.01 par value (5,000 shares authorized; 1,221 shares issued and 1,219 shares outstanding at December 30, 2017) 12 — 12 Additional paid-in capital 58,711 (77 ) (d) 58,634 Retained earnings/(deficit) 8,589 (94 ) (a)(b)(d)(e)(f)(g) 8,495 Accumulated other comprehensive income/(losses) (1,054 ) — (1,054 ) Treasury stock, at cost (2 shares at December 30, 2017) (224 ) — (224 ) Total shareholders' equity 66,034 (171 ) 65,863 Noncontrolling interest 207 — 207 TOTAL EQUITY 66,241 (171 ) 66,070 TOTAL LIABILITIES AND EQUITY $ 120,232 $ (140 ) $ 120,092 (a) Supplier Rebates—The correction of these misstatements resulted in a decrease to income taxes receivable of $1 million , a decrease to other current assets of $21 million , an increase to other current liabilities of $57 million , a decrease to deferred income taxes of $37 million , an increase to other non-current liabilities of $71 million , and a decrease to retained earnings of $113 million at December 30, 2017. (b) Capital Leases—The correction of these misstatements resulted in a decrease to income taxes receivable of less than $1 million , a decrease to property, plant and equipment, net, of $34 million , a decrease to current portion of long-term debt of $9 million , a decrease to long-term debt of $25 million , and a decrease to retained earnings of less than $1 million at December 30, 2017. (c) Customer Incentive Program Expense Misclassifications—None. (d) Balance Sheet Misclassifications—The correction of these misstatements resulted in a decrease to income taxes receivable of $83 million , a decrease to inventories of $55 million , an increase to other current assets of $55 million , a decrease to property, plant and equipment, net, of $23 million , a decrease to trade payables of $23 million , a decrease to other current liabilities of $28 million , a decrease to deferred income taxes of $55 million , a decrease to additional paid-in capital of $77 million , and an increase to retained earnings of $77 million at December 30, 2017. (e) Income Taxes—The correction of these misstatements resulted in an increase to income taxes receivable of $33 million , an increase to deferred income taxes of $58 million , and a decrease to retained earnings of $25 million at December 30, 2017. (f) Impairments—The correction of these misstatements resulted in a decrease to intangible assets, net, of $17 million , a decrease to deferred income taxes of $4 million , and a decrease to retained earnings of $13 million at December 30, 2017. (g) Other—The correction of these misstatements resulted in an increase to income taxes receivable of $7 million , a decrease to inventories of less than $1 million , a decrease to property, plant and equipment, net, of $2 million , an increase to goodwill of $1 million , an increase to commercial paper and other short-term debt of $2 million , a decrease to current portion of long-term debt of $1 million , a decrease to trade payables of $64 million , an increase to accrued marketing of $9 million , an increase to other current liabilities of $79 million , an increase to deferred income taxes of $1 million , and a decrease to retained earnings of $20 million at December 30, 2017. The Kraft Heinz Company Consolidated Statement of Equity For the Year Ended December 30, 2017 (in millions) Restatement Reference Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity As Previously Reported Balance at December 31, 2016 $ 12 $ 58,593 $ 588 $ (1,628 ) $ (207 ) $ 216 $ 57,574 Net income/(loss) excluding redeemable noncontrolling interest — — 10,999 — — (5 ) 10,994 Other comprehensive income/(loss) — — — 574 — 6 580 Dividends declared-common stock ($2.45 per share) — — (2,988 ) — — — (2,988 ) Dividends declared-noncontrolling interest ($52.75 per share) — — — — — (10 ) (10 ) Exercise of stock options, issuance of other stock awards, and other — 118 (10 ) — (17 ) — 91 Balance at December 30, 2017 $ 12 $ 58,711 $ 8,589 $ (1,054 ) $ (224 ) $ 207 $ 66,241 Restatement Impacts Balance at December 31, 2016 $ — $ (77 ) $ (36 ) $ (1 ) $ — $ — $ (114 ) Net income/(loss) excluding redeemable noncontrolling interest (a)(b)(e)(f)(g) — — (58 ) — — — (58 ) Other comprehensive income/(loss) (b)(e) — — — 1 — — 1 Dividends declared-common stock ($2.45 per share) — — — — — — — Dividends declared-noncontrolling interest ($52.75 per share) — — — — — — — Exercise of stock options, issuance of other stock awards, and other — — — — — — — Balance at December 30, 2017 $ — $ (77 ) $ (94 ) $ — $ — $ — $ (171 ) As Restated Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 Net income/(loss) excluding redeemable noncontrolling interest — — 10,941 — — (5 ) 10,936 Other comprehensive income/(loss) — — — 575 — 6 581 Dividends declared-common stock ($2.45 per share) — — (2,988 ) — — — (2,988 ) Dividends declared-noncontrolling interest ($52.75 per share) — — — — — (10 ) (10 ) Exercise of stock options, issuance of other stock awards, and other — 118 (10 ) — (17 ) — 91 Balance at December 30, 2017 $ 12 $ 58,634 $ 8,495 $ (1,054 ) $ (224 ) $ 207 $ 66,070 See descriptions of the net income and other comprehensive income impacts in the consolidated statement of income and consolidated statement of comprehensive income for the year ended December 30, 2017 sections above. The Kraft Heinz Company Consolidated Statement of Equity For the Year Ended December 31, 2016 (in millions) Restatement Reference Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity As Previously Reported Balance at January 3, 2016 $ 12 $ 58,375 $ — $ (671 ) $ (31 ) $ 208 $ 57,893 Net income/(loss) excluding redeemable noncontrolling interest — — 3,632 — — 10 3,642 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (957 ) — 6 (951 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — (180 ) — — — (180 ) Dividends declared-common stock ($2.35 per share) — — (2,862 ) — — — (2,862 ) Dividends declared-noncontrolling interest ($90.82 per share) — — — — — (8 ) (8 ) Exercise of stock options, issuance of other stock awards, and other — 218 (2 ) — (176 ) — 40 Balance at December 31, 2016 $ 12 $ 58,593 $ 588 $ (1,628 ) $ (207 ) $ 216 $ 57,574 Restatement Impacts Balance at January 3, 2016 (a)(d)(e)(g) $ — $ (77 ) $ — $ 55 $ — $ — $ (22 ) Net income/(loss) excluding redeemable noncontrolling interest (a)(e)(f)(g) — — (36 ) — — — (36 ) Other comprehensive income/(loss) excluding redeemable noncontrolling interest (g) — — — (56 ) — — (56 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — — — — — — Dividends declared-common stock ($2.35 per share) — — — — — — — Dividends declared-noncontrolling interest ($90.82 per share) — — — — — — — Exercise of stock options, issuance of other stock awards, and other — — — — — — — Balance at December 31, 2016 $ — $ (77 ) $ (36 ) $ (1 ) $ — $ — $ (114 ) As Restated Balance at January 3, 2016 $ 12 $ 58,298 $ — $ (616 ) $ (31 ) $ 208 $ 57,871 Net income/(loss) excluding redeemable noncontrolling interest — — 3,596 — — 10 3,606 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (1,013 ) — 6 (1,007 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — (180 ) — — — (180 ) Dividends declared-common stock ($2.35 per share) — — (2,862 ) — — — (2,862 ) Dividends declared-noncontrolling interest ($90.82 per share) — — — — — (8 ) (8 ) Exercise of stock options, issuance of other stock awards, and other — 218 (2 ) — (176 ) — 40 Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 The $77 million decrease to additional paid-in capital was primarily driven by the misstatements in the income taxes, supplier rebates, and other categories, which resulted in a decrease to net income for the fiscal year ended January 3, 2016, which has been reflected as a reduction to additional paid-in capital rather than retained earnings due to certain dividends declared in 2015 without a corresponding amount in retained earnings. The $55 million decrease to accumulated other comprehensive losses at January 3, 2016 was primarily driven by the misstatements in the other and income taxes categories, partially offset by the misstatements in the balance sheet reclassifications category. See descriptions of the net income and other comprehensive income impacts in the consolidated statement of income and consolidated statement of comprehensive income for the year ended December 31, 2016 sections above. The Kraft Heinz Company Consolidated Statement of Cash Flows (in millions) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 10,990 $ (58 ) (a)(b)(e)(f)(g) $ 10,932 Adjustments to reconcile net income/(loss) to operating cash flows: Depreciation and amortization 1,036 (5 ) (b)(f)(g) 1,031 Amortization of postretirement benefit plans prior service costs/(credits) (328 ) — (328 ) Equity award compensation expense 46 — 46 Deferred income tax provision/(benefit) (6,467 ) (28 ) (a)(e)(g) (6,495 ) Postemployment benefit plan contributions (1,659 ) — (1,659 ) Goodwill and intangible asset impairment losses 49 — 49 Nonmonetar |
Significant Accounting Policies
Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Revenue Recognition: Our revenues are primarily derived from customer orders for the purchase of our products. We recognize revenues as performance obligations are fulfilled when control passes to our customers. We record revenues net of variable consideration, including consumer incentives and performance obligations related to trade promotions, excluding taxes, and including all shipping and handling charges billed to customers (accounting for shipping and handling charges that occur after the transfer of control as fulfillment costs). We also record a refund liability for estimated product returns and customer allowances as reductions to revenues within the same period that the revenue is recognized. We base these estimates principally on historical and current period experience factors. We recognize costs paid to third party brokers to obtain contracts as expenses as our contracts are generally less than one year. Advertising, Consumer Incentives, and Trade Promotions: We promote our products with advertising, consumer incentives, and performance obligations related to trade promotions. Consumer incentives and trade promotions include, but are not limited to, discounts, coupons, rebates, performance-based in-store display activities, and volume-based incentives. Variable consideration related to consumer incentive and trade promotion activities is recorded as a reduction to revenues based on amounts estimated as being due to customers and consumers at the end of a period. We base these estimates principally on historical utilization, redemption rates, and/or current period experience factors. We review and adjust these estimates at least quarterly based on actual experience and other information. Advertising expenses are recorded in SG&A. For interim reporting purposes, we charge advertising to operations as a percentage of estimated full year sales activity and marketing costs. We review and adjust these estimates each quarter based on actual experience and other information. We recorded advertising expenses of $584 million in 2018, $629 million in 2017, and $708 million in 2016, which represented costs to obtain physical advertisement spots in television, radio, print, digital, and social channels. We also incur other advertising and marketing costs such as shopper marketing, sponsorships, and agency advertisement conception, design, and public relations fees. Total advertising and marketing costs were $1,140 million in 2018, $1,115 million in 2017, and $1,221 million in 2016. Research and Development Expense: We expense costs as incurred for product research and development within SG&A. Research and development expenses were approximately $109 million in 2018, $93 million in 2017, and $120 million in 2016. Stock-Based Compensation: We recognize compensation costs related to equity awards on a straight-line basis over the vesting period of the award, which is generally five years. These costs are primarily recognized within SG&A. We estimate expected forfeitures rather than recognizing forfeitures as they occur in determining our equity award compensation costs. We classify equity award compensation costs primarily within general corporate expenses. See Note 12, Employees’ Stock Incentive Plans , for additional information. Postemployment Benefit Plans: We maintain various retirement plans for the majority of our employees. These include pension benefits, postretirement health care benefits, and defined contribution benefits. The cost of these plans is charged to expense over an appropriate term based on, among other things, the cost component and whether the plan is active or inactive. Changes in the fair value of our plan assets result in net actuarial gains or losses. These net actuarial gains and losses are deferred into accumulated other comprehensive income/(losses) and amortized within other expense/(income), net in future periods using the corridor approach. The corridor is 10% of the greater of the market-related value of the plan’s asset or projected benefit obligation. Any actuarial gains and losses in excess of the corridor are then amortized over an appropriate term based on whether the plan is active or inactive. See Note 13, Postemployment Benefits , for additional information. Income Taxes: We recognize income taxes based on amounts refundable or payable for the current year and record deferred tax assets or liabilities for any difference between the financial reporting and tax basis of our assets and liabilities. We also recognize deferred tax assets for temporary differences, operating loss carryforwards, and tax credit carryforwards. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities, and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss and other carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly, we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect our results in the quarter of such change. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. When assessing the need for valuation allowances, we consider future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizability of deferred tax assets in future years, we would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding adjustment to our provision for/(benefit from) income taxes. The resolution of tax reserves and changes in valuation allowances could be material to our results of operations for any period, but is not expected to be material to our financial position. Common Stock and Preferred Stock Dividends: Dividends are recorded as a reduction to retained earnings. When we have an accumulated deficit, dividends are recorded as a reduction of additional paid-in capital. Cash and Cash Equivalents: Cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Cash and cash equivalents that are legally restricted as to withdrawal or usage is classified in other current assets or other non-current assets, as applicable, on the consolidated balance sheets. Inventories: Inventories are stated at the lower of cost or net realizable value. We value inventories primarily using the average cost method. Property, Plant and Equipment: Property, plant and equipment are stated at historical cost and depreciated on the straight-line method over the estimated useful lives of the assets. Machinery and equipment are depreciated over periods ranging from three to 20 years and buildings and improvements over periods up to 40 years. Capitalized software costs are included in property, plant and equipment and amortized on a straight-line basis over the estimated useful lives of the software, which do not exceed seven years. We review long-lived assets for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life. We perform undiscounted operating cash flow analyses to determine if an impairment exists. When testing for impairment of assets held for use, we group assets at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, the loss is calculated based on estimated fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. Goodwill and Intangible Assets : Our goodwill balance consists of 20 reporting units, and our indefinite-lived intangible asset balance primarily consists of a number of individual brands. We test our reporting units and brands for impairment annually as of the first day of our second quarter, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. Such events and circumstances could include a sustained decrease in our market capitalization, increased competition or unexpected loss of market share, increased input costs beyond projections (for example due to regulatory or industry changes), disposals of significant brands or components of our business, unexpected business disruptions (for example due to a natural disaster or loss of a customer, supplier, or other significant business relationship), unexpected significant declines in operating results, or significant adverse changes in the markets in which we operate. We test reporting units for impairment by comparing the estimated fair value of each reporting unit with its carrying amount. We test brands for impairment by comparing the estimated fair value of each brand with its carrying amount. If the carrying amount of a reporting unit or brand exceeds its estimated fair value, we record an impairment loss based on the difference between fair value and carrying amount, in the case of reporting units, not to exceed to the associated carrying amount of goodwill. Definite-lived intangible assets are amortized on a straight-line basis over the estimated periods benefited. We review definite-lived intangible assets for impairment when conditions exist that indicate the carrying amount of the assets may not be recoverable. Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life. We perform undiscounted operating cash flow analyses to determine if an impairment exists. When testing for impairment of definite-lived intangible assets held for use, we group assets at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, the loss is calculated based on estimated fair value. Impairment losses on definite-lived intangible assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. See Note 10, Goodwill and Intangible Assets , for additional information. Financial Instruments: As we source our commodities on global markets and periodically enter into financing or other arrangements abroad, we use a variety of risk management strategies and financial instruments to manage commodity price, foreign currency exchange rate, and interest rate risks. Our risk management program focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on our operating results. One way we do this is through actively hedging our risks through the use of derivative instruments. As a matter of policy, we do not use highly leveraged derivative instruments, nor do we use financial instruments for speculative purposes. Derivatives are recorded on our consolidated balance sheets as assets or liabilities at fair value, which fluctuates based on changing market conditions. Certain derivatives are designated as cash flow hedges and qualify for hedge accounting treatment, while others are not designated as hedging instruments and are marked to market through net income/(loss). The gains and losses on cash flow hedges are deferred as a component of accumulated other comprehensive income/(losses) and are recognized in net income/(loss) at the time the hedged item affects net income/(loss), in the same line item as the underlying hedged item. The excluded component on cash flow hedges is recognized in net income/(loss) over the life of the hedging relationship in the same income statement line item as the underlying hedged item. We also designate certain derivatives and non-derivatives as net investment hedges to hedge the net assets of certain foreign subsidiaries which are exposed to volatility in foreign currency exchange rates. Changes in the value of these derivatives and remeasurements of our non-derivatives designated as net investment hedges are calculated each period using the spot method, with changes reported in foreign currency translation adjustment within accumulated other comprehensive income/(losses). Such amounts will remain in accumulated other comprehensive income/(losses) until the complete or substantially complete liquidation of our investment in the underlying foreign operations. The excluded component on derivatives designated as net investment hedges is recognized in net income/(loss) within interest expense. The income statement classification of gains and losses related to derivative instruments not designated as hedging instruments is determined based on the underlying intent of the contracts. Cash flows related to the settlement of derivative instruments designated as net investment hedges of foreign operations are classified in the consolidated statements of cash flows within investing activities. All other cash flows related to derivative instruments are classified in the same line item as the cash flows of the related hedged item, which is generally within operating activities. To qualify for hedge accounting, a specified level of hedging effectiveness between the hedging instrument and the item being hedged must be achieved at inception and maintained throughout the hedged period. When a hedging instrument no longer meets the specified level of hedging effectiveness, we reclassify the related hedge gains or losses previously deferred into other comprehensive income/(losses) to net income within other expense/(income), net. We formally document our risk management objectives, our strategies for undertaking the various hedge transactions, the nature of and relationships between the hedging instruments and hedged items, and the method for assessing hedge effectiveness. Additionally, for qualified hedges of forecasted transactions, we specifically identify the significant characteristics and expected terms of the forecasted transactions. If it becomes probable that a forecasted transaction will not occur, the hedge will no longer be effective and all of the derivative gains or losses would be recognized in net income in the current period. Unrealized gains and losses on our commodity derivatives not designated as hedging instruments are recorded in cost of products sold and are included within general corporate expenses until realized. Once realized, the gains and losses are included within the applicable segment operating results. See Note 14, Financial Instruments , for additional information. Our designated and undesignated derivative contracts include: • Net investment hedges. We have numerous investments in our foreign subsidiaries, the net assets of which are exposed to volatility in foreign currency exchange rates. We manage this risk by utilizing derivative and non-derivative instruments, including cross-currency swap contracts, foreign exchange contracts, and certain foreign denominated debt designated as net investment hedges. We exclude the interest accruals on cross-currency swap contracts and the forward points on foreign exchange forward contracts from the assessment and measurement of hedge effectiveness. We recognize the interest accruals on cross-currency swap contracts in net income/(loss) within interest expense. We amortize the forward points on foreign exchange contracts into net income/(loss) within interest expense over the life of the hedging relationship. • Foreign currency cash flow hedges. We use various financial instruments to mitigate our exposure to changes in exchange rates from third-party and intercompany actual and forecasted transactions. Our principal foreign currency exposures that are hedged include the British pound sterling, euro, and Canadian dollar. These instruments include cross-currency swap contracts and foreign exchange forward and option contracts. Substantially all of these derivative instruments are highly effective and qualify for hedge accounting treatment. We exclude the interest accruals on cross-currency swap contracts and the forward points and option premiums or discounts on foreign exchange contracts from the assessment and measurement of hedge effectiveness and amortize such amounts into net income/(loss) in the same line item as the underlying hedged item over the life of the hedging relationship. • Interest rate cash flow hedges. From time to time, we have used derivative instruments, including interest rate swaps, as part of our interest rate risk management strategy. We have primarily used interest rate swaps to hedge the variability of interest payment cash flows on a portion of our future debt obligations. • Commodity derivatives. We are exposed to price risk related to forecasted purchases of certain commodities that we primarily use as raw materials. We enter into commodity purchase contracts primarily for dairy products, meat products, coffee beans, sugar, vegetable oils, wheat products, corn products, and cocoa products. These commodity purchase contracts generally are not subject to the accounting requirements for derivative instruments and hedging activities under the normal purchases and normal sales exception. We also use commodity futures, options, and swaps to economically hedge the price of certain commodity costs, including the commodities noted above, as well as packaging products, diesel fuel, and natural gas. We do not designate these commodity contracts as hedging instruments. We also occasionally use futures to economically cross hedge a commodity exposure. Translation of Foreign Currencies: For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of accumulated other comprehensive income/(losses) on the balance sheet. Gains and losses from foreign currency transactions are included in net income/(loss) for the period. Highly Inflationary Accounting: We apply highly inflationary accounting if the cumulative inflation rate in an economy for a three-year period meets or exceeds 100%. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into our reporting currency (U.S. dollars) based on the legally available exchange rate at which we expect to settle the underlying transactions. Exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in net income/(loss), rather than accumulated other comprehensive income/(losses) on the balance sheet, until such time as the economy is no longer considered highly inflationary. Certain non-monetary assets and liabilities are recorded at the applicable historical exchange rates. We apply highly inflationary accounting to the results of our subsidiaries in Venezuela and Argentina. The net monetary assets of our subsidiary in Argentina were approximately $2 million at December 29, 2018 . See Note 16, Venezuela - Foreign Currency and Inflation , for additional information related to our subsidiary in Venezuela. |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Standards | New Accounting Standards Accounting Standards Adopted in the Current Year Presentation of Net Periodic Benefit Costs: In March 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-07 related to the presentation of net periodic benefit cost (pension and postretirement cost). This ASU became effective beginning in the first quarter of our fiscal year 2018. Under the new guidance, the service cost component of net periodic benefit cost must be presented in the same statement of income line item as other employee compensation costs arising from services rendered by employees during the period. Other components of net periodic benefit cost must be disaggregated from the service cost component in the statements of income and must be presented outside the operating income/(loss) subtotal. Additionally, only the service cost component is eligible for capitalization in assets. The new guidance must be applied retrospectively for the statement of income presentation of service cost components and other net periodic benefit cost components and prospectively for the capitalization of service cost components. There is a practical expedient that allows us to use historical amounts disclosed in our Postemployment Benefits footnote as an estimation basis for retrospectively applying the statement of income presentation requirements. In the first quarter of 2018, we adopted this ASU using the practical expedient described above. There was no impact to our consolidated balance sheet at December 30, 2017 or to our consolidated statements of cash flows for the years ended December 30, 2017 and December 31, 2016 . See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for the impacts on our consolidated statements of income for the years ended December 30, 2017 and December 31, 2016 . Revenue Recognition: In May 2014, the FASB issued ASU 2014-09, which superseded previously existing revenue recognition guidance. Under this ASU, companies must apply a five step model to recognize revenue upon the transfer of promised goods or services to customers and in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU may be applied using a full retrospective method or a modified retrospective transition method, with a cumulative-effect adjustment as of the date of adoption. The ASU also provides for certain practical expedients, including the option to expense as incurred the incremental costs of obtaining a contract, if the contract period is for one year or less. This ASU was effective beginning in the first quarter of our fiscal year 2018. We adopted this ASU in the first quarter of 2018 using the full retrospective method and the practical expedient described above. Upon adoption, we made the following policy elections: (i) we account for shipping and handling costs as contract fulfillment costs, and (ii) we exclude taxes imposed on and collected from customers in revenue producing transactions (e.g., sales, use, and value added taxes) from the transaction price. The impact of adopting this guidance was immaterial to our financial statements and related disclosures. Income Tax Impacts of Certain Intercompany Transfers: In October 2016, the FASB issued ASU 2016-16 related to the income tax accounting impacts of intra-entity transfers of assets other than inventory , such as intellectual property and property, plant and equipment. Under the new accounting guidance, current and deferred income taxes should be recognized upon transfer of the assets. Previously, recognition of current and deferred income taxes was prohibited until the asset was sold to an external party. This ASU became effective beginning in the first quarter of our fiscal year 2018. We adopted this new guidance on a modified retrospective basis through a cumulative-effect adjustment of $95 million to decrease retained earnings in the first quarter of 2018. Definition of a Business Clarification: In January 2017, the FASB issued ASU 2017-01 clarifying the definition of a business used in determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU provides a screen for companies to determine if an integrated set of assets and activities (“set”) is not a business. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. If this screen is not met, the entity then determines if the set meets the minimum requirement of a business. For a set to be a business, it must include an input and a substantive process which together significantly contribute to the ability to create outputs. This ASU became effective beginning in the first quarter of our fiscal year 2018. We adopted this ASU on a prospective basis. The adoption of this ASU did not impact our financial statements or related disclosures. Goodwill Impairment Test Simplification: In January 2017, the FASB issued ASU 2017-04 related to goodwill impairment testing. This ASU eliminates Step 2 from the goodwill impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, the entity will record an impairment loss based on that difference. The impairment loss will be limited to the amount of goodwill allocated to that reporting unit. Previously, if the fair value of a reporting unit was lower than its carrying amount (Step 1), an entity was required to calculate any impairment loss by comparing the implied fair value of goodwill with its carrying amount (Step 2). Additionally, under the new standard, companies that have reporting units with zero or negative carrying amounts will no longer be required to perform the qualitative assessment to determine whether to perform Step 2 of the goodwill impairment test. As a result, reporting units with zero or negative carrying amounts will generally be expected to pass the simplified impairment test; however, additional disclosure will be required of those companies. We early adopted this guidance on a prospective basis as of April 1, 2018 (our annual impairment testing date in the second quarter of 2018). As a result of adopting this ASU, we no longer perform Step 2 while completing our goodwill impairment testing, beginning with our annual goodwill impairment testing in the second quarter of 2018. Accounting for Hedging Activities: In August 2017, the FASB issued ASU 2017-12 related to accounting for hedging activities. This guidance impacted the accounting for financial (e.g., foreign exchange and interest rate) and non-financial (e.g., commodity) hedging activities. We early adopted this guidance on a modified retrospective basis in the third quarter of 2018. Upon adoption, we recognized an insignificant cumulative-effect adjustment to retained earnings/(deficit). The most significant impacts of adoption are that we now: • Recognize changes in the fair value of excluded components in net income/(loss) in the current period or in other comprehensive income/(loss) (and then amortize into net income/(loss) over the life of the hedging relationship); • Defer changes in the spot rate of the hedging instrument into other comprehensive income/(loss), while the excluded component (i.e., forward points or option premiums or discounts) is amortized into net income/(loss) over the life of the hedging relationship. When the excluded component is released or the forecasted transaction occurs, it is recognized in the same income statement line item affected by the hedged item; and • Present additional details in our tabular disclosures in the footnotes to the financial statements. Additionally, ASU 2017-12 eliminated the requirement to separately measure and report hedge ineffectiveness; therefore, we removed disclosures related to hedge ineffectiveness. See our consolidated statements of other comprehensive income, Note 3, Significant Accounting Policies , Note 14, Financial Instruments , and Note 15, Accumulated Other Comprehensive Income/(Losses) , for updated disclosures pursuant to ASU 2017-12. Accounting Standards Not Yet Adopted Leases: In February 2016, the FASB issued ASU 2016-02 to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. The updated guidance requires lessees to reflect the majority of leases on their balance sheets as assets and obligations. This ASU will be effective beginning in the first quarter of our fiscal year 2019. Early adoption is permitted. The guidance must be adopted using a modified retrospective transition method. The ASU also provides for certain practical expedients. Among the practical expedients is an optional transition method that allows companies to apply the guidance at the adoption date and recognize a cumulative-effect adjustment to retained earnings/(deficit) on the adoption date. We plan to elect this practical expedient upon adoption. We also plan to elect the package of practical expedients that will allow us to carry forward our determination of whether a lease exists, the classification of a lease, and whether initial direct lease costs exist for purposes of transition to the new standard. We do not expect to use the hindsight practical expedient. We do plan to elect the land easement option, which will allow us to continue to use prior accounting conclusions reached in our accounting for land easements. We also plan to elect the short-term lease exemption whereby we will not record an asset or liability for short-term leases. We have completed our scoping reviews, identified our significant leases by geography and by asset type, and developed our accounting policies and expected policy elections, which will take effect upon adoption of the standard. We have executed our lease data extraction strategy and completed data extraction efforts. Our identified accounting system, which will support the future state leasing process, is also ready for implementation. We have completed our future state process design as part of the overall system implementation. Upon adoption, we expect that our financial statement disclosures will be expanded to present additional details of our leasing arrangements. We expect this guidance to have a significant impact on our financial statements. We currently estimate that, upon adoption, we will have total lease assets between approximately $750 million and $910 million and total lease liabilities between approximately $810 million and $990 million . We will adopt this ASU on the first day of our fiscal year 2019. Measurement of Current Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses (“CECL”). This ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. This ASU replaces the current incurred loss impairment methodology with a methodology to reflect CECL and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption is permitted. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income: In February 2018, the FASB issued ASU 2018-02 related to reclassifying tax effects stranded in accumulated other comprehensive income/(losses) because of the Tax Cuts and Jobs Act (“U.S. Tax Reform”) enacted on December 22, 2017. U.S. Tax Reform reduced the U.S. federal corporate tax rate from 35.0% to 21.0%. ASC Topic 740, Income Taxes , requires the remeasurement of deferred tax assets and liabilities as a result of such changes in tax laws or rates to be presented in net income/(loss) from continuing operations. However, the related tax effects of such deferred tax assets and liabilities may have been originally recorded in other comprehensive income/(loss). This ASU allows companies to reclassify such stranded tax effects from accumulated other comprehensive income/(losses) to retained earnings/(deficit). This reclassification adjustment is optional, and if elected, may be applied either to the period of adoption or retrospectively to the period(s) impacted by U.S. Tax Reform. Additionally, this ASU requires companies to disclose the policy election for stranded tax effects as well as the general accounting policy for releasing income tax effects from accumulated other comprehensive income/(losses). This ASU will be effective beginning in the first quarter of our fiscal year 2019. Early adoption is permitted. We will adopt this ASU on the first day of our fiscal year 2019 and will make the policy election to reclassify stranded tax effects from accumulated other comprehensive income/(losses) to retained earnings/(deficit). We currently estimate the increase to retained earnings/(deficit) upon adoption will be between approximately $130 million and $140 million . Fair Value Measurement Disclosures: In August 2018, the FASB issued ASU 2018-13 related to fair value measurement disclosures. This ASU removes the requirement to disclose the amount of and reasons for transfers between Levels 1 and 2 of the fair value hierarchy, the policy for determining that a transfer has occurred, and valuation processes for Level 3 fair value measurements. Additionally, this ASU modifies the disclosures related to the measurement uncertainty for recurring Level 3 fair value measurements (by removing the requirement to disclose sensitivity to future changes) and the timing of liquidation of investee assets (by removing the timing requirement in certain instances). The guidance also requires new disclosures for Level 3 financial assets and liabilities, including the amount and location of unrealized gains and losses recognized in other comprehensive income/(loss) and additional information related to significant unobservable inputs used in determining Level 3 fair value measurements. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption of the guidance in whole is permitted. Alternatively, companies may early adopt removed or modified disclosures and delay adoption of the additional disclosures until their effective date. Certain of the amendments in this ASU must be applied prospectively upon adoption, while other amendments must be applied retrospectively upon adoption. We elected to early adopt the provisions related to removing disclosures in the fourth quarter of our fiscal year 2018 on a retrospective basis. Accordingly, we have removed information related to our valuation process for Level 3 fair value measurements for pension plan investments within Note 13, Postemployment Benefits . We also removed information about the amount of and reasons for transfers between Levels 1 and 2 of the fair value hierarchy from Note 14, Financial Instruments . There was no other impact to our financial statement disclosures as a result of early adopting the provisions related to removing disclosures. We are currently evaluating the disclosure impact of the provisions related to modifying and adding disclosures as well as the timing of adoption. Disclosure Requirements for Certain Employer-Sponsored Benefit Plans: In August 2018, the FASB issued ASU 2018-14 related to the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. The guidance requires sponsors of these plans to provide additional disclosures, including weighted-average interest rates used in the company’s cash balance plans and a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. Additionally, this guidance eliminates certain previous disclosure requirements. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption is permitted. This guidance must be applied on a retrospective basis to all periods presented. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption. Implementation Costs Incurred in Hosted Cloud Computing Service Arrangements: In August 2018, the FASB issued ASU 2018-15 related to accounting for implementation costs incurred in hosted cloud computing service arrangements. Under the new guidance, implementation costs incurred in a hosting arrangement that is a service contract should be expensed or capitalized based on the nature of the costs and the project stage during which such costs are incurred. If the implementation costs qualify for capitalization, they must be amortized over the term of the hosting arrangement and assessed for impairment. Companies must disclose the nature of any hosted cloud computing service arrangements. This ASU also provides guidance for balance sheet and income statement presentation of capitalized implementation costs and statement of cash flows presentation for the related payments. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption is permitted, including in an interim period. This guidance may be adopted either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption and the application method. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Cerebos Acquisition On March 9, 2018 (the “Acquisition Date”), we acquired all of the outstanding equity interests in Cerebos Pacific Limited (“Cerebos”) (the “Cerebos Acquisition”), an Australian food and beverage company with several local brands in Australia and New Zealand. The Cerebos business manufactures, markets, and sells food and beverage products, including gravies, sauces, instant coffee, salt, herbs and spices, and tea. Cerebos is included in our consolidated financial statements as of the Acquisition Date. We have not included unaudited pro forma results, prepared in accordance with ASC 805, as if Cerebos had been acquired as of January 1, 2018, as it would not yield significantly different results. The Cerebos Acquisition was accounted for under the acquisition method of accounting for business combinations. The total consideration paid for Cerebos was $244 million . We utilized estimated fair values at the Acquisition Date to allocate the total consideration exchanged to the net tangible and intangible assets acquired and liabilities assumed. Such allocation was final as of December 29, 2018 . The final purchase price allocation to assets acquired and liabilities assumed in the Cerebos Acquisition was (in millions): Cash $ 23 Other current assets 65 Property, plant and equipment, net 75 Identifiable intangible assets 100 Trade and other payables (41 ) Other non-current liabilities (3 ) Net assets acquired 219 Goodwill on acquisition 25 Total consideration $ 244 The Cerebos Acquisition resulted in $25 million of non tax deductible goodwill relating principally to planned expansion of Cerebos brands into new categories and markets. This goodwill was allocated to Rest of World as shown in Note 10, Goodwill and Intangible Assets . The final purchase price allocation to identifiable intangible assets acquired in the Cerebos Acquisition was: Fair Value (in millions of dollars) Weighted Average Life (in years) Definite-lived trademarks $ 87 22 Customer-related assets 13 12 Total $ 100 We valued trademarks using the relief from royalty method and customer-related assets using the distributor method. Some of the more significant assumptions inherent in developing the valuations included the estimated annual net cash flows for each definite-lived intangible asset (including net sales, cost of products sold, selling and marketing costs, and working capital/contributory asset charges), the discount rate that appropriately reflects the risk inherent in each future cash flow stream, the assessment of each asset’s life cycle, and competitive trends, as well as other factors. We determined the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, management plans, and market comparables. We used carrying values as of the Acquisition Date to value trade receivables and payables, as well as certain other current and non-current assets and liabilities, as we determined that they represented the fair value of those items at the Acquisition Date. We valued finished goods and work-in-process inventory using a net realizable value approach. Raw materials and packaging inventory was valued using the replacement cost approach. We valued property, plant and equipment using a combination of the income approach, the market approach, and the cost approach, which is based on the current replacement and/or reproduction cost of the asset as new, less depreciation attributable to physical, functional, and economic factors. We incurred deal costs of $18 million in 2018 related to the Cerebos Acquisition. Other Acquisitions In the third quarter of 2018, we had two additional acquisitions of businesses, including The Ethical Bean Coffee Company Ltd., a Canadian-based coffee roaster, and Wellio, Inc., a full-service meal planning and preparation technology start-up in the U.S. The aggregate consideration paid related to these acquisitions was $27 million . In November 2018, we entered into a definitive agreement with a third party to acquire all of the outstanding equity interests in Primal Nutrition, LLC (“Primal Nutrition”) for approximately $200 million (the “Primal Acquisition”). Primal Nutrition is a better-for-you brand primarily focused on condiments, sauces, and dressings, with growing product lines in healthy snacks and other categories. The brand holds leading positions in the e-commerce and natural channels. The Primal Acquisition closed on January 3, 2019. We incurred aggregate deal costs related to other acquisitions of $2 million in 2018. Divestitures In May 2018, we sold our 50.1% interest in our South African subsidiary to our minority interest partner. The transaction included proceeds of $18 million , which are included in other investing activities, net on the consolidated statement of cash flows for 2018 . We recorded a pre-tax loss on sale of business of approximately $15 million . The pre-tax loss was included in SG&A on the consolidated statement of income for 2018. In October 2018, we entered into a definitive agreement with Zydus Wellness Limited and Cadila Healthcare Limited (collectively, the “Buyers”) to sell 100% of our equity interests in Heinz India Private Limited (“Heinz India”) for approximately 46 billion Indian rupees (approximately $660 million at December 29, 2018 ) (the “Heinz India Transaction”). In connection with the Heinz India Transaction, we will transfer to the Buyers, among other assets and operations, our global intellectual property rights to several brands, including Complan , Glucon-D , Nycil , and Sampriti . Our core brands (i.e., Heinz and Kraft ) will not be transferred. The Heinz India Transaction closed on January 30, 2019. We expect to recognize a gain on this transaction upon closing . We have presented the assets and liabilities related to the Heinz India Transaction as held for sale on the consolidated balance sheet at December 29, 2018 . This divestiture is not considered a strategic shift that will have a major effect on our operations or financial results; therefore, it will not be reported as discontinued operations. We entered into foreign exchange derivative contracts to economically hedge the foreign currency exposure related to the Heinz India Transaction. Additionally, we entered into foreign exchange derivative contracts, which are designated as net investment hedges related to our investment in Heinz India. See Note 14, Financial Instruments , for additional information. We also recorded changes in our deferred tax liabilities related to the Heinz India Transaction. See Note 11, Income Taxes , for additional information. Additionally, in November 2018, we entered into a definitive agreement with Parmalat SpA (“Parmalat”) to sell certain assets in our natural cheese portfolio in Canada for approximately 1.6 billion Canadian dollars (approximately $1.2 billion at December 29, 2018 ) (the “Canada Natural Cheese Transaction”). In connection with the Canada Natural Cheese Transaction, we will transfer certain assets to Parmalat, including the intellectual property rights to Cracker Barrel in Canada and P’Tit Quebec globally. While this transaction is contingent on customary closing conditions, we expect the Canada Natural Cheese Transaction to be finalized in mid-2019. We expect to recognize a gain on this transaction upon closing. We have presented the assets and liabilities related to the Canada Natural Cheese Transaction as held for sale on the consolidated balance sheet at December 29, 2018 . This divestiture is not considered a strategic shift that will have a major effect on our operations or financial results; therefore, it will not be reported as discontinued operations. Our assets and liabilities held for sale, by major class, were (in millions): December 29, 2018 ASSETS Inventories $ 92 Property, plant and equipment, net 139 Goodwill 669 Intangible assets, net 437 Other 39 Total assets held for sale $ 1,376 LIABILITIES Trade payables $ 16 Other 39 Total liabilities held for sale $ 55 We incurred aggregate deal costs related to these divestitures of $3 million in 2018. |
Integration and Restructuring E
Integration and Restructuring Expenses (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
Integration and Restructuring Expenses | Integration and Restructuring Expenses As part of our restructuring activities, we incur expenses that qualify as exit and disposal costs under U.S. GAAP. These include severance and employee benefit costs and other exit costs. Severance and employee benefit costs primarily relate to cash severance, non-cash severance, including accelerated equity award compensation expense, and pension and other termination benefits. Other exit costs primarily relate to lease and contract terminations. We also incur expenses that are an integral component of, and directly attributable to, our restructuring activities, which do not qualify as exit and disposal costs under U.S. GAAP. These include asset-related costs and other implementation costs. Asset-related costs primarily relate to accelerated depreciation and asset impairment charges. Other implementation costs primarily relate to start-up costs of new facilities, professional fees, asset relocation costs, costs to exit facilities, and costs associated with restructuring benefit plans. Employee severance and other termination benefit packages are primarily determined based on established benefit arrangements, local statutory requirements, or historical benefit practices. We recognize the contractual component of these benefits when payment is probable and estimable; additional elements of severance and termination benefits associated with non-recurring benefits are recognized ratably over each employee’s required future service period. Charges for accelerated depreciation are recognized on long-lived assets that will be taken out of service before the end of their normal service, in which case depreciation estimates are revised to reflect the use of the asset over its shortened useful life. Asset impairments establish a new fair value basis for assets held for disposal or sale, and those assets are written down to expected net realizable value if carrying value exceeds fair value. All other costs are recognized as incurred. Integration Program: At the end of 2017, we had substantially completed our multi-year program announced following the 2015 Merger (the “Integration Program”), which was designed to reduce costs and integrate and optimize our combined organization , primarily in the U.S. and Canada segments. Overall, as part of the Integration Program, we closed net six factories, consolidated our distribution network, and eliminated 4,900 positions. Approximately 65% of total Integration Program costs were reflected in cost of products sold, and approximately 60% were cash expenditures. As of December 29, 2018 , we had incurred cumulative pre-tax costs of $2,146 million , including $92 million in 2018, $316 million in 2017, and $887 million in 2016. The $2,146 million of cumulative pre-tax costs included $541 million of severance and employee benefit costs, $889 million of non-cash asset-related costs, $609 million of other implementation costs, and $107 million of other exit costs. The related amounts incurred in 2018 were $2 million of severance and employee benefit costs, $32 million of non-cash asset-related costs, $59 million of other implementation costs, and $1 million of credits in other exit costs. Our cumulative pre-tax costs related to the Integration Program, as well as the associated costs for the year ended December 30, 2017, reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . As of December 29, 2018 , we do not expect to incur significant additional expenses related to the Integration Program. Our liability balance for Integration Program costs that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and other exit costs) was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 30, 2017 $ 24 $ 22 $ 46 Charges/(credits) 2 (1 ) 1 Cash payments (12 ) (2 ) (14 ) Non-cash utilization (9 ) (19 ) (28 ) Balance at December 29, 2018 $ 5 $ — $ 5 (a) Other exit costs primarily consist of lease and contract terminations. The Integration Program liability at December 29, 2018 relates to the elimination of salaried positions in Canada. We expect the majority of this liability to be paid by the end of 2019. Restructuring Activities: In addition to our Integration Program in North America, we have other restructuring programs globally, which are focused primarily on workforce reduction, factory closure and consolidation, and benefit plan restructuring. Related to these programs, we expect to eliminate approximately 1,900 positions, 1,400 of which were eliminated in 2018. These programs resulted in expenses of $368 million in 2018, including $48 million of severance and employee benefit costs, $63 million of non-cash asset-related costs, $251 million of other implementation costs, and $6 million of other exit costs. Other implementation costs included a non-cash settlement charge related to the settlement of our Canadian salaried and Canadian hourly defined benefit pension plans in 2018. See Note 13, Postemployment Benefit Plans , for additional information. Other restructuring program expenses totaled $118 million in 2017 and $125 million in 2016. Our liability balance for restructuring project costs that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and other exit costs) was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 30, 2017 $ 16 $ 25 $ 41 Charges/(credits) 48 6 54 Cash payments (35 ) (12 ) (47 ) Non-cash utilization 3 14 17 Balance at December 29, 2018 $ 32 $ 33 $ 65 (a) Other exit costs primarily consist of lease and contract terminations. We expect the liability for severance and employee benefit costs as of December 29, 2018 to be paid by the end of 2019. The liability for other exit costs primarily relates to lease obligations. The cash impact of these obligations will continue for the duration of the lease terms, which expire between 2019 and 2026. Total Integration and Restructuring: Total expense/(income) related to the Integration Program and restructuring activities, by income statement caption, were (in millions): As Restated & Recast As Recast December 29, December 30, December 31, Severance and employee benefit costs - COGS $ 12 $ 9 $ 41 Severance and employee benefit costs - SG&A 32 26 96 Severance and employee benefit costs - Other expense/(income), net 6 (149 ) 20 Asset-related costs - COGS 59 191 496 Asset-related costs - SG&A 36 26 41 Other costs - COGS 123 264 162 Other costs - SG&A 35 67 156 Other costs - Other expense/(income), net 157 — — $ 460 $ 434 $ 1,012 Total expense/(income) for the year ended December 30, 2017 reflects the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . We do not include Integration Program and restructuring expenses within Segment Adjusted EBITDA (as defined in Note 22, Segment Reporting ). The pre-tax impact of allocating such expenses to our segments would have been (in millions): As Restated December 29, December 30, December 31, United States $ 205 $ 270 $ 759 Canada 176 34 45 EMEA 16 56 85 Rest of World 25 13 6 General corporate expenses 38 61 117 $ 460 $ 434 $ 1,012 In the first quarter of 2018, we reorganized our segment structure to move our Middle East and Africa businesses from the Rest of World segment to the EMEA reportable segment. We have reflected this change in all historical periods presented. This change did not have a material impact on our current or any prior period results. See Note 22, Segment Reporting , for additional information. In addition, total expense/(income) for the year ended December 30, 2017 reflects the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . |
Restricted Cash (Notes)
Restricted Cash (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash The following table provides a reconciliation of cash and cash equivalents, as reported on our consolidated balance sheets, to cash, cash equivalents, and restricted cash, as reported on our consolidated statements of cash flows (in millions): December 29, December 30, 2017 Cash and cash equivalents $ 1,130 $ 1,629 Restricted cash included in other current assets 1 140 Restricted cash included in other non-current assets 5 — Cash, cash equivalents, and restricted cash $ 1,136 $ 1,769 Our restricted cash at December 30, 2017 primarily related to withholding taxes on our common stock dividends to our only significant international shareholder, 3G Capital. |
Inventories (Notes)
Inventories (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in millions): As Restated December 29, 2018 December 30, 2017 Packaging and ingredients $ 510 $ 560 Work in process 343 384 Finished product 1,814 1,816 Inventories $ 2,667 $ 2,760 At December 29, 2018 , inventories excluded amounts classified as held for sale. See Note 5, Acquisitions and Divestitures , for additional information. Additionally, inventories at December 30, 2017 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions): As Restated December 29, 2018 December 30, Land $ 218 $ 250 Buildings and improvements 2,375 2,232 Equipment and other 5,904 5,323 Construction in progress 1,165 1,345 9,662 9,150 Accumulated depreciation (2,584 ) (2,089 ) Property, plant and equipment, net $ 7,078 $ 7,061 At December 29, 2018 , property, plant and equipment, net, excluded amounts classified as held for sale. See Note 5, Acquisitions and Divestitures , for additional information. Additionally, property, plant and equipment balances at December 30, 2017 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill: Changes in the carrying amount of goodwill, by segment, were (in millions): United States Canada EMEA Rest of World Total Balance at December 30, 2017 (As Restated) $ 33,701 $ 5,246 $ 3,238 $ 2,640 $ 44,825 Impairment losses (4,104 ) (1,947 ) — (957 ) (7,008 ) Reclassified to assets held for sale — (496 ) — (173 ) (669 ) Acquisitions — 16 — 25 41 Translation adjustments and other — (381 ) (164 ) (141 ) (686 ) Balance at December 29, 2018 $ 29,597 $ 2,438 $ 3,074 $ 1,394 $ 36,503 Goodwill at December 30, 2017 reflects the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . In the first quarter of 2018, we reorganized our segment structure to move our Middle East and Africa businesses from the Rest of World segment to the EMEA reportable segment. We have reflected this change in all historical periods presented. Accordingly, the segment goodwill balances at December 30, 2017 reflect an increase of $179 million in EMEA and a corresponding decrease in Rest of World. This change did not have a material impact on our current or any prior period results. See Note 22, Segment Reporting , for additional information. See Note 5, Acquisitions and Divestitures , for additional information related to our acquisitions in 2018, as well as assets held for sale at December 29, 2018 related to the Canada Natural Cheese Transaction and the Heinz India Transaction. Our goodwill balance consists of 20 reporting units and had an aggregate carrying amount of $36.5 billion as of December 29, 2018 . We test our reporting units for impairment annually as of the first day of our second quarter, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We performed our 2018 annual impairment test as of April 1, 2018. We utilized the discounted cash flow method under the income approach to estimate the fair value of our reporting units. As a result of our 2018 annual impairment test, we recognized a non-cash impairment loss of $133 million in SG&A related to our Australia and New Zealand reporting unit within our Rest of World segment primarily due to anticipated and sustained margin declines in the region. The goodwill carrying amount of this reporting unit was $509 million prior to its impairment. For the fourth quarter of 2018, in connection with the preparation of our year-end financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair values of any reporting units were below their carrying amounts. Although our annual impairment test is performed during the second quarter, we perform this qualitative assessment each interim reporting period. While there was no single determinative event or factor, the consideration in totality of several factors that developed during the fourth quarter of 2018 led us to conclude that it was more likely than not that the fair values of seven of our 20 reporting units, including U.S. Grocery, U.S. Refrigerated, Canada Retail, Australia and New Zealand, Northeast Asia, Southeast Asia, and Other Latin America, were below their carrying amounts. These factors included: (i) a sustained decrease in our share price in November and December of 2018, which reduced our market capitalization below the book value of net assets; (ii) the completion of our fourth quarter results, which were below management’s expectations due to several factors such as higher than expected supply chain costs and increased competition; (iii) the development and approval of our 2019 annual operating plan in December 2018, which provided additional insights into expectations and priorities for the coming years, such as lower growth and margin expectations; (iv) the announcement in November 2018 to sell certain assets in our natural cheese portfolio in Canada, which changed the composition and use of the remaining assets and brands in the associated reporting unit; (v) fluctuations in foreign exchange rates in certain countries; (vi) increased interest rates in certain locations, including an increase in the United States in December 2018; and (vii) increased and prolonged economic and regulatory uncertainty in the United States and global economies as of the end of December 2018. As we determined that it was more likely than not that the fair values of these seven reporting units were below their carrying amounts, we performed an interim impairment test on these reporting units as of December 29, 2018. After assessing the totality of circumstances, we determined that each of the remaining 13 reporting units was unlikely to have a fair value below carrying amount. As a result of our interim test, we recognized a non-cash impairment loss of $6.9 billion in SG&A related to five reporting units, including U.S. Refrigerated, Canada Retail, Southeast Asia, Northeast Asia, and Other Latin America. The other two reporting units we tested were determined to not be impaired. We utilized the discounted cash flow method under the income approach to estimate the fair value of our reporting units. Drivers of these impairment losses, by reporting unit, were as follows: • We recognized a $4.1 billion impairment loss in our U.S. Refrigerated reporting unit within our United States segment due to revised 2019 base and future year margin expectations, primarily in the natural cheese and meats categories, and, to a lesser extent, expectations for lower long-term net sales growth in the natural and processed cheese categories. Changes in future year margin expectations were primarily driven by sustained increases in supply chain costs, expectations for lower pricing to maintain competitive positioning, and expectations for increased marketing investments, primarily in response to private label competition, as well as customer-driven packaging investments. Changes in expectations for lower long-term net sales growth were primarily due to sustained private label competition and anticipated trends in consumer preferences. Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. Additionally, our revised expectations were based on the development of our global five-year operating plan, which commenced in November 2018 and we expect to be completed in 2019. The goodwill carrying amount of the U.S. Refrigerated reporting unit was $11.3 billion prior to its impairment. • We recognized a $1.9 billion impairment loss in our Canada Retail reporting unit within our Canada segment due to lower positive net sales growth expectations and revised 2019 base and future year margin expectations, as well as the reassessment of our Canadian operations following the announcement in November to sell certain assets in our natural cheese portfolio in Canada. We revised our net sales growth expectations primarily due to our expected exit of the natural cheese category and expected declines in the coffee category (exclusive of our coffee business acquisition in Canada in 2018). Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. Changes in future year margin expectations were primarily driven by sustained increases in supply chain costs and expectations for lower pricing to maintain competitive positioning. The goodwill carrying amount of the Canada Retail reporting unit was $4.0 billion prior to its impairment. • We recognized a $315 million impairment loss in our Southeast Asia reporting unit within our Rest of World segment due to margin and net sales declines in the seafood and seasonal cordials categories and foreign exchange rate declines in Indonesia and Papua New Guinea. Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. This impairment represents all of the goodwill of the Southeast Asia reporting unit. • We recognized a $302 million impairment loss in our Northeast Asia reporting unit within our Rest of World segment due to margin and net sales declines as well as foreign exchange rate declines in Japan and Korea. Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. The goodwill carrying amount of the Northeast Asia reporting unit was $391 million prior to its impairment. • We recognized a $207 million impairment loss in our Other Latin America reporting unit within our Rest of World segment due to net sales and margin declines in the region. Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. This impairment represents all of the goodwill of the Other Latin America reporting unit. The goodwill carrying amounts associated with an additional four reporting units, which each had excess fair value over its carrying amount of 20% or less, were $18.5 billion for U.S. Grocery, $424 million for Latin America Exports, $404 million for Southeast Europe, and $367 million for Australia and New Zealand as of December 29, 2018. Accumulated impairment losses to goodwill were $7.0 billion at December 29, 2018 . Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax rates, discount rates, growth rates , and other market factors. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates, change, or if management’s expectations or plans otherwise change, including as a result of the development of our global five-year operating plan, then one or more of our reporting units might become impaired in the future. Our reporting units that were impaired in 2018 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of their latest 2018 impairment testing dates. Accordingly, these and other individual reporting units that have 20% or less excess fair value over carrying amount as of their latest testing date have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Reporting units with a heightened risk of future impairments had an aggregate goodwill carrying amount of $29.0 billion at December 29, 2018 and included: U.S. Grocery, U.S. Refrigerated, Canada Retail, Latin America Exports, Southeast Europe, Australia and New Zealand, and Northeast Asia. Of the $29.0 billion with a heightened risk of future impairments, $9.3 billion is attributable to reporting units with 0% excess fair value over carrying amount. Although the remaining reporting units have more than 20% excess fair value over carrying amount as of their latest 2018 impairment testing date, these amounts are also associated with the 2013 Heinz acquisition and the 2015 Merger and are recorded on the balance sheet at their estimated acquisition date fair values. Therefore, if any assumptions, estimates, or market factors change in the future, these amounts are also susceptible to impairments . Indefinite-lived intangible assets: Changes in the carrying amount of indefinite-lived intangible assets, which primarily consisted of trademarks, were (in millions): Balance at December 30, 2017 $ 53,655 Impairment losses (8,925 ) Reclassified to assets held for sale (341 ) Transfers to definite-lived intangible assets (72 ) Translation adjustments (351 ) Balance at December 29, 2018 $ 43,966 Indefinite-lived intangible assets reclassified to assets held for sale included the Cracker Barrel trademark in Canada and Complan and Glucon-D trademarks in India. See Note 5, Acquisitions and Divestitures , for additional information on assets held for sale at December 29, 2018 related to the Canada Natural Cheese Transaction and the Heinz India Transaction. Our indefinite-lived intangible asset balance primarily consists of a number of individual brands, which had an aggregate carrying amount of $44.0 billion as of December 29, 2018 . We test our brands for impairment annually as of the first day of our second quarter, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a brand is less than its carrying amount. We performed our 2018 annual impairment test as of April 1, 2018. As a result of our 2018 annual impairment test, we recognized a non-cash impairment loss of $101 million in SG&A in the second quarter of 2018. This impairment loss was due to net sales and margin declines related to the Quero brand in Brazil, which was valued using the relief from royalty method. The impairment loss was recorded in our Rest of World segment, consistent with the ownership of the trademark. In the third quarter of 2018, we recognized a non-cash impairment loss of $215 million in SG&A related to the Smart Ones brand, which was valued using the relief from royalty method. This impairment loss was primarily due to reduced future investment expectations and continued sales declines in the third quarter of 2018. The impairment loss was recorded in our United States segment, consistent with the ownership of the trademark. We transferred the remaining carrying amount of Smart Ones to definite-lived intangible assets due to a shift in future investments to other brands in the frozen and chilled foods category. For the fourth quarter of 2018, in connection with the preparation of our year-end financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair values of any brands were below their carrying amounts. Although our annual impairment test is performed during the second quarter, we perform this qualitative assessment each interim reporting period. While there was no single determinative event or factor, the consideration in totality of several factors that developed during the fourth quarter of 2018 led us to conclude that it was more likely than not that the fair values of six of our brands, including Kraft , Philadelphia , Oscar Mayer , Velveeta , Cool Whip , and ABC , were below their carrying amounts. These factors were the same fourth quarter circumstances outlined in the goodwill impairment discussion above. As we determined that it was more likely than not that the fair values of these six brands were below their carrying amounts, we performed an interim impairment test on these brands as of December 29, 2018. After assessing the totality of circumstances, we determined that each of the remaining brands was unlikely to have a fair value below its carrying amount. As a result of our interim test, we recognized a non-cash impairment loss of $8.6 billion in SG&A related to five brands, including three that were valued using the excess earnings method ( Kraft , Oscar Mayer , and Philadelphia ) and two that were valued using the relief from royalty method ( Velveeta and ABC ). The other brand we tested was determined to not be impaired. The impairment losses for Kraft , Oscar Mayer , Philadelphia, and Velveeta were recorded in our United States segment, and the ABC impairment loss was recorded in our Rest of World segment, consistent with the ownership of each trademark. Drivers of these impairment losses, by brand, were as follows: • We recognized a $4.3 billion impairment loss related to the Kraft brand, primarily due to lower long-term net sales growth expectations in the natural cheese category in the United States, lower net sales growth expectations in the processed cheese category in the United States and Canada, and the exit of the natural cheese category in Canada announced in November 2018. Changes in expectations for lower net sales growth were primarily due to distribution losses driven by sustained private label competition and anticipated trends in consumer preferences. Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. Additionally, our revised expectations were based on the development of our global five-year operating plan, which commenced in November 2018 and we expect to be completed in 2019. The carrying amount of the Kraft brand was $15.9 billion prior to its impairment. • We recognized a $3.3 billion impairment loss related to the Oscar Mayer brand, primarily due to revised 2019 annual and future margin expectations in the United States. Changes in future year margin expectations were primarily driven by sustained increases in supply chain costs, expectations for lower pricing to maintain competitive positioning, and expectations for increased marketing investments and customer-driven packaging investments. Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. Additionally, our revised expectations were based on the development of our global five-year operating plan, which commenced in November 2018 and we expect to be completed in 2019. The carrying amount of the Oscar Mayer brand was $6.6 billion prior to its impairment. • We recognized a $797 million impairment loss related to the Philadelphia brand, primarily due to revised 2019 annual and future margin expectations, and to a lesser extent, lower future positive net sales growth expectations in the United States. Changes in future year margin expectations were primarily driven by sustained increases in supply chain costs and expectations for lower pricing to maintain competitive positioning, as well as unfavorable changes in product mix and customer-driven packaging investments. Our revised expectations were based on the completion of our fourth quarter results, which were below management’s expectations, and the development of our 2019 annual operating plan in December 2018. Additionally, our revised expectations were based on the development of our global five-year operating plan, which commenced in November 2018 and we expect to be completed in 2019. The carrying amount of the Philadelphia brand was $6.7 billion prior to its impairment. • We recognized a $168 million impairment loss related to the Velveeta brand, primarily due to expectations for lower long-term net sales growth due to anticipated trends in consumer preferences. The carrying amount of the Velveeta brand was $2.5 billion prior to its impairment. • We recognized an $84 million impairment loss related to the ABC brand, primarily due to revised expectations of future net sales growth and margins in the seafood and seasonal cordials categories in Southeast Asia as well as foreign exchange rates in the regions in which this brand is sold. The carrying amount of the ABC brand was $357 million prior to its impairment. The aggregate carrying amount associated with an additional six brands ( Miracle Whip , Planters , A1 , Cool Whip , Stove Top , and Quero ), which each had excess fair value over its carrying amount of 20% or less, was $5.8 billion as of December 29, 2018. As a result of our 2017 annual impairment testing, we recognized a non-cash impairment loss of $49 million in SG&A in the second quarter of 2017. This loss was due to continued declines in nutritional beverages in India. The loss was recorded in our EMEA segment as the related trademark is owned by an Italian subsidiary. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual brands requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax considerations, discount rates, growth rates, royalty rates, contributory asset charges , and other market factors. If current expectations of future growth rates and margins are not met, if market factors outside of our control, such as discount rates, change, or if management’s expectations or plans otherwise change, including as a result of the development of our global five-year operating plan, then one or more of our brands might become impaired in the future. Our brands that were impaired in 2018 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of their latest 2018 impairment testing dates. Accordingly, these and other individual brands that have 20% or less excess fair value over carrying amount as of their latest testing date have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Brands with a heightened risk of future impairments had an aggregate carrying amount of $29.3 billion at December 29, 2018 and included: Kraft , Philadelphia , Oscar Mayer , Velveeta , Miracle Whip , Planters , A1 , Cool Whip , Stove Top , ABC , and Quero . Of the $29.3 billion with a heightened risk of future impairments, $24.0 billion is attributable to brands with 0% excess fair value over carrying amount. Although the remaining brands have more than 20% excess fair value over carrying amount as of their latest 2018 impairment testing date, these amounts are also associated with the 2013 Heinz acquisition and the 2015 Merger and are recorded on the balance sheet at their estimated acquisition date fair values. Therefore, if any assumptions, estimates, or market factors change in the future, these amounts are also susceptible to impairments . Definite-lived intangible assets: Definite-lived intangible assets were (in millions): As Restated December 29, 2018 December 30, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks $ 2,474 $ (402 ) $ 2,072 $ 2,368 $ (287 ) $ 2,081 Customer-related assets 4,097 (681 ) 3,416 4,231 (544 ) 3,687 Other 18 (4 ) 14 14 (5 ) 9 $ 6,589 $ (1,087 ) $ 5,502 $ 6,613 $ (836 ) $ 5,777 Definite-lived intangible asset balances at December 30, 2017 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . Amortization expense for definite-lived intangible assets was $290 million in 2018, $278 million in 2017, and $267 million in 2016. Aside from amortization expense, the changes in definite-lived intangible assets from December 30, 2017 to December 29, 2018 primarily reflect the reclassification to assets held for sale of $96 million , additions of $100 million related to purchase accounting for Cerebos, transfers of $72 million from indefinite-lived intangible assets, impairment losses of $3 million , and foreign currency. The impairment of definite-lived intangible assets in 2018 related to a trademark which had a carrying amount that was deemed not to be recoverable. This non-cash impairment loss was recognized in SG&A. Definite-lived intangible assets reclassified to assets held for sale included customer-related assets in Canada and India and certain trademarks, including P’Tit Quebec in Canada. See Note 5, Acquisitions and Divestitures , for additional information related to our acquisition of Cerebos in 2018, as well as our assets held for sale at December 29, 2018. We estimate that amortization expense related to definite-lived intangible assets will be approximately $284 million in 2019 and approximately $274 million in each of the four fiscal years thereafter. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes U.S. Tax Reform: On December 22, 2017, U.S. Tax Reform legislation was enacted by the federal government. The legislation significantly changed U.S. tax laws by, among other things, lowering the federal corporate tax rate from 35.0% to 21.0% , effective January 1, 2018 and imposing a one-time toll charge on deemed repatriated earnings of foreign subsidiaries as of December 30, 2017. In addition, there were many new provisions, including changes to bonus depreciation, revised deductions for executive compensation and interest expense, a tax on global intangible low-taxed income (“GILTI”), the base erosion anti-abuse tax (“BEAT”), and a deduction for foreign-derived intangible income (“FDII”). While the corporate tax rate reduction was effective January 1, 2018, we accounted for this anticipated rate change in 2017, the period of enactment. Staff Accounting Bulletin No. 118 issued by the SEC in December 2017 provided us with up to one year to finalize accounting for the impacts of U.S. Tax Reform and allowed for provisional estimates when actual amounts could not be determined. As of December 30, 2017, we had made estimates of our deferred income tax benefit related to the corporate rate change, the toll charge, certain components of the revaluation of deferred tax assets and liabilities, including depreciation and executive compensation, and a change in our indefinite reinvestment assertion. In connection with U.S. Tax Reform, we reassessed our international investment assertion and no longer consider the historic earnings of our foreign subsidiaries as of December 30, 2017 to be indefinitely reinvested. We made an estimate of local country withholding taxes that would be owed when our historic earnings are distributed. Additionally, we elected to account for the tax on GILTI as a period cost and thus did not adjust any of the deferred tax assets and liabilities of our foreign subsidiaries for U.S. Tax Reform. Our initial accounting for U.S. Tax Reform as of December 30, 2017 resulted in a net tax benefit of approximately $7.0 billion , including an estimate of our deferred income tax benefit of approximately $7.5 billion related to the corporate rate change, which was partially offset by an estimate of $312 million for the toll charge and approximately $125 million for other tax expenses, including a change in our indefinite reinvestment assertion. Related to our indefinite reinvestment assertion change, we had recorded an estimate of deferred tax liabilities of $96 million on approximately $1.2 billion of historic earnings as of December 30, 2017. In the first quarter of 2018, we recorded a measurement period adjustment to reduce income tax expense and reduce deferred tax liabilities each by approximately $20 million . We also recorded insignificant measurement period adjustments in the second, third, and fourth quarters of 2018. As of December 29, 2018, we had finalized our accounting for U.S. Tax Reform. The final impact (the majority of which was recorded in 2017, the period of enactment) was a net tax benefit of approximately $7.1 billion , including a deferred tax benefit of approximately $7.5 billion related to the corporate rate change, partially offset by tax expense of $224 million related to the toll charge and $120 million for other tax expenses, including the deferred tax liability recorded for changing our indefinite reinvestment assertion. Related to our indefinite reinvestment assertion change, we had a deferred tax liability of $111 million on approximately $1.2 billion of historic earnings as of December 30, 2017. Additionally, w e recorded a deferred tax liability of $33 million as of December 29, 2018 to reflect our investment in an Indian subsidiary that is no longer considered to be indefinitely reinvested. At the same time, we reversed $28 million of deferred tax liabilities related to local withholding tax obligations. As of December 29, 2018, we have recorded a deferred tax liability of $78 million on $1.2 billion of historic earnings related to local withholding taxes that will be owed when this cash is distributed. We consider the unremitted current year earnings of certain international subsidiaries that impose local country taxes on dividends to be indefinitely reinvested. For those undistributed earnings considered to be indefinitely reinvested, our intent is to reinvest these funds in our international operations, and our current plans do not demonstrate a need to repatriate the accumulated earnings to fund our U.S. cash requirements. The amount of unrecognized deferred tax liabilities for local country withholding taxes that would be owed related to our current year earnings of certain international subsidiaries is approximately $20 million . Provision for/(Benefit from) Income Taxes: Income/(loss) before income taxes and the provision for/(benefit from) income taxes, consisted of the following (in millions): As Restated December 29, December 30, December 31, Income/(loss) before income taxes: United States $ (10,305 ) $ 3,811 $ 3,271 International (1,016 ) 1,639 1,668 Total $ (11,321 ) $ 5,450 $ 4,939 Provision for/(benefit from) income taxes: Current: U.S. federal $ 444 $ 765 $ 1,085 U.S. state and local 134 (47 ) 82 International 322 295 238 900 1,013 1,405 Deferred: U.S. federal (1,843 ) (6,590 ) (11 ) U.S. state and local (121 ) 97 (63 ) International (3 ) (2 ) 2 (1,967 ) (6,495 ) (72 ) Total provision for/(benefit from) income taxes $ (1,067 ) $ (5,482 ) $ 1,333 Tax benefits related to the exercise of stock options and other equity instruments recorded directly to additional paid-in capital totaled $30 million in 2016. In the first quarter of 2017, we prospectively adopted ASU 2016-09. We now record tax benefits related to the exercise of stock options and other equity instruments within our tax provision, rather than within equity. Accordingly, we recognized a tax benefit in our statements of income of $12 million in 2018 and $22 million in 2017 related to tax benefits upon the exercise of stock options and other equity instruments. Effective Tax Rate: The effective tax rate on income/(loss) before income taxes differed from the U.S. federal statutory tax rate for the following reasons: As Restated December 29, December 30, December 31, U.S. federal statutory tax rate 21.0 % 35.0 % 35.0 % Tax on income of foreign subsidiaries 3.4 % (4.8 )% (3.6 )% Domestic manufacturing deduction — % (1.5 )% (2.0 )% U.S. state and local income taxes, net of federal tax benefit 1.6 % 1.1 % 0.8 % Tax exempt income — % (0.7 )% (3.4 )% Deferred tax effect of statutory tax rate changes (0.9 )% 0.3 % (2.0 )% Audit settlements and changes in uncertain tax positions (0.3 )% (0.2 )% 1.9 % Venezuela nondeductible devaluation loss (0.4 )% — % 0.3 % U.S. Tax Reform discrete income tax benefit 0.5 % (129.0 )% — % Global intangible low-taxed income (0.5 )% — % — % Goodwill impairment (15.1 )% — % — % Wind-up of non-U.S. pension plans (0.4 )% — % — % Other 0.5 % (0.8 )% — % Effective tax rate 9.4 % (100.6 )% 27.0 % The provision for income taxes consists of provisions for federal, state, and foreign income taxes. We operate in an international environment; accordingly, the consolidated effective tax rate is a composite rate reflecting the earnings in various locations and the applicable tax rates. Additionally, the calculation of the percentage point impact of U.S. Tax Reform, tax exempt income, and other items on the effective tax rate shown in the table above are affected by income/(loss) before income taxes. Fluctuations in the amount of income generated across locations around the world could impact comparability of reconciling items between periods. Additionally, small movements in tax rates due to a change in tax law or a change in tax rates that causes us to revalue our deferred tax balances produces volatility in our effective tax rate. The 2018 effective tax rate was lower, primarily due to a decrease in the U.S. federal statutory rate, non-deductible items (including goodwill impairments, nonmonetary currency devaluation losses, and the wind-up of non-U.S. pension plans), the impact of the federal tax on GILTI, and the revaluation of our deferred tax balances due to changes in state tax laws following U.S. Tax Reform, which were partially offset by the benefit from intangible asset impairment losses in the fourth quarter of 2018. See Note 10, Goodwill and Intangible Assets , for additional information related to our impairment losses in the fourth quarter of 2018. The tax provision for the 2017 tax year benefited from U.S. Tax Reform enacted on December 22, 2017. The related income tax benefit of 129.0% in 2017 primarily reflects adjustments to our deferred tax positions for the lower federal income tax rate, partially offset by our provision for the one-time toll charge. The tax provision for the 2016 tax year included a benefit related to the tax effect of statutory tax rate changes, including a benefit related to the impact on deferred taxes of a 10-basis-point reduction in the state tax rate and a 100-basis-point statutory rate reduction in the United Kingdom. Deferred Income Tax Assets and Liabilities: The tax effects of temporary differences and carryforwards that gave rise to deferred income tax assets and liabilities consisted of the following (in millions): As Restated December 29, 2018 December 30, 2017 Deferred income tax liabilities: Intangible assets, net $ 11,571 $ 13,567 Property, plant and equipment, net 735 676 Other 410 288 Deferred income tax liabilities 12,716 14,531 Deferred income tax assets: Benefit plans (172 ) (212 ) Other (470 ) (422 ) Deferred income tax assets (642 ) (634 ) Valuation allowance 81 80 Net deferred income tax liabilities $ 12,155 $ 13,977 At December 29, 2018 , deferred income tax liabilities excluded amounts classified as held for sale. See Note 5, Acquisitions and Divestitures , for additional information. The decrease in deferred tax liabilities from December 30, 2017 to December 29, 2018 was primarily driven by intangible asset impairment losses recorded in the fourth quarter of 2018. See Note 10, Goodwill and Intangible Assets , for additional information. At December 29, 2018 , foreign operating loss carryforwards totaled $307 million . Of that amount, $26 million expire between 2019 and 2038; the other $281 million do not expire. We have recorded $86 million of deferred tax assets related to these foreign operating loss carryforwards. Deferred tax assets of $90 million have been recorded for U.S. state and local operating loss carryforwards. These losses expire between 2019 and 2038. Uncertain Tax Positions: At December 29, 2018 , our unrecognized tax benefits for uncertain tax positions were $387 million . If we had recognized all of these benefits, the impact on our effective tax rate would have been $352 million . It is reasonably possible that our unrecognized tax benefits will decrease by as much as $54 million in the next 12 months primarily due to the progression of federal, state, and foreign audits in process. Our unrecognized tax benefits for uncertain tax positions are included in income taxes payable and other non-current liabilities on our consolidated balance sheets. The changes in our unrecognized tax benefits were (in millions): December 29, December 30, December 31, Balance at the beginning of the period $ 408 $ 389 $ 353 Increases for tax positions of prior years 9 2 59 Decreases for tax positions of prior years (81 ) (35 ) (18 ) Increases based on tax positions related to the current year 74 135 62 Decreases due to settlements with taxing authorities (3 ) (59 ) (62 ) Decreases due to lapse of statute of limitations (10 ) (24 ) (5 ) Reclassified to liabilities held for sale (10 ) — — Balance at the end of the period $ 387 $ 408 $ 389 Our unrecognized tax benefits decreased during 2018 mainly as a result of audit settlements with federal, state, and foreign taxing authorities and statute of limitations expirations. Our unrecognized tax benefits increased during 2017 as a result of evaluating tax positions taken or expected to be taken on our federal, state, and foreign income tax returns. In 2016, we reached an agreement with the IRS resolving all Kraft open matters related to the audits of taxable years 2012 through 2014. This settlement reduced our reserves for uncertain tax positions and resulted in a non-cash tax benefit of $42 million . We include interest and penalties related to uncertain tax positions in our tax provision. Our provision for/(benefit from) income taxes included a $5 million expense in 2018, $24 million benefit in 2017, and $8 million expense in 2016 related to interest and penalties. Accrued interest and penalties were $62 million as of December 29, 2018 and $57 million as of December 30, 2017 . Other Income Tax Matters: In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, Italy, the Netherlands, the United Kingdom, and the United States. As of December 29, 2018, we have substantially concluded all national income tax matters through 2016 for the Netherlands, through 2014 for the United States, through 2012 for the United Kingdom, through 2011 for Australia, Canada, and Italy. We have substantially concluded all state income tax matters through 2007. Additionally, as of April 2019, we had substantially concluded all national income tax matters through 2015 for the United States. We have a tax sharing agreement with Mondelēz International, Inc. (“Mondelēz International”), which generally provides that (i) we are liable for U.S. state income taxes and Canadian federal and provincial income taxes for Kraft periods prior to October 1, 2012 and (ii) Mondelēz International is responsible for U.S. federal income taxes and substantially all non-U.S. income taxes, excluding Canadian income taxes, for Kraft periods prior to October 1, 2012. Kraft's U.S. operations were included in Mondelēz International's U.S. federal consolidated income tax returns for tax periods through October 1, 2012. In December 2016, Mondelēz International reached a final resolution on a U.S. federal income tax audit of the 2010-2012 tax years. As noted above, we are indemnified for U.S. federal income taxes related to these periods. |
Employees' Stock Incentive Plan
Employees' Stock Incentive Plans (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employees' Stock Incentive Plans | Employees’ Stock Incentive Plans We grant equity awards, including stock options, restricted stock units (“RSUs”), and performance share units (“PSUs”), to select employees to provide long-term performance incentives to our employees. As a result of the failure to remain current in our reporting requirements with the SEC, we are not currently eligible to use Form S-8 registration statements. Stock Plans We had activity related to equity awards from the following plans in 2018, 2017, and 2016: 2016 Omnibus Incentive Plan: In April 2016, our Board of Directors approved the 2016 Omnibus Incentive Plan (“2016 Omnibus Plan”), which authorized grants of options, stock appreciation rights, RSUs, deferred stock, performance awards, investment rights, other stock-based awards, and cash-based awards. This plan authorizes the issuance of up to 18 million shares of our common stock. Equity awards granted under the 2016 Omnibus Plan generally have a five -year cliff vest period, and non-qualified stock options have a maximum exercise term of 10 years. Equity awards granted under the 2016 Omnibus Plan since inception include non-qualified stock options, RSUs, and PSUs. 2013 Omnibus Incentive Plan: Prior to approval of the 2016 Omnibus Plan, we issued non-qualified stock options to select employees under the 2013 Omnibus Incentive Plan (“2013 Omnibus Plan”). As a result of the 2015 Merger, each outstanding Heinz stock option was converted into 0.443332 of a Kraft Heinz stock option. Following this conversion, the 2013 Omnibus Plan authorized the issuance of up to 17,555,947 shares of our common stock. Non-qualified stock options awarded under the 2013 Omnibus Plan have a five -year cliff vest period and a maximum exercise term of 10 years. These non-qualified stock options will continue to vest and become exercisable in accordance with the terms and conditions of the 2013 Omnibus Plan and the relevant award agreements. Kraft 2012 Performance Incentive Plan: Prior to the 2015 Merger, Kraft issued equity-based awards, including stock options and RSUs, under its 2012 Performance Incentive Plan. As a result of the 2015 Merger, each outstanding Kraft stock option was converted into an option to purchase a number of shares of our common stock based upon an option adjustment ratio, and each outstanding Kraft RSU was converted into one Kraft Heinz RSU. These Kraft Heinz equity awards will continue to vest and become exercisable in accordance with the terms and conditions that were applicable immediately prior to the completion of the 2015 Merger. These options generally become exercisable in three annual installments beginning on the first anniversary of the original grant date, and have a maximum exercise term of 10 years. RSUs generally cliff vest on the third anniversary of the original grant date. In accordance with the terms of the 2012 Performance Incentive Plan, vesting generally accelerates for holders of Kraft awards who are terminated without cause within two years of the 2015 Merger Date. In addition, prior to the 2015 Merger, Kraft issued performance-based, long-term incentive awards (“Performance Shares”), which vested based on varying performance, market, and service conditions. In connection with the 2015 Merger, all outstanding Performance Shares were converted into cash awards, payable in two installments: (i) a 2015 pro-rata payment based upon the portion of the Performance Share cycle completed prior to the 2015 Merger and (ii) the remaining value of the award to be paid on the earlier of the first anniversary of the closing of the 2015 Merger and a participant's termination without cause. Stock Options We use the Black-Scholes model to estimate the fair value of stock option grants. Our weighted average Black-Scholes fair value assumptions were: December 29, December 30, December 31, Risk-free interest rate 2.75 % 2.25 % 1.63 % Expected term 7.5 years 7.5 years 7.5 years Expected volatility 21.3 % 19.6 % 22.0 % Expected dividend yield 3.6 % 2.8 % 3.1 % Weighted average grant date fair value per share $ 10.26 $ 14.24 $ 12.48 The risk-free interest rate represented the constant maturity U.S. Treasury rate in effect at the grant date, with a remaining term equal to the expected life of the options. The expected life is the period over which our employees are expected to hold their options. Due to the lack of historical data, we calculated expected life using the Safe Harbor method, which uses the weighted average vesting period and the contractual term of the options. In 2018, we estimated volatility using a blended volatility approach of term-matched historical volatility from our daily stock prices and weighted average implied volatility. In 2017 and 2016, we estimated volatility using a blended approach of implied volatility and peer volatility. We calculated peer volatility as the average of the term-matched, leverage-adjusted historical volatilities of Colgate-Palmolive Co., The Coca-Cola Company, Mondelēz International, Altria Group, Inc., PepsiCo, Inc., and Unilever plc. We estimated the expected dividend yield using the quarterly dividend divided by the three-month average stock price, annualized and continuously compounded. Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price Aggregate Intrinsic Value Average Remaining Contractual Term Outstanding at December 30, 2017 19,289,564 $ 41.63 Granted 2,143,730 64.37 Forfeited (1,136,924 ) 61.10 Exercised (2,036,405 ) 27.68 Outstanding at December 29, 2018 18,259,965 44.64 $ 168 6 years Exercisable at December 29, 2018 10,492,048 33.48 124 4 years The aggregate intrinsic value of stock options exercised during the period was $67 million in 201 8, $124 million in 2017, and $186 million in 2016. Cash received from options exercised was $56 million in 2018, $66 million in 2017, and $140 million in 2016. The tax benefit realized from stock options exercised was $23 million in 2018, $44 million in 2017, and $68 million in 2016. Our unvested stock options and related information was: Number of Stock Options Weighted Average Grant Date Fair Value Unvested options at December 30, 2017 11,827,142 $ 8.36 Granted 2,143,730 10.26 Vested (5,135,897 ) 5.99 Forfeited (1,067,058 ) 10.45 Unvested options at December 29, 2018 7,767,917 10.16 Restricted Stock Units RSUs represent a right to receive one share or the value of one share upon the terms and conditions set forth in the plan and the applicable award agreement. We used the stock price on the grant date to estimate the fair value of our RSUs. Certain of our RSUs are not dividend-eligible. We discounted the fair value of these RSUs based on the dividend yield. Dividend yield was estimated using the quarterly dividend divided by the three-month average stock price, annualized and continuously compounded. The grant date fair value of RSUs is amortized to expense over the vesting period. The weighted average grant date fair value per share of our RSUs granted during the year was $58.59 in 2018, $91.25 in 2017, and $77.53 in 2016. Our expected dividend yield was 3.31% in 2018. All RSUs granted in 2017 and 2016 were dividend-eligible. Our RSU activity and related information was: Number of Units Weighted Average Grant Date Fair Value (per share) Outstanding at December 30, 2017 1,284,262 $ 81.91 Granted 1,443,088 58.59 Forfeited (253,249 ) 77.42 Vested (135,143 ) 73.57 Outstanding at December 29, 2018 2,338,958 68.49 The aggregate fair value of RSUs that vested during the period was $9 million in 2018, $12 million in 2017, and $40 million in 2016. Performance Share Units PSUs represent a right to receive one share or the value of one share upon the terms and conditions set forth in the plan and the applicable award agreement and are subject to achievement or satisfaction of performance conditions specified by the Compensation Committee of our Board of Directors. We used the stock price on the grant date to estimate the fair value of our PSUs. None of our PSUs are dividend-eligible; therefore, we discounted the fair value of our PSUs based on the dividend yield. Dividend yield was estimated using the quarterly dividend divided by the three-month average stock price, annualized and continuously compounded. The grant date fair value of PSUs is amortized to expense over the vesting period. We adjust the expense based on the likelihood of future achievement of performance metrics. The weighted average grant date fair value per share of our PSUs granted during the year was $56.31 in 2018 and $79.85 in 2017. Our expected dividend yield was 3.31% in 2018 and 2.73% in 2017. There were no PSUs granted in 2016. Our PSU activity and related information was: Number of Units Weighted Average Grant Date Fair Value (per share) Outstanding at December 30, 2017 815,383 $ 70.16 Granted 2,730,130 56.31 Forfeited (293,457 ) 62.28 Outstanding at December 29, 2018 3,252,056 59.24 Total Equity Awards Equity award compensation cost and the related tax benefit was (in millions): December 29, December 30, December 31, Pre-tax compensation cost $ 33 $ 46 $ 46 Related tax benefit (7 ) (14 ) (15 ) After-tax compensation cost $ 26 $ 32 $ 31 Unrecognized compensation cost related to unvested equity awards was $149 million at December 29, 2018 and is expected to be recognized over a weighted average period of four years. |
Postemployment Benefits (Notes)
Postemployment Benefits (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Retirement Benefits [Abstract] | |
Postemployment Benefits | Postemployment Benefits As noted above, as a result of the failure to remain current in our reporting requirements with the SEC, we are not currently eligible to use Form S-8 registration statements. As a result, on April 23, 2019, the administrator of the Kraft Heinz Savings Plan and the Kraft Heinz Union Savings Plan (collectively, the “Plan”) issued a notice to Plan participants advising participants of a blackout period during which participants are prohibited from acquiring beneficial ownership of additional interests in The Kraft Heinz Company Stock Fund. If we are not able to become and remain current in our reporting requirements with the SEC, it restricts our ability to maintain The Kraft Heinz Company Stock Fund or issue other equity securities to our employees. We maintain various retirement plans for the majority of our employees. Current defined benefit pension plans are provided primarily for certain domestic union and foreign employees. Local statutory requirements govern many of these plans. The pension benefits of our unionized workers are in accordance with the applicable collective bargaining agreement covering their employment. Defined contribution plans are provided for certain domestic unionized, non-union hourly, and salaried employees as well as certain employees in foreign locations. We provide health care and other postretirement benefits to certain of our eligible retired employees and their eligible dependents. Certain of our U.S. and Canadian employees may become eligible for such benefits. We may modify plan provisions or terminate plans at our discretion. The postretirement benefits of our unionized workers are in accordance with the applicable collective bargaining agreement covering their employment. We remeasure our postemployment benefit plans at least annually. We capitalize a portion of net pension and postretirement cost/(benefit) into inventory based on our production activities. Beginning January 1, 2018, only the service cost component of net pension and postretirement cost/(benefit) is capitalized into inventory. As part of the adoption of ASU 2017-07 in the first quarter of 2018, we recognized a one-time favorable credit of $42 million within cost of products sold related to amounts that were previously capitalized into inventory. Included in this credit was $28 million related to prior service credits that were previously capitalized to inventory. Pension Plans In 2018, we settled our Canadian salaried and Canadian hourly defined benefit pension plans, which resulted in settlement charges of $162 million for the year ended December 29, 2018. Additionally, the settlement of these plans impacted the projected benefit obligation, accumulated benefit obligation, fair value of plan assets, and service costs associated with our non-U.S. pension plans. We had approved the wind-up of the Canadian salaried and Canadian hourly defined benefit pension plans in 2016, and the wind-up was effective on December 31, 2016. This action resulted in an increase to our projected benefit obligations of approximately $85 million at December 31, 2016. This action had no impact on the consolidated statements of income or consolidated statements of cash flows for the year ended December 31, 2016. Obligations and Funded Status: The projected benefit obligations, fair value of plan assets, and funded status of our pension plans were (in millions): U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Benefit obligation at beginning of year $ 4,719 $ 5,157 $ 3,464 $ 3,099 Service cost 10 11 19 19 Interest cost 158 178 67 66 Benefits paid (191 ) (224 ) (126 ) (161 ) Actuarial losses/(gains) (447 ) 270 (118 ) 120 Plan amendments 1 — 14 (2 ) Currency — — (175 ) 264 Settlements (190 ) (692 ) (1,221 ) (1 ) Curtailments — — (1 ) — Special/contractual termination benefits — 19 7 9 Other — — — 51 Benefit obligation at end of year 4,060 4,719 1,930 3,464 Fair value of plan assets at beginning of year 4,785 4,788 4,156 3,628 Actual return on plan assets (185 ) 613 49 289 Employer contributions — 300 57 30 Benefits paid (191 ) (224 ) (126 ) (161 ) Currency — — (221 ) 322 Settlements (190 ) (692 ) (1,221 ) (1 ) Other — — (5 ) 49 Fair value of plan assets at end of year 4,219 4,785 2,689 4,156 Net pension liability/(asset) recognized at end of year $ (159 ) $ (66 ) $ (759 ) $ (692 ) The accumulated benefit obligation, which represents benefits earned to the measurement date, was $4.1 billion at December 29, 2018 and $4.7 billion at December 30, 2017 for the U.S. pension plans. The accumulated benefit obligation for the non-U.S. pension plans was $1.7 billion at December 29, 2018 and $3.3 billion at December 30, 2017 . The combined U.S. and non-U.S. pension plans resulted in net pension assets of $918 million at December 29, 2018 and $758 million at December 30, 2017 . We recognized these amounts on our consolidated balance sheets as follows (in millions): December 29, 2018 December 30, 2017 Other non-current assets $ 999 $ 871 Other current liabilities (4 ) (41 ) Accrued postemployment costs (77 ) (72 ) Net pension asset/(liability) recognized $ 918 $ 758 For certain of our U.S. and non-U.S. plans that were underfunded based on accumulated benefit obligations in excess of plan assets, the projected benefit obligations, accumulated benefit obligations, and the fair value of plan assets were (in millions): U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Projected benefit obligation $ — $ — $ 146 $ 1,368 Accumulated benefit obligation — — 139 1,360 Fair value of plan assets — — 65 1,254 All of our U.S. plans were overfunded based on plan assets in excess of accumulated benefit obligations as of December 29, 2018 and December 30, 2017 . For certain of our U.S. and non-U.S. plans that were underfunded based on projected benefit obligations in excess of plan assets, the projected benefit obligations, accumulated benefit obligations, and the fair value of plan assets were (in millions): U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Projected benefit obligation $ — $ — $ 148 $ 1,400 Accumulated benefit obligation — — 141 1,392 Fair value of plan assets — — 67 1,287 All of our U.S. plans were overfunded based on plan assets in excess of projected benefit obligations as of December 29, 2018 and December 30, 2017 . We used the following weighted average assumptions to determine our projected benefit obligations under the pension plans: U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Discount rate 4.4 % 3.7 % 2.9 % 2.4 % Rate of compensation increase 4.1 % 4.1 % 3.9 % 3.9 % Discount rates for our U.S. and non-U.S. plans were developed from a model portfolio of high quality, fixed-income debt instruments with durations that match the expected future cash flows of the plans. Components of Net Pension Cost/(Benefit): Net pension cost/(benefit) consisted of the following (in millions): U.S. Plans Non-U.S. Plans December 29, December 30, December 31, December 29, December 30, December 31, Service cost $ 10 $ 11 $ 13 $ 19 $ 19 $ 25 Interest cost 158 178 203 67 66 87 Expected return on plan assets (247 ) (262 ) (290 ) (175 ) (180 ) (182 ) Amortization of unrecognized losses/(gains) — — — 2 1 — Settlements (4 ) 2 23 158 — 2 Curtailments — — — (1 ) — — Special/contractual termination benefits — 19 — 7 9 3 Other — 2 — — (15 ) — Net pension cost/(benefit) $ (83 ) $ (50 ) $ (51 ) $ 77 $ (100 ) $ (65 ) We present all non-service cost components of net pension cost/(benefit) within other expense/(income), net on our consolidated statements of income. We used the following weighted average assumptions to determine our net pension costs: U.S. Plans Non-U.S. Plans December 29, December 30, December 31, December 29, December 30, December 31, Discount rate - Service cost 3.8 % 4.2 % 4.5 % 3.0 % 3.2 % 4.2 % Discount rate - Interest cost 3.6 % 3.6 % 3.5 % 2.9 % 2.1 % 3.3 % Expected rate of return on plan assets 5.5 % 5.7 % 5.7 % 4.5 % 4.8 % 5.6 % Rate of compensation increase 4.1 % 4.1 % 4.1 % 3.9 % 4.0 % 3.4 % Discount rates for our U.S. and non-U.S. plans were developed from a model portfolio of high quality, fixed-income debt instruments with durations that match the expected future cash flows of the plans. We determine our expected rate of return on plan assets from the plan assets' historical long-term investment performance, target asset allocation, and estimates of future long-term returns by asset class. Plan Assets: The underlying basis of the investment strategy of our defined benefit plans is to ensure that pension funds are available to meet the plans’ benefit obligations when they are due. Our investment objectives include: investing plan assets in a high-quality, diversified manner in order to maintain the security of the funds; achieving an optimal return on plan assets within specified risk tolerances; and investing according to local regulations and requirements specific to each country in which a defined benefit plan operates. The investment strategy expects equity investments to yield a higher return over the long term than fixed-income securities, while fixed-income securities are expected to provide certain matching characteristics to the plans’ benefit payment cash flow requirements. Our investment policy specifies the type of investment vehicles appropriate for the applicable plan, asset allocation guidelines, criteria for the selection of investment managers, procedures to monitor overall investment performance as well as investment manager performance. It also provides guidelines enabling the applicable plan fiduciaries to fulfill their responsibilities. Our weighted average asset allocations were: U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Fixed-income securities 84 % 62 % 45 % 39 % Equity securities 14 % 27 % 34 % 27 % Cash and cash equivalents 2 % 11 % 16 % 4 % Real estate — % — % 3 % 6 % Certain insurance contracts — % — % 2 % 24 % Total 100 % 100 % 100 % 100 % Our pension investment strategy for U.S. plans is designed to align our pension assets with our projected benefit obligation to reduce volatility by targeting an investment of approximately 85% of our U.S. plan assets in fixed-income securities and approximately 15% in return-seeking assets, primarily equity securities. For pension plans outside the United States, our investment strategy is subject to local regulations and the asset/liability profiles of the plans in each individual country. In aggregate, the long-term asset allocation targets of our non-U.S. plans are broadly characterized as a mix of approximately 65% fixed-income securities and annuity contracts, and approximately 35% in return-seeking assets, primarily equity securities and real estate. The fair value of pension plan assets at December 29, 2018 was determined using the following fair value measurements (in millions): Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Corporate bonds and other fixed-income securities $ 3,089 $ — $ 3,089 $ — Government bonds 366 366 — — Total fixed-income securities 3,455 366 3,089 — Equity securities 665 665 — — Cash and cash equivalents 422 419 3 — Real estate 79 — — 79 Certain insurance contracts 53 — — 53 Fair value excluding investments measured at net asset value 4,674 1,450 3,092 132 Investments measured at net asset value (a) 2,234 Total plan assets at fair value $ 6,908 (a) Amount includes cash collateral of $269 million associated with our securities lending program, which is reflected as an asset, and a corresponding securities lending payable of $269 million , which is reflected as a liability. The net impact on total plan assets at fair value is zero . The fair value of pension plan assets at December 30, 2017 was determined using the following fair value measurements (in millions): Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Corporate bonds and other fixed-income securities $ 2,606 $ — $ 2,606 $ — Government bonds 467 467 — — Total fixed-income securities 3,073 467 2,606 — Equity securities 1,044 1,044 — — Cash and cash equivalents 208 205 3 — Real estate 262 — — 262 Certain insurance contracts 983 — — 983 Fair value excluding investments measured at net asset value 5,570 1,716 2,609 1,245 Investments measured at net asset value (a) 3,371 Total plan assets at fair value $ 8,941 (a) Amount includes cash collateral of $278 million associated with our securities lending program, which is reflected as an asset, and a corresponding securities lending payable of $278 million , which is reflected as a liability. The net impact on total plan assets at fair value is zero . The following section describes the valuation methodologies used to measure the fair value of pension plan assets, including an indication of the level in the fair value hierarchy in which each type of asset is generally classified. Corporate Bonds and Other Fixed-Income Securities. These securities consist of publicly traded U.S. and non-U.S. fixed interest obligations (principally corporate bonds). Such investments are valued through consultation and evaluation with brokers in the institutional market using quoted prices and other observable market data. As such, these securities are included in Level 2. Government Bonds. These securities consist of direct investments in publicly traded U.S. fixed interest obligations (principally debentures). Such investments are valued using quoted prices in active markets. These securities are included in Level 1. Equity Securities. These securities consist of direct investments in the stock of publicly traded companies. Such investments are valued based on the closing price reported in an active market on which the individual securities are traded. As such, the direct investments are classified as Level 1. Cash and Cash Equivalents. This consists of direct cash holdings and institutional short-term investment vehicles. Direct cash holdings are valued based on cost, which approximates fair value and are classified as Level 1. Certain institutional short-term investment vehicles are valued daily and are classified as Level 1. Other cash equivalents that are not traded on an active exchange, such as bank deposits, are classified as Level 2. Real Estate. These holdings consist of real estate investments and are generally classified as Level 3. Certain Insurance Contracts. This category consists of group annuity contracts that have been purchased to cover a portion of the plan members and have been classified as Level 3. Investments Measured at Net Asset Value . This category consists of pooled funds, short-term investments and partnership/corporate feeder interests. • Pooled funds. The fair values of participation units held in collective trusts are based on their net asset values, as reported by the managers of the collective trusts and as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. Investments in the collective trusts can be redeemed on each business day based upon the applicable net asset value per unit. Investments in the international large/mid cap equity collective trust can be redeemed on the last business day of each month and at least one business day during the month. The mutual fund investments are not traded on an exchange, and a majority of these funds are held in a separate account managed by a fixed income manager. The fair values of these investments are based on their net asset values, as reported by the managers and as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. The objective of the account is to provide superior return with reasonable risk, where performance is expected to exceed Barclays Long U.S. Credit Index. Investments in this account can be redeemed with a written notice to the investment manager. • Short-term investments. Short-term investments largely consist of a money market fund, the fair value of which is based on the net asset value reported by the manager of the fund and supported by the unit prices of actual purchase and sale transactions. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. The money market fund is designed to provide safety of principal, daily liquidity, and a competitive yield by investing in high quality money market instruments. The investment objective of the money market fund is to provide the highest possible level of current income while still maintaining liquidity and preserving capital. • Partnership/corporate feeder interests. Fair value estimates of the equity partnership are based on their net asset values, as reported by the manager of the partnership. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. Investments in the equity partnership may be redeemed once per month upon 10 days’ prior written notice to the General Partner, subject to the discretion of the General Partner. The investment objective of the equity partnership is to seek capital appreciation by investing primarily in equity securities. The fair values of the corporate feeder are based upon the net asset values of the equity master fund in which it invests. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. Investments in the corporate feeder can be redeemed quarterly with at least 90 days’ notice. The investment objective of the corporate feeder is to generate long-term returns by investing in large, liquid equity securities with attractive fundamentals. Changes in our Level 3 plan assets for the year ended December 29, 2018 included (in millions): Asset Category December 30, Additions Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 December 29, Real estate $ 262 $ — $ 49 $ (7 ) $ (210 ) $ (15 ) $ 79 Certain insurance contracts 983 — (82 ) (3 ) (845 ) — 53 Total Level 3 investments $ 1,245 $ — $ (33 ) $ (10 ) $ (1,055 ) $ (15 ) $ 132 Net purchases, issuances and settlements of $845 million principally related to insurance contract settlements in Canada in connection with the wind-up of our Canadian salaried and hourly defined benefit pension plans. Changes in our Level 3 plan assets for the year ended December 30, 2017 included (in millions): Asset Category December 31, Additions Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 December 30, Real estate $ 234 $ — $ 14 $ 14 $ — $ — $ 262 Certain insurance contracts 189 797 — 36 (39 ) — 983 Total Level 3 investments $ 423 797 $ 14 $ 50 $ (39 ) $ — $ 1,245 Additions of $797 million were principally related to insurance contracts entered into in Canada in connection with the wind-up of our Canadian salaried and hourly defined benefit pension plans. Employer Contributions: In 2018, we contributed $57 million to our non-U.S. pension plans. We did no t contribute to our U.S. pension plans. We estimate that 2019 pension contributions will be approximately $15 million to our non-U.S. plans. We do no t plan to make contributions to our U.S. pension plans in 2019. Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual pension asset performance or interest rates, or other factors. Future Benefit Payments: The estimated future benefit payments from our pension plans at December 29, 2018 were (in millions): U.S. Plans Non-U.S. Plans 2019 $ 331 $ 70 2020 320 70 2021 317 72 2022 309 80 2023 301 79 2024-2028 1,351 436 Postretirement Plans Obligations and Funded Status: The accumulated benefit obligation, fair value of plan assets, and funded status of our postretirement benefit plans were (in millions): December 29, 2018 December 30, 2017 Benefit obligation at beginning of year $ 1,553 $ 1,714 Service cost 8 10 Interest cost 45 49 Benefits paid (136 ) (142 ) Actuarial losses/(gains) (142 ) (70 ) Plan amendments (21 ) (24 ) Currency (13 ) 13 Other — 3 Benefit obligation at end of year 1,294 1,553 Fair value of plan assets at beginning of year 1,188 — Actual return on plan assets (26 ) — Employer contributions 19 1,329 Benefits paid (137 ) (142 ) Other — 1 Fair value of plan assets at end of year 1,044 1,188 Net postretirement benefit liability/(asset) recognized at end of year $ 250 $ 365 We recognized the net postretirement benefit asset/(liability) on our consolidated balance sheets as follows (in millions): December 29, 2018 December 30, 2017 Other current liabilities $ (14 ) $ (10 ) Accrued postemployment costs (236 ) (355 ) Net postretirement benefit asset/(liability) recognized $ (250 ) $ (365 ) For certain of our postretirement benefit plans that were underfunded based on accumulated postretirement benefit obligations in excess of plan assets, the accumulated benefit obligations and the fair value of plan assets were (in millions): December 29, 2018 December 30, 2017 Accumulated benefit obligation $ 1,294 $ 1,553 Fair value of plan assets 1,044 1,188 We used the following weighted average assumptions to determine our postretirement benefit obligations: December 29, 2018 December 30, 2017 Discount rate 4.2 % 3.5 % Health care cost trend rate assumed for next year 6.7 % 6.7 % Ultimate trend rate 4.9 % 4.9 % Discount rates for our plans were developed from a model portfolio of high-quality, fixed-income debt instruments with durations that match the expected future cash flows of the plans. Our expected health care cost trend rate is based on historical costs and our expectation for health care cost trend rates going forward. The year that the health care cost trend rate reaches the ultimate trend rate varies by plan and ranges between 2019 and 2030 as of December 29, 2018 . Assumed health care costs trend rates have a significant impact on the amounts reported for the postretirement benefit plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects, increase/(decrease) in cost and obligation, as of December 29, 2018 (in millions): One-Percentage-Point Increase (Decrease) Effect on annual service and interest cost $ 3 $ (3 ) Effect on postretirement benefit obligation 48 (41 ) Components of Net Postretirement Cost/(Benefit): Net postretirement cost/(benefit) consisted of the following (in millions): As Restated December 29, December 30, December 31, Service cost $ 8 $ 10 $ 12 Interest cost 45 49 52 Expected return on plan assets (50 ) — — Amortization of prior service costs/(credits) (311 ) (328 ) (355 ) Amortization of unrecognized losses/(gains) — — (1 ) Curtailments — (177 ) — Net postretirement cost/(benefit) $ (308 ) $ (446 ) $ (292 ) The amortization of prior service credits was primarily driven by plan amendments in 2015 and 2016. We estimate that amortization of prior service credits will be approximately $306 million in 2019, $122 million in 2020, $8 million in 2021, $6 million in 2022, and $6 million in 2023. In 2017, we remeasured certain of our postretirement plans and recognized a curtailment gain of $177 million . The curtailment was triggered by the number of cumulative headcount reductions after the closure of certain U.S. factories during the year. The resulting gain is attributed to accelerating a portion of the previously deferred actuarial gains and prior service credits. The headcount reductions and factory closures were part of our Integration Program. See Note 6, Integration and Restructuring Expenses , for additional information. We used the following weighted average assumptions to determine our net postretirement benefit plans cost: December 29, December 30, December 31, Discount rate - Service cost 3.6 % 4.0 % 4.3 % Discount rate - Interest cost 3.0 % 3.0 % 3.0 % Expected rate of return on plan assets 4.4 % — % — % Health care cost trend rate 6.7 % 6.3 % 6.5 % Discount rates for our plans were developed from a model portfolio of high-quality, fixed-income debt instruments with durations that match the expected future cash flows of the plans. We determine our expected rate of return on plan assets from the plan assets' target asset allocation and estimates of future long-term returns by asset class. Our expected health care cost trend rate is based on historical costs and our expectation for health care cost trend rates going forward. Plan Assets: In December 2017, we made a cash contribution of approximately $1.2 billion to pre-fund a portion of our U.S. postretirement plan benefits following enactment of U.S. Tax Reform on December 22, 2017. The underlying basis of the investment strategy of our U.S. postretirement plans is to ensure that funds are available to meet the plans’ benefit obligations when they are due by investing plan assets in a high-quality, diversified manner in order to maintain the security of the funds. The investment strategy expects equity investments to yield a higher return over the long term than fixed-income securities, while fixed-income securities are expected to provide certain matching characteristics to the plans’ benefit payment cash flow requirements. Our weighted average asset allocations were: December 29, 2018 December 30, 2017 Fixed-income securities 65 % — % Equity securities 27 % — % Cash and cash equivalents 8 % 100 % Our postretirement benefit plan investment strategy is subject to local regulations and the asset/liability profiles of the plans in each individual country. Our investment strategy is designed to align our postretirement benefit plan assets with our postretirement benefit obligation to reduce volatility. In aggregate, our long-term asset allocation targets are broadly characterized as a mix of approximately 70% in fixed-income securities and approximately 30% in return-seeking assets, primarily equity securities. The fair value of postretirement benefit plan assets at December 29, 2018 was determined using the following fair value measurements (in millions): Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Government bonds $ 26 $ 26 $ — $ — Corporate bonds and other fixed-income securities 567 — 567 — Total fixed-income securities 593 26 567 — Equity securities 146 146 — — Fair value excluding investments measured at net asset value 739 172 567 — Investments measured at net asset value 305 Total plan assets at fair value $ 1,044 The fair value of our postretirement benefit plan assets was $1.2 billion at December 30, 2017 . These assets were all classified as Level 1 short-term investments. The following section describes the valuation methodologies used to measure the fair value of postretirement benefit plan assets, including an indication of the level in the fair value hierarchy in which each type of asset is generally classified. Corporate Bonds and Other Fixed-Income Securities. These securities consist of publicly traded U.S. and non-U.S. fixed interest obligations (principally corporate bonds an tax-exempt municipal bonds). Such investments are valued through consultation and evaluation with brokers in the institutional market using quoted prices and other observable market data. As such, these securities are included in Level 2. Government Bonds. These securities consist of direct investments in publicly traded U.S. fixed interest obligations (principally debentures). Such investments are valued using quoted prices in active markets. These securities are included in Level 1. Equity Securities. These securities consist of direct investments in the stock of publicly traded companies. Such investments are valued based on the closing price reported in an active market on which the individual securities are traded. As such, the direct investments are classified as Level 1. Investments Measured at Net Asset Value . This category consists of pooled funds and short-term investments. • Pooled funds. The fair values of participation units held in collective trusts are based on their net asset values, as reported by the managers of the collective trusts and as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. Investments in the collective trusts can be redeemed on each business day based upon the applicable net asset value per unit. Investments in the international large/mid cap equity collective trust can be redeemed on the last business day of each month and at least one business day during the month. The mutual fund investments are not traded on an exchange. The fair values of the mutual fund investments that are not traded on an exchange are based on their net asset values, as reported by the managers and as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. • Short-term investments. Short-term investments largely consist of a money market fund, the fair value of which is based on the net asset value reported by the manager of the fund and supported by the unit prices of actual purchase and sale transactions. The fair value of these investments measured at net asset value is excluded from the fair value hierarchy. The money market fund is designed to provide safety of principal, daily liquidity, and a competitive yield by investing in high quality money market instruments. The investment objective of the money market fund is to provide the highest possible level of current income while still maintaining liquidity and preserving capital. Employer Contributions: In 2018, we contributed $19 million to our postretirement benefit plans. We estimate that 2019 postretirement benefit plan contributions will be approximately $15 million . Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual postretirement plan asset performance or interest rates, or other factors. Future Benefit Payments: Our estimated future benefit payments for our postretirement plans at December 29, 2018 were (in millions): 2019 $ 131 2020 127 2021 120 2022 114 2023 107 2024-2028 440 Other Plans We sponsor and contribute to employee savings plans that cover eligible salaried, non-union, and union employees. Our contributions and costs are determined by the matching of employee contributions, as defined by the plans. Amounts charged to expense for defined contribution plans totaled $85 million in 2018, $78 million in 2017, and $74 million in 2016. Accumulated Other Comprehensive Income/(Losses) Our accumulated other comprehensive income/(losses) pension and postretirement benefit plans balances, before tax, consisted of the following (in millions): Pension Benefits Postretirement Benefits Total December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Net actuarial gain/(loss) $ 175 $ 13 $ 177 $ 111 $ 352 $ 124 Prior service credit/(cost) (14 ) 1 458 748 444 749 $ 161 $ 14 $ 635 $ 859 $ 796 $ 873 The net postemployment benefits recognized in other comprehensive income/(loss), consisted of the following (in millions): As Restated December 29, December 30, December 31, Net postemployment benefit gains/(losses) arising during the period: Net actuarial gains/(losses) arising during the period - Pension Benefits $ 8 $ 45 $ (73 ) Net actuarial gains/(losses) arising during the period - Postretirement Benefits 66 71 (5 ) Prior service credits/(costs) arising during the period - Pension Benefits (15 ) 1 — Prior service credits/(costs) arising durin |
Financial Instruments (Notes)
Financial Instruments (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments All of our non-exchange traded derivative contracts are governed by an International Swaps and Derivatives Association master agreement, and these master agreements and their schedules contain certain obligations regarding the delivery of certain financial information upon demand. Derivative Volume: The notional values of our outstanding derivative instruments were (in millions): Notional Amount December 29, 2018 December 30, 2017 Commodity contracts $ 478 $ 272 Foreign exchange contracts 3,263 2,876 Cross-currency contracts 10,146 3,161 The increase in our derivative volume for cross-currency contracts was primarily driven by the addition of new Canadian dollar and British pound sterling cross-currency swaps. A portion of these new contracts is being used to offset existing cross-currency contracts that are no longer designated as hedging instruments. The remaining portion of the new contracts is designated as net investment hedges. Fair Value of Derivative Instruments: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the consolidated balance sheets were (in millions): December 29, 2018 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 51 $ 26 $ 51 $ 26 Cross-currency contracts (b) — — 139 3 139 3 Derivatives not designated as hedging instruments: Commodity contracts (c) 5 27 — 2 5 29 Foreign exchange contracts (c) — — 5 42 5 42 Cross-currency contracts (b) — — 557 119 557 119 Total fair value $ 5 $ 27 $ 752 $ 192 $ 757 $ 219 (a) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. (b) The fair value of derivative assets was recorded in other current assets ( $557 million ) and other non-current assets ( $139 million ), and the fair value of derivative liabilities was recorded within other current liabilities ( $119 million ) and other non-current liabilities ( $3 million ). (c) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. December 30, 2017 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 8 $ 42 $ 8 $ 42 Cross-currency contracts (b) — — 344 — 344 — Derivatives not designated as hedging instruments: Commodity contracts (c) 4 8 — — 4 8 Foreign exchange contracts (c) — — 17 3 17 3 Cross-currency contracts (b) — — 19 — 19 — Total fair value $ 4 $ 8 $ 388 $ 45 $ 392 $ 53 (a) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities ( $41 million ) and other non-current liabilities ( $1 million ). (b) The fair value of our derivative assets was recorded in other non-current assets. (c) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. Our derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. We elect to record the gross assets and liabilities of our derivative financial instruments on the consolidated balance sheets. If the derivative financial instruments had been netted on the consolidated balance sheets, the asset and liability positions each would have been reduced by $124 million at December 29, 2018 and $23 million at December 30, 2017 . At December 29, 2018 , collateral of $32 million was posted related to commodity derivative margin requirements. This was included in other current assets on our consolidated balance sheet at December 29, 2018 . Level 1 financial assets and liabilities consist of commodity future and options contracts and are valued using quoted prices in active markets for identical assets and liabilities. Level 2 financial assets and liabilities consist of commodity swaps, foreign exchange forwards, options, and swaps, and cross-currency swaps. Commodity swaps are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount. Foreign exchange forwards and swaps are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Foreign exchange options are valued using an income approach based on a Black-Scholes-Merton formula. This formula uses present value techniques and reflects the time value and intrinsic value based on observable market rates. Cross-currency swaps are valued based on observable market spot and swap rates. We did not have any Level 3 financial assets or liabilities in any period presented. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Net Investment Hedging: At December 29, 2018 , we had the following items designated as net investment hedges: • Non-derivative foreign denominated debt with principal amounts of €2,550 million and £400 million ; • Cross-currency contracts with notional amounts of £1.0 billion ( $1.4 billion ), C$2.1 billion ( $1.6 billion ), and ¥9.6 billion ( $85 million ); and • Foreign exchange contracts, including contracts denominated in: ◦ Chinese renminbi with an aggregate notional amount of $127 million , ◦ Euros with an aggregate notional amount of $264 million , and ◦ Indian rupees with an aggregate notional amount of $279 million . The component of the gains and losses on our net investment in these designated foreign operations, driven by changes in foreign exchange rates, are economically offset by fair value movements on the effective portion of our cross-currency contracts and foreign exchange contracts and remeasurements of our foreign denominated debt. Interest Rate Hedging: From time to time we have had derivatives designated as interest rate hedges, including interest rate swaps. We no longer have any outstanding interest rate swaps. We continue to amortize the realized hedge losses that were deferred into accumulated other comprehensive income/(losses) into interest expense through the original maturity of the related long-term debt instruments. Cash Flow Hedge Coverage: At December 29, 2018 , we had entered into foreign exchange contracts designated as cash flow hedges for periods not exceeding the next 12 months and into cross-currency contracts designated as cash flow hedges for periods not exceeding the next five years. Deferred Hedging Gains and Losses on Cash Flow Hedges: Based on our valuation at December 29, 2018 and assuming market rates remain constant through contract maturities, we expect transfers to net income/(loss) of unrealized gains for foreign currency cash flow hedges during the next 12 months to be approximately $32 million . Additionally, we expect transfers to net income/(loss) of unrealized losses for interest rate cash flow hedges and cross-currency cash flow hedges during the next 12 months to be insignificant. Concentration of Credit Risk: Counterparties to our foreign exchange derivatives consist of major international financial institutions. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of our credit exposure to any one party. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. We closely monitor the credit risk associated with our counterparties and customers and to date have not experienced material losses. Economic Hedging: We enter into certain derivative contracts not designated as hedging instruments in accordance with our risk management strategy which have an economic impact of largely mitigating commodity price risk and foreign currency exposures. Gains and losses are recorded in net income/(loss) as a component of cost of products sold for our commodity contracts and other expense/(income), net for our cross currency and foreign exchange contracts. Divestiture Hedging: We entered into foreign exchange derivative contracts to economically hedge the foreign currency exposure related to the Heinz India Transaction. The related derivative losses were $20 million , including $17 million recorded within other expense/(income), net, and $3 million recorded within interest expense for the year ended December 29, 2018. These losses are classified as other losses/(gains) related to acquisitions and divestitures. Additionally, we entered into foreign exchange contracts, which are designated as net investment hedges related to our investment in Heinz India. Related to these net investment hedges, we had unrealized hedge losses of $10 million , which were recognized in accumulated other comprehensive income/(losses). See Note 5, Acquisitions and Divestitures , for additional information related to the Heinz India Transaction. Derivative Impact on the Statements of Comprehensive Income: The following table presents the pre-tax amounts of derivative gains/(losses) deferred into accumulated other comprehensive income/(losses) and the income statement line item that will be affected when reclassified to net income/(loss) (in millions): Accumulated Other Comprehensive Income/(Losses) Component Gains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging Instruments Location of Gains/(Losses) When Reclassified to Net Income/(Loss) December 29, December 30, December 31, Cash flow hedges: Foreign exchange contracts $ — $ 1 $ 3 Net sales Foreign exchange contracts 64 (42 ) 6 Cost of products sold Foreign exchange contracts (excluded component) (2 ) — — Cost of products sold Foreign exchange contracts 56 (82 ) 39 Other expense/(income), net Foreign exchange contracts (excluded component) 3 — — Other expense/(income), net Interest rate contracts — — (8 ) Interest expense Cross-currency contracts (4 ) — — Other expense/(income), net Cross-currency contracts (excluded component) 1 — — Other expense/(income), net Net investment hedges: Foreign exchange contracts (11 ) (23 ) 45 SG&A Foreign exchange contracts (excluded component) (3 ) — — Interest expense Cross-currency contracts 214 (184 ) 147 SG&A Cross-currency contracts (excluded component) 13 — — Interest expense Total gains/(losses) recognized in statements of comprehensive income $ 331 $ (330 ) $ 232 Derivative Impact on the Statements of Income: The following tables present the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss) and the affected income statement line items (in millions): December 29, Cost of products sold Interest expense Other expense/ (income), net Total amounts presented in the consolidated statements of income in which the following effects were recorded $ 17,347 $ 1,284 $ (183 ) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ (2 ) $ — $ 56 Foreign exchange contracts (excluded component) (2 ) — 3 Interest rate contracts — (4 ) — Cross-currency contracts — — (7 ) Cross-currency contracts (excluded component) — — 1 Net investment hedges: Foreign exchange contracts (excluded component) — (3 ) — Cross-currency contracts (excluded component) — 13 — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts (44 ) — — Foreign exchange contracts — — (84 ) Cross-currency contracts — — 4 Total gains/(losses) recognized in statements of income $ (48 ) $ 6 $ (27 ) December 30, December 31, Cost of products sold Interest expense Other expense/ (income), net Net sales Cost of products sold Interest expense Other expense/ (income), net Total amounts presented in the consolidated statements of income in which the following effects were recorded (As Restated & Recast) $ 17,043 $ 1,234 $ (627 ) $ 26,300 $ 17,154 $ 1,134 $ (472 ) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ — $ — $ (81 ) $ 6 $ 41 $ — $ 38 Interest rate contracts — (4 ) — — — (4 ) — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts (37 ) — — — 9 — — Foreign exchange contracts — — 54 — — — (63 ) Cross-currency contracts — — (2 ) — — — (3 ) Total gains/(losses) recognized in statements of income $ (37 ) $ (4 ) $ (29 ) $ 6 $ 50 $ (4 ) $ (28 ) Non-Derivative Impact on Statements of Comprehensive Income: Related to our non-derivative, foreign denominated debt instruments designated as net investment hedges, we recognized pre-tax gains of $174 million in 2018, pre-tax losses of $425 million in 2017, and pre-tax gains of $234 million in 2016. These amounts were recognized in other comprehensive income/(loss). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Losses) (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income/(Losses) | Accumulated Other Comprehensive Income/(Losses) Certain prior period balances herein reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total Balance as of January 3, 2016 (As Restated) $ (1,654 ) $ 985 $ 53 $ (616 ) Foreign currency translation adjustments (985 ) — — (985 ) Net deferred gains/(losses) on net investment hedges 226 — — 226 Net deferred gains/(losses) on cash flow hedges — — 46 46 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — (87 ) (87 ) Net postemployment benefit gains/(losses) arising during the period — (9 ) — (9 ) Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (204 ) — (204 ) Total other comprehensive income/(loss) (759 ) (213 ) (41 ) (1,013 ) Balance as of December 31, 2016 (As Restated) (2,413 ) 772 12 (1,629 ) Foreign currency translation adjustments 1,179 — — 1,179 Net deferred gains/(losses) on net investment hedges (353 ) — — (353 ) Net deferred gains/(losses) on cash flow hedges — — (113 ) (113 ) Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — 85 85 Net postemployment benefit gains/(losses) arising during the period — 86 — 86 Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (309 ) — (309 ) Total other comprehensive income/(loss) 826 (223 ) (28 ) 575 Balance as of December 30, 2017 (As Restated) (1,587 ) 549 (16 ) (1,054 ) Foreign currency translation adjustments (1,173 ) — — (1,173 ) Net deferred gains/(losses) on net investment hedges 284 — — 284 Amounts excluded from the effectiveness assessment of net investment hedges 7 — — 7 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (7 ) — — (7 ) Net deferred gains/(losses) on cash flow hedges — — 99 99 Amounts excluded from the effectiveness assessment of cash flow hedges — — 2 2 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — (44 ) (44 ) Net postemployment benefit gains/(losses) arising during the period — 61 — 61 Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (118 ) — (118 ) Total other comprehensive income/(loss) (889 ) (57 ) 57 (889 ) Balance as of December 29, 2018 $ (2,476 ) $ 492 $ 41 $ (1,943 ) Reclassification of net postemployment benefit losses/(gains) included amounts reclassified to net income and amounts reclassified into inventory (consistent with our capitalization policy). The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions): As Restated December 29, December 30, December 31, Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Foreign currency translation adjustments $ (1,173 ) $ — $ (1,173 ) $ 1,179 $ — $ 1,179 $ (985 ) $ — $ (985 ) Net deferred gains/(losses) on net investment hedges 377 (93 ) 284 (632 ) 279 (353 ) 426 (200 ) 226 Amounts excluded from the effectiveness assessment of net investment hedges 10 (3 ) 7 — — — — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (10 ) 3 (7 ) — — — — — — Net deferred gains/(losses) on cash flow hedges 116 (17 ) 99 (123 ) 10 (113 ) 40 6 46 Amounts excluded from the effectiveness assessment of cash flow hedges 2 — 2 — — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (45 ) 1 (44 ) 85 — 85 (81 ) (6 ) (87 ) Net actuarial gains/(losses) arising during the period 74 (16 ) 58 116 (47 ) 69 (78 ) 38 (40 ) Prior service credits/(costs) arising during the period 6 (3 ) 3 25 (8 ) 17 51 (20 ) 31 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (156 ) 38 (118 ) (502 ) 193 (309 ) (331 ) 127 (204 ) The amounts reclassified from accumulated other comprehensive income/(losses) were as follows (in millions): Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income/(Loss) Affected Line Item in the Statements of Income As Restated December 29, December 30, December 31, Losses/(gains) on net investment hedges: Foreign exchange contracts (a) $ 3 $ — $ — Interest expense Cross-currency contracts (a) (13 ) — — Interest expense Losses/(gains) on cash flow hedges: Foreign exchange contracts (b) — — (6 ) Net sales Foreign exchange contracts (b) 4 — (41 ) Cost of products sold Foreign exchange contracts (b) (59 ) 81 (38 ) Other expense/(income), net Cross-currency contracts (a) 6 — — Other expense/(income), net Interest rate contracts (c) 4 4 4 Interest expense Losses/(gains) on hedges before income taxes (55 ) 85 (81 ) Losses/(gains) on hedges, income taxes 4 — (6 ) Losses/(gains) on hedges $ (51 ) $ 85 $ (87 ) Losses/(gains) on postemployment benefits: Amortization of unrecognized losses/(gains) $ 2 $ 1 $ (1 ) (d) Amortization of prior service costs/(credits) (311 ) (328 ) (355 ) (d) Settlement and curtailment losses/(gains) 153 (175 ) 25 (d) Losses/(gains) on postemployment benefits before income taxes (156 ) (502 ) (331 ) Losses/(gains) on postemployment benefits, income taxes 38 193 127 Losses/(gains) on postemployment benefits $ (118 ) $ (309 ) $ (204 ) (a) Represents recognition of the excluded component in net income/(loss). (b) Includes amortization of the excluded component and the effective portion of the related hedges. (c) Represents amortization of realized hedge losses that were deferred into accumulated other comprehensive income/(losses) through the maturity of the related long-term debt instruments. (d) These components are included in the computation of net periodic postemployment benefit costs. See Note 13, Postemployment Benefits , for additional information. In this note we have excluded activity and balances related to noncontrolling interest due to its insignificance. This activity was primarily related to foreign currency translation adjustments. |
Venezuela - Foreign Currency an
Venezuela - Foreign Currency and Inflation (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Foreign Currency [Abstract] | |
Venezuela - Foreign Currency and Inflation | Venezuela - Foreign Currency and Inflation We have a subsidiary in Venezuela that manufactures and sells a variety of products, primarily in the condiments and sauces and infant and nutrition categories. We apply highly inflationary accounting to the results of our Venezuelan subsidiary and include these results in our consolidated financial statements. Under highly inflationary accounting, the functional currency of our Venezuelan subsidiary is the U.S. dollar (the reporting currency of Kraft Heinz), although the majority of its transactions are in Venezuelan bolivars. As a result, we must revalue the results of our Venezuelan subsidiary to U.S. dollars. We revalue the income statement using daily weighted average DICOM (as defined below) rates, and we revalue the bolivar denominated monetary assets and liabilities at the period-end DICOM spot rate. The resulting revaluation gains and losses are recorded in current net income/(loss), rather than accumulated other comprehensive income/(losses). These gains and losses are classified within other expense/(income), net as nonmonetary currency devaluation on our consolidated statements of income. In February 2018, the Venezuelan government eliminated the official exchange rate, which was available through the Sistema de Divisa Protegida (“DIPRO”) for purchases and sales of certain essential items, including food products. At December 30, 2017 , we had outstanding invoice reimbursement requests of $26 million related to the purchase of ingredients and packaging materials for the years 2012 through 2015. Following the elimination of this preferential rate, we determined that these outstanding requests, which were approved by the Venezuelan government, were no longer collectible. There was no impact on our consolidated statements of income for 2018. Following elimination of the DIPRO rate, the Sistema de Divisa Complementaria (“DICOM”) is the only foreign currency exchange mechanism legally available to us for converting Venezuelan bolivars to U.S. dollars. As of December 29, 2018 , we believe the DICOM rate is the most appropriate legally available rate at which to translate the results of our Venezuelan subsidiary. We continue to monitor the DICOM rate, and the nonmonetary assets supported by the underlying operations in Venezuela, for impairment. The auction-based DICOM system was temporarily frozen in September 2017 and reopened in February 2018. The last published DICOM rate before the auction freeze was BsF 3,345 per U.S. dollar compared to BsF 25,000 per U.S. dollar upon reopening. In August 2018, the Venezuelan government changed the unit for measuring bolivars from the bolivar fuerte (“BsF”) to the bolivar soberano (“BsS”). The conversion ratio is BsF 100,000 to BsS 1 . Upon converting to the bolivar soberano measurement unit, the Venezuelan government further devalued the currency. On August 20, 2018, the published DICOM rate was BsF 6,000,000 (BsS 60.00 ) per U.S. dollar compared to approximately BsF 249,000 (BsS 2.49 ) per U.S. dollar immediately preceding the conversion to BsS. The DICOM rate at December 29, 2018 was BsS 638.18 per U.S. dollar compared to BsS 0.03 at December 30, 2017 . We remeasured the bolivar denominated assets and liabilities of our Venezuelan subsidiary at December 29, 2018 using the DICOM spot rate of BsS 638.18 per U.S. dollar. We remeasured the income statements of our Venezuelan subsidiary using a weighted average rate of BsS 25.06 in 2018, BsS 0.02 in 2017, and BsS 0.01 in 2016. Remeasurements of the monetary assets and liabilities and operating results of our Venezuelan subsidiary at DICOM rates resulted in nonmonetary currency devaluation losses of $146 million in 2018, $36 million in 2017, and $24 million in 2016. These losses were recorded in other expense/(income), net in the consolidated statements of income. Additionally, in the second quarter of 2016, we assessed the nonmonetary assets of our Venezuelan subsidiary for impairment, resulting in a $53 million loss to write down property, plant and equipment, net, and prepaid spare parts, which was recorded within cost of products sold in the consolidated statement of income in 2016. We did not obtain any U.S. dollars at DICOM rates during 2018 . In addition to DICOM, there is an unofficial market for obtaining U.S. dollars with Venezuelan bolivars. The exact exchange rate is widely debated but is generally accepted to be substantially higher than the latest published DICOM rate. We have not transacted at any unofficial market rates and have no plans to transact at unofficial market rates in the foreseeable future. Our Venezuelan subsidiary obtains U.S. dollars through exports and royalty payments. These U.S. dollars are primarily used for purchases of tomato paste and spare parts for manufacturing, as well as a limited amount of other operating costs. As of December 29, 2018 , our Venezuelan subsidiary has sufficient U.S. dollars to fund these operational needs in the foreseeable future. However, further deterioration of the economic environment or regulation changes could jeopardize our export business. Our Venezuelan subsidiary has increasingly sourced production inputs locally, including tomato paste and sugar, in order to reduce reliance on U.S. dollars, which we expect to continue in the foreseeable future. Our results of operations in Venezuela reflect a controlled subsidiary. We continue to have sufficient currency liquidity and pricing flexibility to control our operations. However, the continuing economic uncertainty, strict labor laws, and evolving government controls over imports, prices, currency exchange, and payments present a challenging operating environment. Increased restrictions imposed by the Venezuelan government or further deterioration of the economic environment could impact our ability to control our Venezuelan operations and could lead us to deconsolidate our Venezuelan subsidiary in the future. We currently do not expect to make any new investments or contributions into Venezuela. |
Financing Arrangements (Notes)
Financing Arrangements (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Transfers and Servicing [Abstract] | |
Financing Arrangements | Financing Arrangements We have utilized accounts receivable securitization and factoring programs (the “Programs”) globally for our working capital needs and to provide efficient liquidity. During 2018, we had Programs in place in various countries across the globe. In the second quarter of 2018, we unwound our U.S. securitization program, which represented the majority of our Programs, using proceeds from the issuance of long-term debt in June 2018. As of December 29, 2018 , we have unwound all of our Programs. We operated the Programs such that we generally utilized the majority of the available aggregate cash consideration limits. We accounted for transfers of receivables pursuant to the Programs as a sale and removed them from our consolidated balance sheets. Under the Programs, we generally received cash consideration up to a certain limit and recorded a non-cash exchange for sold receivables for the remainder of the purchase price. We maintained a “beneficial interest,” or a right to collect cash, in the sold receivables. Cash receipts from the payments on sold receivables (which are cash receipts on the underlying trade receivables that have already been securitized in these Programs) are classified as investing activities and presented as cash receipts on sold receivables on our consolidated statements of cash flows. The carrying value of trade receivables removed from our consolidated balance sheets in connection with the Programs was $1.0 billion at December 30, 2017 . In exchange for the sale of trade receivables, we received cash of $673 million at December 30, 2017 and recorded sold receivables of $353 million at December 30, 2017 . There were no such balances at December 29, 2018 . The carrying value of sold receivables approximated the fair value at December 30, 2017 . We acted as servicer for certain of the Programs. We did not record any related servicing assets or liabilities as of December 30, 2017 because they were not material to the financial statements. Our U.S. securitization program utilized a bankruptcy-remote special-purpose entity (“SPE”). The SPE was wholly-owned by a subsidiary of Kraft Heinz, and its sole business consisted of the purchase or acceptance, through capital contributions, of receivables and related assets from a Kraft Heinz subsidiary and the subsequent transfer of such receivables and related assets to a bank. Although the SPE is included in our consolidated financial statements, it was a separate legal entity with separate creditors who were entitled, upon its liquidation in the second quarter of 2018, to be satisfied out of the SPE's assets prior to any assets or value in the SPE becoming available to Kraft Heinz or its subsidiaries. Additionally, we enter into various structured payable and product financing arrangements to facilitate supply from our vendors. Balance sheet classification is based on the nature of the agreements. For certain arrangements, we classify amounts outstanding within other current liabilities on our consolidated balance sheets. We had approximately $267 million on our consolidated balance sheets at December 29, 2018 and approximately $268 million at December 30, 2017 related to these arrangements. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings We are involved in legal proceedings, claims, and governmental inquiries, inspections, or investigations (“Legal Matters”) arising in the ordinary course of our business. While we cannot predict with certainty the results of Legal Matters in which we are currently involved or may in the future be involved, we do not expect that the ultimate costs to resolve any of the Legal Matters that are currently pending will have a material adverse effect on our financial condition or results of operations. Class Actions and Stockholder Derivative Actions: We and certain of our current and former officers and directors are currently defendants in three securities class action lawsuits filed in February, March, and April 2019. The first filed action, Hedick v. The Kraft Heinz Company , was filed on February 24, 2019 against the Company and three of its officers (the “Hedick Action”). The second filed action, Iron Workers District Council (Philadelphia and Vicinity) Retirement and Pension Plan v. The Kraft Heinz Company , was filed on March 15, 2019 against, among others, the Company and six of its current and former officers (the “Iron Workers Action”). The third filed action, Timber Hill LLC v. The Kraft Heinz Company , was filed on April 25, 2019 against, among others, the Company and six of its current and former officers and one of its directors (the “Timber Hill Action”). All of these securities class action lawsuits were filed in the United States District Court for the Northern District of Illinois. Another securities class action lawsuit, Walling v. Kraft Heinz Company , was filed on February 26, 2019 in the United States District Court for the Western District of Pennsylvania against, among others, the Company and six of its current and former officers (the “Walling Action”). Plaintiff in the Walling Action filed a notice of voluntary dismissal of his complaint, without prejudice, on April 26, 2019. Plaintiffs in these lawsuits purport to represent a class of all individuals and entities who purchased, sold, or otherwise acquired or disposed of publicly traded securities of the Company (including in the Timber Hill Action, the purchase of call options on Company common stock, the sale of put options on Company common stock, and the purchase of futures on the Company’s common stock) from May 4, 2017 through February 21, 2019, in the case of the Hedick Action and the Walling Action, and from July 6, 2015 through February 21, 2019, in the case of the Iron Workers Action and the Timber Hill Action. The complaints assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, based on allegedly materially false or misleading statements and omissions in public statements, press releases, investor presentations, earnings calls, and SEC filings regarding the Company’s business, financial results, and internal controls. The plaintiffs seek damages in an unspecified amount, attorneys’ fees and other relief. In addition, our Employee Benefits Administration Board and certain of our current and former employees are currently defendants in one class action lawsuit, Osborne v. Employee Benefits Administration Board of Kraft Heinz , which was filed on March 19, 2019 in the United States District Court for the Western District of Pennsylvania. Plaintiffs in the lawsuit purport to represent a class of current and former employees who were participants in and beneficiaries of various retirement plans which were co-invested in a commingled investment fund known as the Kraft Foods Savings Plan Master Trust (the “Master Trust”) during the period of May 4, 2017 through February 21, 2019. The complaint alleges violations of Section 502 of the Employee Retirement Income Security Act (“ERISA”) based on alleged breaches of obligations as fiduciaries subject to ERISA by allowing the Master Trust to continue investing in our common stock. The plaintiffs seek damages in an unspecified amount, attorneys’ fees, and other relief. Certain of our current and former officers and directors, among others, are also currently defendants in five stockholder derivative actions: DeFabiis v. Hees filed on April 16, 2019, Vladimir Gusinsky Revocable Trust v. Hees filed on May 8, 2019, Kailas v. Hees filed on May 13, 2019, Silverman v. Behring filed on May 15, 2019, and Green v. Behring filed on May 23, 2019, with the Company named as a nominal defendant. Plaintiffs, derivatively on behalf of the Company, assert claims under the common law and statutory law of Delaware for alleged breaches of fiduciary duties as well as alleged violations of Sections 10(b) and 14(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, based on allegedly materially false or misleading statements and omissions in public statements and SEC filings. The plaintiffs seek damages in an unspecific amount, attorneys’ fees, and other relief. All of these stockholder derivative actions were filed in the United States District Court for the Western District of Pennsylvania. We intend to vigorously defend against these lawsuits; however, we cannot reasonably estimate the potential range of loss, if any, due to the early stage of these proceedings. Securities and Exchange Commission Investigation: As previously disclosed on February 21, 2019, we received a subpoena in October 2018 from the SEC related to our procurement area, specifically the accounting policies, procedures, and internal controls related to our procurement function, including, but not limited to, agreements, side agreements, and changes or modifications to agreements with our suppliers. Following the receipt of this subpoena, we, together with external counsel and forensic accountants, and subsequently, under the oversight of the Audit Committee, conducted an internal investigation into our procurement area and related matters. Following our earnings release and investor call on February 21, 2019, when we announced the results of our interim assessment of goodwill and intangible asset impairments, the SEC requested additional information related to our financial reporting, internal controls, and disclosures, our assessment of goodwill and intangible asset impairments, and our communications with certain shareholders. It is our understanding that the United States Attorney’s Office for the Northern District of Illinois also is reviewing this matter, working with the SEC and receiving materials from it. We cannot predict the eventual scope, duration or outcome of any potential SEC legal action or other action or whether it could have a material impact on our financial condition, results of operations, or cash flow. We have been responsive to the ongoing subpoenas and other document requests and will continue to cooperate fully with any governmental or regulatory inquiries or investigations. Other Commitments and Contingencies As a result of our review of supplier contracts and related arrangements, we determined that the classification of the embedded lease element for certain contracts should have been classified as an operating lease instead of a capital lease. In addition, we identified certain arrangements that were improperly accounted for as embedded capital leases. Therefore, future obligations associated with operating leases and purchase obligations have been restated below. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for additional information related to the restatement and our review of supplier contracts and related arrangements. Leases: Rental expenses for leases of warehouse, production, and office facilities and equipment were $200 million in 2018, $244 million in 2017, and $198 million in 2016. Minimum rental commitments under non-cancelable operating leases in effect at December 29, 2018 were (in millions): 2019 $ 185 2020 137 2021 105 2022 70 2023 49 Thereafter 148 Total $ 694 Purchase Obligations: We have purchase obligations for materials, supplies, property, plant and equipment, and co-packing, storage, and distribution services based on projected needs to be utilized in the normal course of business. Other purchase obligations include commitments for marketing, advertising, capital expenditures, information technology, and professional services. As of December 29, 2018 , our take-or-pay purchase obligations were as follows (in millions): 2019 $ 1,569 2020 757 2021 405 2022 287 2023 210 Thereafter 217 Total $ 3,445 Redeemable Noncontrolling Interest: In 2017, we commenced operations of a joint venture with a minority partner to manufacture, package, market, and distribute refrigerated soups and meal sides. We control operations and include this business in our consolidated results. Our minority partner has put options that, if it chooses to exercise, would require us to purchase portions of its equity interest at a future date. These put options will become exercisable beginning in 2025 (on the eighth anniversary of the product launch date) at a price to be determined at that time based upon an independent third party valuation. The minority partner’s put options are reflected on our consolidated balance sheets as a redeemable noncontrolling interest. We accrete the redeemable noncontrolling interest to its estimated redemption value over the term of the put options. At December 29, 2018 , we estimate the redemption value to be approximately $35 million . |
Debt (Notes)
Debt (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Borrowing Arrangements: On July 6, 2015, together with Kraft Heinz Foods Company (“KHFC”), our 100% owned operating subsidiary, we entered into a credit agreement (as amended, the “Credit Agreement”), which provides for a $4.0 billion senior unsecured revolving credit facility (the “Senior Credit Facility”). In June 2018, we entered into an agreement that became effective on July 6, 2018 to extend the maturity date of our Senior Credit Facility from July 6, 2021 to July 6, 2023 and to establish a $400 million euro equivalent swing line facility, which is available under the $4.0 billion revolving credit facility limit for short-term loans denominated in euros on a same-day basis. No amounts were drawn on our Senior Credit Facility at December 29, 2018 , at December 30, 2017 , or during the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 . The Senior Credit Facility includes a $1.0 billion sub-limit for borrowings in alternative currencies (i.e., euro, sterling, Canadian dollars, or other lawful currencies readily available and freely transferable and convertible into U.S. dollars), as well as a letter of credit sub-facility of up to $300 million . Subject to certain conditions, we may increase the amount of revolving commitments and/or add additional tranches of term loans in a combined aggregate amount of up to $1.0 billion . Any committed borrowings under the Senior Credit Facility bear interest at a variable annual rate based on LIBOR/EURIBOR/CDOR loans or an alternate base rate/Canadian prime rate, in each case subject to an applicable margin based upon the long-term senior unsecured, non-credit enhanced debt rating assigned to us. The borrowings under the Senior Credit Facility have interest rates based on, at our election, base rate, LIBOR, EURIBOR, CDOR, or Canadian prime rate plus a spread ranging from 87.5 to 175 basis points for LIBOR, EURIBOR, and CDOR loans, and 0 to 75 basis points for base rate or Canadian prime rate loans. The Senior Credit Facility contains representations, warranties, and covenants that are typical for these types of facilities and could upon the occurrence of certain events of default restrict our ability to access our Senior Credit Facility. Our Senior Credit Facility requires us to maintain a minimum shareholders’ equity (excluding accumulated other comprehensive income/(losses)) of at least $35 billion . We were in compliance with all financial covenants during the year ended December 29, 2018. During the period from December 29, 2018 to the filing date of this Annual Report on Form 10-K, due to the delays in the preparation of our financial statements for the fiscal year ended December 29, 2018 and the fiscal quarter ended March 30, 2019, we were not in compliance with certain reporting covenants under the Senior Credit Facility. However, as previously disclosed, on March 22, 2019, we entered into a Waiver and Consent No. 1 (the “Original Waiver”) with respect to the Senior Credit Facility, pursuant to which the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, granted a temporary waiver of compliance by us with respect to the requirement to furnish the lenders a copy of the consolidated financial statements for our fiscal year ended December 29, 2018. Pursuant to the Original Waiver, we were required to provide consolidated financial statements no later than May 14, 2019. Due to additional delays in our financial reporting, on May 10, 2019, we entered into a Waiver and Consent No. 2 (the “Second Waiver”) with respect to the Senior Credit Facility, pursuant to which the lenders, as party to the Senior Credit Facility, and JPMorgan Chase Bank, N.A., as administrative agent, granted a temporary waiver of compliance by us with respect to the requirements to furnish the lenders copies of the consolidated financial statements for our fiscal year ended December 29, 2018 and for the fiscal quarter ended March 30, 2019. Pursuant to the Second Waiver and in order to remedy our noncompliance, we are required to provide consolidated financial statements for our fiscal year ended December 29, 2018 no later than June 28, 2019 and for our fiscal quarter ended March 30, 2019 no later than July 31, 2019. If we had not obtained these waivers, we would not have been able to access our Senior Credit Facility. The obligations under the Credit Agreement are guaranteed by KHFC in the case of indebtedness and other liabilities of any subsidiary borrower and by Kraft Heinz in the case of indebtedness and other liabilities of any subsidiary borrower and KHFC. In August 2017, we repaid $600 million aggregate principal amount of our previously outstanding senior unsecured loan facility (the “Term Loan Facility”). Accordingly, there were no amounts outstanding on the Term Loan Facility at December 29, 2018 or December 30, 2017 . We obtain funding through our U.S. and European commercial paper programs. At December 29, 2018 , we had no commercial paper outstanding. At December 30, 2017 , we had commercial paper outstanding of $448 million with a weighted average interest rate of 1.541% . Long-Term Debt: The following table summarizes our long-term debt obligations. Long-term debt at December 30, 2017 reflects the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . Priority (a) Maturity Dates Interest Rates (b) Carrying Values As Restated December 29, 2018 December 30, 2017 (in millions) U.S. dollar notes: 2025 Notes (c) Senior Secured Notes February 15, 2025 4.875% $ 1,193 $ 1,192 Other U.S. dollar notes (d)(e) Senior Notes 2019-2046 2.800% - 7.125% 25,551 25,165 Euro notes (d) Senior Notes 2023-2028 1.500% - 2.250% 2,899 3,038 Canadian dollar notes (f) Senior Notes July 6, 2020 2.700% - 3.128% 586 794 British pound sterling notes: 2030 Notes (g) Senior Secured Notes February 18, 2030 6.250% 165 176 Other British pound sterling notes (d) Senior Notes July 1, 2027 4.125% 504 536 Other long-term debt Various 2019-2035 0.800% - 5.500% 50 56 Capital lease obligations 199 84 Total long-term debt 31,147 31,041 Current portion of long-term debt 377 2,733 Long-term debt, excluding current portion $ 30,770 $ 28,308 (a) Priority of debt indicates the order which debt would be paid if all debt obligations were due on the same day. Senior secured debt takes priority over unsecured debt. Senior debt has greater seniority than subordinated debt. (b) Floating interest rates are stated as of December 29, 2018. (c) The 4.875% Second Lien Senior Secured Notes due February 15, 2025 (the “2025 Notes”) are senior in right of payment of existing and future unsecured and subordinated indebtedness. Kraft Heinz fully and unconditionally guarantees these notes. (d) Kraft Heinz fully and unconditionally guarantees these notes, which were issued by KHFC. (e) Includes current year issuances (the “New Notes”) described below. (f) Kraft Heinz fully and unconditionally guarantees these notes, which were issued by Kraft Heinz Canada ULC (formerly Kraft Canada Inc.). (g) The 6.250% Pound Sterling Senior Secured Notes due February 18, 2030 (the “2030 Notes”) were issued by H.J. Heinz Finance UK Plc. Kraft Heinz and KHFC fully and unconditionally guarantee the 2030 Notes. This guarantee is secured and senior in right of payment of existing and future unsecured and subordinated indebtedness. Kraft Heinz became guarantor of the 2030 Notes in connection with the 2015 Merger. The 2030 Notes were previously only guaranteed by KHFC. Our long-term debt contains customary representations, covenants, and events of default. We were in compliance with all financial covenants during the year ended December 29, 2018 . During the period from December 29, 2018 to the filing date of this Annual Report on Form 10-K, due to the delays in the preparation of our financial statements for the fiscal year ended December 29, 2018 and the fiscal quarter ended March 30, 2019, we were not in compliance with certain reporting covenants under certain indentures. The filing of this Annual Report on Form 10-K will constitute compliance with the requirement to furnish the lenders a copy of the consolidated financial statements for our fiscal year ended December 29, 2018 no later than June 28, 2019. We also currently expect to file our Quarterly Report on Form 10-Q for the quarter ended March 30, 2019 on or before July 31, 2019 in compliance with the requirement to furnish the lenders a copy of the consolidated financial statements for such quarter no later than July 31, 2019. Under our existing indentures, if we do not file required reports within specified time periods, the trustee or holders of at least 30% in the case of our Second Lien Senior Secured Notes due 2025 and 25% in the case of any other series of notes may deliver a notice of default for such series of notes which would commence the applicable cure period under such indenture. As of June 5, 2019, none of the cure periods under our existing indentures have been triggered in connection with our failure to comply with the respective reporting covenants set forth in such indentures. However, if a cure period is triggered under such indentures and we fail to file our annual and interim financial statements within such cure period, any outstanding notes issued thereunder would become callable. At December 29, 2018 , our long-term debt excluded amounts classified as held for sale. See Note 5, Acquisitions and Divestitures , for additional information. At December 29, 2018 , aggregate principal maturities of our long-term debt excluding capital leases were (in millions): 2019 $ 355 2020 2,992 2021 990 2022 3,508 2023 2,460 Thereafter 20,329 Debt Issuances: In June 2018, KHFC, our 100% owned operating subsidiary, issued $300 million aggregate principal amount of 3.375% senior notes due 2021, $1.6 billion aggregate principal amount of 4.000% senior notes due 2023, and $1.1 billion aggregate principal amount of 4.625% senior notes due 2029 (collectively, the “New Notes”). The New Notes are fully and unconditionally guaranteed by Kraft Heinz as to payment of principal, premium, and interest on a senior unsecured basis. We used approximately $500 million of the proceeds from the New Notes in connection with the wind-down of our U.S. securitization program in the second quarter of 2018. We also used proceeds from the New Notes to refinance a portion of our commercial paper borrowings in the second quarter of 2018, to repay certain notes that matured in July and August 2018, and for other general corporate purposes. In August 2017, KHFC issued $350 million aggregate principal amount of floating rate senior notes due 2019, $650 million aggregate principal amount of floating rate senior notes due 2021, and $500 million aggregate principal amount of floating rate senior notes due 2022 (collectively, the “2017 Notes”). The 2017 Notes are fully and unconditionally guaranteed by Kraft Heinz as to payment of principal, premium, and interest on a senior unsecured basis. We used the net proceeds from the 2017 Notes primarily to repay all amounts outstanding under our $600 million Term Loan Facility together with accrued interest thereon, to refinance a portion of our commercial paper programs, and for other general corporate purposes. In May 2016, KHFC issued $2.0 billion aggregate principal amount of 3.000% senior notes due June 2026, $3.0 billion aggregate principal amount of 4.375% senior notes due June 2046, €550 million aggregate principal amount of 1.500% senior notes due May 2024, and €1,250 million aggregate principal amount of 2.250% senior notes due May 2028 (collectively, the “2016 Notes”). The 2016 Notes are fully and unconditionally guaranteed by Kraft Heinz as to payment of principal, premium, and interest on a senior unsecured basis. We used the net proceeds from the 2016 Notes primarily to redeem all outstanding shares of our 9.00% cumulative compounding preferred stock, Series A (“Series A Preferred Stock”) for $8.3 billion . See Note 20, Capital Stock , for additional information. Debt Issuance Costs: Debt issuance costs are reflected as a direct deduction of our long-term debt balance on the consolidated balance sheets. We incurred debt issuance costs of $15 million in 2018 and $53 million in 2016. Debt issuance costs in 2017 were insignificant. Unamortized debt issuance costs were $115 million at December 29, 2018 , $114 million at December 30, 2017 , and $124 million at December 31, 2016 . Amortization of debt issuance costs was $16 million in 2018, $16 million in 2017, and $14 million in 2016. Debt Premium: Unamortized debt premiums are presented on the consolidated balance sheets as a direct addition to the carrying amount of debt. Unamortized debt premium, net, was $430 million at December 29, 2018 and $505 million at December 30, 2017 . Amortization of our debt premium, net, was $65 million in 2018, $81 million in 2017, and $88 million in 2016. Debt Repayments: In July and August 2018, we repaid $2.7 billion aggregate principal amount of senior notes that matured in the period. We funded these long-term debt repayments primarily with proceeds from the New Notes issued in June 2018. Additionally, in June 2017, we repaid $2.0 billion aggregate principal amount of senior notes that matured in the period. We funded these long-term debt repayments primarily with cash on hand and our commercial paper programs. Fair Value of Debt: At December 29, 2018 , the aggregate fair value of our total debt was $30.1 billion as compared with a carrying value of $31.2 billion . At December 30, 2017 , the aggregate fair value of our total debt was $33.0 billion as compared with a carrying value of $31.5 billion . Our short-term debt and commercial paper had carrying values that approximated their fair values at December 29, 2018 and December 30, 2017. We determined the fair value of our long-term debt using Level 2 inputs. Fair values are generally estimated based on quoted market prices for identical or similar instruments. |
Capital Stock (Notes)
Capital Stock (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Preferred Stock Our Second Amended and Restated Certificate of Incorporation authorizes the issuance of up to 920,000 shares of preferred stock. On June 7, 2016, we redeemed all 80,000 outstanding shares of our Series A Preferred Stock for $8.3 billion . We funded this redemption primarily through the issuance of long-term debt in May 2016, as well as other sources of liquidity, including our U.S. commercial paper program, U.S. securitization program, and cash on hand. In connection with the redemption, all Series A Preferred Stock was canceled and automatically retired. Common Stock Our Second Amended and Restated Certificate of Incorporation authorizes the issuance of up to 5.0 billion shares of common stock. Shares of common stock issued, in treasury, and outstanding were (in millions of shares): Shares Issued Treasury Shares Shares Outstanding Balance at January 3, 2016 1,214 — 1,214 Exercise of stock options, issuance of other stock awards, and other 5 (2 ) 3 Balance at December 31, 2016 1,219 (2 ) 1,217 Exercise of stock options, issuance of other stock awards, and other 2 — 2 Balance at December 30, 2017 1,221 (2 ) 1,219 Exercise of stock options, issuance of other stock awards, and other 3 (2 ) 1 Balance at December 29, 2018 1,224 (4 ) 1,220 |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Our earnings per common share (“EPS”) were: As Restated December 29, December 30, December 31, (in millions, except per share data) Basic Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ (10,192 ) $ 10,941 $ 3,416 Weighted average shares of common stock outstanding 1,219 1,218 1,217 Net earnings/(loss) $ (8.36 ) $ 8.98 $ 2.81 Diluted Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ (10,192 ) $ 10,941 $ 3,416 Weighted average shares of common stock outstanding 1,219 1,218 1,217 Effect of dilutive equity awards — 10 9 Weighted average shares of common stock outstanding, including dilutive effect 1,219 1,228 1,226 Net earnings/(loss) $ (8.36 ) $ 8.91 $ 2.78 Basic and diluted EPS for the years ended December 30, 2017 and December 31, 2016 reflect the restatements that impacted net income/(loss) attributable to common shareholders. The restatements had no impact on weighted average shares of common stock outstanding or dilutive equity awards in prior periods. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for additional information. We use the treasury stock method to calculate the dilutive effect of outstanding equity awards in the denominator for diluted EPS. We had net losses attributable to common shareholders in 2018. Therefore, we have excluded the dilutive effects of equity awards in 2018 as their inclusion would have had an anti-dilutive effect on EPS. Anti-dilutive shares were 13 million in 2018, 2 million in 2017, and 3 million in 2016. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Management evaluates segment performance based on several factors, including net sales and Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as net income/(loss) from continuing operations before interest expense, other expense/(income), net, provision for/(benefit from) income taxes, and depreciation and amortization (excluding integration and restructuring expenses); in addition to these adjustments, we exclude, when they occur, the impacts of integration and restructuring expenses, deal costs, unrealized gains/(losses) on commodity hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, gains/(losses) on the sale of a business, other gains/(losses) related to acquisitions and divestitures (e.g., tax and hedging impacts), nonmonetary currency devaluation (e.g., remeasurement gains and losses), and equity award compensation expense (excluding integration and restructuring expenses). Segment Adjusted EBITDA is a tool that can assist management and investors in comparing our performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our underlying operations. Management uses Segment Adjusted EBITDA to evaluate segment performance and allocate resources. Management does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment. Net sales by segment were (in millions): As Restated December 29, December 30, December 31, Net sales: United States $ 18,122 $ 18,230 $ 18,469 Canada 2,173 2,177 2,302 EMEA 2,718 2,585 2,586 Rest of World 3,255 3,084 2,943 Total net sales $ 26,268 $ 26,076 $ 26,300 Net sales for the years ended December 30, 2017 and December 31, 2016 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . Segment Adjusted EBITDA was (in millions): As Restated & Recast December 29, December 30, December 31, Segment Adjusted EBITDA: United States $ 5,218 $ 5,873 $ 5,744 Canada 608 636 632 EMEA 724 673 741 Rest of World 635 590 621 General corporate expenses (161 ) (108 ) (164 ) Depreciation and amortization (excluding integration and restructuring expenses) (919 ) (907 ) (875 ) Integration and restructuring expenses (297 ) (583 ) (992 ) Deal costs (23 ) — (30 ) Unrealized gains/(losses) on commodity hedges (21 ) (19 ) 38 Impairment losses (15,936 ) (49 ) (71 ) Gains/(losses) on sale of business (15 ) — — Nonmonetary currency devaluation — — (4 ) Equity award compensation expense (excluding integration and restructuring expenses) (33 ) (49 ) (39 ) Operating income/(loss) (10,220 ) 6,057 5,601 Interest expense 1,284 1,234 1,134 Other expense/(income), net (183 ) (627 ) (472 ) Income/(loss) before income taxes $ (11,321 ) $ 5,450 $ 4,939 Segment Adjusted EBITDA for the years ended December 30, 2017 and December 31, 2016 reflects restatements and has been recast to reflect the impact of adopting ASU 2017-07 in the first quarter of 2018. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for additional information. In addition, see Note 23, Quarterly Financial Data (Unaudited) , for restated Segment Adjusted EBITDA for the interim periods within fiscal years 2018 and 2017. Total depreciation and amortization expense by segment was (in millions): As Restated December 29, December 30, December 31, Depreciation and amortization expense: United States $ 626 $ 658 $ 966 Canada 39 48 56 EMEA 102 99 87 Rest of World 119 98 84 General corporate expenses 97 128 144 Total depreciation and amortization expense $ 983 $ 1,031 $ 1,337 Depreciation and amortization expense for the year ended December 30, 2017 reflects the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . The decrease in depreciation and amortization expense in 2017 compared to 2016 was primarily driven by accelerated depreciation recognized in 2016 resulting from factory closures as part of our Integration Program. See Note 6, Integration and Restructuring Expenses , for additional information. Total capital expenditures by segment were (in millions): As Restated December 29, December 30, December 31, Capital expenditures: United States $ 388 $ 764 $ 843 Canada 21 42 30 EMEA 124 127 115 Rest of World 236 184 96 General corporate expenses 57 77 163 Total capital expenditures $ 826 $ 1,194 $ 1,247 Capital expenditures for the year ended December 30, 2017 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . Net sales by product category were (in millions): As Restated December 29, December 30, December 31, Condiments and sauces $ 6,752 $ 6,429 $ 6,297 Cheese and dairy 5,287 5,409 5,537 Ambient foods 2,576 2,564 2,488 Frozen and chilled foods 2,548 2,578 2,577 Meats and seafood 2,505 2,567 2,659 Refreshment beverages 1,507 1,506 1,517 Coffee 1,438 1,422 1,489 Infant and nutrition 756 755 761 Desserts, toppings and baking 1,038 1,033 1,054 Nuts and salted snacks 967 970 1,069 Other 894 843 852 Total net sales $ 26,268 $ 26,076 $ 26,300 In 2018, we reorganized the products within our product categories to reflect how we manage our business. We have reflected this change for all historical periods presented. In addition, net sales by product category for the years ended December 30, 2017 and December 31, 2016 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . Concentration of Risk: Our largest customer, Walmart Inc., represented approximately 21% of our net sales in 2018, 21% of our net sales in 2017, and approximately 22% of our net sales in 2016. All of our segments have sales to Walmart Inc. Geographic Financial Information: We had significant sales in the United States, Canada, and the United Kingdom. Our net sales by geography were (in millions): As Restated December 29, December 30, December 31, Net sales: United States $ 18,218 $ 18,324 $ 18,556 Canada 2,173 2,177 2,302 United Kingdom 1,071 1,018 1,053 Other 4,806 4,557 4,389 Total net sales $ 26,268 $ 26,076 $ 26,300 Net sales by geography for the years ended December 30, 2017 and December 31, 2016 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . We had significant long-lived assets in the United States, Canada, and the United Kingdom. Long-lived assets include property, plant and equipment, goodwill, trademarks, and other intangible assets, net of related depreciation and amortization. Our long-lived assets by geography were (in millions): As Restated December 29, December 30, Long-lived assets: United States $ 79,057 $ 92,504 United Kingdom 4,996 6,226 Canada 3,620 6,585 Other 5,376 6,003 Total long-lived assets $ 93,049 $ 111,318 At December 29, 2018 , long-lived assets by geography excluded amounts classified as held for sale. See Note 5, Acquisitions and Divestitures , for additional information. Long-lived assets at December 30, 2017 reflect the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Our quarterly financial data for 2018 and 2017 is summarized as follows: 2018 Quarters As Restated Fourth Third Second First (in millions, except per share data) Net sales $ 6,891 $ 6,383 $ 6,690 $ 6,304 Gross profit 2,216 2,094 2,347 2,264 Net income/(loss) (12,628 ) 618 753 1,003 Net income/(loss) attributable to common shareholders (12,568 ) 619 754 1,003 Per share data applicable to common shareholders: Basic earnings/(loss) (10.30 ) 0.51 0.62 0.82 Diluted earnings/(loss) (10.30 ) 0.50 0.62 0.82 2017 Quarters As Restated & Recast Fourth Third Second First (in millions, except per share data) Net sales $ 6,841 $ 6,279 $ 6,634 $ 6,322 Gross profit 2,287 2,156 2,407 2,183 Net income/(loss) 7,982 912 1,157 881 Net income/(loss) attributable to common shareholders 7,989 913 1,156 883 Per share data applicable to common shareholders: Basic earnings/(loss) 6.55 0.75 0.95 0.73 Diluted earnings/(loss) 6.50 0.74 0.94 0.72 Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements We have restated herein our previously issued unaudited condensed consolidated financial statements for each interim period within the nine months ended September 29, 2018 and the fiscal year ended December 30, 2017. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for additional information. The following tables represent our restated unaudited condensed consolidated financial statements for each quarter-to-date and year-to-date interim period within the nine months ended September 29, 2018 and the fiscal year ended December 30, 2017 and at each interim period therein. The 2018 quarterly restatements will be effective with the filing of our future 2019 unaudited interim condensed consolidated financial statement filings in Quarterly Reports on Form 10-Q. The values as previously reported for the fiscal quarters ended September 29, 2018, June 30, 2018, and March 31, 2018 were derived from our Quarterly Reports on Form 10-Q filed on November 2, 2018, August 3, 2018, and May 3, 2018, respectively. The values as previously reported for the fiscal quarter ended December 30, 2017 were derived from our Annual Report on Form 10-K for the year ended December 30, 2017 filed on February 16, 2018. The values as previously reported for the fiscal quarters ended September 30, 2017, July 1, 2017, and April 1, 2017 were derived from our Quarterly Reports on Form 10-Q, as amended for the first and second quarters, all of which were filed on November 7, 2017. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for a description of the misstatements in each category of restatements referenced by (a) through (g). In addition, the condensed consolidated statements of income for the interim periods within the year ended December 30, 2017, as previously reported, did not originally reflect the adoption of ASU 2017-07 related to the presentation of net periodic benefit cost (pension and postretirement cost). This ASU was adopted in the first quarter of 2018 and was applied retrospectively for statement of income presentation of service cost components and other net periodic benefit cost components. Our condensed consolidated statements of income for the interim periods within fiscal year 2017 have been recast accordingly. See Note 4, New Accounting Standards , for additional information related to our adoption of ASU 2017-07. The Kraft Heinz Company Condensed Consolidated Statements of Income (in millions, except per share data) As Restated December 29, 2018 September 29, 2018 June 30, March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net sales $ 6,891 $ 6,383 $ 19,377 $ 6,690 $ 12,994 $ 6,304 Cost of products sold 4,675 4,289 12,672 4,343 8,383 4,040 Gross profit 2,216 2,094 6,705 2,347 4,611 2,264 Selling, general and administrative expenses, excluding impairment losses 867 803 2,338 771 1,535 764 Goodwill impairment losses 6,875 — 133 133 133 — Intangible asset impairment losses 8,610 217 318 101 101 — Selling, general and administrative expenses 16,352 1,020 2,789 1,005 1,769 764 Operating income/(loss) (14,136 ) 1,074 3,916 1,342 2,842 1,500 Interest expense 325 326 959 316 633 317 Other expense/(income), net 13 (71 ) (196 ) (35 ) (125 ) (90 ) Income/(loss) before income taxes (14,474 ) 819 3,153 1,061 2,334 1,273 Provision for/(benefit from) income taxes (1,846 ) 201 779 308 578 270 Net income/(loss) (12,628 ) 618 2,374 753 1,756 1,003 Net income/(loss) attributable to noncontrolling interest (60 ) (1 ) (2 ) (1 ) (1 ) — Net income/(loss) attributable to Kraft Heinz (12,568 ) 619 2,376 754 1,757 1,003 Preferred dividends — — — — — — Net income/(loss) attributable to common shareholders $ (12,568 ) $ 619 $ 2,376 $ 754 $ 1,757 $ 1,003 Per share data applicable to common shareholders: Basic earnings/(loss) $ (10.30 ) $ 0.51 $ 1.95 $ 0.62 $ 1.44 $ 0.82 Diluted earnings/(loss) (10.30 ) 0.50 1.94 0.62 1.43 0.82 The Kraft Heinz Company Condensed Consolidated Statements of Income (in millions, except per share data) As Restated & Recast December 30, 2017 September 30, 2017 July 1, April 1, Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net sales $ 6,841 $ 6,279 $ 19,235 $ 6,634 $ 12,956 $ 6,322 Cost of products sold 4,554 4,123 12,489 4,227 8,366 4,139 Gross profit 2,287 2,156 6,746 2,407 4,590 2,183 Selling, general and administrative expenses, excluding impairment losses 778 664 2,149 720 1,485 765 Goodwill impairment losses — — — — — — Intangible asset impairment losses — 1 49 48 48 — Selling, general and administrative expenses 778 665 2,198 768 1,533 765 Operating income/(loss) 1,509 1,491 4,548 1,639 3,057 1,418 Interest expense 308 306 926 307 620 313 Other expense/(income), net (116 ) (127 ) (511 ) (254 ) (384 ) (130 ) Income/(loss) before income taxes 1,317 1,312 4,133 1,586 2,821 1,235 Provision for/(benefit from) income taxes (6,665 ) 400 1,183 429 783 354 Net income/(loss) 7,982 912 2,950 1,157 2,038 881 Net income/(loss) attributable to noncontrolling interest (7 ) (1 ) (2 ) 1 (1 ) (2 ) Net income/(loss) attributable to Kraft Heinz 7,989 913 2,952 1,156 2,039 883 Preferred dividends — — — — — — Net income/(loss) attributable to common shareholders $ 7,989 $ 913 $ 2,952 $ 1,156 $ 2,039 $ 883 Per share data applicable to common shareholders: Basic earnings/(loss) $ 6.55 $ 0.75 $ 2.42 $ 0.95 $ 1.67 $ 0.73 Diluted earnings/(loss) 6.50 0.74 2.40 0.94 1.66 0.72 The Kraft Heinz Company Condensed Consolidated Statements of Comprehensive Income (in millions) As Restated December 29, 2018 September 29, 2018 June 30, March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net income/(loss) $ (12,628 ) $ 618 $ 2,374 $ 753 $ 1,756 $ 1,003 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments (378 ) (144 ) (809 ) (862 ) (665 ) 197 Net deferred gains/(losses) on net investment hedges 126 13 158 219 145 (74 ) Amounts excluded from the effectiveness assessment of net investment hedges 4 3 3 — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (5 ) (2 ) (2 ) — — — Net deferred gains/(losses) on cash flow hedges 59 (16 ) 40 34 56 22 Amounts excluded from the effectiveness assessment of cash flow hedges 2 — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (34 ) 12 (10 ) (9 ) (22 ) (13 ) Net actuarial gains/(losses) arising during the period (12 ) 17 70 53 53 — Prior service credits/(costs) arising during the period 3 — — — — — Net postemployment benefit losses/(gains) reclassified to net income/(loss) 15 (58 ) (133 ) (17 ) (75 ) (58 ) Total other comprehensive income/(loss) (220 ) (175 ) (683 ) (582 ) (508 ) 74 Total comprehensive income/(loss) (12,848 ) 443 1,691 171 1,248 1,077 Comprehensive income/(loss) attributable to noncontrolling interest (61 ) (3 ) (15 ) (7 ) (12 ) (5 ) Comprehensive income/(loss) attributable to Kraft Heinz $ (12,787 ) $ 446 $ 1,706 $ 178 $ 1,260 $ 1,082 The Kraft Heinz Company Condensed Consolidated Statements of Comprehensive Income (in millions) As Restated December 30, 2017 September 30, 2017 July 1, April 1, Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net income/(loss) $ 7,982 $ 912 $ 2,950 $ 1,157 $ 2,038 $ 881 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments 7 419 1,178 455 759 304 Net deferred gains/(losses) on net investment hedges (26 ) (124 ) (327 ) (152 ) (203 ) (51 ) Amounts excluded from the effectiveness assessment of net investment hedges — — — — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — — — — Net deferred gains/(losses) on cash flow hedges 23 (70 ) (136 ) (32 ) (66 ) (34 ) Amounts excluded from the effectiveness assessment of cash flow hedges — — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (12 ) 51 97 26 46 20 Net actuarial gains/(losses) arising during the period 82 (4 ) (13 ) 1 (9 ) (10 ) Prior service credits/(costs) arising during the period 16 — 1 1 1 — Net postemployment benefit losses/(gains) reclassified to net income/(loss) (49 ) (51 ) (260 ) (154 ) (209 ) (55 ) Total other comprehensive income/(loss) 41 221 540 145 319 174 Total comprehensive income/(loss) 8,023 1,133 3,490 1,302 2,357 1,055 Comprehensive income/(loss) attributable to noncontrolling interest 1 (1 ) (4 ) 1 (3 ) (4 ) Comprehensive income/(loss) attributable to Kraft Heinz $ 8,022 $ 1,134 $ 3,494 $ 1,301 $ 2,360 $ 1,059 The Kraft Heinz Company Condensed Consolidated Balance Sheets (in millions, except per share data) As Restated September 29, 2018 June 30, 2018 March 31, 2018 ASSETS Cash and cash equivalents $ 1,366 $ 3,369 $ 1,794 Trade receivables (net of allowances of $24 at September 29, 2018, $24 at June 30, 2018, and $24 at March 31, 2018) 2,032 1,950 1,044 Sold receivables — 37 530 Income taxes receivable 203 211 121 Inventories 3,214 3,094 3,089 Prepaid expenses 389 388 367 Other current assets 352 431 426 Assets held for sale — — — Total current assets 7,556 9,480 7,371 Property, plant and equipment, net 7,074 7,117 7,145 Goodwill 44,339 44,302 44,844 Intangible assets, net 58,727 59,084 59,583 Other non-current assets 1,879 1,766 1,640 TOTAL ASSETS $ 119,575 $ 121,749 $ 120,583 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 973 $ 34 $ 1,003 Current portion of long-term debt 371 2,723 2,715 Trade payables 4,238 4,236 4,148 Accrued marketing 494 480 576 Interest payable 315 404 345 Other current liabilities 1,231 1,236 1,500 Liabilities held for sale — — — Total current liabilities 7,622 9,113 10,287 Long-term debt 30,887 31,269 28,465 Deferred income taxes 14,224 14,260 14,106 Accrued postemployment costs 394 394 400 Other non-current liabilities 1,035 998 1,023 TOTAL LIABILITIES 54,162 56,034 54,281 Commitments and Contingencies Redeemable noncontrolling interest 6 7 8 Equity: Common stock, $0.01 par value (5,000 shares authorized; 1,222 shares issued and 1,219 shares outstanding at September 29, 2018, 1,222 shares issued and 1,219 shares outstanding at June 30, 2018, and 1,222 shares issued and 1,219 shares outstanding at March 31, 2018) 12 12 12 Additional paid-in capital 58,716 58,689 58,656 Retained earnings/(deficit) 8,479 8,624 8,634 Accumulated other comprehensive income/(losses) (1,724 ) (1,551 ) (975 ) Treasury stock, at cost (3 shares at September 29, 2018, 3 shares at June 30, 2018, and 3 shares at March 31, 2018) (264 ) (254 ) (240 ) Total shareholders' equity 65,219 65,520 66,087 Noncontrolling interest 188 188 207 TOTAL EQUITY 65,407 65,708 66,294 TOTAL LIABILITIES AND EQUITY $ 119,575 $ 121,749 $ 120,583 The Kraft Heinz Company Condensed Consolidated Balance Sheets (in millions, except per share data) As Restated September 30, 2017 July 1, 2017 April 1, 2017 ASSETS Cash and cash equivalents $ 1,441 $ 1,445 $ 3,242 Trade receivables (net of allowances of $29 at September 30, 2017, $28 at July 1, 2017, and $30 at April 1, 2017) 938 973 936 Sold receivables 427 461 538 Income taxes receivable 290 237 269 Inventories 3,136 3,012 3,094 Prepaid expenses 368 359 349 Other current assets 527 547 611 Assets held for sale — — — Total current assets 7,127 7,034 9,039 Property, plant and equipment, net 6,902 6,804 6,689 Goodwill 44,859 44,566 44,301 Intangible assets, net 59,483 59,383 59,313 Other non-current assets 1,531 1,535 1,604 TOTAL ASSETS $ 119,902 $ 119,322 $ 120,946 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 457 $ 1,090 $ 909 Current portion of long-term debt 2,747 19 2,022 Trade payables 3,873 3,805 3,858 Accrued marketing 500 499 601 Interest payable 295 406 346 Other current liabilities 1,578 1,589 1,905 Liabilities held for sale — — — Total current liabilities 9,450 7,408 9,641 Long-term debt 28,276 29,978 29,747 Deferred income taxes 20,841 20,840 20,873 Accrued postemployment costs 1,808 1,975 2,016 Other non-current liabilities 715 701 851 TOTAL LIABILITIES 61,090 60,902 63,128 Commitments and Contingencies Redeemable noncontrolling interest — — — Equity: Common stock, $0.01 par value (5,000 shares authorized; 1,221 shares issued and 1,218 shares outstanding at September 30, 2017; 1,221 shares issued and 1,218 shares outstanding at July 1, 2017; 1,220 shares issued and 1,218 shares outstanding at April 1, 2017) 12 12 12 Additional paid-in capital 58,618 58,597 58,565 Retained earnings/(deficit) 1,280 1,129 705 Accumulated other comprehensive income/(losses) (1,087 ) (1,308 ) (1,453 ) Treasury stock, at cost (3 shares at September 30, 2017, 3 shares at July 1, 2017, and 2 shares at April 1, 2017) (223 ) (223 ) (223 ) Total shareholders' equity 58,600 58,207 57,606 Noncontrolling interest 212 213 212 TOTAL EQUITY 58,812 58,420 57,818 TOTAL LIABILITIES AND EQUITY $ 119,902 $ 119,322 $ 120,946 The Kraft Heinz Company Condensed Consolidated Statements of Equity (in millions, except per share data) As Restated For the Nine Months Ended September 29, 2018 Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity Balance at December 30, 2017 $ 12 $ 58,634 $ 8,495 $ (1,054 ) $ (224 ) $ 207 $ 66,070 Net income/(loss) excluding redeemable noncontrolling interest — — 2,376 — — 7 2,383 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (670 ) — (13 ) (683 ) Dividends declared-common stock ($1.875 per share) — — (2,286 ) — — — (2,286 ) Cumulative effect of accounting standards adopted in the period — — (97 ) — — — (97 ) Exercise of stock options, issuance of other stock awards, and other — 82 (9 ) — (40 ) (13 ) 20 Balance at September 29, 2018 $ 12 $ 58,716 $ 8,479 $ (1,724 ) $ (264 ) $ 188 $ 65,407 As Restated For the Six Months Ended June 30, 2018 Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity Balance at December 30, 2017 $ 12 $ 58,634 $ 8,495 $ (1,054 ) $ (224 ) $ 207 $ 66,070 Net income/(loss) excluding redeemable noncontrolling interest — — 1,757 — — 5 1,762 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (497 ) — (11 ) (508 ) Dividends declared-common stock ($1.25 per share) — — (1,524 ) — — — (1,524 ) Cumulative effect of accounting standards adopted in the period — — (95 ) — — — (95 ) Exercise of stock options, issuance of other stock awards, and other — 55 (9 ) — (30 ) (13 ) 3 Balance at June 30, 2018 $ 12 $ 58,689 $ 8,624 $ (1,551 ) $ (254 ) $ 188 $ 65,708 As Restated For the Three Months Ended March 31, 2018 Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity Balance at December 30, 2017 $ 12 $ 58,634 $ 8,495 $ (1,054 ) $ (224 ) $ 207 $ 66,070 Net income/(loss) excluding redeemable noncontrolling interest — — 1,003 — — 5 1,008 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — 79 — (5 ) 74 Dividends declared-common stock ($0.625 per share) — — (762 ) — — — (762 ) Cumulative effect of accounting standards adopted in the period — — (95 ) — — — (95 ) Exercise of stock options, issuance of other stock awards, and other — 22 (7 ) — (16 ) — (1 ) Balance at March 31, 2018 $ 12 $ 58,656 $ 8,634 $ (975 ) $ (240 ) $ 207 $ 66,294 The Kraft Heinz Company Condensed Consolidated Statements of Equity (in millions, except per share data) As Restated For the Nine Months Ended September 30, 2017 Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 Net income/(loss) — — 2,952 — — (2 ) 2,950 Other comprehensive income/(loss) — — — 542 — (2 ) 540 Dividends declared-common stock ($1.825 per share) — — (2,225 ) — — — (2,225 ) Exercise of stock options, issuance of other stock awards, and other — 102 1 — (16 ) — 87 Balance at September 30, 2017 $ 12 $ 58,618 $ 1,280 $ (1,087 ) $ (223 ) $ 212 $ 58,812 As Restated For the Six Months Ended July 1, 2017 Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 Net income/(loss) — — 2,039 — — (1 ) 2,038 Other comprehensive income/(loss) — — — 321 — (2 ) 319 Dividends declared-common stock ($1.20 per share) — — (1,463 ) — — — (1,463 ) Exercise of stock options, issuance of other stock awards, and other — 81 1 — (16 ) — 66 Balance at July 1, 2017 $ 12 $ 58,597 $ 1,129 $ (1,308 ) $ (223 ) $ 213 $ 58,420 As Restated For the Three Months Ended April 1, 2017 Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 Net income/(loss) — — 883 — — (2 ) 881 Other comprehensive income/(loss) — — — 176 — (2 ) 174 Dividends declared-common stock ($0.60 per share) — — (731 ) — — — (731 ) Exercise of stock options, issuance of other stock awards, and other — 49 1 — (16 ) — 34 Balance at April 1, 2017 $ 12 $ 58,565 $ 705 $ (1,453 ) $ (223 ) $ 212 $ 57,818 The Kraft Heinz Company Consolidated Statements of Cash Flows (in millions) As Restated September 29, 2018 June 30, 2018 March 31, 2018 Nine Months Ended Six Months Ended Three Months Ended CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 2,374 $ 1,756 $ 1,003 Adjustments to reconcile net income/(loss) to operating cash flows: Depreciation and amortization 712 462 227 Amortization of postretirement benefit plans prior service costs/(credits) (261 ) (183 ) (106 ) Equity award compensation expense 44 27 7 Deferred income tax provision/(benefit) 104 79 (46 ) Postemployment benefit plan contributions (64 ) (60 ) (22 ) Goodwill and intangible asset impairment losses 451 234 — Nonmonetary currency devaluation 131 67 47 Other items, net 35 27 (22 ) Changes in current assets and liabilities: Trade receivables (2,154 ) (2,001 ) (712 ) Inventories (645 ) (428 ) (312 ) Accounts payable 130 127 (85 ) Other current assets (103 ) (44 ) 26 Other current liabilities 124 153 403 Net cash provided by/(used for) operating activities 878 216 408 CASH FLOWS FROM INVESTING ACTIVITIES: Cash receipts on sold receivables 1,296 1,221 436 Capital expenditures (594 ) (438 ) (223 ) Payments to acquire business, net of cash acquired (248 ) (215 ) (215 ) Other investing activities, net 31 11 6 Net cash provided by/(used for) investing activities 485 579 4 CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (2,706 ) (12 ) (6 ) Proceeds from issuance of long-term debt 2,990 2,990 — Proceeds from issuance of commercial paper 2,485 1,525 1,524 Repayments of commercial paper (1,950 ) (1,950 ) (1,006 ) Dividends paid - Series A Preferred Stock — — — Dividends paid - common stock (2,421 ) (1,659 ) (897 ) Redemption of Series A Preferred Stock — — — Other financing activities, net (35 ) (3 ) 14 Net cash provided by/(used for) financing activities (1,637 ) 891 (371 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (128 ) (80 ) (10 ) Cash, cash equivalents, and restricted cash Net increase/(decrease) (402 ) 1,606 31 Balance at beginning of period 1,769 1,769 1,769 Balance at end of period $ 1,367 $ 3,375 $ 1,800 NON-CASH INVESTING ACTIVITIES: Beneficial interest obtained in exchange for securitized trade receivables $ 938 $ 899 $ 613 The Kraft Heinz Company Consolidated Statements of Cash Flows (in millions) As Restated September 30, 2017 July 1, 2017 April 1, 2017 Nine Months Ended Six Months Ended Three Months Ended CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 2,950 $ 2,038 $ 881 Adjustments to reconcile net income/(loss) to operating cash flows: Depreciation and amortization 789 517 262 Amortization of postretirement benefit plans prior service costs/(credits) (247 ) (171 ) (82 ) Equity award compensation expense 36 24 11 Deferred income tax provision/(benefit) 432 223 68 Postemployment benefit plan contributions (283 ) (90 ) (38 ) Goodwill and intangible asset impairment losses 49 48 — Nonmonetary currency devaluation 36 33 8 Other items, net (62 ) (48 ) 40 Changes in current assets and liabilities: Trade receivables (2,061 ) (1,598 ) (1,040 ) Inventories (567 ) (418 ) (475 ) Accounts payable 123 84 62 Other current assets (90 ) (103 ) (72 ) Other current liabilities (1,090 ) (717 ) (240 ) Net cash provided by/(used for) operating activities 15 (178 ) (615 ) CASH FLOWS FROM INVESTING ACTIVITIES: Cash receipts on sold receivables 1,633 1,069 464 Capital expenditures (956 ) (690 ) (368 ) Payments to acquire business, net of cash acquired — — — Other investing activities, net 45 44 38 Net cash provided by/(used for) investing activities 722 423 134 CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (2,635 ) (2,032 ) (27 ) Proceeds from issuance of long-term debt 1,496 4 2 Proceeds from issuance of commercial paper 5,495 4,213 2,324 Repayments of commercial paper (5,709 ) (3,777 ) (2,068 ) Dividends paid - Series A Preferred Stock — — — Dividends paid - common stock (2,161 ) (1,434 ) (736 ) Redemption of Series A Preferred Stock — — — Other financing activities, net 28 15 — Net cash provided by/(used for) financing activities (3,486 ) (3,011 ) (505 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 43 29 13 Cash, cash equivalents, and restricted cash Net increase/(decrease) (2,706 ) (2,737 ) (973 ) Balance at beginning of period 4,255 4,255 4,255 Balance at end of period $ 1,549 $ 1,518 $ 3,282 NON-CASH INVESTING ACTIVITIES: Beneficial interest obtained in exchange for securitized trade receivables $ 1,936 $ 1,407 $ 880 The Kraft Heinz Company Condensed Consolidated Statement of Income (in millions, except per share data) For the Three Months Ended September 29, 2018 As Previously Reported Restatement Impacts Restatement Reference As Restated Net sales $ 6,378 $ 5 (g) $ 6,383 Cost of products sold 4,271 18 (a)(b)(g) 4,289 Gross profit 2,107 (13 ) 2,094 Selling, general and administrative expenses, excluding impairment losses 803 — (g) 803 Goodwill impairment losses — — — Intangible asset impairment losses 234 (17 ) (f) 217 Selling, general and administrative expenses 1,037 (17 ) 1,020 Operating income/(loss) 1,070 4 1,074 Interest expense 327 (1 ) (b)(g) 326 Other expense/(income), net (71 ) — (71 ) Income/(loss) before income taxes 814 5 819 Provision for/(benefit from) income taxes 186 15 (a)(b)(e)(f)(g) 201 Net income/(loss) 628 (10 ) 618 Net income/(loss) attributable to noncontrolling interest (2 ) 1 (g) (1 ) Net income/(loss) attributable to Kraft Heinz 630 (11 ) 619 Preferred dividends — — — Net income/(loss) attributable to common shareholders $ 630 $ (11 ) $ 619 Per share data applicable to common shareholders: Basic earnings/(loss) $ 0.52 $ (0.01 ) $ 0.51 Diluted earnings/(loss) 0.51 (0.01 ) 0.50 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $13 million and a decrease to provision for income taxes of $2 million for the three months ended September 29, 2018. (b) Capital Leases—The correction of these misstatements resulted in an increase to cost of products sold of less than $1 million , a decrease to interest expense of $1 million , and an increase to provision for income taxes of less than $1 million for the three months ended September 29, 2018. (c) Customer Incentive Program Expense Misclassifications—None. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in an increase to provision for income taxes of $14 million for the three months ended September 29, 2018. (f) Impairments—The correction of these misstatements resulted in a decrease to SG&A of $17 million and an increase to provision for income taxes of $4 million for the three months ended September 29, 2018. (g) Other—The correction of these misstatements resulted in an increase to net sales of $5 million , an increase to cost of products sold of $5 million , an increase to SG&A of less than $1 million , a decrease to interest expense of less than $1 million , a decrease to provision for income taxes of $1 million , and a decrease to net loss attributable to noncontrolling interest of $1 million for the three months ended September 29, 2018. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for a description of the misstatements in each category of restatements referenced by (a) through (g). The Kraft Heinz Company Condensed Consolidated Statement of Income (in millions, except per share data) For the Nine Months Ended September 29, 2018 As Previously Reported Restatement Impacts Restatement Reference As Restated Net sales $ 19,368 $ 9 (g) $ 19,377 Cost of products sold 12,651 21 (a)(b)(g) 12,672 Gross profit 6,717 (12 ) 6,705 Selling, general and administrative expenses, excluding impairment losses 2,338 — (g) 2,338 Goodwill impairment losses 164 (31 ) (f) 133 Intangible asset impairment losses 335 (17 ) (f) 318 Selling, general and administrative expenses 2,837 (48 ) 2,789 Operating income/(loss) 3,880 36 3,916 Interest expense 962 (3 ) (b)(g) 959 Other expense/(income), net (196 ) — (196 ) Income/(loss) before income taxes 3,114 39 3,153 Provision for/(benefit from) income taxes 738 41 (a)(b)(e)(f)(g) 779 Net income/(loss) 2,376 (2 ) 2,374 Net income/(loss) attributable to noncontrolling interest (3 ) 1 (g) (2 ) Net income/(loss) attributable to Kraft Heinz 2,379 (3 ) 2,376 Preferred dividends — — — Net income/(loss) attributable to common shareholders $ 2,379 $ (3 ) $ 2,376 Per share data applicable to common shareholders: Basic earnings/(loss) $ 1.95 $ — $ 1.95 Diluted earnings/(loss) 1.94 — 1.94 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $22 million and a decrease to provision for income taxes of $3 million for the nine months ended September 29, 2018. (b) Capital Leases—The correction of these misstatements resulted in an increase to cost of products sold of $1 million , a decrease to interest expense of $3 million , and an increase to provision for income taxes of less than $1 million for the nine months ended September 29, 2018. (c) Customer Incentive Program Expense Misclassifications—None. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in an increase to provision for income taxes of $40 million for the nine months ended September 29, 2018. (f) Impairments—The correction of these misstatements resulted in a decrease to SG&A of $48 million and an increase to provision for income taxes of $4 million for the nine months ended September 29, 2018. (g) Other—The correction of these misstatements resulted in an increase to net sales of $9 million , a decrease to cost of products sold of $2 million , an increase to SG&A of less than $1 million , a decrease to interest expense of less than $1 million , an increase to provision for income taxes of less than $1 million , and a decrease to net loss attributable to noncontrolling interest of $1 million for the nine months ended September 29, 2018. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for a description of the misstatements in each category of restatements referenced by (a) through (g). The Kraft Heinz Company Condensed Consolidated Statement of Income (in millions, except per share data) For the Three Months Ended June 30, 2018 As Previously Reported Restatement Impacts Restatement Reference As Restated Net sales $ 6,686 $ 4 (g) $ 6,690 Cost of products sold 4,321 22 (a)(b)(g) 4,343 Gross profit 2,365 (18 ) 2,347 Selling, general and administrative expenses, excluding impairment losses 771 — 771 Goodwill impairment losses 164 (31 ) (f) 133 Intangible asset impairment losses 101 — 101 Selling, general and administrative expenses 1,036 (31 ) 1,005 Operating income/(loss) 1,329 13 1,342 Interest expense 318 (2 ) (b)(g) 316 Other expense/(income), net (35 ) — (35 ) Income/(loss) before income taxes 1,046 15 1,061 Provision for/(benefit from) income taxes 291 17 (a)(b)(e)(f)(g) 308 Net income/(loss) 755 (2 ) 753 Net income/(loss) attributable to noncontrolling interest (1 ) — (1 ) Net income/(loss) attributable to Kraft Heinz 756 (2 ) 754 Preferred dividends — — — Net income/(loss) attributable to common shareholders $ 756 $ (2 ) $ 754 Per share data applicable to common shareholders: Basic earnings/(loss) $ 0.62 $ — $ 0.62 Diluted earnings/(loss) 0.62 — 0.62 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $13 million and a decrease to provision for income taxes of $2 million for the three months ended June 30, 2018. (b) Capital Leases—The correction of these misstatements resulted in an increase to cost of products sold of $1 million , a decrease to interest expense of $2 million , and an increase to provision for income taxes of less than $1 million for the three months ended June 30, 2018. (c) Customer Incentive Program Expense Misclassifications—None. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in an increase to provision for income taxes of $21 million for the three months ended June 30, 2018. (f) Impairments—The correction of these misstatements resulted in a decrease to SG&A of $31 million and an increase to provision for income taxes of less than $1 million for the three months ended June 30, 2018. (g) Other—The correction of these misstatements resulted in an increase to net sales of $4 million , an increase to cost of products sold of $8 million , a decrease to interest expense of less than $1 million , and a decrease to provision for income taxes of $2 million for the three months ended June 30, 2018. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for a description of the misstatements in each category of restatements referenced by (a) through (g). The Kraft Heinz Company Condensed Consolidated Statement of Income (in millions, except per share data) For the Six Months Ended June 30, 2018 As Previously Reported Restatement Impacts Restatement Reference As Restated Net sales $ 12,990 $ 4 (g) $ 12,994 Cost of products sold 8,380 3 (a)(b)(g) 8,383 Gross profit 4,610 1 4,611 Selling, general and administrative expenses, excluding impairment losses 1,535 — 1,535 Goodwill impairment losses 164 (31 ) (f) 133 Intangible asset impairment losses 101 — 101 Selling, general and administrative expenses 1,800 (31 ) 1,769 Operating income/(loss) 2,810 32 2,842 Interest expense 635 (2 ) (b)(g) 633 Other expense/(income), net (125 ) — (125 ) Income/(loss) before income taxes 2,300 34 2,334 Provision for/(benefit from) income taxes 552 26 (a)(b)(e)(f)(g) 578 Net income/(loss) 1,748 8 1,756 Net income/(loss) attributable to noncontrolling interest (1 ) — (1 ) Net income/(loss) att |
Supplemental Guarantor Informat
Supplemental Guarantor Information (Notes) | 12 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Guarantor Information | Supplemental Guarantor Information Restatement of Previously Issued Condensed Consolidating Financial Statements We have restated herein our previously issued condensed consolidating financial statements for fiscal years 2017 and 2016. Following the restated condensed consolidating financial statement tables, we have presented our condensed consolidating financial statements as previously reported for fiscal years 2017 and 2016, which were derived from our Annual Report on Form 10-K for the fiscal year ended December 30, 2017 filed on February 16, 2018. See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for additional information, including a description of the misstatements. In addition, the statements of income for fiscal years 2017 and 2016, as previously reported, did not originally reflect the adoption of ASU 2017-07 related to the presentation of net periodic benefit cost (pension and postretirement cost). This ASU was adopted in the first quarter of 2018 and was applied retrospectively for statement of income presentation of service cost components and other net periodic benefit cost components. The condensed consolidating statements of income for fiscal years 2017 and 2016 have been recast accordingly. See Note 4, New Accounting Standards , for additional information related to our adoption of ASU 2017-07. Supplemental Guarantor Information Kraft Heinz fully and unconditionally guarantees the notes issued by our 100% owned operating subsidiary, KHFC, including the New Notes. See Note 19, Debt , for additional descriptions of these guarantees. None of our other subsidiaries guarantee these notes. Set forth below are the condensed consolidating financial statements presenting the results of operations, financial position, and cash flows of Kraft Heinz (as parent guarantor), KHFC (as subsidiary issuer of the notes), and the non-guarantor subsidiaries on a combined basis and eliminations necessary to arrive at the total reported information on a consolidated basis. This condensed consolidating financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or being Registered.” This information is not intended to present the financial position, results of operations, and cash flows of the individual companies or groups of companies in accordance with U.S. GAAP. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between or among the parent guarantor, subsidiary issuer, and the non-guarantor subsidiaries. The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 29, 2018 (in millions) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,317 $ 9,481 $ (530 ) $ 26,268 Cost of products sold — 11,290 6,587 (530 ) 17,347 Gross profit — 6,027 2,894 — 8,921 Selling, general and administrative expenses, excluding impairment losses — 803 2,402 — 3,205 Goodwill impairment losses — — 7,008 — 7,008 Intangible asset impairment losses — — 8,928 — 8,928 Selling, general and administrative expenses — 803 18,338 — 19,141 Intercompany service fees and other recharges — 3,865 (3,865 ) — — Operating income/(loss) — 1,359 (11,579 ) — (10,220 ) Interest expense — 1,212 72 — 1,284 Other expense/(income), net — (359 ) 176 — (183 ) Income/(loss) before income taxes — 506 (11,827 ) — (11,321 ) Provision for/(benefit from) income taxes — 112 (1,179 ) — (1,067 ) Equity in earnings/(losses) of subsidiaries (10,192 ) (10,586 ) — 20,778 — Net income/(loss) (10,192 ) (10,192 ) (10,648 ) 20,778 (10,254 ) Net income/(loss) attributable to noncontrolling interest — — (62 ) — (62 ) Net income/(loss) excluding noncontrolling interest $ (10,192 ) $ (10,192 ) $ (10,586 ) $ 20,778 $ (10,192 ) Comprehensive income/(loss) excluding noncontrolling interest $ (11,081 ) $ (11,081 ) $ (11,550 ) $ 22,631 $ (11,081 ) The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 30, 2017 (in millions) As Restated & Recast Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,397 $ 9,247 $ (568 ) $ 26,076 Cost of products sold — 11,147 6,464 (568 ) 17,043 Gross profit — 6,250 2,783 — 9,033 Selling, general and administrative expenses, excluding impairment losses — 695 2,232 — 2,927 Goodwill impairment losses — — — — — Intangible asset impairment losses — — 49 — 49 Selling, general and administrative expenses — 695 2,281 — 2,976 Intercompany service fees and other recharges — 4,307 (4,307 ) — — Operating income/(loss) — 1,248 4,809 — 6,057 Interest expense — 1,189 45 — 1,234 Other expense/(income), net — (535 ) (92 ) — (627 ) Income/(loss) before income taxes — 594 4,856 — 5,450 Provision for/(benefit from) income taxes — (243 ) (5,239 ) — (5,482 ) Equity in earnings/(losses) of subsidiaries 10,941 10,104 — (21,045 ) — Net income/(loss) 10,941 10,941 10,095 (21,045 ) 10,932 Net income/(loss) attributable to noncontrolling interest — — (9 ) — (9 ) Net income/(loss) excluding noncontrolling interest $ 10,941 $ 10,941 $ 10,104 $ (21,045 ) $ 10,941 Comprehensive income/(loss) excluding noncontrolling interest $ 11,516 $ 11,516 $ 7,711 $ (19,227 ) $ 11,516 The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 30, 2017 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,507 $ 9,293 $ (568 ) $ 26,232 Cost of products sold — 10,710 6,387 (568 ) 16,529 Gross profit — 6,797 2,906 — 9,703 Selling, general and administrative expenses, excluding impairment losses — 652 2,229 — 2,881 Goodwill impairment losses — — — — — Intangible asset impairment losses — — 49 — 49 Selling, general and administrative expenses — 652 2,278 — 2,930 Intercompany service fees and other recharges — 4,308 (4,308 ) — — Operating income/(loss) — 1,837 4,936 — 6,773 Interest expense — 1,190 44 — 1,234 Other expense/(income), net — (10 ) 19 — 9 Income/(loss) before income taxes — 657 4,873 — 5,530 Provision for/(benefit from) income taxes — (221 ) (5,239 ) — (5,460 ) Equity in earnings/(losses) of subsidiaries 10,999 10,121 — (21,120 ) — Net income/(loss) 10,999 10,999 10,112 (21,120 ) 10,990 Net income/(loss) attributable to noncontrolling interest — — (9 ) — (9 ) Net income/(loss) excluding noncontrolling interest $ 10,999 $ 10,999 $ 10,121 $ (21,120 ) $ 10,999 Comprehensive income/(loss) excluding noncontrolling interest $ 11,573 $ 11,573 $ 7,726 $ (19,299 ) $ 11,573 The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 31, 2016 (in millions) As Restated & Recast Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,652 $ 9,281 $ (633 ) $ 26,300 Cost of products sold — 11,359 6,428 (633 ) 17,154 Gross profit — 6,293 2,853 — 9,146 Selling, general and administrative expenses, excluding impairment losses — 1,053 2,474 — 3,527 Goodwill impairment losses — — — — — Intangible asset impairment losses — — 18 — 18 Selling, general and administrative expenses — 1,053 2,492 — 3,545 Intercompany service fees and other recharges — 4,624 (4,624 ) — — Operating income/(loss) — 616 4,985 — 5,601 Interest expense — 1,076 58 — 1,134 Other expense/(income), net — (230 ) (242 ) — (472 ) Income/(loss) before income taxes — (230 ) 5,169 — 4,939 Provision for/(benefit from) income taxes — (414 ) 1,747 — 1,333 Equity in earnings/(losses) of subsidiaries 3,596 3,412 — (7,008 ) — Net income/(loss) 3,596 3,596 3,422 (7,008 ) 3,606 Net income/(loss) attributable to noncontrolling interest — — 10 — 10 Net income/(loss) excluding noncontrolling interest $ 3,596 $ 3,596 $ 3,412 $ (7,008 ) $ 3,596 Comprehensive income/(loss) excluding noncontrolling interest $ 2,583 $ 2,583 $ 5,712 $ (8,295 ) $ 2,583 The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 31, 2016 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,809 $ 9,310 $ (632 ) $ 26,487 Cost of products sold — 11,156 6,377 (632 ) 16,901 Gross profit — 6,653 2,933 — 9,586 Selling, general and administrative expenses, excluding impairment losses — 970 2,474 — 3,444 Goodwill impairment losses — — — — — Intangible asset impairment losses — — — — — Selling, general and administrative expenses — 970 2,474 — 3,444 Intercompany service fees and other recharges — 4,624 (4,624 ) — — Operating income/(loss) — 1,059 5,083 — 6,142 Interest expense — 1,076 58 — 1,134 Other expense/(income), net — 144 (159 ) — (15 ) Income/(loss) before income taxes — (161 ) 5,184 — 5,023 Provision for/(benefit from) income taxes — (372 ) 1,753 — 1,381 Equity in earnings/(losses) of subsidiaries 3,632 3,421 — (7,053 ) — Net income/(loss) 3,632 3,632 3,431 (7,053 ) 3,642 Net income/(loss) attributable to noncontrolling interest — — 10 — 10 Net income/(loss) excluding noncontrolling interest $ 3,632 $ 3,632 $ 3,421 $ (7,053 ) $ 3,632 Comprehensive income/(loss) excluding noncontrolling interest $ 2,675 $ 2,675 $ 5,717 $ (8,392 ) $ 2,675 The Kraft Heinz Company Condensed Consolidating Balance Sheets As of December 29, 2018 (in millions) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 202 $ 928 $ — $ 1,130 Trade receivables, net — 933 1,196 — 2,129 Receivables due from affiliates — 870 341 (1,211 ) — Income taxes receivable — 701 9 (558 ) 152 Inventories — 1,783 884 — 2,667 Short-term lending due from affiliates — 1,787 3,753 (5,540 ) — Prepaid expenses — 198 202 — 400 Other current assets — 776 445 — 1,221 Assets held for sale — 75 1,301 — 1,376 Total current assets — 7,325 9,059 (7,309 ) 9,075 Property, plant and equipment, net — 4,524 2,554 — 7,078 Goodwill — 11,067 25,436 — 36,503 Investments in subsidiaries 51,657 67,867 — (119,524 ) — Intangible assets, net — 3,010 46,458 — 49,468 Long-term lending due from affiliates — — 2,000 (2,000 ) — Other non-current assets — 316 1,021 — 1,337 TOTAL ASSETS $ 51,657 $ 94,109 $ 86,528 $ (128,833 ) $ 103,461 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ — $ — $ 21 $ — $ 21 Current portion of long-term debt — 363 14 — 377 Short-term lending due to affiliates — 3,753 1,787 (5,540 ) — Trade payables — 2,563 1,590 — 4,153 Payables due to affiliates — 341 870 (1,211 ) — Accrued marketing — 282 440 — 722 Interest payable — 394 14 — 408 Other current liabilities — 888 1,437 (558 ) 1,767 Liabilities held for sale — — 55 — 55 Total current liabilities — 8,584 6,228 (7,309 ) 7,503 Long-term debt — 29,872 898 — 30,770 Long-term borrowings due to affiliates — 2,000 12 (2,012 ) — Deferred income taxes — 1,314 10,888 — 12,202 Accrued postemployment costs — 89 217 — 306 Other non-current liabilities — 593 309 — 902 TOTAL LIABILITIES — 42,452 18,552 (9,321 ) 51,683 Redeemable noncontrolling interest — — 3 — 3 Total shareholders’ equity 51,657 51,657 67,855 (119,512 ) 51,657 Noncontrolling interest — — 118 — 118 TOTAL EQUITY 51,657 51,657 67,973 (119,512 ) 51,775 TOTAL LIABILITIES AND EQUITY $ 51,657 $ 94,109 $ 86,528 $ (128,833 ) $ 103,461 The Kraft Heinz Company Condensed Consolidating Balance Sheets As of December 30, 2017 (in millions) As Restated Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 509 $ 1,120 $ — $ 1,629 Trade receivables, net — 91 830 — 921 Receivables due from affiliates — 716 240 (956 ) — Dividends due from affiliates 135 — — (135 ) — Sold receivables — — 353 — 353 Income taxes receivable — 1,890 97 (1,449 ) 538 Inventories — 1,790 970 — 2,760 Short-term lending due from affiliates — 1,598 3,816 (5,414 ) — Prepaid expenses — 168 177 — 345 Other current assets — 359 296 — 655 Total current assets 135 7,121 7,899 (7,954 ) 7,201 Property, plant and equipment, net — 4,591 2,470 — 7,061 Goodwill — 11,068 33,757 — 44,825 Investments in subsidiaries 65,863 80,345 — (146,208 ) — Intangible assets, net — 3,222 56,210 — 59,432 Long-term lending due from affiliates — 1,700 2,029 (3,729 ) — Other non-current assets — 515 1,058 — 1,573 TOTAL ASSETS $ 65,998 $ 108,562 $ 103,423 $ (157,891 ) $ 120,092 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ — $ 450 $ 12 $ — $ 462 Current portion of long-term debt — 2,568 165 — 2,733 Short-term lending due to affiliates — 3,816 1,598 (5,414 ) — Trade payables — 2,681 1,681 — 4,362 Payables due to affiliates — 240 716 (956 ) — Accrued marketing — 236 453 — 689 Interest payable — 404 15 — 419 Dividends due to affiliates — 135 — (135 ) — Other current liabilities 135 565 2,238 (1,449 ) 1,489 Total current liabilities 135 11,095 6,878 (7,954 ) 10,154 Long-term debt — 27,422 886 — 28,308 Long-term borrowings due to affiliates — 2,029 1,919 (3,948 ) — Deferred income taxes — 1,182 12,857 — 14,039 Accrued postemployment costs — 184 243 — 427 Other non-current liabilities — 787 301 — 1,088 TOTAL LIABILITIES 135 42,699 23,084 (11,902 ) 54,016 Redeemable noncontrolling interest — — 6 — 6 Total shareholders’ equity 65,863 65,863 80,126 (145,989 ) 65,863 Noncontrolling interest — — 207 — 207 TOTAL EQUITY 65,863 65,863 80,333 (145,989 ) 66,070 TOTAL LIABILITIES AND EQUITY $ 65,998 $ 108,562 $ 103,423 $ (157,891 ) $ 120,092 The Kraft Heinz Company Condensed Consolidating Balance Sheets As of December 30, 2017 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 509 $ 1,120 $ — $ 1,629 Trade receivables, net — 91 830 — 921 Receivables due from affiliates — 716 207 (923 ) — Dividends due from affiliates 135 — — (135 ) — Sold receivables — — 353 — 353 Income taxes receivable — 1,904 97 (1,419 ) 582 Inventories — 1,846 969 — 2,815 Short-term lending due from affiliates — 1,598 3,816 (5,414 ) — Prepaid expenses — 168 177 — 345 Other current assets — 325 296 — 621 Total current assets 135 7,157 7,865 (7,891 ) 7,266 Property, plant and equipment, net — 4,577 2,543 — 7,120 Goodwill — 11,067 33,757 — 44,824 Investments in subsidiaries 66,034 80,426 — (146,460 ) — Intangible assets, net — 3,222 56,227 — 59,449 Long-term lending due from affiliates — 1,700 2,029 (3,729 ) — Other non-current assets — 515 1,058 — 1,573 TOTAL ASSETS $ 66,169 $ 108,664 $ 103,479 $ (158,080 ) $ 120,232 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ — $ 448 $ 12 $ — $ 460 Current portion of long-term debt — 2,577 166 — 2,743 Short-term lending due to affiliates — 3,816 1,598 (5,414 ) — Trade payables — 2,718 1,731 — 4,449 Payables due to affiliates — 207 716 (923 ) — Accrued marketing — 236 444 — 680 Interest payable — 404 15 — 419 Dividends due to affiliates — 135 — (135 ) — Other current liabilities 135 473 2,192 (1,419 ) 1,381 Total current liabilities 135 11,014 6,874 (7,891 ) 10,132 Long-term debt — 27,442 891 — 28,333 Long-term borrowings due to affiliates — 2,029 1,919 (3,948 ) — Deferred income taxes — 1,245 12,831 — 14,076 Accrued postemployment costs — 184 243 — 427 Other non-current liabilities — 716 301 — 1,017 TOTAL LIABILITIES 135 42,630 23,059 (11,839 ) 53,985 Redeemable noncontrolling interest — — 6 — 6 Total shareholders’ equity 66,034 66,034 80,207 (146,241 ) 66,034 Noncontrolling interest — — 207 — 207 TOTAL EQUITY 66,034 66,034 80,414 (146,241 ) 66,241 TOTAL LIABILITIES AND EQUITY $ 66,169 $ 108,664 $ 103,479 $ (158,080 ) $ 120,232 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 29, 2018 (in millions) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 3,183 $ 1,928 $ 656 $ (3,193 ) $ 2,574 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 1,296 — 1,296 Capital expenditures — (339 ) (487 ) — (826 ) Payments to acquire business, net of cash acquired — (245 ) (3 ) — (248 ) Net proceeds from/(payments on) intercompany lending activities — 1,626 206 (1,832 ) — Additional investments in subsidiaries (41 ) 41 — Return of capital 7 — — (7 ) — Other investing activities, net — 31 35 — 66 Net cash provided by/(used for) investing activities 7 1,032 1,047 (1,798 ) 288 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (2,550 ) (163 ) — (2,713 ) Proceeds from issuance of long-term debt — 2,990 — — 2,990 Proceeds from issuance of commercial paper — 2,784 — — 2,784 Repayments of commercial paper — (3,213 ) — — (3,213 ) Net proceeds from/(payments on) intercompany borrowing activities — (206 ) (1,626 ) 1,832 — Dividends paid-common stock (3,183 ) (3,183 ) (10 ) 3,193 (3,183 ) Other intercompany capital stock transactions — (7 ) 41 (34 ) — Other financing activities, net (7 ) (17 ) (4 ) — (28 ) Net cash provided by/(used for) financing activities (3,190 ) (3,402 ) (1,762 ) 4,991 (3,363 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — (132 ) — (132 ) Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (442 ) (191 ) — (633 ) Balance at beginning of period — 644 1,125 — 1,769 Balance at end of period $ — $ 202 $ 934 $ — $ 1,136 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 30, 2017 (in millions) As Restated Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 2,888 $ 1,497 $ (996 ) $ (2,888 ) $ 501 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 2,286 — 2,286 Capital expenditures — (757 ) (437 ) — (1,194 ) Net proceeds from/(payments on) intercompany lending activities — 641 (542 ) (99 ) — Additional investments in subsidiaries (21 ) — — 21 — Other investing activities, net — 62 23 — 85 Net cash provided by/(used for) investing activities (21 ) (54 ) 1,330 (78 ) 1,177 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (2,628 ) (13 ) — (2,641 ) Proceeds from issuance of long-term debt — 1,496 — — 1,496 Proceeds from issuance of commercial paper — 6,043 — — 6,043 Repayments of commercial paper — (6,249 ) — — (6,249 ) Net proceeds from/(payments on) intercompany borrowing activities — 542 (641 ) 99 — Dividends paid-common stock (2,888 ) (2,888 ) — 2,888 (2,888 ) Other intercompany capital stock transactions — 21 — (21 ) — Other financing activities, net 21 (5 ) 2 — 18 Net cash provided by/(used for) financing activities (2,867 ) (3,668 ) (652 ) 2,966 (4,221 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — 57 — 57 Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (2,225 ) (261 ) — (2,486 ) Balance at beginning of period — 2,869 1,386 — 4,255 Balance at end of period $ — $ 644 $ 1,125 $ — $ 1,769 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 30, 2017 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 2,888 $ 1,499 $ (972 ) $ (2,888 ) $ 527 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 2,286 — 2,286 Capital expenditures — (757 ) (460 ) — (1,217 ) Net proceeds from/(payments on) intercompany lending activities — 641 (542 ) (99 ) — Additional investments in subsidiaries (22 ) — — 22 — Other investing activities, net — 64 23 — 87 Net cash provided by/(used for) investing activities (22 ) (52 ) 1,307 (77 ) 1,156 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (2,632 ) (12 ) — (2,644 ) Proceeds from issuance of long-term debt — 1,496 — — 1,496 Net proceeds from/(payments on) intercompany borrowing activities — 542 (641 ) 99 — Proceeds from issuance of commercial paper — 6,043 — — 6,043 Repayments of commercial paper — (6,249 ) — — (6,249 ) Dividends paid-common stock (2,888 ) (2,888 ) — 2,888 (2,888 ) Other intercompany capital stock transactions — 22 — (22 ) — Other financing activities, net 22 (6 ) — — 16 Net cash provided by/(used for) financing activities (2,866 ) (3,672 ) (653 ) 2,965 (4,226 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — 57 — 57 Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (2,225 ) (261 ) — (2,486 ) Balance at beginning of period — 2,869 1,386 — 4,255 Balance at end of period $ — $ 644 $ 1,125 $ — $ 1,769 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2016 (in millions) As Restated Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 3,096 $ 4,368 $ (1,704 ) $ (3,112 ) $ 2,648 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 2,589 — 2,589 Capital expenditures — (923 ) (324 ) — (1,247 ) Net proceeds from/(payments on) intercompany lending activities — 690 37 (727 ) — Additional investments in subsidiaries — (10 ) — 10 — Return of capital 9,042 — — (9,042 ) — Other investing activities, net — 129 (19 ) — 110 Net cash provided by/(used for) investing activities 9,042 (114 ) 2,283 (9,759 ) 1,452 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (72 ) (13 ) — (85 ) Proceeds from issuance of long-term debt — 6,978 3 — 6,981 Proceeds from issuance of commercial paper — 6,680 — — 6,680 Repayments of commercial paper — (6,043 ) — — (6,043 ) Net proceeds from/(payments on) intercompany borrowing activities — (37 ) (690 ) 727 — Dividends paid-Series A Preferred Stock (180 ) — — — (180 ) Dividends paid-common stock (3,584 ) (3,764 ) (16 ) 3,780 (3,584 ) Redemption of Series A Preferred Stock (8,320 ) — — — (8,320 ) Other intercompany capital stock transactions — (8,374 ) 10 8,364 — Other financing activities, net (54 ) (5 ) (10 ) — (69 ) Net cash provided by/(used for) financing activities (12,138 ) (4,637 ) (716 ) 12,871 (4,620 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — (137 ) — (137 ) Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (383 ) (274 ) — (657 ) Balance at beginning of period — 3,252 1,660 — 4,912 Balance at end of period $ — $ 2,869 $ 1,386 $ — $ 4,255 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2016 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 3,097 $ 4,369 $ (1,705 ) $ (3,112 ) $ 2,649 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 2,589 — 2,589 Capital expenditures — (923 ) (324 ) — (1,247 ) Net proceeds from/(payments on) intercompany lending activities — 690 37 (727 ) — Additional investments in subsidiaries 55 (10 ) — (45 ) — Return of capital 8,987 — — (8,987 ) — Other investing activities, net — 129 (19 ) — 110 Net cash provided by/(used for) investing activities 9,042 (114 ) 2,283 (9,759 ) 1,452 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (72 ) (14 ) — (86 ) Proceeds from issuance of long-term debt — 6,978 3 — 6,981 Net proceeds from/(payments on) intercompany borrowing activities — (37 ) (690 ) 727 — Proceeds from issuance of commercial paper — 6,680 — — 6,680 Repayments of commercial paper — (6,043 ) — — (6,043 ) Dividends paid-Series A Preferred Stock (180 ) — — — (180 ) Dividends paid-common stock (3,584 ) (3,764 ) (16 ) 3,780 (3,584 ) Redemption of Series A Preferred Stock (8,320 ) — — — (8,320 ) Other intercompany capital stock transactions — (8,374 ) 10 8,364 — Other financing activities, net (55 ) (6 ) (8 ) — (69 ) Net cash provided by/(used for) financing activities (12,139 ) (4,638 ) (715 ) 12,871 (4,621 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — (137 ) — (137 ) Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (383 ) (274 ) — (657 ) Balance at beginning of period — 3,252 1,660 — 4,912 Balance at end of period $ — $ 2,869 $ 1,386 $ — $ 4,255 The following tables provide a reconciliation of cash and cash equivalents, as reported on our condensed consolidating balance sheets, to cash, cash equivalents, and restricted cash, as reported on our condensed consolidating statements of cash flows (in millions): December 29, 2018 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ 202 $ 928 $ — $ 1,130 Restricted cash included in other current assets — — 1 — 1 Restricted cash included in other non-current assets — — 5 — 5 Cash, cash equivalents, and restricted cash $ — $ 202 $ 934 $ — $ 1,136 December 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ 509 $ 1,120 $ — $ 1,629 Restricted cash included in other current assets — 135 5 — 140 Cash, cash equivalents, and restricted cash $ — $ 644 $ 1,125 $ — $ 1,769 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation, Policy | Principles of Consolidation The consolidated financial statements include Kraft Heinz, as well as our wholly-owned and majority-owned subsidiaries. All intercompany transactions are eliminated. |
Reportable Segments, Policy | Reportable Segments We manage and report our operating results through four segments. We have three reportable segments defined by geographic region: United States, Canada, and Europe, Middle East, and Africa (“EMEA”) . Our remaining businesses are combined and disclosed as “Rest of World.” Rest of World comprises two operating segments: Latin America and Asia Pacific (“APAC”). Our segments reflect a change, effective in the first quarter of our fiscal year 2018, to reorganize our international businesses to better align our global geographies. We moved our Middle East and Africa businesses from the historical Asia Pacific, Middle East, and Africa (“AMEA”) operating segment into the historical Europe reportable segment, forming the new EMEA reportable segment. The remaining businesses from the AMEA operating segment became the APAC operating segment. We have reflected this change in all historical periods presented. See Note 22, Segment Reporting , for our financial information by segment. |
Use of Estimates, Policy | Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“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 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 consolidated financial statements. |
Reclassifications, Policy | Reclassifications We made reclassifications to certain previously reported financial information to conform to our current period presentation. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy | Revenue Recognition: Our revenues are primarily derived from customer orders for the purchase of our products. We recognize revenues as performance obligations are fulfilled when control passes to our customers. We record revenues net of variable consideration, including consumer incentives and performance obligations related to trade promotions, excluding taxes, and including all shipping and handling charges billed to customers (accounting for shipping and handling charges that occur after the transfer of control as fulfillment costs). We also record a refund liability for estimated product returns and customer allowances as reductions to revenues within the same period that the revenue is recognized. We base these estimates principally on historical and current period experience factors. We recognize costs paid to third party brokers to obtain contracts as expenses as our contracts are generally less than one year. |
Advertising, Consumer Incentives, and Trade Promotions, Policy | Advertising, Consumer Incentives, and Trade Promotions: We promote our products with advertising, consumer incentives, and performance obligations related to trade promotions. Consumer incentives and trade promotions include, but are not limited to, discounts, coupons, rebates, performance-based in-store display activities, and volume-based incentives. Variable consideration related to consumer incentive and trade promotion activities is recorded as a reduction to revenues based on amounts estimated as being due to customers and consumers at the end of a period. We base these estimates principally on historical utilization, redemption rates, and/or current period experience factors. We review and adjust these estimates at least quarterly based on actual experience and other information. |
Research and Development Expense, Policy | Research and Development Expense: We expense costs as incurred for product research and development within SG&A. |
Stock-Based Compensation, Policy | Stock-Based Compensation: We recognize compensation costs related to equity awards on a straight-line basis over the vesting period of the award, which is generally five years. These costs are primarily recognized within SG&A. We estimate expected forfeitures rather than recognizing forfeitures as they occur in determining our equity award compensation costs. We classify equity award compensation costs primarily within general corporate expenses. |
Postemployment Benefit Plans, Policy | Postemployment Benefit Plans: We maintain various retirement plans for the majority of our employees. These include pension benefits, postretirement health care benefits, and defined contribution benefits. The cost of these plans is charged to expense over an appropriate term based on, among other things, the cost component and whether the plan is active or inactive. Changes in the fair value of our plan assets result in net actuarial gains or losses. These net actuarial gains and losses are deferred into accumulated other comprehensive income/(losses) and amortized within other expense/(income), net in future periods using the corridor approach. The corridor is 10% of the greater of the market-related value of the plan’s asset or projected benefit obligation. Any actuarial gains and losses in excess of the corridor are then amortized over an appropriate term based on whether the plan is active or inactive. |
Income Taxes, Policy | Income Taxes: We recognize income taxes based on amounts refundable or payable for the current year and record deferred tax assets or liabilities for any difference between the financial reporting and tax basis of our assets and liabilities. We also recognize deferred tax assets for temporary differences, operating loss carryforwards, and tax credit carryforwards. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities, and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss and other carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. We apply a more-likely-than-not threshold to the recognition and derecognition of uncertain tax positions. Accordingly, we recognize the amount of tax benefit that has a greater than 50 percent likelihood of being ultimately realized upon settlement. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect our results in the quarter of such change. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. When assessing the need for valuation allowances, we consider future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizability of deferred tax assets in future years, we would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding adjustment to our provision for/(benefit from) income taxes. The resolution of tax reserves and changes in valuation allowances could be material to our results of operations for any period, but is not expected to be material to our financial position. |
Common Stock and Preferred Stock Dividends, Policy | Common Stock and Preferred Stock Dividends: Dividends are recorded as a reduction to retained earnings. When we have an accumulated deficit, dividends are recorded as a reduction of additional paid-in capital. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents: Cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Cash and cash equivalents that are legally restricted as to withdrawal or usage is classified in other current assets or other non-current assets, as applicable, on the consolidated balance sheets. |
Inventories, Policy | Inventories: Inventories are stated at the lower of cost or net realizable value. We value inventories primarily using the average cost method. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment: Property, plant and equipment are stated at historical cost and depreciated on the straight-line method over the estimated useful lives of the assets. Machinery and equipment are depreciated over periods ranging from three to 20 years and buildings and improvements over periods up to 40 years. Capitalized software costs are included in property, plant and equipment and amortized on a straight-line basis over the estimated useful lives of the software, which do not exceed seven years. We review long-lived assets for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life. We perform undiscounted operating cash flow analyses to determine if an impairment exists. When testing for impairment of assets held for use, we group assets at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, the loss is calculated based on estimated fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. |
Goodwill and Intangible Assets, Policy | Goodwill and Intangible Assets : Our goodwill balance consists of 20 reporting units, and our indefinite-lived intangible asset balance primarily consists of a number of individual brands. We test our reporting units and brands for impairment annually as of the first day of our second quarter, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. Such events and circumstances could include a sustained decrease in our market capitalization, increased competition or unexpected loss of market share, increased input costs beyond projections (for example due to regulatory or industry changes), disposals of significant brands or components of our business, unexpected business disruptions (for example due to a natural disaster or loss of a customer, supplier, or other significant business relationship), unexpected significant declines in operating results, or significant adverse changes in the markets in which we operate. We test reporting units for impairment by comparing the estimated fair value of each reporting unit with its carrying amount. We test brands for impairment by comparing the estimated fair value of each brand with its carrying amount. If the carrying amount of a reporting unit or brand exceeds its estimated fair value, we record an impairment loss based on the difference between fair value and carrying amount, in the case of reporting units, not to exceed to the associated carrying amount of goodwill. Definite-lived intangible assets are amortized on a straight-line basis over the estimated periods benefited. We review definite-lived intangible assets for impairment when conditions exist that indicate the carrying amount of the assets may not be recoverable. Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life. We perform undiscounted operating cash flow analyses to determine if an impairment exists. When testing for impairment of definite-lived intangible assets held for use, we group assets at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, the loss is calculated based on estimated fair value. Impairment losses on definite-lived intangible assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. |
Financial Instruments, Policy | Financial Instruments: As we source our commodities on global markets and periodically enter into financing or other arrangements abroad, we use a variety of risk management strategies and financial instruments to manage commodity price, foreign currency exchange rate, and interest rate risks. Our risk management program focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on our operating results. One way we do this is through actively hedging our risks through the use of derivative instruments. As a matter of policy, we do not use highly leveraged derivative instruments, nor do we use financial instruments for speculative purposes. Derivatives are recorded on our consolidated balance sheets as assets or liabilities at fair value, which fluctuates based on changing market conditions. Certain derivatives are designated as cash flow hedges and qualify for hedge accounting treatment, while others are not designated as hedging instruments and are marked to market through net income/(loss). The gains and losses on cash flow hedges are deferred as a component of accumulated other comprehensive income/(losses) and are recognized in net income/(loss) at the time the hedged item affects net income/(loss), in the same line item as the underlying hedged item. The excluded component on cash flow hedges is recognized in net income/(loss) over the life of the hedging relationship in the same income statement line item as the underlying hedged item. We also designate certain derivatives and non-derivatives as net investment hedges to hedge the net assets of certain foreign subsidiaries which are exposed to volatility in foreign currency exchange rates. Changes in the value of these derivatives and remeasurements of our non-derivatives designated as net investment hedges are calculated each period using the spot method, with changes reported in foreign currency translation adjustment within accumulated other comprehensive income/(losses). Such amounts will remain in accumulated other comprehensive income/(losses) until the complete or substantially complete liquidation of our investment in the underlying foreign operations. The excluded component on derivatives designated as net investment hedges is recognized in net income/(loss) within interest expense. The income statement classification of gains and losses related to derivative instruments not designated as hedging instruments is determined based on the underlying intent of the contracts. Cash flows related to the settlement of derivative instruments designated as net investment hedges of foreign operations are classified in the consolidated statements of cash flows within investing activities. All other cash flows related to derivative instruments are classified in the same line item as the cash flows of the related hedged item, which is generally within operating activities. To qualify for hedge accounting, a specified level of hedging effectiveness between the hedging instrument and the item being hedged must be achieved at inception and maintained throughout the hedged period. When a hedging instrument no longer meets the specified level of hedging effectiveness, we reclassify the related hedge gains or losses previously deferred into other comprehensive income/(losses) to net income within other expense/(income), net. We formally document our risk management objectives, our strategies for undertaking the various hedge transactions, the nature of and relationships between the hedging instruments and hedged items, and the method for assessing hedge effectiveness. Additionally, for qualified hedges of forecasted transactions, we specifically identify the significant characteristics and expected terms of the forecasted transactions. If it becomes probable that a forecasted transaction will not occur, the hedge will no longer be effective and all of the derivative gains or losses would be recognized in net income in the current period. Unrealized gains and losses on our commodity derivatives not designated as hedging instruments are recorded in cost of products sold and are included within general corporate expenses until realized. Once realized, the gains and losses are included within the applicable segment operating results. See Note 14, Financial Instruments , for additional information. Our designated and undesignated derivative contracts include: • Net investment hedges. We have numerous investments in our foreign subsidiaries, the net assets of which are exposed to volatility in foreign currency exchange rates. We manage this risk by utilizing derivative and non-derivative instruments, including cross-currency swap contracts, foreign exchange contracts, and certain foreign denominated debt designated as net investment hedges. We exclude the interest accruals on cross-currency swap contracts and the forward points on foreign exchange forward contracts from the assessment and measurement of hedge effectiveness. We recognize the interest accruals on cross-currency swap contracts in net income/(loss) within interest expense. We amortize the forward points on foreign exchange contracts into net income/(loss) within interest expense over the life of the hedging relationship. • Foreign currency cash flow hedges. We use various financial instruments to mitigate our exposure to changes in exchange rates from third-party and intercompany actual and forecasted transactions. Our principal foreign currency exposures that are hedged include the British pound sterling, euro, and Canadian dollar. These instruments include cross-currency swap contracts and foreign exchange forward and option contracts. Substantially all of these derivative instruments are highly effective and qualify for hedge accounting treatment. We exclude the interest accruals on cross-currency swap contracts and the forward points and option premiums or discounts on foreign exchange contracts from the assessment and measurement of hedge effectiveness and amortize such amounts into net income/(loss) in the same line item as the underlying hedged item over the life of the hedging relationship. • Interest rate cash flow hedges. From time to time, we have used derivative instruments, including interest rate swaps, as part of our interest rate risk management strategy. We have primarily used interest rate swaps to hedge the variability of interest payment cash flows on a portion of our future debt obligations. • Commodity derivatives. We are exposed to price risk related to forecasted purchases of certain commodities that we primarily use as raw materials. We enter into commodity purchase contracts primarily for dairy products, meat products, coffee beans, sugar, vegetable oils, wheat products, corn products, and cocoa products. These commodity purchase contracts generally are not subject to the accounting requirements for derivative instruments and hedging activities under the normal purchases and normal sales exception. We also use commodity futures, options, and swaps to economically hedge the price of certain commodity costs, including the commodities noted above, as well as packaging products, diesel fuel, and natural gas. We do not designate these commodity contracts as hedging instruments. We also occasionally use futures to economically cross hedge a commodity exposure. |
Translation of Foreign Currencies, Policy | Translation of Foreign Currencies: For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of accumulated other comprehensive income/(losses) on the balance sheet. Gains and losses from foreign currency transactions are included in net income/(loss) for the period. |
Highly Inflationary Accounting, Policy | Highly Inflationary Accounting: We apply highly inflationary accounting if the cumulative inflation rate in an economy for a three-year period meets or exceeds 100%. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into our reporting currency (U.S. dollars) based on the legally available exchange rate at which we expect to settle the underlying transactions. Exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in net income/(loss), rather than accumulated other comprehensive income/(losses) on the balance sheet, until such time as the economy is no longer considered highly inflationary. Certain non-monetary assets and liabilities are recorded at the applicable historical exchange rates. We apply highly inflationary accounting to the results of our subsidiaries in Venezuela and Argentina. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 12 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Standards, Policy [Policy Text Block] | Accounting Standards Adopted in the Current Year Presentation of Net Periodic Benefit Costs: In March 2017, the Financial Accounting Standards Board (the “FASB”) issued ASU 2017-07 related to the presentation of net periodic benefit cost (pension and postretirement cost). This ASU became effective beginning in the first quarter of our fiscal year 2018. Under the new guidance, the service cost component of net periodic benefit cost must be presented in the same statement of income line item as other employee compensation costs arising from services rendered by employees during the period. Other components of net periodic benefit cost must be disaggregated from the service cost component in the statements of income and must be presented outside the operating income/(loss) subtotal. Additionally, only the service cost component is eligible for capitalization in assets. The new guidance must be applied retrospectively for the statement of income presentation of service cost components and other net periodic benefit cost components and prospectively for the capitalization of service cost components. There is a practical expedient that allows us to use historical amounts disclosed in our Postemployment Benefits footnote as an estimation basis for retrospectively applying the statement of income presentation requirements. In the first quarter of 2018, we adopted this ASU using the practical expedient described above. There was no impact to our consolidated balance sheet at December 30, 2017 or to our consolidated statements of cash flows for the years ended December 30, 2017 and December 31, 2016 . See Note 2, Restatement of Previously Issued Consolidated Financial Statements , for the impacts on our consolidated statements of income for the years ended December 30, 2017 and December 31, 2016 . Revenue Recognition: In May 2014, the FASB issued ASU 2014-09, which superseded previously existing revenue recognition guidance. Under this ASU, companies must apply a five step model to recognize revenue upon the transfer of promised goods or services to customers and in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU may be applied using a full retrospective method or a modified retrospective transition method, with a cumulative-effect adjustment as of the date of adoption. The ASU also provides for certain practical expedients, including the option to expense as incurred the incremental costs of obtaining a contract, if the contract period is for one year or less. This ASU was effective beginning in the first quarter of our fiscal year 2018. We adopted this ASU in the first quarter of 2018 using the full retrospective method and the practical expedient described above. Upon adoption, we made the following policy elections: (i) we account for shipping and handling costs as contract fulfillment costs, and (ii) we exclude taxes imposed on and collected from customers in revenue producing transactions (e.g., sales, use, and value added taxes) from the transaction price. The impact of adopting this guidance was immaterial to our financial statements and related disclosures. Income Tax Impacts of Certain Intercompany Transfers: In October 2016, the FASB issued ASU 2016-16 related to the income tax accounting impacts of intra-entity transfers of assets other than inventory , such as intellectual property and property, plant and equipment. Under the new accounting guidance, current and deferred income taxes should be recognized upon transfer of the assets. Previously, recognition of current and deferred income taxes was prohibited until the asset was sold to an external party. This ASU became effective beginning in the first quarter of our fiscal year 2018. We adopted this new guidance on a modified retrospective basis through a cumulative-effect adjustment of $95 million to decrease retained earnings in the first quarter of 2018. Definition of a Business Clarification: In January 2017, the FASB issued ASU 2017-01 clarifying the definition of a business used in determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU provides a screen for companies to determine if an integrated set of assets and activities (“set”) is not a business. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. If this screen is not met, the entity then determines if the set meets the minimum requirement of a business. For a set to be a business, it must include an input and a substantive process which together significantly contribute to the ability to create outputs. This ASU became effective beginning in the first quarter of our fiscal year 2018. We adopted this ASU on a prospective basis. The adoption of this ASU did not impact our financial statements or related disclosures. Goodwill Impairment Test Simplification: In January 2017, the FASB issued ASU 2017-04 related to goodwill impairment testing. This ASU eliminates Step 2 from the goodwill impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, the entity will record an impairment loss based on that difference. The impairment loss will be limited to the amount of goodwill allocated to that reporting unit. Previously, if the fair value of a reporting unit was lower than its carrying amount (Step 1), an entity was required to calculate any impairment loss by comparing the implied fair value of goodwill with its carrying amount (Step 2). Additionally, under the new standard, companies that have reporting units with zero or negative carrying amounts will no longer be required to perform the qualitative assessment to determine whether to perform Step 2 of the goodwill impairment test. As a result, reporting units with zero or negative carrying amounts will generally be expected to pass the simplified impairment test; however, additional disclosure will be required of those companies. We early adopted this guidance on a prospective basis as of April 1, 2018 (our annual impairment testing date in the second quarter of 2018). As a result of adopting this ASU, we no longer perform Step 2 while completing our goodwill impairment testing, beginning with our annual goodwill impairment testing in the second quarter of 2018. Accounting for Hedging Activities: In August 2017, the FASB issued ASU 2017-12 related to accounting for hedging activities. This guidance impacted the accounting for financial (e.g., foreign exchange and interest rate) and non-financial (e.g., commodity) hedging activities. We early adopted this guidance on a modified retrospective basis in the third quarter of 2018. Upon adoption, we recognized an insignificant cumulative-effect adjustment to retained earnings/(deficit). The most significant impacts of adoption are that we now: • Recognize changes in the fair value of excluded components in net income/(loss) in the current period or in other comprehensive income/(loss) (and then amortize into net income/(loss) over the life of the hedging relationship); • Defer changes in the spot rate of the hedging instrument into other comprehensive income/(loss), while the excluded component (i.e., forward points or option premiums or discounts) is amortized into net income/(loss) over the life of the hedging relationship. When the excluded component is released or the forecasted transaction occurs, it is recognized in the same income statement line item affected by the hedged item; and • Present additional details in our tabular disclosures in the footnotes to the financial statements. Additionally, ASU 2017-12 eliminated the requirement to separately measure and report hedge ineffectiveness; therefore, we removed disclosures related to hedge ineffectiveness. See our consolidated statements of other comprehensive income, Note 3, Significant Accounting Policies , Note 14, Financial Instruments , and Note 15, Accumulated Other Comprehensive Income/(Losses) , for updated disclosures pursuant to ASU 2017-12. Accounting Standards Not Yet Adopted Leases: In February 2016, the FASB issued ASU 2016-02 to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. The updated guidance requires lessees to reflect the majority of leases on their balance sheets as assets and obligations. This ASU will be effective beginning in the first quarter of our fiscal year 2019. Early adoption is permitted. The guidance must be adopted using a modified retrospective transition method. The ASU also provides for certain practical expedients. Among the practical expedients is an optional transition method that allows companies to apply the guidance at the adoption date and recognize a cumulative-effect adjustment to retained earnings/(deficit) on the adoption date. We plan to elect this practical expedient upon adoption. We also plan to elect the package of practical expedients that will allow us to carry forward our determination of whether a lease exists, the classification of a lease, and whether initial direct lease costs exist for purposes of transition to the new standard. We do not expect to use the hindsight practical expedient. We do plan to elect the land easement option, which will allow us to continue to use prior accounting conclusions reached in our accounting for land easements. We also plan to elect the short-term lease exemption whereby we will not record an asset or liability for short-term leases. We have completed our scoping reviews, identified our significant leases by geography and by asset type, and developed our accounting policies and expected policy elections, which will take effect upon adoption of the standard. We have executed our lease data extraction strategy and completed data extraction efforts. Our identified accounting system, which will support the future state leasing process, is also ready for implementation. We have completed our future state process design as part of the overall system implementation. Upon adoption, we expect that our financial statement disclosures will be expanded to present additional details of our leasing arrangements. We expect this guidance to have a significant impact on our financial statements. We currently estimate that, upon adoption, we will have total lease assets between approximately $750 million and $910 million and total lease liabilities between approximately $810 million and $990 million . We will adopt this ASU on the first day of our fiscal year 2019. Measurement of Current Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13 to update the methodology used to measure current expected credit losses (“CECL”). This ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. This ASU replaces the current incurred loss impairment methodology with a methodology to reflect CECL and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption is permitted. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income: In February 2018, the FASB issued ASU 2018-02 related to reclassifying tax effects stranded in accumulated other comprehensive income/(losses) because of the Tax Cuts and Jobs Act (“U.S. Tax Reform”) enacted on December 22, 2017. U.S. Tax Reform reduced the U.S. federal corporate tax rate from 35.0% to 21.0%. ASC Topic 740, Income Taxes , requires the remeasurement of deferred tax assets and liabilities as a result of such changes in tax laws or rates to be presented in net income/(loss) from continuing operations. However, the related tax effects of such deferred tax assets and liabilities may have been originally recorded in other comprehensive income/(loss). This ASU allows companies to reclassify such stranded tax effects from accumulated other comprehensive income/(losses) to retained earnings/(deficit). This reclassification adjustment is optional, and if elected, may be applied either to the period of adoption or retrospectively to the period(s) impacted by U.S. Tax Reform. Additionally, this ASU requires companies to disclose the policy election for stranded tax effects as well as the general accounting policy for releasing income tax effects from accumulated other comprehensive income/(losses). This ASU will be effective beginning in the first quarter of our fiscal year 2019. Early adoption is permitted. We will adopt this ASU on the first day of our fiscal year 2019 and will make the policy election to reclassify stranded tax effects from accumulated other comprehensive income/(losses) to retained earnings/(deficit). We currently estimate the increase to retained earnings/(deficit) upon adoption will be between approximately $130 million and $140 million . Fair Value Measurement Disclosures: In August 2018, the FASB issued ASU 2018-13 related to fair value measurement disclosures. This ASU removes the requirement to disclose the amount of and reasons for transfers between Levels 1 and 2 of the fair value hierarchy, the policy for determining that a transfer has occurred, and valuation processes for Level 3 fair value measurements. Additionally, this ASU modifies the disclosures related to the measurement uncertainty for recurring Level 3 fair value measurements (by removing the requirement to disclose sensitivity to future changes) and the timing of liquidation of investee assets (by removing the timing requirement in certain instances). The guidance also requires new disclosures for Level 3 financial assets and liabilities, including the amount and location of unrealized gains and losses recognized in other comprehensive income/(loss) and additional information related to significant unobservable inputs used in determining Level 3 fair value measurements. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption of the guidance in whole is permitted. Alternatively, companies may early adopt removed or modified disclosures and delay adoption of the additional disclosures until their effective date. Certain of the amendments in this ASU must be applied prospectively upon adoption, while other amendments must be applied retrospectively upon adoption. We elected to early adopt the provisions related to removing disclosures in the fourth quarter of our fiscal year 2018 on a retrospective basis. Accordingly, we have removed information related to our valuation process for Level 3 fair value measurements for pension plan investments within Note 13, Postemployment Benefits . We also removed information about the amount of and reasons for transfers between Levels 1 and 2 of the fair value hierarchy from Note 14, Financial Instruments . There was no other impact to our financial statement disclosures as a result of early adopting the provisions related to removing disclosures. We are currently evaluating the disclosure impact of the provisions related to modifying and adding disclosures as well as the timing of adoption. Disclosure Requirements for Certain Employer-Sponsored Benefit Plans: In August 2018, the FASB issued ASU 2018-14 related to the disclosure requirements for employers that sponsor defined benefit pension and other postretirement benefit plans. The guidance requires sponsors of these plans to provide additional disclosures, including weighted-average interest rates used in the company’s cash balance plans and a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. Additionally, this guidance eliminates certain previous disclosure requirements. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption is permitted. This guidance must be applied on a retrospective basis to all periods presented. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption. Implementation Costs Incurred in Hosted Cloud Computing Service Arrangements: In August 2018, the FASB issued ASU 2018-15 related to accounting for implementation costs incurred in hosted cloud computing service arrangements. Under the new guidance, implementation costs incurred in a hosting arrangement that is a service contract should be expensed or capitalized based on the nature of the costs and the project stage during which such costs are incurred. If the implementation costs qualify for capitalization, they must be amortized over the term of the hosting arrangement and assessed for impairment. Companies must disclose the nature of any hosted cloud computing service arrangements. This ASU also provides guidance for balance sheet and income statement presentation of capitalized implementation costs and statement of cash flows presentation for the related payments. This ASU will be effective beginning in the first quarter of our fiscal year 2020. Early adoption is permitted, including in an interim period. This guidance may be adopted either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption and the application method. |
Restatement of Previously Iss_2
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Consolidated Financial Statements | The Kraft Heinz Company Consolidated Statement of Cash Flows (in millions) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 10,990 $ (58 ) (a)(b)(e)(f)(g) $ 10,932 Adjustments to reconcile net income/(loss) to operating cash flows: Depreciation and amortization 1,036 (5 ) (b)(f)(g) 1,031 Amortization of postretirement benefit plans prior service costs/(credits) (328 ) — (328 ) Equity award compensation expense 46 — 46 Deferred income tax provision/(benefit) (6,467 ) (28 ) (a)(e)(g) (6,495 ) Postemployment benefit plan contributions (1,659 ) — (1,659 ) Goodwill and intangible asset impairment losses 49 — 49 Nonmonetary currency devaluation 36 — 36 Other items, net 219 34 (a)(g) 253 Changes in current assets and liabilities: — — Trade receivables (2,629 ) — (2,629 ) Inventories (251 ) 15 (d) (236 ) Accounts payable 464 (23 ) (d) 441 Other current assets (67 ) 3 (a)(d) (64 ) Other current liabilities (912 ) 36 (a)(e)(g) (876 ) Net cash provided by/(used for) operating activities 527 (26 ) 501 CASH FLOWS FROM INVESTING ACTIVITIES: Cash receipts on sold receivables 2,286 — 2,286 Capital expenditures (1,217 ) 23 (d) (1,194 ) Payments to acquire business, net of cash acquired — — — Other investing activities, net 87 (2 ) (g) 85 Net cash provided by/(used for) investing activities 1,156 21 1,177 CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (2,644 ) 3 (b)(g) (2,641 ) Proceeds from issuance of long-term debt 1,496 — 1,496 Proceeds from issuance of commercial paper 6,043 — 6,043 Repayments of commercial paper (6,249 ) — (6,249 ) Dividends paid - Series A Preferred Stock — — — Dividends paid - common stock (2,888 ) — (2,888 ) Redemption of Series A Preferred Stock — — — Other financing activities, net 16 2 (g) 18 Net cash provided by/(used for) financing activities (4,226 ) 5 (4,221 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 57 — 57 Cash, cash equivalents, and restricted cash Net increase/(decrease) (2,486 ) — (2,486 ) Balance at beginning of period 4,255 — 4,255 Balance at end of period $ 1,769 $ — $ 1,769 NON-CASH INVESTING ACTIVITIES: Beneficial interest obtained in exchange for securitized trade receivables $ 2,519 $ — $ 2,519 CASH PAID DURING THE PERIOD FOR: Interest $ 1,269 $ — $ 1,269 Income taxes 1,206 — 1,206 The Kraft Heinz Company Consolidated Statement of Income (in millions, except per share data) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated ASU Adoption Impacts As Restated & Recast Net sales $ 26,232 $ (156 ) (c)(g) $ 26,076 $ — $ 26,076 Cost of products sold 16,529 (44 ) (a)(b)(c)(g) 16,485 558 17,043 Gross profit 9,703 (112 ) 9,591 (558 ) 9,033 Selling, general and administrative expenses, excluding impairment losses 2,881 (32 ) (c)(g) 2,849 78 2,927 Goodwill impairment losses — — — — — Intangible asset impairment losses 49 — (f) 49 — 49 Selling, general and administrative expenses 2,930 (32 ) 2,898 78 2,976 Operating income/(loss) 6,773 (80 ) 6,693 (636 ) 6,057 Interest expense 1,234 — (b)(g) 1,234 — 1,234 Other expense/(income), net 9 — 9 (636 ) (627 ) Income/(loss) before income taxes 5,530 (80 ) 5,450 — 5,450 Provision for/(benefit from) income taxes (5,460 ) (22 ) (a)(b)(e)(f)(g) (5,482 ) — (5,482 ) Net income/(loss) 10,990 (58 ) 10,932 — 10,932 Net income/(loss) attributable to noncontrolling interest (9 ) — (9 ) — (9 ) Net income/(loss) attributable to Kraft Heinz 10,999 (58 ) 10,941 — 10,941 Preferred dividends — — — — — Net income/(loss) attributable to common shareholders $ 10,999 $ (58 ) $ 10,941 $ — $ 10,941 Per share data applicable to common shareholders: Basic earnings/(loss) $ 9.03 $ (0.05 ) $ 8.98 $ — $ 8.98 Diluted earnings/(loss) 8.95 (0.04 ) 8.91 — 8.91 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $94 million and an increase to benefit from income taxes of $18 million for the year ended December 30, 2017. (b) Capital Leases—The correction of these misstatements resulted in a decrease to cost of products sold of less than $1 million , a decrease to interest expense of less than $1 million , and a decrease to benefit from income taxes of less than $1 million for the year ended December 30, 2017. (c) Customer Incentive Program Expense Misclassifications—As previously disclosed in March 2018, the correction of these misstatements resulted in a decrease to net sales of $147 million , a decrease to cost of products sold of $139 million , and a decrease to selling, general and administrative expenses (“SG&A”) of $8 million for the year ended December 30, 2017. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in an increase to benefit from income taxes of $12 million for the year ended December 30, 2017. (f) Impairments—The correction of these misstatements resulted in a decrease to SG&A of less than $1 million and a decrease to benefit from income taxes of less than $1 million for the year ended December 30, 2017. (g) Other—The correction of these misstatements resulted in a decrease to net sales of $9 million , an increase to cost of products sold of $1 million , a decrease to SG&A of $24 million , a decrease to interest expense of less than $1 million , and a decrease to benefit from income taxes of $8 million for the year ended December 30, 2017. The values as previously reported for the year ended December 30, 2017 were derived from our Annual Report on Form 10-K for the year ended December 30, 2017 filed on February 16, 2018. The Kraft Heinz Company Consolidated Statement of Income (in millions, except per share data) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated ASU Adoption Impacts As Restated & Recast Net sales $ 26,487 $ (187 ) (c)(g) $ 26,300 $ — $ 26,300 Cost of products sold 16,901 (116 ) (a)(c)(g) 16,785 369 17,154 Gross profit 9,586 (71 ) 9,515 (369 ) 9,146 Selling, general and administrative expenses, excluding impairment losses 3,444 (5 ) (c)(g) 3,439 88 3,527 Goodwill impairment losses — — — — — Intangible asset impairment losses — 18 (f) 18 — 18 Selling, general and administrative expenses 3,444 13 3,457 88 3,545 Operating income/(loss) 6,142 (84 ) 6,058 (457 ) 5,601 Interest expense 1,134 — (g) 1,134 — 1,134 Other expense/(income), net (15 ) — (g) (15 ) (457 ) (472 ) Income/(loss) before income taxes 5,023 (84 ) 4,939 — 4,939 Provision for/(benefit from) income taxes 1,381 (48 ) (a)(e)(f)(g) 1,333 — 1,333 Net income/(loss) 3,642 (36 ) 3,606 — 3,606 Net income/(loss) attributable to noncontrolling interest 10 — 10 — 10 Net income/(loss) attributable to Kraft Heinz 3,632 (36 ) 3,596 — 3,596 Preferred dividends 180 — 180 — 180 Net income/(loss) attributable to common shareholders $ 3,452 $ (36 ) $ 3,416 $ — $ 3,416 Per share data applicable to common shareholders: Basic earnings/(loss) $ 2.84 $ (0.03 ) $ 2.81 $ — $ 2.81 Diluted earnings/(loss) 2.81 (0.03 ) 2.78 — 2.78 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $35 million and a decrease to provision for income taxes of $13 million for the year ended December 31, 2016. (b) Capital Leases—None. (c) Customer Incentive Program Expense Misclassifications—As previously disclosed in March 2018, the correction of these misstatements resulted in a decrease to net sales of $152 million , a decrease to cost of products sold of $145 million , and a decrease to SG&A of $7 million for the year ended December 31, 2016. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in a decrease to provision for income taxes of $18 million for the year ended December 31, 2016. (f) Impairments—The correction of these misstatements resulted in an increase to SG&A of $18 million and a decrease to provision for income taxes of $4 million for the year ended December 31, 2016. (g) Other—The correction of these misstatements resulted in a decrease to net sales of $35 million , a decrease to cost of products sold of $6 million , an increase to SG&A of $2 million , a decrease to interest expense of less than $1 million , a decrease to other expense/(income), net, of less than $1 million , and a decrease to provision for income taxes of $13 million for the year ended December 31, 2016. The values as previously reported for the year ended December 31, 2016 were derived from our Annual Report on Form 10-K for the year ended December 30, 2017 filed on February 16, 2018. The Kraft Heinz Company Consolidated Statement of Comprehensive Income (in millions) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated Net income/(loss) $ 10,990 $ (58 ) (a)(b)(e)(f)(g) $ 10,932 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments 1,184 1 (b)(e) 1,185 Net deferred gains/(losses) on net investment hedges (353 ) — (353 ) Amounts excluded from the effectiveness assessment of net investment hedges — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — Net deferred gains/(losses) on cash flow hedges (113 ) — (113 ) Amounts excluded from the effectiveness assessment of cash flow hedges — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 85 — 85 Net actuarial gains/(losses) arising during the period 69 — 69 Prior service credits/(costs) arising during the period 17 — 17 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (309 ) — (309 ) Total other comprehensive income/(loss) 580 1 581 Total comprehensive income/(loss) 11,570 (57 ) 11,513 Comprehensive income/(loss) attributable to noncontrolling interest (3 ) — (3 ) Comprehensive income/(loss) attributable to Kraft Heinz $ 11,573 $ (57 ) $ 11,516 The Kraft Heinz Company Consolidated Statement of Comprehensive Income (in millions) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated Net income/(loss) $ 3,642 $ (36 ) (a)(e)(f)(g) $ 3,606 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments (986 ) 7 (d)(g)(e) (979 ) Net deferred gains/(losses) on net investment hedges 226 — 226 Amounts excluded from the effectiveness assessment of net investment hedges — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — Net deferred gains/(losses) on cash flow hedges 46 — 46 Amounts excluded from the effectiveness assessment of cash flow hedges — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (87 ) — (87 ) Net actuarial gains/(losses) arising during the period (40 ) — (40 ) Prior service credits/(costs) arising during the period 97 (66 ) (g) 31 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (207 ) 3 (g) (204 ) Total other comprehensive income/(loss) (951 ) (56 ) (1,007 ) Total comprehensive income/(loss) 2,691 (92 ) 2,599 Comprehensive income/(loss) attributable to noncontrolling interest 16 — 16 Comprehensive income/(loss) attributable to Kraft Heinz $ 2,675 $ (92 ) $ 2,583 The Kraft Heinz Company Consolidated Statement of Cash Flows (in millions) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 3,642 $ (36 ) (a)(e)(f)(g) $ 3,606 Adjustments to reconcile net income/(loss) to operating cash flows: Depreciation and amortization 1,337 — 1,337 Amortization of postretirement benefit plans prior service costs/(credits) (333 ) (14 ) (g) (347 ) Equity award compensation expense 46 — 46 Deferred income tax provision/(benefit) (29 ) (43 ) (a)(e)(f)(g) (72 ) Postemployment benefit plan contributions (494 ) — (494 ) Goodwill and intangible asset impairment losses — 18 (f) 18 Nonmonetary currency devaluation 24 — 24 Other items, net 16 9 (a)(g) 25 Changes in current assets and liabilities: — — Trade receivables (2,055 ) — (2,055 ) Inventories (130 ) — (130 ) Accounts payable 943 (64 ) (d) 879 Other current assets (42 ) 1 (a) (41 ) Other current liabilities (276 ) 128 (a)(d)(e)(g) (148 ) Net cash provided by/(used for) operating activities 2,649 (1 ) 2,648 CASH FLOWS FROM INVESTING ACTIVITIES: Cash receipts on sold receivables 2,589 — 2,589 Capital expenditures (1,247 ) — (1,247 ) Payments to acquire business, net of cash acquired — — — Other investing activities, net 110 — 110 Net cash provided by/(used for) investing activities 1,452 — 1,452 CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (86 ) 1 (g) (85 ) Proceeds from issuance of long-term debt 6,981 — 6,981 Proceeds from issuance of commercial paper 6,680 — 6,680 Repayments of commercial paper (6,043 ) — (6,043 ) Dividends paid - Series A Preferred Stock (180 ) — (180 ) Dividends paid - common stock (3,584 ) — (3,584 ) Redemption of Series A Preferred Stock (8,320 ) — (8,320 ) Other financing activities, net (69 ) — (69 ) Net cash provided by/(used for) financing activities (4,621 ) 1 (4,620 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (137 ) — (137 ) Cash, cash equivalents, and restricted cash Net increase/(decrease) (657 ) — (657 ) Balance at beginning of period 4,912 — 4,912 Balance at end of period $ 4,255 $ — $ 4,255 NON-CASH INVESTING ACTIVITIES: Beneficial interest obtained in exchange for securitized trade receivables $ 2,213 $ — $ 2,213 CASH PAID DURING THE PERIOD FOR: Interest $ 1,176 $ — $ 1,176 Income taxes 1,619 — 1,619 The Kraft Heinz Company Consolidated Balance Sheets (in millions, except per share data) December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated ASSETS Cash and cash equivalents $ 1,629 $ — $ 1,629 Trade receivables (net of allowances of $23 at December 30, 2017) 921 — 921 Sold receivables 353 — 353 Income taxes receivable 582 (44 ) (a)(b)(d)(e)(g) 538 Inventories 2,815 (55 ) (d)(g) 2,760 Prepaid expenses 345 — 345 Other current assets 621 34 (a)(d) 655 Total current assets 7,266 (65 ) 7,201 Property, plant and equipment, net 7,120 (59 ) (b)(d)(g) 7,061 Goodwill 44,824 1 (g) 44,825 Intangible assets, net 59,449 (17 ) (f) 59,432 Other non-current assets 1,573 — 1,573 TOTAL ASSETS $ 120,232 $ (140 ) $ 120,092 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 460 $ 2 (g) $ 462 Current portion of long-term debt 2,743 (10 ) (b)(g) 2,733 Trade payables 4,449 (87 ) (d)(g) 4,362 Accrued marketing 680 9 (g) 689 Interest payable 419 — 419 Other current liabilities 1,381 108 (a)(d)(g) 1,489 Total current liabilities 10,132 22 10,154 Long-term debt 28,333 (25 ) (b) 28,308 Deferred income taxes 14,076 (37 ) (a)(d)(e)(f)(g) 14,039 Accrued postemployment costs 427 — 427 Other non-current liabilities 1,017 71 (a) 1,088 TOTAL LIABILITIES 53,985 31 54,016 Commitments and Contingencies Redeemable noncontrolling interest 6 — 6 Equity: Common stock, $0.01 par value (5,000 shares authorized; 1,221 shares issued and 1,219 shares outstanding at December 30, 2017) 12 — 12 Additional paid-in capital 58,711 (77 ) (d) 58,634 Retained earnings/(deficit) 8,589 (94 ) (a)(b)(d)(e)(f)(g) 8,495 Accumulated other comprehensive income/(losses) (1,054 ) — (1,054 ) Treasury stock, at cost (2 shares at December 30, 2017) (224 ) — (224 ) Total shareholders' equity 66,034 (171 ) 65,863 Noncontrolling interest 207 — 207 TOTAL EQUITY 66,241 (171 ) 66,070 TOTAL LIABILITIES AND EQUITY $ 120,232 $ (140 ) $ 120,092 (a) Supplier Rebates—The correction of these misstatements resulted in a decrease to income taxes receivable of $1 million , a decrease to other current assets of $21 million , an increase to other current liabilities of $57 million , a decrease to deferred income taxes of $37 million , an increase to other non-current liabilities of $71 million , and a decrease to retained earnings of $113 million at December 30, 2017. (b) Capital Leases—The correction of these misstatements resulted in a decrease to income taxes receivable of less than $1 million , a decrease to property, plant and equipment, net, of $34 million , a decrease to current portion of long-term debt of $9 million , a decrease to long-term debt of $25 million , and a decrease to retained earnings of less than $1 million at December 30, 2017. (c) Customer Incentive Program Expense Misclassifications—None. (d) Balance Sheet Misclassifications—The correction of these misstatements resulted in a decrease to income taxes receivable of $83 million , a decrease to inventories of $55 million , an increase to other current assets of $55 million , a decrease to property, plant and equipment, net, of $23 million , a decrease to trade payables of $23 million , a decrease to other current liabilities of $28 million , a decrease to deferred income taxes of $55 million , a decrease to additional paid-in capital of $77 million , and an increase to retained earnings of $77 million at December 30, 2017. (e) Income Taxes—The correction of these misstatements resulted in an increase to income taxes receivable of $33 million , an increase to deferred income taxes of $58 million , and a decrease to retained earnings of $25 million at December 30, 2017. (f) Impairments—The correction of these misstatements resulted in a decrease to intangible assets, net, of $17 million , a decrease to deferred income taxes of $4 million , and a decrease to retained earnings of $13 million at December 30, 2017. (g) Other—The correction of these misstatements resulted in an increase to income taxes receivable of $7 million , a decrease to inventories of less than $1 million , a decrease to property, plant and equipment, net, of $2 million , an increase to goodwill of $1 million , an increase to commercial paper and other short-term debt of $2 million , a decrease to current portion of long-term debt of $1 million , a decrease to trade payables of $64 million , an increase to accrued marketing of $9 million , an increase to other current liabilities of $79 million , an increase to deferred income taxes of $1 million , and a decrease to retained earnings of $20 million at December 30, 2017. The Kraft Heinz Company Consolidated Statement of Equity For the Year Ended December 30, 2017 (in millions) Restatement Reference Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity As Previously Reported Balance at December 31, 2016 $ 12 $ 58,593 $ 588 $ (1,628 ) $ (207 ) $ 216 $ 57,574 Net income/(loss) excluding redeemable noncontrolling interest — — 10,999 — — (5 ) 10,994 Other comprehensive income/(loss) — — — 574 — 6 580 Dividends declared-common stock ($2.45 per share) — — (2,988 ) — — — (2,988 ) Dividends declared-noncontrolling interest ($52.75 per share) — — — — — (10 ) (10 ) Exercise of stock options, issuance of other stock awards, and other — 118 (10 ) — (17 ) — 91 Balance at December 30, 2017 $ 12 $ 58,711 $ 8,589 $ (1,054 ) $ (224 ) $ 207 $ 66,241 Restatement Impacts Balance at December 31, 2016 $ — $ (77 ) $ (36 ) $ (1 ) $ — $ — $ (114 ) Net income/(loss) excluding redeemable noncontrolling interest (a)(b)(e)(f)(g) — — (58 ) — — — (58 ) Other comprehensive income/(loss) (b)(e) — — — 1 — — 1 Dividends declared-common stock ($2.45 per share) — — — — — — — Dividends declared-noncontrolling interest ($52.75 per share) — — — — — — — Exercise of stock options, issuance of other stock awards, and other — — — — — — — Balance at December 30, 2017 $ — $ (77 ) $ (94 ) $ — $ — $ — $ (171 ) As Restated Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 Net income/(loss) excluding redeemable noncontrolling interest — — 10,941 — — (5 ) 10,936 Other comprehensive income/(loss) — — — 575 — 6 581 Dividends declared-common stock ($2.45 per share) — — (2,988 ) — — — (2,988 ) Dividends declared-noncontrolling interest ($52.75 per share) — — — — — (10 ) (10 ) Exercise of stock options, issuance of other stock awards, and other — 118 (10 ) — (17 ) — 91 Balance at December 30, 2017 $ 12 $ 58,634 $ 8,495 $ (1,054 ) $ (224 ) $ 207 $ 66,070 The Kraft Heinz Company Consolidated Statement of Equity For the Year Ended December 31, 2016 (in millions) Restatement Reference Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity As Previously Reported Balance at January 3, 2016 $ 12 $ 58,375 $ — $ (671 ) $ (31 ) $ 208 $ 57,893 Net income/(loss) excluding redeemable noncontrolling interest — — 3,632 — — 10 3,642 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (957 ) — 6 (951 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — (180 ) — — — (180 ) Dividends declared-common stock ($2.35 per share) — — (2,862 ) — — — (2,862 ) Dividends declared-noncontrolling interest ($90.82 per share) — — — — — (8 ) (8 ) Exercise of stock options, issuance of other stock awards, and other — 218 (2 ) — (176 ) — 40 Balance at December 31, 2016 $ 12 $ 58,593 $ 588 $ (1,628 ) $ (207 ) $ 216 $ 57,574 Restatement Impacts Balance at January 3, 2016 (a)(d)(e)(g) $ — $ (77 ) $ — $ 55 $ — $ — $ (22 ) Net income/(loss) excluding redeemable noncontrolling interest (a)(e)(f)(g) — — (36 ) — — — (36 ) Other comprehensive income/(loss) excluding redeemable noncontrolling interest (g) — — — (56 ) — — (56 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — — — — — — Dividends declared-common stock ($2.35 per share) — — — — — — — Dividends declared-noncontrolling interest ($90.82 per share) — — — — — — — Exercise of stock options, issuance of other stock awards, and other — — — — — — — Balance at December 31, 2016 $ — $ (77 ) $ (36 ) $ (1 ) $ — $ — $ (114 ) As Restated Balance at January 3, 2016 $ 12 $ 58,298 $ — $ (616 ) $ (31 ) $ 208 $ 57,871 Net income/(loss) excluding redeemable noncontrolling interest — — 3,596 — — 10 3,606 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (1,013 ) — 6 (1,007 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — (180 ) — — — (180 ) Dividends declared-common stock ($2.35 per share) — — (2,862 ) — — — (2,862 ) Dividends declared-noncontrolling interest ($90.82 per share) — — — — — (8 ) (8 ) Exercise of stock options, issuance of other stock awards, and other — 218 (2 ) — (176 ) — 40 Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 The Kraft Heinz Company Condensed Consolidated Statements of Income (in millions, except per share data) As Restated December 29, 2018 September 29, 2018 June 30, March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net sales $ 6,891 $ 6,383 $ 19,377 $ 6,690 $ 12,994 $ 6,304 Cost of products sold 4,675 4,289 12,672 4,343 8,383 4,040 Gross profit 2,216 2,094 6,705 2,347 4,611 2,264 Selling, general and administrative expenses, excluding impairment losses 867 803 2,338 771 1,535 764 Goodwill impairment losses 6,875 — 133 133 133 — Intangible asset impairment losses 8,610 217 318 101 101 — Selling, general and administrative expenses 16,352 1,020 2,789 1,005 1,769 764 Operating income/(loss) (14,136 ) 1,074 3,916 1,342 2,842 1,500 Interest expense 325 326 959 316 633 317 Other expense/(income), net 13 (71 ) (196 ) (35 ) (125 ) (90 ) Income/(loss) before income taxes (14,474 ) 819 3,153 1,061 2,334 1,273 Provision for/(benefit from) income taxes (1,846 ) 201 779 308 578 270 Net income/(loss) (12,628 ) 618 2,374 753 1,756 1,003 Net income/(loss) attributable to noncontrolling interest (60 ) (1 ) (2 ) (1 ) (1 ) — Net income/(loss) attributable to Kraft Heinz (12,568 ) 619 2,376 754 1,757 1,003 Preferred dividends — — — — — — Net income/(loss) attributable to common shareholders $ (12,568 ) $ 619 $ 2,376 $ 754 $ 1,757 $ 1,003 Per share data applicable to common shareholders: Basic earnings/(loss) $ (10.30 ) $ 0.51 $ 1.95 $ 0.62 $ 1.44 $ 0.82 Diluted earnings/(loss) (10.30 ) 0.50 1.94 0.62 1.43 0.82 The Kraft Heinz Company Condensed Consolidated Statements of Income (in millions, except per share data) As Restated & Recast December 30, 2017 September 30, 2017 July 1, April 1, Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net sales $ 6,841 $ 6,279 $ 19,235 $ 6,634 $ 12,956 $ 6,322 Cost of products sold 4,554 4,123 12,489 4,227 8,366 4,139 Gross profit 2,287 2,156 6,746 2,407 4,590 2,183 Selling, general and administrative expenses, excluding impairment losses 778 664 2,149 720 1,485 765 Goodwill impairment losses — — — — — — Intangible asset impairment losses — 1 49 48 48 — Selling, general and administrative expenses 778 665 2,198 768 1,533 765 Operating income/(loss) 1,509 1,491 4,548 1,639 3,057 1,418 Interest expense 308 306 926 307 620 313 Other expense/(income), net (116 ) (127 ) (511 ) (254 ) (384 ) (130 ) Income/(loss) before income taxes 1,317 1,312 4,133 1,586 2,821 1,235 Provision for/(benefit from) income taxes (6,665 ) 400 1,183 429 783 354 Net income/(loss) 7,982 912 2,950 1,157 2,038 881 Net income/(loss) attributable to noncontrolling interest (7 ) (1 ) (2 ) 1 (1 ) (2 ) Net income/(loss) attributable to Kraft Heinz 7,989 913 2,952 1,156 2,039 883 Preferred dividends — — — — — — Net income/(loss) attributable to common shareholders $ 7,989 $ 913 $ 2,952 $ 1,156 $ 2,039 $ 883 Per share data applicable to common shareholders: Basic earnings/(loss) $ 6.55 $ 0.75 $ 2.42 $ 0.95 $ 1.67 $ 0.73 Diluted earnings/(loss) 6.50 0.74 2.40 0.94 1.66 0.72 The Kraft Heinz Company Condensed Consolidated Statements of Comprehensive Income (in millions) As Restated December 29, 2018 September 29, 2018 June 30, March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net income/(loss) $ (12,628 ) $ 618 $ 2,374 $ 753 $ 1,756 $ 1,003 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments (378 ) (144 ) (809 ) (862 ) (665 ) 197 Net deferred gains/(losses) on net investment hedges 126 13 158 219 145 (74 ) Amounts excluded from the effectiveness assessment of net investment hedges 4 3 3 — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (5 ) (2 ) (2 ) — — — Net deferred gains/(losses) on cash flow hedges 59 (16 ) 40 34 56 22 Amounts excluded from the effectiveness assessment of cash flow hedges 2 — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (34 ) 12 (10 ) (9 ) (22 ) (13 ) Net actuarial gains/(losses) arising during the period (12 ) 17 70 53 53 — Prior service credits/(costs) arising during the period 3 — — — — — Net postemployment benefit losses/(gains) reclassified to net income/(loss) 15 (58 ) (133 ) (17 ) (75 ) (58 ) Total other comprehensive income/(loss) (220 ) (175 ) (683 ) (582 ) (508 ) 74 Total comprehensive income/(loss) (12,848 ) 443 1,691 171 1,248 1,077 Comprehensive income/(loss) attributable to noncontrolling interest (61 ) (3 ) (15 ) (7 ) (12 ) (5 ) Comprehensive income/(loss) attributable to Kraft Heinz $ (12,787 ) $ 446 $ 1,706 $ 178 $ 1,260 $ 1,082 The Kraft Heinz Company Condensed Consolidated Statements of Comprehensive Income (in millions) As Restated December 30, 2017 September 30, 2017 July 1, April 1, Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net income/(loss) $ 7,982 $ 912 $ 2,950 $ 1,157 $ 2,038 $ 881 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments 7 419 1,178 455 759 304 Net deferred gains/(losses) on net investment hedges (26 ) (124 ) (327 ) (152 ) (203 ) (51 ) Amounts excluded from the effectiveness assessment of net investment hedges — — — — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — — — — Net deferred gains/(losses) on cash flow hedges 23 (70 ) (136 ) (32 ) (66 ) (34 ) Amounts excluded from the effectiveness assessment of cash flow hedges — — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (12 ) 51 97 26 46 20 Net actuarial gains/(losses) arising during the period 82 (4 ) (13 ) 1 (9 ) (10 ) Prior service credits/(costs) arising during the period 16 — 1 1 1 — Net postemployment benefit losses/(gains) reclassified to net income/(loss) (49 ) (51 ) (260 ) (154 ) (209 ) (55 ) Total other comprehensive income/(loss) 41 221 540 145 319 174 Total comprehensive income/(loss) 8,023 1,133 3,490 1,302 2,357 1,055 Comprehensive income/(loss) attributable to noncontrolling interest 1 (1 ) (4 ) 1 (3 ) (4 ) Comprehensive income/(loss) attributable to Kraft Heinz $ 8,022 $ 1,134 $ 3,494 $ 1,301 $ 2,360 $ 1,059 The Kraft Heinz Company Condensed Consolidated Balance Sheets (in millions, except per share data) As Restated September 29, 2018 June 30, 2018 March 31, 2018 ASSETS Cash and cash equivalents $ 1,366 $ 3,369 $ 1,794 Trade receivables (net of allowances of $24 at September 29, 2018, $24 at June 30, 2018, and $24 at March 31, 2018) 2,032 1,950 1,044 Sold receivables — 37 530 Income taxes receivable 203 211 121 Inventories 3,214 3,094 3,089 Prepaid expenses 389 388 367 Other current assets 352 431 426 Assets held for sale — — — Total current assets 7,556 9,480 7,371 Property, plant and equipment, net 7,074 7,117 7,145 Goodwill 44,339 44,302 44,844 Intangible assets, net 58,727 59,084 59,583 Other non-current assets 1,879 1,766 1,640 TOTAL ASSETS $ 119,575 $ 121,749 $ 120,583 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 973 $ 34 $ 1,003 Current portion of long-term debt 371 2,723 2,715 Trade payables 4,238 4,236 4,148 Accrued marketing 494 480 576 Interest payable 315 404 345 Other current liabilities 1,231 1,236 1,500 Liabilities held for sale — — — Total current liabilities 7,622 9,113 10,287 Long-term debt 30,887 31,269 28,465 Deferred income taxes 14,224 14,260 14,106 Accrued postemployment costs 394 394 400 Other non-current liabilities 1,035 998 1,023 TOTAL LIABILITIES 54,162 56,034 54,281 Commitments and Contingencies Redeemable noncontrolling interest 6 7 8 Equity: Common stock, $0.01 par value (5,000 shares authorized; 1,222 shares issued and 1,219 shares outstanding at September 29, 2018, 1,222 shares issued and 1,219 shares outstanding at June 30, 2018, and 1,222 shares issued and 1,219 shares outstanding at March 31, 2018) 12 12 12 Additional paid-in capital 58,716 58,689 58,656 Retained earnings/(deficit) 8,479 8,624 8,634 Accumulated other comprehensive income/(losses) (1,724 ) (1,551 ) (975 ) Treasury stock, at cost (3 shares at September 29, 2018, 3 shares at June 30, 2018, and 3 shares at March 31, 2018) (264 ) (254 ) (240 ) Total shareholders' equity 65,219 65,520 66,087 Noncontrolling interest 188 188 207 TOTAL EQUITY 65,407 65,708 66,294 TOTAL LIABILITIES AND EQUITY $ 119,575 $ 121,749 $ 120,583 The Kraft Heinz Company Condensed Consolidated Balance Sheets (in millions, except per share data) As Restated September 30, 2017 July 1, 2017 April 1, 2017 ASSETS Cash and cash equivalents $ 1,441 $ 1,445 $ 3,242 Trade receivables (net of allowances of $29 at September 30, 2017, $28 at July 1, 2017, and $30 at April 1, 2017) 938 973 936 Sold receivables 427 461 538 Income taxes receivable 290 237 269 Inventories 3,136 3,012 3,094 Prepaid expenses 368 359 349 Other current assets 527 547 611 Assets held for sale — — — Total current assets 7,127 7,034 9,039 Property, plant and equipment, net 6,902 6,804 6,689 Goodwill 44,859 44,566 44,301 Intangible assets, net 59,483 59,383 59,313 Other non-current assets 1,531 1,535 1,604 TOTAL ASSETS $ 119,902 $ 119,322 $ 120,946 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 457 $ 1,090 $ 909 Current portion of long-term debt 2,747 19 2,022 Trade payables 3,873 3,805 3,858 Accrued marketing 500 499 601 Interest payable 295 406 346 Other current liabilities 1,578 1,589 1,905 Liabilities held for sale — — — Total current liabilities 9,450 7,408 9,641 Long-term debt 28,276 29,978 29,747 Deferred income taxes 20,841 20,840 20,873 Accrued postemployment costs 1,808 1,975 2,016 Other non-current liabilities 715 701 851 TOTAL LIABILITIES 61,090 60,902 63,128 Commitments and Contingencies Redeemable n |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Business Acquisition [Line Items] | |
Assets and Liabilities Held for Sale by Major Class | Our assets and liabilities held for sale, by major class, were (in millions): December 29, 2018 ASSETS Inventories $ 92 Property, plant and equipment, net 139 Goodwill 669 Intangible assets, net 437 Other 39 Total assets held for sale $ 1,376 LIABILITIES Trade payables $ 16 Other 39 Total liabilities held for sale $ 55 |
Cerebos | |
Business Acquisition [Line Items] | |
Purchase Price Allocation to Assets Acquired and Liabilities Assumed | The final purchase price allocation to assets acquired and liabilities assumed in the Cerebos Acquisition was (in millions): Cash $ 23 Other current assets 65 Property, plant and equipment, net 75 Identifiable intangible assets 100 Trade and other payables (41 ) Other non-current liabilities (3 ) Net assets acquired 219 Goodwill on acquisition 25 Total consideration $ 244 |
Purchase Price Allocation to Identifiable Intangible Assets Acquired | The final purchase price allocation to identifiable intangible assets acquired in the Cerebos Acquisition was: Fair Value (in millions of dollars) Weighted Average Life (in years) Definite-lived trademarks $ 87 22 Customer-related assets 13 12 Total $ 100 |
Integration and Restructuring_2
Integration and Restructuring Expenses (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Costs by Type and Income Statement Location | Total expense/(income) related to the Integration Program and restructuring activities, by income statement caption, were (in millions): As Restated & Recast As Recast December 29, December 30, December 31, Severance and employee benefit costs - COGS $ 12 $ 9 $ 41 Severance and employee benefit costs - SG&A 32 26 96 Severance and employee benefit costs - Other expense/(income), net 6 (149 ) 20 Asset-related costs - COGS 59 191 496 Asset-related costs - SG&A 36 26 41 Other costs - COGS 123 264 162 Other costs - SG&A 35 67 156 Other costs - Other expense/(income), net 157 — — $ 460 $ 434 $ 1,012 |
Restructuring Costs Excluded from Segments | The pre-tax impact of allocating such expenses to our segments would have been (in millions): As Restated December 29, December 30, December 31, United States $ 205 $ 270 $ 759 Canada 176 34 45 EMEA 16 56 85 Rest of World 25 13 6 General corporate expenses 38 61 117 $ 460 $ 434 $ 1,012 |
Integration Program | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost | Our liability balance for Integration Program costs that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and other exit costs) was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 30, 2017 $ 24 $ 22 $ 46 Charges/(credits) 2 (1 ) 1 Cash payments (12 ) (2 ) (14 ) Non-cash utilization (9 ) (19 ) (28 ) Balance at December 29, 2018 $ 5 $ — $ 5 (a) Other exit costs primarily consist of lease and contract terminations. |
Restructuring Activities | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost | Our liability balance for restructuring project costs that qualify as exit and disposal costs under U.S. GAAP (i.e., severance and employee benefit costs and other exit costs) was (in millions): Severance and Employee Benefit Costs Other Exit Costs (a) Total Balance at December 30, 2017 $ 16 $ 25 $ 41 Charges/(credits) 48 6 54 Cash payments (35 ) (12 ) (47 ) Non-cash utilization 3 14 17 Balance at December 29, 2018 $ 32 $ 33 $ 65 (a) Other exit costs primarily consist of lease and contract terminations. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |
Reconciliation from Cash and Cash Equivalents to Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents, as reported on our consolidated balance sheets, to cash, cash equivalents, and restricted cash, as reported on our consolidated statements of cash flows (in millions): December 29, December 30, 2017 Cash and cash equivalents $ 1,130 $ 1,629 Restricted cash included in other current assets 1 140 Restricted cash included in other non-current assets 5 — Cash, cash equivalents, and restricted cash $ 1,136 $ 1,769 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following (in millions): As Restated December 29, 2018 December 30, 2017 Packaging and ingredients $ 510 $ 560 Work in process 343 384 Finished product 1,814 1,816 Inventories $ 2,667 $ 2,760 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in millions): As Restated December 29, 2018 December 30, Land $ 218 $ 250 Buildings and improvements 2,375 2,232 Equipment and other 5,904 5,323 Construction in progress 1,165 1,345 9,662 9,150 Accumulated depreciation (2,584 ) (2,089 ) Property, plant and equipment, net $ 7,078 $ 7,061 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill by Segment | Changes in the carrying amount of goodwill, by segment, were (in millions): United States Canada EMEA Rest of World Total Balance at December 30, 2017 (As Restated) $ 33,701 $ 5,246 $ 3,238 $ 2,640 $ 44,825 Impairment losses (4,104 ) (1,947 ) — (957 ) (7,008 ) Reclassified to assets held for sale — (496 ) — (173 ) (669 ) Acquisitions — 16 — 25 41 Translation adjustments and other — (381 ) (164 ) (141 ) (686 ) Balance at December 29, 2018 $ 29,597 $ 2,438 $ 3,074 $ 1,394 $ 36,503 |
Changes in the Carrying Amount of Indefinite-Lived Intangible Assets | Changes in the carrying amount of indefinite-lived intangible assets, which primarily consisted of trademarks, were (in millions): Balance at December 30, 2017 $ 53,655 Impairment losses (8,925 ) Reclassified to assets held for sale (341 ) Transfers to definite-lived intangible assets (72 ) Translation adjustments (351 ) Balance at December 29, 2018 $ 43,966 |
Schedule of Definite-Lived Intangible Assets By Major Asset Class | Definite-lived intangible assets were (in millions): As Restated December 29, 2018 December 30, 2017 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks $ 2,474 $ (402 ) $ 2,072 $ 2,368 $ (287 ) $ 2,081 Customer-related assets 4,097 (681 ) 3,416 4,231 (544 ) 3,687 Other 18 (4 ) 14 14 (5 ) 9 $ 6,589 $ (1,087 ) $ 5,502 $ 6,613 $ (836 ) $ 5,777 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes and the Provision for Income Taxes | Income/(loss) before income taxes and the provision for/(benefit from) income taxes, consisted of the following (in millions): As Restated December 29, December 30, December 31, Income/(loss) before income taxes: United States $ (10,305 ) $ 3,811 $ 3,271 International (1,016 ) 1,639 1,668 Total $ (11,321 ) $ 5,450 $ 4,939 Provision for/(benefit from) income taxes: Current: U.S. federal $ 444 $ 765 $ 1,085 U.S. state and local 134 (47 ) 82 International 322 295 238 900 1,013 1,405 Deferred: U.S. federal (1,843 ) (6,590 ) (11 ) U.S. state and local (121 ) 97 (63 ) International (3 ) (2 ) 2 (1,967 ) (6,495 ) (72 ) Total provision for/(benefit from) income taxes $ (1,067 ) $ (5,482 ) $ 1,333 |
Effective Income Tax Rate Reconciliation | The effective tax rate on income/(loss) before income taxes differed from the U.S. federal statutory tax rate for the following reasons: As Restated December 29, December 30, December 31, U.S. federal statutory tax rate 21.0 % 35.0 % 35.0 % Tax on income of foreign subsidiaries 3.4 % (4.8 )% (3.6 )% Domestic manufacturing deduction — % (1.5 )% (2.0 )% U.S. state and local income taxes, net of federal tax benefit 1.6 % 1.1 % 0.8 % Tax exempt income — % (0.7 )% (3.4 )% Deferred tax effect of statutory tax rate changes (0.9 )% 0.3 % (2.0 )% Audit settlements and changes in uncertain tax positions (0.3 )% (0.2 )% 1.9 % Venezuela nondeductible devaluation loss (0.4 )% — % 0.3 % U.S. Tax Reform discrete income tax benefit 0.5 % (129.0 )% — % Global intangible low-taxed income (0.5 )% — % — % Goodwill impairment (15.1 )% — % — % Wind-up of non-U.S. pension plans (0.4 )% — % — % Other 0.5 % (0.8 )% — % Effective tax rate 9.4 % (100.6 )% 27.0 % |
Deferred Income Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards that gave rise to deferred income tax assets and liabilities consisted of the following (in millions): As Restated December 29, 2018 December 30, 2017 Deferred income tax liabilities: Intangible assets, net $ 11,571 $ 13,567 Property, plant and equipment, net 735 676 Other 410 288 Deferred income tax liabilities 12,716 14,531 Deferred income tax assets: Benefit plans (172 ) (212 ) Other (470 ) (422 ) Deferred income tax assets (642 ) (634 ) Valuation allowance 81 80 Net deferred income tax liabilities $ 12,155 $ 13,977 |
Changes in Unrecognized Tax Benefits | The changes in our unrecognized tax benefits were (in millions): December 29, December 30, December 31, Balance at the beginning of the period $ 408 $ 389 $ 353 Increases for tax positions of prior years 9 2 59 Decreases for tax positions of prior years (81 ) (35 ) (18 ) Increases based on tax positions related to the current year 74 135 62 Decreases due to settlements with taxing authorities (3 ) (59 ) (62 ) Decreases due to lapse of statute of limitations (10 ) (24 ) (5 ) Reclassified to liabilities held for sale (10 ) — — Balance at the end of the period $ 387 $ 408 $ 389 |
Employees' Stock Incentive Pl_2
Employees' Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Weighted Average Black-Scholes Fair Value Assumptions | We use the Black-Scholes model to estimate the fair value of stock option grants. Our weighted average Black-Scholes fair value assumptions were: December 29, December 30, December 31, Risk-free interest rate 2.75 % 2.25 % 1.63 % Expected term 7.5 years 7.5 years 7.5 years Expected volatility 21.3 % 19.6 % 22.0 % Expected dividend yield 3.6 % 2.8 % 3.1 % Weighted average grant date fair value per share $ 10.26 $ 14.24 $ 12.48 |
Schedule of Stock Option Activity and Related Information | Our stock option activity and related information was: Number of Stock Options Weighted Average Exercise Price Aggregate Intrinsic Value Average Remaining Contractual Term Outstanding at December 30, 2017 19,289,564 $ 41.63 Granted 2,143,730 64.37 Forfeited (1,136,924 ) 61.10 Exercised (2,036,405 ) 27.68 Outstanding at December 29, 2018 18,259,965 44.64 $ 168 6 years Exercisable at December 29, 2018 10,492,048 33.48 124 4 years |
Schedule of Unvested Stock Options and Related Information | Our unvested stock options and related information was: Number of Stock Options Weighted Average Grant Date Fair Value Unvested options at December 30, 2017 11,827,142 $ 8.36 Granted 2,143,730 10.26 Vested (5,135,897 ) 5.99 Forfeited (1,067,058 ) 10.45 Unvested options at December 29, 2018 7,767,917 10.16 |
Schedule of RSU Activity and Related Information | Our RSU activity and related information was: Number of Units Weighted Average Grant Date Fair Value (per share) Outstanding at December 30, 2017 1,284,262 $ 81.91 Granted 1,443,088 58.59 Forfeited (253,249 ) 77.42 Vested (135,143 ) 73.57 Outstanding at December 29, 2018 2,338,958 68.49 |
Schedule of PSU Activity and Related Information | Our PSU activity and related information was: Number of Units Weighted Average Grant Date Fair Value (per share) Outstanding at December 30, 2017 815,383 $ 70.16 Granted 2,730,130 56.31 Forfeited (293,457 ) 62.28 Outstanding at December 29, 2018 3,252,056 59.24 |
Schedule of Compensation Costs Related to Equity Plans | Equity award compensation cost and the related tax benefit was (in millions): December 29, December 30, December 31, Pre-tax compensation cost $ 33 $ 46 $ 46 Related tax benefit (7 ) (14 ) (15 ) After-tax compensation cost $ 26 $ 32 $ 31 |
Postemployment Benefits (Tables
Postemployment Benefits (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Accumulated Other Comprehensive Income/(Losses) | Our accumulated other comprehensive income/(losses) pension and postretirement benefit plans balances, before tax, consisted of the following (in millions): Pension Benefits Postretirement Benefits Total December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Net actuarial gain/(loss) $ 175 $ 13 $ 177 $ 111 $ 352 $ 124 Prior service credit/(cost) (14 ) 1 458 748 444 749 $ 161 $ 14 $ 635 $ 859 $ 796 $ 873 |
Amounts Recognized in Other Comprehensive Income (Loss) | The net postemployment benefits recognized in other comprehensive income/(loss), consisted of the following (in millions): As Restated December 29, December 30, December 31, Net postemployment benefit gains/(losses) arising during the period: Net actuarial gains/(losses) arising during the period - Pension Benefits $ 8 $ 45 $ (73 ) Net actuarial gains/(losses) arising during the period - Postretirement Benefits 66 71 (5 ) Prior service credits/(costs) arising during the period - Pension Benefits (15 ) 1 — Prior service credits/(costs) arising during the period - Postretirement Benefits 21 24 51 80 141 (27 ) Tax benefit/(expense) (19 ) (55 ) 18 $ 61 $ 86 $ (9 ) Reclassification of net postemployment benefit losses/(gains) to net income/(loss): Amortization of unrecognized losses/(gains) - Pension Benefits $ 2 $ 1 $ — Amortization of unrecognized losses/(gains) - Postretirement Benefits — — (1 ) Amortization of prior service costs/(credits) - Postretirement Benefits (311 ) (328 ) (355 ) Net settlement and curtailment losses/(gains) - Pension Benefits 153 2 25 Net settlement and curtailment losses/(gains) - Postretirement Benefits — (177 ) — (156 ) (502 ) (331 ) Tax benefit/(expense) 38 193 127 $ (118 ) $ (309 ) $ (204 ) |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status | The projected benefit obligations, fair value of plan assets, and funded status of our pension plans were (in millions): U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Benefit obligation at beginning of year $ 4,719 $ 5,157 $ 3,464 $ 3,099 Service cost 10 11 19 19 Interest cost 158 178 67 66 Benefits paid (191 ) (224 ) (126 ) (161 ) Actuarial losses/(gains) (447 ) 270 (118 ) 120 Plan amendments 1 — 14 (2 ) Currency — — (175 ) 264 Settlements (190 ) (692 ) (1,221 ) (1 ) Curtailments — — (1 ) — Special/contractual termination benefits — 19 7 9 Other — — — 51 Benefit obligation at end of year 4,060 4,719 1,930 3,464 Fair value of plan assets at beginning of year 4,785 4,788 4,156 3,628 Actual return on plan assets (185 ) 613 49 289 Employer contributions — 300 57 30 Benefits paid (191 ) (224 ) (126 ) (161 ) Currency — — (221 ) 322 Settlements (190 ) (692 ) (1,221 ) (1 ) Other — — (5 ) 49 Fair value of plan assets at end of year 4,219 4,785 2,689 4,156 Net pension liability/(asset) recognized at end of year $ (159 ) $ (66 ) $ (759 ) $ (692 ) |
Amounts Recognized in Balance Sheet | We recognized these amounts on our consolidated balance sheets as follows (in millions): December 29, 2018 December 30, 2017 Other non-current assets $ 999 $ 871 Other current liabilities (4 ) (41 ) Accrued postemployment costs (77 ) (72 ) Net pension asset/(liability) recognized $ 918 $ 758 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | For certain of our U.S. and non-U.S. plans that were underfunded based on accumulated benefit obligations in excess of plan assets, the projected benefit obligations, accumulated benefit obligations, and the fair value of plan assets were (in millions): U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Projected benefit obligation $ — $ — $ 146 $ 1,368 Accumulated benefit obligation — — 139 1,360 Fair value of plan assets — — 65 1,254 |
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets | For certain of our U.S. and non-U.S. plans that were underfunded based on projected benefit obligations in excess of plan assets, the projected benefit obligations, accumulated benefit obligations, and the fair value of plan assets were (in millions): U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Projected benefit obligation $ — $ — $ 148 $ 1,400 Accumulated benefit obligation — — 141 1,392 Fair value of plan assets — — 67 1,287 |
Net Cost/(Benefit) | Net pension cost/(benefit) consisted of the following (in millions): U.S. Plans Non-U.S. Plans December 29, December 30, December 31, December 29, December 30, December 31, Service cost $ 10 $ 11 $ 13 $ 19 $ 19 $ 25 Interest cost 158 178 203 67 66 87 Expected return on plan assets (247 ) (262 ) (290 ) (175 ) (180 ) (182 ) Amortization of unrecognized losses/(gains) — — — 2 1 — Settlements (4 ) 2 23 158 — 2 Curtailments — — — (1 ) — — Special/contractual termination benefits — 19 — 7 9 3 Other — 2 — — (15 ) — Net pension cost/(benefit) $ (83 ) $ (50 ) $ (51 ) $ 77 $ (100 ) $ (65 ) |
Weighted Average Asset Allocation of Plan Assets | Our weighted average asset allocations were: U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Fixed-income securities 84 % 62 % 45 % 39 % Equity securities 14 % 27 % 34 % 27 % Cash and cash equivalents 2 % 11 % 16 % 4 % Real estate — % — % 3 % 6 % Certain insurance contracts — % — % 2 % 24 % Total 100 % 100 % 100 % 100 % |
Fair Value of Plan Assets | The fair value of pension plan assets at December 29, 2018 was determined using the following fair value measurements (in millions): Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Corporate bonds and other fixed-income securities $ 3,089 $ — $ 3,089 $ — Government bonds 366 366 — — Total fixed-income securities 3,455 366 3,089 — Equity securities 665 665 — — Cash and cash equivalents 422 419 3 — Real estate 79 — — 79 Certain insurance contracts 53 — — 53 Fair value excluding investments measured at net asset value 4,674 1,450 3,092 132 Investments measured at net asset value (a) 2,234 Total plan assets at fair value $ 6,908 (a) Amount includes cash collateral of $269 million associated with our securities lending program, which is reflected as an asset, and a corresponding securities lending payable of $269 million , which is reflected as a liability. The net impact on total plan assets at fair value is zero . The fair value of pension plan assets at December 30, 2017 was determined using the following fair value measurements (in millions): Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Corporate bonds and other fixed-income securities $ 2,606 $ — $ 2,606 $ — Government bonds 467 467 — — Total fixed-income securities 3,073 467 2,606 — Equity securities 1,044 1,044 — — Cash and cash equivalents 208 205 3 — Real estate 262 — — 262 Certain insurance contracts 983 — — 983 Fair value excluding investments measured at net asset value 5,570 1,716 2,609 1,245 Investments measured at net asset value (a) 3,371 Total plan assets at fair value $ 8,941 |
Changes in Level 3 Plan Assets | Changes in our Level 3 plan assets for the year ended December 29, 2018 included (in millions): Asset Category December 30, Additions Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 December 29, Real estate $ 262 $ — $ 49 $ (7 ) $ (210 ) $ (15 ) $ 79 Certain insurance contracts 983 — (82 ) (3 ) (845 ) — 53 Total Level 3 investments $ 1,245 $ — $ (33 ) $ (10 ) $ (1,055 ) $ (15 ) $ 132 Net purchases, issuances and settlements of $845 million principally related to insurance contract settlements in Canada in connection with the wind-up of our Canadian salaried and hourly defined benefit pension plans. Changes in our Level 3 plan assets for the year ended December 30, 2017 included (in millions): Asset Category December 31, Additions Net Realized Gain/(Loss) Net Unrealized Gain/(Loss) Net Purchases, Issuances and Settlements Transfers Into/(Out of) Level 3 December 30, Real estate $ 234 $ — $ 14 $ 14 $ — $ — $ 262 Certain insurance contracts 189 797 — 36 (39 ) — 983 Total Level 3 investments $ 423 797 $ 14 $ 50 $ (39 ) $ — $ 1,245 |
Estimated Future Benefit Payments | The estimated future benefit payments from our pension plans at December 29, 2018 were (in millions): U.S. Plans Non-U.S. Plans 2019 $ 331 $ 70 2020 320 70 2021 317 72 2022 309 80 2023 301 79 2024-2028 1,351 436 |
Pension Plans | Pension Benefit Obligation | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average Assumptions Used | We used the following weighted average assumptions to determine our projected benefit obligations under the pension plans: U.S. Plans Non-U.S. Plans December 29, 2018 December 30, 2017 December 29, 2018 December 30, 2017 Discount rate 4.4 % 3.7 % 2.9 % 2.4 % Rate of compensation increase 4.1 % 4.1 % 3.9 % 3.9 % |
Pension Plans | Net Pension Cost | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average Assumptions Used | We used the following weighted average assumptions to determine our net pension costs: U.S. Plans Non-U.S. Plans December 29, December 30, December 31, December 29, December 30, December 31, Discount rate - Service cost 3.8 % 4.2 % 4.5 % 3.0 % 3.2 % 4.2 % Discount rate - Interest cost 3.6 % 3.6 % 3.5 % 2.9 % 2.1 % 3.3 % Expected rate of return on plan assets 5.5 % 5.7 % 5.7 % 4.5 % 4.8 % 5.6 % Rate of compensation increase 4.1 % 4.1 % 4.1 % 3.9 % 4.0 % 3.4 % |
Postretirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amounts Recognized in Balance Sheet | We recognized the net postretirement benefit asset/(liability) on our consolidated balance sheets as follows (in millions): December 29, 2018 December 30, 2017 Other current liabilities $ (14 ) $ (10 ) Accrued postemployment costs (236 ) (355 ) Net postretirement benefit asset/(liability) recognized $ (250 ) $ (365 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | For certain of our postretirement benefit plans that were underfunded based on accumulated postretirement benefit obligations in excess of plan assets, the accumulated benefit obligations and the fair value of plan assets were (in millions): December 29, 2018 December 30, 2017 Accumulated benefit obligation $ 1,294 $ 1,553 Fair value of plan assets 1,044 1,188 |
Net Cost/(Benefit) | Net postretirement cost/(benefit) consisted of the following (in millions): As Restated December 29, December 30, December 31, Service cost $ 8 $ 10 $ 12 Interest cost 45 49 52 Expected return on plan assets (50 ) — — Amortization of prior service costs/(credits) (311 ) (328 ) (355 ) Amortization of unrecognized losses/(gains) — — (1 ) Curtailments — (177 ) — Net postretirement cost/(benefit) $ (308 ) $ (446 ) $ (292 ) |
Weighted Average Asset Allocation of Plan Assets | Our weighted average asset allocations were: December 29, 2018 December 30, 2017 Fixed-income securities 65 % — % Equity securities 27 % — % Cash and cash equivalents 8 % 100 % |
Fair Value of Plan Assets | The fair value of postretirement benefit plan assets at December 29, 2018 was determined using the following fair value measurements (in millions): Asset Category Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Government bonds $ 26 $ 26 $ — $ — Corporate bonds and other fixed-income securities 567 — 567 — Total fixed-income securities 593 26 567 — Equity securities 146 146 — — Fair value excluding investments measured at net asset value 739 172 567 — Investments measured at net asset value 305 Total plan assets at fair value $ 1,044 |
Estimated Future Benefit Payments | Our estimated future benefit payments for our postretirement plans at December 29, 2018 were (in millions): 2019 $ 131 2020 127 2021 120 2022 114 2023 107 2024-2028 440 |
Changes in Accumulated Benefit Obligation, Fair Value of Plan Assets, and Funded Status | The accumulated benefit obligation, fair value of plan assets, and funded status of our postretirement benefit plans were (in millions): December 29, 2018 December 30, 2017 Benefit obligation at beginning of year $ 1,553 $ 1,714 Service cost 8 10 Interest cost 45 49 Benefits paid (136 ) (142 ) Actuarial losses/(gains) (142 ) (70 ) Plan amendments (21 ) (24 ) Currency (13 ) 13 Other — 3 Benefit obligation at end of year 1,294 1,553 Fair value of plan assets at beginning of year 1,188 — Actual return on plan assets (26 ) — Employer contributions 19 1,329 Benefits paid (137 ) (142 ) Other — 1 Fair value of plan assets at end of year 1,044 1,188 Net postretirement benefit liability/(asset) recognized at end of year $ 250 $ 365 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects, increase/(decrease) in cost and obligation, as of December 29, 2018 (in millions): One-Percentage-Point Increase (Decrease) Effect on annual service and interest cost $ 3 $ (3 ) Effect on postretirement benefit obligation 48 (41 ) |
Postretirement Plans | Postretirement Benefit Obligation | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average Assumptions Used | We used the following weighted average assumptions to determine our postretirement benefit obligations: December 29, 2018 December 30, 2017 Discount rate 4.2 % 3.5 % Health care cost trend rate assumed for next year 6.7 % 6.7 % Ultimate trend rate 4.9 % 4.9 % |
Postretirement Plans | Net Postretirement Costs | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average Assumptions Used | We used the following weighted average assumptions to determine our net postretirement benefit plans cost: December 29, December 30, December 31, Discount rate - Service cost 3.6 % 4.0 % 4.3 % Discount rate - Interest cost 3.0 % 3.0 % 3.0 % Expected rate of return on plan assets 4.4 % — % — % Health care cost trend rate 6.7 % 6.3 % 6.5 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Values of Outstanding Derivatives | The notional values of our outstanding derivative instruments were (in millions): Notional Amount December 29, 2018 December 30, 2017 Commodity contracts $ 478 $ 272 Foreign exchange contracts 3,263 2,876 Cross-currency contracts 10,146 3,161 |
Schedule of Derivative Fair Values | The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the consolidated balance sheets were (in millions): December 29, 2018 Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 51 $ 26 $ 51 $ 26 Cross-currency contracts (b) — — 139 3 139 3 Derivatives not designated as hedging instruments: Commodity contracts (c) 5 27 — 2 5 29 Foreign exchange contracts (c) — — 5 42 5 42 Cross-currency contracts (b) — — 557 119 557 119 Total fair value $ 5 $ 27 $ 752 $ 192 $ 757 $ 219 (a) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. (b) The fair value of derivative assets was recorded in other current assets ( $557 million ) and other non-current assets ( $139 million ), and the fair value of derivative liabilities was recorded within other current liabilities ( $119 million ) and other non-current liabilities ( $3 million ). (c) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. December 30, 2017 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Total Fair Value Assets Liabilities Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments: Foreign exchange contracts (a) $ — $ — $ 8 $ 42 $ 8 $ 42 Cross-currency contracts (b) — — 344 — 344 — Derivatives not designated as hedging instruments: Commodity contracts (c) 4 8 — — 4 8 Foreign exchange contracts (c) — — 17 3 17 3 Cross-currency contracts (b) — — 19 — 19 — Total fair value $ 4 $ 8 $ 388 $ 45 $ 392 $ 53 (a) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities ( $41 million ) and other non-current liabilities ( $1 million ). (b) The fair value of our derivative assets was recorded in other non-current assets. (c) The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities. |
Derivative Impact on Statements of Other Comprehensive Income | The following table presents the pre-tax amounts of derivative gains/(losses) deferred into accumulated other comprehensive income/(losses) and the income statement line item that will be affected when reclassified to net income/(loss) (in millions): Accumulated Other Comprehensive Income/(Losses) Component Gains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging Instruments Location of Gains/(Losses) When Reclassified to Net Income/(Loss) December 29, December 30, December 31, Cash flow hedges: Foreign exchange contracts $ — $ 1 $ 3 Net sales Foreign exchange contracts 64 (42 ) 6 Cost of products sold Foreign exchange contracts (excluded component) (2 ) — — Cost of products sold Foreign exchange contracts 56 (82 ) 39 Other expense/(income), net Foreign exchange contracts (excluded component) 3 — — Other expense/(income), net Interest rate contracts — — (8 ) Interest expense Cross-currency contracts (4 ) — — Other expense/(income), net Cross-currency contracts (excluded component) 1 — — Other expense/(income), net Net investment hedges: Foreign exchange contracts (11 ) (23 ) 45 SG&A Foreign exchange contracts (excluded component) (3 ) — — Interest expense Cross-currency contracts 214 (184 ) 147 SG&A Cross-currency contracts (excluded component) 13 — — Interest expense Total gains/(losses) recognized in statements of comprehensive income $ 331 $ (330 ) $ 232 |
Derivative Impact on Statements of Income | The following tables present the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss) and the affected income statement line items (in millions): December 29, Cost of products sold Interest expense Other expense/ (income), net Total amounts presented in the consolidated statements of income in which the following effects were recorded $ 17,347 $ 1,284 $ (183 ) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ (2 ) $ — $ 56 Foreign exchange contracts (excluded component) (2 ) — 3 Interest rate contracts — (4 ) — Cross-currency contracts — — (7 ) Cross-currency contracts (excluded component) — — 1 Net investment hedges: Foreign exchange contracts (excluded component) — (3 ) — Cross-currency contracts (excluded component) — 13 — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts (44 ) — — Foreign exchange contracts — — (84 ) Cross-currency contracts — — 4 Total gains/(losses) recognized in statements of income $ (48 ) $ 6 $ (27 ) December 30, December 31, Cost of products sold Interest expense Other expense/ (income), net Net sales Cost of products sold Interest expense Other expense/ (income), net Total amounts presented in the consolidated statements of income in which the following effects were recorded (As Restated & Recast) $ 17,043 $ 1,234 $ (627 ) $ 26,300 $ 17,154 $ 1,134 $ (472 ) Gains/(losses) related to derivatives designated as hedging instruments: Cash flow hedges: Foreign exchange contracts $ — $ — $ (81 ) $ 6 $ 41 $ — $ 38 Interest rate contracts — (4 ) — — — (4 ) — Gains/(losses) related to derivatives not designated as hedging instruments: Commodity contracts (37 ) — — — 9 — — Foreign exchange contracts — — 54 — — — (63 ) Cross-currency contracts — — (2 ) — — — (3 ) Total gains/(losses) recognized in statements of income $ (37 ) $ (4 ) $ (29 ) $ 6 $ 50 $ (4 ) $ (28 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Losses) (Tables) - AOCI Attributable to Parent | 12 Months Ended |
Dec. 29, 2018 | |
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |
Components of and Changes in Accumulated Other Comprehensive Income/(Losses) | The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions): Foreign Currency Translation Adjustments Net Postemployment Benefit Plan Adjustments Net Cash Flow Hedge Adjustments Total Balance as of January 3, 2016 (As Restated) $ (1,654 ) $ 985 $ 53 $ (616 ) Foreign currency translation adjustments (985 ) — — (985 ) Net deferred gains/(losses) on net investment hedges 226 — — 226 Net deferred gains/(losses) on cash flow hedges — — 46 46 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — (87 ) (87 ) Net postemployment benefit gains/(losses) arising during the period — (9 ) — (9 ) Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (204 ) — (204 ) Total other comprehensive income/(loss) (759 ) (213 ) (41 ) (1,013 ) Balance as of December 31, 2016 (As Restated) (2,413 ) 772 12 (1,629 ) Foreign currency translation adjustments 1,179 — — 1,179 Net deferred gains/(losses) on net investment hedges (353 ) — — (353 ) Net deferred gains/(losses) on cash flow hedges — — (113 ) (113 ) Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — 85 85 Net postemployment benefit gains/(losses) arising during the period — 86 — 86 Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (309 ) — (309 ) Total other comprehensive income/(loss) 826 (223 ) (28 ) 575 Balance as of December 30, 2017 (As Restated) (1,587 ) 549 (16 ) (1,054 ) Foreign currency translation adjustments (1,173 ) — — (1,173 ) Net deferred gains/(losses) on net investment hedges 284 — — 284 Amounts excluded from the effectiveness assessment of net investment hedges 7 — — 7 Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (7 ) — — (7 ) Net deferred gains/(losses) on cash flow hedges — — 99 99 Amounts excluded from the effectiveness assessment of cash flow hedges — — 2 2 Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) — — (44 ) (44 ) Net postemployment benefit gains/(losses) arising during the period — 61 — 61 Net postemployment benefit losses/(gains) reclassified to net income/(loss) — (118 ) — (118 ) Total other comprehensive income/(loss) (889 ) (57 ) 57 (889 ) Balance as of December 29, 2018 $ (2,476 ) $ 492 $ 41 $ (1,943 ) |
Gross Amount and Related Tax Benefit/(Expense) Recorded in and Associated with each Component of Other Comprehensive Income/(Loss) | The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions): As Restated December 29, December 30, December 31, Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Before Tax Amount Tax Net of Tax Amount Foreign currency translation adjustments $ (1,173 ) $ — $ (1,173 ) $ 1,179 $ — $ 1,179 $ (985 ) $ — $ (985 ) Net deferred gains/(losses) on net investment hedges 377 (93 ) 284 (632 ) 279 (353 ) 426 (200 ) 226 Amounts excluded from the effectiveness assessment of net investment hedges 10 (3 ) 7 — — — — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (10 ) 3 (7 ) — — — — — — Net deferred gains/(losses) on cash flow hedges 116 (17 ) 99 (123 ) 10 (113 ) 40 6 46 Amounts excluded from the effectiveness assessment of cash flow hedges 2 — 2 — — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (45 ) 1 (44 ) 85 — 85 (81 ) (6 ) (87 ) Net actuarial gains/(losses) arising during the period 74 (16 ) 58 116 (47 ) 69 (78 ) 38 (40 ) Prior service credits/(costs) arising during the period 6 (3 ) 3 25 (8 ) 17 51 (20 ) 31 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (156 ) 38 (118 ) (502 ) 193 (309 ) (331 ) 127 (204 ) |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Losses) | The amounts reclassified from accumulated other comprehensive income/(losses) were as follows (in millions): Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income/(Loss) Affected Line Item in the Statements of Income As Restated December 29, December 30, December 31, Losses/(gains) on net investment hedges: Foreign exchange contracts (a) $ 3 $ — $ — Interest expense Cross-currency contracts (a) (13 ) — — Interest expense Losses/(gains) on cash flow hedges: Foreign exchange contracts (b) — — (6 ) Net sales Foreign exchange contracts (b) 4 — (41 ) Cost of products sold Foreign exchange contracts (b) (59 ) 81 (38 ) Other expense/(income), net Cross-currency contracts (a) 6 — — Other expense/(income), net Interest rate contracts (c) 4 4 4 Interest expense Losses/(gains) on hedges before income taxes (55 ) 85 (81 ) Losses/(gains) on hedges, income taxes 4 — (6 ) Losses/(gains) on hedges $ (51 ) $ 85 $ (87 ) Losses/(gains) on postemployment benefits: Amortization of unrecognized losses/(gains) $ 2 $ 1 $ (1 ) (d) Amortization of prior service costs/(credits) (311 ) (328 ) (355 ) (d) Settlement and curtailment losses/(gains) 153 (175 ) 25 (d) Losses/(gains) on postemployment benefits before income taxes (156 ) (502 ) (331 ) Losses/(gains) on postemployment benefits, income taxes 38 193 127 Losses/(gains) on postemployment benefits $ (118 ) $ (309 ) $ (204 ) (a) Represents recognition of the excluded component in net income/(loss). (b) Includes amortization of the excluded component and the effective portion of the related hedges. (c) Represents amortization of realized hedge losses that were deferred into accumulated other comprehensive income/(losses) through the maturity of the related long-term debt instruments. (d) These components are included in the computation of net periodic postemployment benefit costs. See Note 13, Postemployment Benefits , for additional information. |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum rental commitments under non-cancelable operating leases in effect at December 29, 2018 were (in millions): 2019 $ 185 2020 137 2021 105 2022 70 2023 49 Thereafter 148 Total $ 694 |
Schedule of Future Purchase Obligations | As of December 29, 2018 , our take-or-pay purchase obligations were as follows (in millions): 2019 $ 1,569 2020 757 2021 405 2022 287 2023 210 Thereafter 217 Total $ 3,445 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | long-term debt obligations. Long-term debt at December 30, 2017 reflects the restatements described in Note 2, Restatement of Previously Issued Consolidated Financial Statements . Priority (a) Maturity Dates Interest Rates (b) Carrying Values As Restated December 29, 2018 December 30, 2017 (in millions) U.S. dollar notes: 2025 Notes (c) Senior Secured Notes February 15, 2025 4.875% $ 1,193 $ 1,192 Other U.S. dollar notes (d)(e) Senior Notes 2019-2046 2.800% - 7.125% 25,551 25,165 Euro notes (d) Senior Notes 2023-2028 1.500% - 2.250% 2,899 3,038 Canadian dollar notes (f) Senior Notes July 6, 2020 2.700% - 3.128% 586 794 British pound sterling notes: 2030 Notes (g) Senior Secured Notes February 18, 2030 6.250% 165 176 Other British pound sterling notes (d) Senior Notes July 1, 2027 4.125% 504 536 Other long-term debt Various 2019-2035 0.800% - 5.500% 50 56 Capital lease obligations 199 84 Total long-term debt 31,147 31,041 Current portion of long-term debt 377 2,733 Long-term debt, excluding current portion $ 30,770 $ 28,308 (a) Priority of debt indicates the order which debt would be paid if all debt obligations were due on the same day. Senior secured debt takes priority over unsecured debt. Senior debt has greater seniority than subordinated debt. (b) Floating interest rates are stated as of December 29, 2018. (c) The 4.875% Second Lien Senior Secured Notes due February 15, 2025 (the “2025 Notes”) are senior in right of payment of existing and future unsecured and subordinated indebtedness. Kraft Heinz fully and unconditionally guarantees these notes. (d) Kraft Heinz fully and unconditionally guarantees these notes, which were issued by KHFC. (e) Includes current year issuances (the “New Notes”) described below. (f) Kraft Heinz fully and unconditionally guarantees these notes, which were issued by Kraft Heinz Canada ULC (formerly Kraft Canada Inc.). (g) The 6.250% Pound Sterling Senior Secured Notes due February 18, 2030 (the “2030 Notes”) were issued by H.J. Heinz Finance UK Plc. Kraft Heinz and KHFC fully and unconditionally guarantee the 2030 Notes. This guarantee is secured and senior in right of payment of existing and future unsecured and subordinated indebtedness. Kraft Heinz became guarantor of the 2030 Notes in connection with the 2015 Merger. The 2030 Notes were previously only guaranteed by KHFC. |
Schedule of Maturities of Long-term Debt | At December 29, 2018 , aggregate principal maturities of our long-term debt excluding capital leases were (in millions): 2019 $ 355 2020 2,992 2021 990 2022 3,508 2023 2,460 Thereafter 20,329 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Equity [Abstract] | |
Common Stock Issued, In Treasury, and Outstanding | Shares of common stock issued, in treasury, and outstanding were (in millions of shares): Shares Issued Treasury Shares Shares Outstanding Balance at January 3, 2016 1,214 — 1,214 Exercise of stock options, issuance of other stock awards, and other 5 (2 ) 3 Balance at December 31, 2016 1,219 (2 ) 1,217 Exercise of stock options, issuance of other stock awards, and other 2 — 2 Balance at December 30, 2017 1,221 (2 ) 1,219 Exercise of stock options, issuance of other stock awards, and other 3 (2 ) 1 Balance at December 29, 2018 1,224 (4 ) 1,220 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share, Basic and Diluted | Our earnings per common share (“EPS”) were: As Restated December 29, December 30, December 31, (in millions, except per share data) Basic Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ (10,192 ) $ 10,941 $ 3,416 Weighted average shares of common stock outstanding 1,219 1,218 1,217 Net earnings/(loss) $ (8.36 ) $ 8.98 $ 2.81 Diluted Earnings Per Common Share: Net income/(loss) attributable to common shareholders $ (10,192 ) $ 10,941 $ 3,416 Weighted average shares of common stock outstanding 1,219 1,218 1,217 Effect of dilutive equity awards — 10 9 Weighted average shares of common stock outstanding, including dilutive effect 1,219 1,228 1,226 Net earnings/(loss) $ (8.36 ) $ 8.91 $ 2.78 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Segment Reporting [Abstract] | |
Net Sales by Segment | Net sales by segment were (in millions): As Restated December 29, December 30, December 31, Net sales: United States $ 18,122 $ 18,230 $ 18,469 Canada 2,173 2,177 2,302 EMEA 2,718 2,585 2,586 Rest of World 3,255 3,084 2,943 Total net sales $ 26,268 $ 26,076 $ 26,300 |
Segment Adjusted EBITDA | Segment Adjusted EBITDA was (in millions): As Restated & Recast December 29, December 30, December 31, Segment Adjusted EBITDA: United States $ 5,218 $ 5,873 $ 5,744 Canada 608 636 632 EMEA 724 673 741 Rest of World 635 590 621 General corporate expenses (161 ) (108 ) (164 ) Depreciation and amortization (excluding integration and restructuring expenses) (919 ) (907 ) (875 ) Integration and restructuring expenses (297 ) (583 ) (992 ) Deal costs (23 ) — (30 ) Unrealized gains/(losses) on commodity hedges (21 ) (19 ) 38 Impairment losses (15,936 ) (49 ) (71 ) Gains/(losses) on sale of business (15 ) — — Nonmonetary currency devaluation — — (4 ) Equity award compensation expense (excluding integration and restructuring expenses) (33 ) (49 ) (39 ) Operating income/(loss) (10,220 ) 6,057 5,601 Interest expense 1,284 1,234 1,134 Other expense/(income), net (183 ) (627 ) (472 ) Income/(loss) before income taxes $ (11,321 ) $ 5,450 $ 4,939 |
Depreciation and Amortization Expense by Segment | Total depreciation and amortization expense by segment was (in millions): As Restated December 29, December 30, December 31, Depreciation and amortization expense: United States $ 626 $ 658 $ 966 Canada 39 48 56 EMEA 102 99 87 Rest of World 119 98 84 General corporate expenses 97 128 144 Total depreciation and amortization expense $ 983 $ 1,031 $ 1,337 |
Capital Expenditures by Segment | Total capital expenditures by segment were (in millions): As Restated December 29, December 30, December 31, Capital expenditures: United States $ 388 $ 764 $ 843 Canada 21 42 30 EMEA 124 127 115 Rest of World 236 184 96 General corporate expenses 57 77 163 Total capital expenditures $ 826 $ 1,194 $ 1,247 |
Net Sales by Product Category | Net sales by product category were (in millions): As Restated December 29, December 30, December 31, Condiments and sauces $ 6,752 $ 6,429 $ 6,297 Cheese and dairy 5,287 5,409 5,537 Ambient foods 2,576 2,564 2,488 Frozen and chilled foods 2,548 2,578 2,577 Meats and seafood 2,505 2,567 2,659 Refreshment beverages 1,507 1,506 1,517 Coffee 1,438 1,422 1,489 Infant and nutrition 756 755 761 Desserts, toppings and baking 1,038 1,033 1,054 Nuts and salted snacks 967 970 1,069 Other 894 843 852 Total net sales $ 26,268 $ 26,076 $ 26,300 |
Net Sales by Geography | We had significant sales in the United States, Canada, and the United Kingdom. Our net sales by geography were (in millions): As Restated December 29, December 30, December 31, Net sales: United States $ 18,218 $ 18,324 $ 18,556 Canada 2,173 2,177 2,302 United Kingdom 1,071 1,018 1,053 Other 4,806 4,557 4,389 Total net sales $ 26,268 $ 26,076 $ 26,300 |
Long-lived Assets by Geography | Our long-lived assets by geography were (in millions): As Restated December 29, December 30, Long-lived assets: United States $ 79,057 $ 92,504 United Kingdom 4,996 6,226 Canada 3,620 6,585 Other 5,376 6,003 Total long-lived assets $ 93,049 $ 111,318 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Our quarterly financial data for 2018 and 2017 is summarized as follows: 2018 Quarters As Restated Fourth Third Second First (in millions, except per share data) Net sales $ 6,891 $ 6,383 $ 6,690 $ 6,304 Gross profit 2,216 2,094 2,347 2,264 Net income/(loss) (12,628 ) 618 753 1,003 Net income/(loss) attributable to common shareholders (12,568 ) 619 754 1,003 Per share data applicable to common shareholders: Basic earnings/(loss) (10.30 ) 0.51 0.62 0.82 Diluted earnings/(loss) (10.30 ) 0.50 0.62 0.82 2017 Quarters As Restated & Recast Fourth Third Second First (in millions, except per share data) Net sales $ 6,841 $ 6,279 $ 6,634 $ 6,322 Gross profit 2,287 2,156 2,407 2,183 Net income/(loss) 7,982 912 1,157 881 Net income/(loss) attributable to common shareholders 7,989 913 1,156 883 Per share data applicable to common shareholders: Basic earnings/(loss) 6.55 0.75 0.95 0.73 Diluted earnings/(loss) 6.50 0.74 0.94 0.72 |
Restatement of Consolidated Financial Statements | The Kraft Heinz Company Consolidated Statement of Cash Flows (in millions) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 10,990 $ (58 ) (a)(b)(e)(f)(g) $ 10,932 Adjustments to reconcile net income/(loss) to operating cash flows: Depreciation and amortization 1,036 (5 ) (b)(f)(g) 1,031 Amortization of postretirement benefit plans prior service costs/(credits) (328 ) — (328 ) Equity award compensation expense 46 — 46 Deferred income tax provision/(benefit) (6,467 ) (28 ) (a)(e)(g) (6,495 ) Postemployment benefit plan contributions (1,659 ) — (1,659 ) Goodwill and intangible asset impairment losses 49 — 49 Nonmonetary currency devaluation 36 — 36 Other items, net 219 34 (a)(g) 253 Changes in current assets and liabilities: — — Trade receivables (2,629 ) — (2,629 ) Inventories (251 ) 15 (d) (236 ) Accounts payable 464 (23 ) (d) 441 Other current assets (67 ) 3 (a)(d) (64 ) Other current liabilities (912 ) 36 (a)(e)(g) (876 ) Net cash provided by/(used for) operating activities 527 (26 ) 501 CASH FLOWS FROM INVESTING ACTIVITIES: Cash receipts on sold receivables 2,286 — 2,286 Capital expenditures (1,217 ) 23 (d) (1,194 ) Payments to acquire business, net of cash acquired — — — Other investing activities, net 87 (2 ) (g) 85 Net cash provided by/(used for) investing activities 1,156 21 1,177 CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (2,644 ) 3 (b)(g) (2,641 ) Proceeds from issuance of long-term debt 1,496 — 1,496 Proceeds from issuance of commercial paper 6,043 — 6,043 Repayments of commercial paper (6,249 ) — (6,249 ) Dividends paid - Series A Preferred Stock — — — Dividends paid - common stock (2,888 ) — (2,888 ) Redemption of Series A Preferred Stock — — — Other financing activities, net 16 2 (g) 18 Net cash provided by/(used for) financing activities (4,226 ) 5 (4,221 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 57 — 57 Cash, cash equivalents, and restricted cash Net increase/(decrease) (2,486 ) — (2,486 ) Balance at beginning of period 4,255 — 4,255 Balance at end of period $ 1,769 $ — $ 1,769 NON-CASH INVESTING ACTIVITIES: Beneficial interest obtained in exchange for securitized trade receivables $ 2,519 $ — $ 2,519 CASH PAID DURING THE PERIOD FOR: Interest $ 1,269 $ — $ 1,269 Income taxes 1,206 — 1,206 The Kraft Heinz Company Consolidated Statement of Income (in millions, except per share data) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated ASU Adoption Impacts As Restated & Recast Net sales $ 26,232 $ (156 ) (c)(g) $ 26,076 $ — $ 26,076 Cost of products sold 16,529 (44 ) (a)(b)(c)(g) 16,485 558 17,043 Gross profit 9,703 (112 ) 9,591 (558 ) 9,033 Selling, general and administrative expenses, excluding impairment losses 2,881 (32 ) (c)(g) 2,849 78 2,927 Goodwill impairment losses — — — — — Intangible asset impairment losses 49 — (f) 49 — 49 Selling, general and administrative expenses 2,930 (32 ) 2,898 78 2,976 Operating income/(loss) 6,773 (80 ) 6,693 (636 ) 6,057 Interest expense 1,234 — (b)(g) 1,234 — 1,234 Other expense/(income), net 9 — 9 (636 ) (627 ) Income/(loss) before income taxes 5,530 (80 ) 5,450 — 5,450 Provision for/(benefit from) income taxes (5,460 ) (22 ) (a)(b)(e)(f)(g) (5,482 ) — (5,482 ) Net income/(loss) 10,990 (58 ) 10,932 — 10,932 Net income/(loss) attributable to noncontrolling interest (9 ) — (9 ) — (9 ) Net income/(loss) attributable to Kraft Heinz 10,999 (58 ) 10,941 — 10,941 Preferred dividends — — — — — Net income/(loss) attributable to common shareholders $ 10,999 $ (58 ) $ 10,941 $ — $ 10,941 Per share data applicable to common shareholders: Basic earnings/(loss) $ 9.03 $ (0.05 ) $ 8.98 $ — $ 8.98 Diluted earnings/(loss) 8.95 (0.04 ) 8.91 — 8.91 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $94 million and an increase to benefit from income taxes of $18 million for the year ended December 30, 2017. (b) Capital Leases—The correction of these misstatements resulted in a decrease to cost of products sold of less than $1 million , a decrease to interest expense of less than $1 million , and a decrease to benefit from income taxes of less than $1 million for the year ended December 30, 2017. (c) Customer Incentive Program Expense Misclassifications—As previously disclosed in March 2018, the correction of these misstatements resulted in a decrease to net sales of $147 million , a decrease to cost of products sold of $139 million , and a decrease to selling, general and administrative expenses (“SG&A”) of $8 million for the year ended December 30, 2017. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in an increase to benefit from income taxes of $12 million for the year ended December 30, 2017. (f) Impairments—The correction of these misstatements resulted in a decrease to SG&A of less than $1 million and a decrease to benefit from income taxes of less than $1 million for the year ended December 30, 2017. (g) Other—The correction of these misstatements resulted in a decrease to net sales of $9 million , an increase to cost of products sold of $1 million , a decrease to SG&A of $24 million , a decrease to interest expense of less than $1 million , and a decrease to benefit from income taxes of $8 million for the year ended December 30, 2017. The values as previously reported for the year ended December 30, 2017 were derived from our Annual Report on Form 10-K for the year ended December 30, 2017 filed on February 16, 2018. The Kraft Heinz Company Consolidated Statement of Income (in millions, except per share data) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated ASU Adoption Impacts As Restated & Recast Net sales $ 26,487 $ (187 ) (c)(g) $ 26,300 $ — $ 26,300 Cost of products sold 16,901 (116 ) (a)(c)(g) 16,785 369 17,154 Gross profit 9,586 (71 ) 9,515 (369 ) 9,146 Selling, general and administrative expenses, excluding impairment losses 3,444 (5 ) (c)(g) 3,439 88 3,527 Goodwill impairment losses — — — — — Intangible asset impairment losses — 18 (f) 18 — 18 Selling, general and administrative expenses 3,444 13 3,457 88 3,545 Operating income/(loss) 6,142 (84 ) 6,058 (457 ) 5,601 Interest expense 1,134 — (g) 1,134 — 1,134 Other expense/(income), net (15 ) — (g) (15 ) (457 ) (472 ) Income/(loss) before income taxes 5,023 (84 ) 4,939 — 4,939 Provision for/(benefit from) income taxes 1,381 (48 ) (a)(e)(f)(g) 1,333 — 1,333 Net income/(loss) 3,642 (36 ) 3,606 — 3,606 Net income/(loss) attributable to noncontrolling interest 10 — 10 — 10 Net income/(loss) attributable to Kraft Heinz 3,632 (36 ) 3,596 — 3,596 Preferred dividends 180 — 180 — 180 Net income/(loss) attributable to common shareholders $ 3,452 $ (36 ) $ 3,416 $ — $ 3,416 Per share data applicable to common shareholders: Basic earnings/(loss) $ 2.84 $ (0.03 ) $ 2.81 $ — $ 2.81 Diluted earnings/(loss) 2.81 (0.03 ) 2.78 — 2.78 (a) Supplier Rebates—The correction of these misstatements resulted in an increase to cost of products sold of $35 million and a decrease to provision for income taxes of $13 million for the year ended December 31, 2016. (b) Capital Leases—None. (c) Customer Incentive Program Expense Misclassifications—As previously disclosed in March 2018, the correction of these misstatements resulted in a decrease to net sales of $152 million , a decrease to cost of products sold of $145 million , and a decrease to SG&A of $7 million for the year ended December 31, 2016. (d) Balance Sheet Misclassifications—None. (e) Income Taxes—The correction of these misstatements resulted in a decrease to provision for income taxes of $18 million for the year ended December 31, 2016. (f) Impairments—The correction of these misstatements resulted in an increase to SG&A of $18 million and a decrease to provision for income taxes of $4 million for the year ended December 31, 2016. (g) Other—The correction of these misstatements resulted in a decrease to net sales of $35 million , a decrease to cost of products sold of $6 million , an increase to SG&A of $2 million , a decrease to interest expense of less than $1 million , a decrease to other expense/(income), net, of less than $1 million , and a decrease to provision for income taxes of $13 million for the year ended December 31, 2016. The values as previously reported for the year ended December 31, 2016 were derived from our Annual Report on Form 10-K for the year ended December 30, 2017 filed on February 16, 2018. The Kraft Heinz Company Consolidated Statement of Comprehensive Income (in millions) For the Year Ended December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated Net income/(loss) $ 10,990 $ (58 ) (a)(b)(e)(f)(g) $ 10,932 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments 1,184 1 (b)(e) 1,185 Net deferred gains/(losses) on net investment hedges (353 ) — (353 ) Amounts excluded from the effectiveness assessment of net investment hedges — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — Net deferred gains/(losses) on cash flow hedges (113 ) — (113 ) Amounts excluded from the effectiveness assessment of cash flow hedges — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) 85 — 85 Net actuarial gains/(losses) arising during the period 69 — 69 Prior service credits/(costs) arising during the period 17 — 17 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (309 ) — (309 ) Total other comprehensive income/(loss) 580 1 581 Total comprehensive income/(loss) 11,570 (57 ) 11,513 Comprehensive income/(loss) attributable to noncontrolling interest (3 ) — (3 ) Comprehensive income/(loss) attributable to Kraft Heinz $ 11,573 $ (57 ) $ 11,516 The Kraft Heinz Company Consolidated Statement of Comprehensive Income (in millions) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated Net income/(loss) $ 3,642 $ (36 ) (a)(e)(f)(g) $ 3,606 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments (986 ) 7 (d)(g)(e) (979 ) Net deferred gains/(losses) on net investment hedges 226 — 226 Amounts excluded from the effectiveness assessment of net investment hedges — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — Net deferred gains/(losses) on cash flow hedges 46 — 46 Amounts excluded from the effectiveness assessment of cash flow hedges — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (87 ) — (87 ) Net actuarial gains/(losses) arising during the period (40 ) — (40 ) Prior service credits/(costs) arising during the period 97 (66 ) (g) 31 Net postemployment benefit losses/(gains) reclassified to net income/(loss) (207 ) 3 (g) (204 ) Total other comprehensive income/(loss) (951 ) (56 ) (1,007 ) Total comprehensive income/(loss) 2,691 (92 ) 2,599 Comprehensive income/(loss) attributable to noncontrolling interest 16 — 16 Comprehensive income/(loss) attributable to Kraft Heinz $ 2,675 $ (92 ) $ 2,583 The Kraft Heinz Company Consolidated Statement of Cash Flows (in millions) For the Year Ended December 31, 2016 As Previously Reported Restatement Impacts Restatement Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 3,642 $ (36 ) (a)(e)(f)(g) $ 3,606 Adjustments to reconcile net income/(loss) to operating cash flows: Depreciation and amortization 1,337 — 1,337 Amortization of postretirement benefit plans prior service costs/(credits) (333 ) (14 ) (g) (347 ) Equity award compensation expense 46 — 46 Deferred income tax provision/(benefit) (29 ) (43 ) (a)(e)(f)(g) (72 ) Postemployment benefit plan contributions (494 ) — (494 ) Goodwill and intangible asset impairment losses — 18 (f) 18 Nonmonetary currency devaluation 24 — 24 Other items, net 16 9 (a)(g) 25 Changes in current assets and liabilities: — — Trade receivables (2,055 ) — (2,055 ) Inventories (130 ) — (130 ) Accounts payable 943 (64 ) (d) 879 Other current assets (42 ) 1 (a) (41 ) Other current liabilities (276 ) 128 (a)(d)(e)(g) (148 ) Net cash provided by/(used for) operating activities 2,649 (1 ) 2,648 CASH FLOWS FROM INVESTING ACTIVITIES: Cash receipts on sold receivables 2,589 — 2,589 Capital expenditures (1,247 ) — (1,247 ) Payments to acquire business, net of cash acquired — — — Other investing activities, net 110 — 110 Net cash provided by/(used for) investing activities 1,452 — 1,452 CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of long-term debt (86 ) 1 (g) (85 ) Proceeds from issuance of long-term debt 6,981 — 6,981 Proceeds from issuance of commercial paper 6,680 — 6,680 Repayments of commercial paper (6,043 ) — (6,043 ) Dividends paid - Series A Preferred Stock (180 ) — (180 ) Dividends paid - common stock (3,584 ) — (3,584 ) Redemption of Series A Preferred Stock (8,320 ) — (8,320 ) Other financing activities, net (69 ) — (69 ) Net cash provided by/(used for) financing activities (4,621 ) 1 (4,620 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (137 ) — (137 ) Cash, cash equivalents, and restricted cash Net increase/(decrease) (657 ) — (657 ) Balance at beginning of period 4,912 — 4,912 Balance at end of period $ 4,255 $ — $ 4,255 NON-CASH INVESTING ACTIVITIES: Beneficial interest obtained in exchange for securitized trade receivables $ 2,213 $ — $ 2,213 CASH PAID DURING THE PERIOD FOR: Interest $ 1,176 $ — $ 1,176 Income taxes 1,619 — 1,619 The Kraft Heinz Company Consolidated Balance Sheets (in millions, except per share data) December 30, 2017 As Previously Reported Restatement Impacts Restatement Reference As Restated ASSETS Cash and cash equivalents $ 1,629 $ — $ 1,629 Trade receivables (net of allowances of $23 at December 30, 2017) 921 — 921 Sold receivables 353 — 353 Income taxes receivable 582 (44 ) (a)(b)(d)(e)(g) 538 Inventories 2,815 (55 ) (d)(g) 2,760 Prepaid expenses 345 — 345 Other current assets 621 34 (a)(d) 655 Total current assets 7,266 (65 ) 7,201 Property, plant and equipment, net 7,120 (59 ) (b)(d)(g) 7,061 Goodwill 44,824 1 (g) 44,825 Intangible assets, net 59,449 (17 ) (f) 59,432 Other non-current assets 1,573 — 1,573 TOTAL ASSETS $ 120,232 $ (140 ) $ 120,092 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 460 $ 2 (g) $ 462 Current portion of long-term debt 2,743 (10 ) (b)(g) 2,733 Trade payables 4,449 (87 ) (d)(g) 4,362 Accrued marketing 680 9 (g) 689 Interest payable 419 — 419 Other current liabilities 1,381 108 (a)(d)(g) 1,489 Total current liabilities 10,132 22 10,154 Long-term debt 28,333 (25 ) (b) 28,308 Deferred income taxes 14,076 (37 ) (a)(d)(e)(f)(g) 14,039 Accrued postemployment costs 427 — 427 Other non-current liabilities 1,017 71 (a) 1,088 TOTAL LIABILITIES 53,985 31 54,016 Commitments and Contingencies Redeemable noncontrolling interest 6 — 6 Equity: Common stock, $0.01 par value (5,000 shares authorized; 1,221 shares issued and 1,219 shares outstanding at December 30, 2017) 12 — 12 Additional paid-in capital 58,711 (77 ) (d) 58,634 Retained earnings/(deficit) 8,589 (94 ) (a)(b)(d)(e)(f)(g) 8,495 Accumulated other comprehensive income/(losses) (1,054 ) — (1,054 ) Treasury stock, at cost (2 shares at December 30, 2017) (224 ) — (224 ) Total shareholders' equity 66,034 (171 ) 65,863 Noncontrolling interest 207 — 207 TOTAL EQUITY 66,241 (171 ) 66,070 TOTAL LIABILITIES AND EQUITY $ 120,232 $ (140 ) $ 120,092 (a) Supplier Rebates—The correction of these misstatements resulted in a decrease to income taxes receivable of $1 million , a decrease to other current assets of $21 million , an increase to other current liabilities of $57 million , a decrease to deferred income taxes of $37 million , an increase to other non-current liabilities of $71 million , and a decrease to retained earnings of $113 million at December 30, 2017. (b) Capital Leases—The correction of these misstatements resulted in a decrease to income taxes receivable of less than $1 million , a decrease to property, plant and equipment, net, of $34 million , a decrease to current portion of long-term debt of $9 million , a decrease to long-term debt of $25 million , and a decrease to retained earnings of less than $1 million at December 30, 2017. (c) Customer Incentive Program Expense Misclassifications—None. (d) Balance Sheet Misclassifications—The correction of these misstatements resulted in a decrease to income taxes receivable of $83 million , a decrease to inventories of $55 million , an increase to other current assets of $55 million , a decrease to property, plant and equipment, net, of $23 million , a decrease to trade payables of $23 million , a decrease to other current liabilities of $28 million , a decrease to deferred income taxes of $55 million , a decrease to additional paid-in capital of $77 million , and an increase to retained earnings of $77 million at December 30, 2017. (e) Income Taxes—The correction of these misstatements resulted in an increase to income taxes receivable of $33 million , an increase to deferred income taxes of $58 million , and a decrease to retained earnings of $25 million at December 30, 2017. (f) Impairments—The correction of these misstatements resulted in a decrease to intangible assets, net, of $17 million , a decrease to deferred income taxes of $4 million , and a decrease to retained earnings of $13 million at December 30, 2017. (g) Other—The correction of these misstatements resulted in an increase to income taxes receivable of $7 million , a decrease to inventories of less than $1 million , a decrease to property, plant and equipment, net, of $2 million , an increase to goodwill of $1 million , an increase to commercial paper and other short-term debt of $2 million , a decrease to current portion of long-term debt of $1 million , a decrease to trade payables of $64 million , an increase to accrued marketing of $9 million , an increase to other current liabilities of $79 million , an increase to deferred income taxes of $1 million , and a decrease to retained earnings of $20 million at December 30, 2017. The Kraft Heinz Company Consolidated Statement of Equity For the Year Ended December 30, 2017 (in millions) Restatement Reference Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity As Previously Reported Balance at December 31, 2016 $ 12 $ 58,593 $ 588 $ (1,628 ) $ (207 ) $ 216 $ 57,574 Net income/(loss) excluding redeemable noncontrolling interest — — 10,999 — — (5 ) 10,994 Other comprehensive income/(loss) — — — 574 — 6 580 Dividends declared-common stock ($2.45 per share) — — (2,988 ) — — — (2,988 ) Dividends declared-noncontrolling interest ($52.75 per share) — — — — — (10 ) (10 ) Exercise of stock options, issuance of other stock awards, and other — 118 (10 ) — (17 ) — 91 Balance at December 30, 2017 $ 12 $ 58,711 $ 8,589 $ (1,054 ) $ (224 ) $ 207 $ 66,241 Restatement Impacts Balance at December 31, 2016 $ — $ (77 ) $ (36 ) $ (1 ) $ — $ — $ (114 ) Net income/(loss) excluding redeemable noncontrolling interest (a)(b)(e)(f)(g) — — (58 ) — — — (58 ) Other comprehensive income/(loss) (b)(e) — — — 1 — — 1 Dividends declared-common stock ($2.45 per share) — — — — — — — Dividends declared-noncontrolling interest ($52.75 per share) — — — — — — — Exercise of stock options, issuance of other stock awards, and other — — — — — — — Balance at December 30, 2017 $ — $ (77 ) $ (94 ) $ — $ — $ — $ (171 ) As Restated Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 Net income/(loss) excluding redeemable noncontrolling interest — — 10,941 — — (5 ) 10,936 Other comprehensive income/(loss) — — — 575 — 6 581 Dividends declared-common stock ($2.45 per share) — — (2,988 ) — — — (2,988 ) Dividends declared-noncontrolling interest ($52.75 per share) — — — — — (10 ) (10 ) Exercise of stock options, issuance of other stock awards, and other — 118 (10 ) — (17 ) — 91 Balance at December 30, 2017 $ 12 $ 58,634 $ 8,495 $ (1,054 ) $ (224 ) $ 207 $ 66,070 The Kraft Heinz Company Consolidated Statement of Equity For the Year Ended December 31, 2016 (in millions) Restatement Reference Common Stock Additional Paid-in Capital Retained Earnings/(Deficit) Accumulated Other Comprehensive Income/(Losses) Treasury Stock, at Cost Noncontrolling Interest Total Equity As Previously Reported Balance at January 3, 2016 $ 12 $ 58,375 $ — $ (671 ) $ (31 ) $ 208 $ 57,893 Net income/(loss) excluding redeemable noncontrolling interest — — 3,632 — — 10 3,642 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (957 ) — 6 (951 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — (180 ) — — — (180 ) Dividends declared-common stock ($2.35 per share) — — (2,862 ) — — — (2,862 ) Dividends declared-noncontrolling interest ($90.82 per share) — — — — — (8 ) (8 ) Exercise of stock options, issuance of other stock awards, and other — 218 (2 ) — (176 ) — 40 Balance at December 31, 2016 $ 12 $ 58,593 $ 588 $ (1,628 ) $ (207 ) $ 216 $ 57,574 Restatement Impacts Balance at January 3, 2016 (a)(d)(e)(g) $ — $ (77 ) $ — $ 55 $ — $ — $ (22 ) Net income/(loss) excluding redeemable noncontrolling interest (a)(e)(f)(g) — — (36 ) — — — (36 ) Other comprehensive income/(loss) excluding redeemable noncontrolling interest (g) — — — (56 ) — — (56 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — — — — — — Dividends declared-common stock ($2.35 per share) — — — — — — — Dividends declared-noncontrolling interest ($90.82 per share) — — — — — — — Exercise of stock options, issuance of other stock awards, and other — — — — — — — Balance at December 31, 2016 $ — $ (77 ) $ (36 ) $ (1 ) $ — $ — $ (114 ) As Restated Balance at January 3, 2016 $ 12 $ 58,298 $ — $ (616 ) $ (31 ) $ 208 $ 57,871 Net income/(loss) excluding redeemable noncontrolling interest — — 3,596 — — 10 3,606 Other comprehensive income/(loss) excluding redeemable noncontrolling interest — — — (1,013 ) — 6 (1,007 ) Dividends declared-Series A Preferred Stock ($2,250.00 per share) — — (180 ) — — — (180 ) Dividends declared-common stock ($2.35 per share) — — (2,862 ) — — — (2,862 ) Dividends declared-noncontrolling interest ($90.82 per share) — — — — — (8 ) (8 ) Exercise of stock options, issuance of other stock awards, and other — 218 (2 ) — (176 ) — 40 Balance at December 31, 2016 $ 12 $ 58,516 $ 552 $ (1,629 ) $ (207 ) $ 216 $ 57,460 The Kraft Heinz Company Condensed Consolidated Statements of Income (in millions, except per share data) As Restated December 29, 2018 September 29, 2018 June 30, March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net sales $ 6,891 $ 6,383 $ 19,377 $ 6,690 $ 12,994 $ 6,304 Cost of products sold 4,675 4,289 12,672 4,343 8,383 4,040 Gross profit 2,216 2,094 6,705 2,347 4,611 2,264 Selling, general and administrative expenses, excluding impairment losses 867 803 2,338 771 1,535 764 Goodwill impairment losses 6,875 — 133 133 133 — Intangible asset impairment losses 8,610 217 318 101 101 — Selling, general and administrative expenses 16,352 1,020 2,789 1,005 1,769 764 Operating income/(loss) (14,136 ) 1,074 3,916 1,342 2,842 1,500 Interest expense 325 326 959 316 633 317 Other expense/(income), net 13 (71 ) (196 ) (35 ) (125 ) (90 ) Income/(loss) before income taxes (14,474 ) 819 3,153 1,061 2,334 1,273 Provision for/(benefit from) income taxes (1,846 ) 201 779 308 578 270 Net income/(loss) (12,628 ) 618 2,374 753 1,756 1,003 Net income/(loss) attributable to noncontrolling interest (60 ) (1 ) (2 ) (1 ) (1 ) — Net income/(loss) attributable to Kraft Heinz (12,568 ) 619 2,376 754 1,757 1,003 Preferred dividends — — — — — — Net income/(loss) attributable to common shareholders $ (12,568 ) $ 619 $ 2,376 $ 754 $ 1,757 $ 1,003 Per share data applicable to common shareholders: Basic earnings/(loss) $ (10.30 ) $ 0.51 $ 1.95 $ 0.62 $ 1.44 $ 0.82 Diluted earnings/(loss) (10.30 ) 0.50 1.94 0.62 1.43 0.82 The Kraft Heinz Company Condensed Consolidated Statements of Income (in millions, except per share data) As Restated & Recast December 30, 2017 September 30, 2017 July 1, April 1, Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net sales $ 6,841 $ 6,279 $ 19,235 $ 6,634 $ 12,956 $ 6,322 Cost of products sold 4,554 4,123 12,489 4,227 8,366 4,139 Gross profit 2,287 2,156 6,746 2,407 4,590 2,183 Selling, general and administrative expenses, excluding impairment losses 778 664 2,149 720 1,485 765 Goodwill impairment losses — — — — — — Intangible asset impairment losses — 1 49 48 48 — Selling, general and administrative expenses 778 665 2,198 768 1,533 765 Operating income/(loss) 1,509 1,491 4,548 1,639 3,057 1,418 Interest expense 308 306 926 307 620 313 Other expense/(income), net (116 ) (127 ) (511 ) (254 ) (384 ) (130 ) Income/(loss) before income taxes 1,317 1,312 4,133 1,586 2,821 1,235 Provision for/(benefit from) income taxes (6,665 ) 400 1,183 429 783 354 Net income/(loss) 7,982 912 2,950 1,157 2,038 881 Net income/(loss) attributable to noncontrolling interest (7 ) (1 ) (2 ) 1 (1 ) (2 ) Net income/(loss) attributable to Kraft Heinz 7,989 913 2,952 1,156 2,039 883 Preferred dividends — — — — — — Net income/(loss) attributable to common shareholders $ 7,989 $ 913 $ 2,952 $ 1,156 $ 2,039 $ 883 Per share data applicable to common shareholders: Basic earnings/(loss) $ 6.55 $ 0.75 $ 2.42 $ 0.95 $ 1.67 $ 0.73 Diluted earnings/(loss) 6.50 0.74 2.40 0.94 1.66 0.72 The Kraft Heinz Company Condensed Consolidated Statements of Comprehensive Income (in millions) As Restated December 29, 2018 September 29, 2018 June 30, March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net income/(loss) $ (12,628 ) $ 618 $ 2,374 $ 753 $ 1,756 $ 1,003 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments (378 ) (144 ) (809 ) (862 ) (665 ) 197 Net deferred gains/(losses) on net investment hedges 126 13 158 219 145 (74 ) Amounts excluded from the effectiveness assessment of net investment hedges 4 3 3 — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) (5 ) (2 ) (2 ) — — — Net deferred gains/(losses) on cash flow hedges 59 (16 ) 40 34 56 22 Amounts excluded from the effectiveness assessment of cash flow hedges 2 — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (34 ) 12 (10 ) (9 ) (22 ) (13 ) Net actuarial gains/(losses) arising during the period (12 ) 17 70 53 53 — Prior service credits/(costs) arising during the period 3 — — — — — Net postemployment benefit losses/(gains) reclassified to net income/(loss) 15 (58 ) (133 ) (17 ) (75 ) (58 ) Total other comprehensive income/(loss) (220 ) (175 ) (683 ) (582 ) (508 ) 74 Total comprehensive income/(loss) (12,848 ) 443 1,691 171 1,248 1,077 Comprehensive income/(loss) attributable to noncontrolling interest (61 ) (3 ) (15 ) (7 ) (12 ) (5 ) Comprehensive income/(loss) attributable to Kraft Heinz $ (12,787 ) $ 446 $ 1,706 $ 178 $ 1,260 $ 1,082 The Kraft Heinz Company Condensed Consolidated Statements of Comprehensive Income (in millions) As Restated December 30, 2017 September 30, 2017 July 1, April 1, Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended Net income/(loss) $ 7,982 $ 912 $ 2,950 $ 1,157 $ 2,038 $ 881 Other comprehensive income/(loss), net of tax: Foreign currency translation adjustments 7 419 1,178 455 759 304 Net deferred gains/(losses) on net investment hedges (26 ) (124 ) (327 ) (152 ) (203 ) (51 ) Amounts excluded from the effectiveness assessment of net investment hedges — — — — — — Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) — — — — — — Net deferred gains/(losses) on cash flow hedges 23 (70 ) (136 ) (32 ) (66 ) (34 ) Amounts excluded from the effectiveness assessment of cash flow hedges — — — — — — Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) (12 ) 51 97 26 46 20 Net actuarial gains/(losses) arising during the period 82 (4 ) (13 ) 1 (9 ) (10 ) Prior service credits/(costs) arising during the period 16 — 1 1 1 — Net postemployment benefit losses/(gains) reclassified to net income/(loss) (49 ) (51 ) (260 ) (154 ) (209 ) (55 ) Total other comprehensive income/(loss) 41 221 540 145 319 174 Total comprehensive income/(loss) 8,023 1,133 3,490 1,302 2,357 1,055 Comprehensive income/(loss) attributable to noncontrolling interest 1 (1 ) (4 ) 1 (3 ) (4 ) Comprehensive income/(loss) attributable to Kraft Heinz $ 8,022 $ 1,134 $ 3,494 $ 1,301 $ 2,360 $ 1,059 The Kraft Heinz Company Condensed Consolidated Balance Sheets (in millions, except per share data) As Restated September 29, 2018 June 30, 2018 March 31, 2018 ASSETS Cash and cash equivalents $ 1,366 $ 3,369 $ 1,794 Trade receivables (net of allowances of $24 at September 29, 2018, $24 at June 30, 2018, and $24 at March 31, 2018) 2,032 1,950 1,044 Sold receivables — 37 530 Income taxes receivable 203 211 121 Inventories 3,214 3,094 3,089 Prepaid expenses 389 388 367 Other current assets 352 431 426 Assets held for sale — — — Total current assets 7,556 9,480 7,371 Property, plant and equipment, net 7,074 7,117 7,145 Goodwill 44,339 44,302 44,844 Intangible assets, net 58,727 59,084 59,583 Other non-current assets 1,879 1,766 1,640 TOTAL ASSETS $ 119,575 $ 121,749 $ 120,583 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 973 $ 34 $ 1,003 Current portion of long-term debt 371 2,723 2,715 Trade payables 4,238 4,236 4,148 Accrued marketing 494 480 576 Interest payable 315 404 345 Other current liabilities 1,231 1,236 1,500 Liabilities held for sale — — — Total current liabilities 7,622 9,113 10,287 Long-term debt 30,887 31,269 28,465 Deferred income taxes 14,224 14,260 14,106 Accrued postemployment costs 394 394 400 Other non-current liabilities 1,035 998 1,023 TOTAL LIABILITIES 54,162 56,034 54,281 Commitments and Contingencies Redeemable noncontrolling interest 6 7 8 Equity: Common stock, $0.01 par value (5,000 shares authorized; 1,222 shares issued and 1,219 shares outstanding at September 29, 2018, 1,222 shares issued and 1,219 shares outstanding at June 30, 2018, and 1,222 shares issued and 1,219 shares outstanding at March 31, 2018) 12 12 12 Additional paid-in capital 58,716 58,689 58,656 Retained earnings/(deficit) 8,479 8,624 8,634 Accumulated other comprehensive income/(losses) (1,724 ) (1,551 ) (975 ) Treasury stock, at cost (3 shares at September 29, 2018, 3 shares at June 30, 2018, and 3 shares at March 31, 2018) (264 ) (254 ) (240 ) Total shareholders' equity 65,219 65,520 66,087 Noncontrolling interest 188 188 207 TOTAL EQUITY 65,407 65,708 66,294 TOTAL LIABILITIES AND EQUITY $ 119,575 $ 121,749 $ 120,583 The Kraft Heinz Company Condensed Consolidated Balance Sheets (in millions, except per share data) As Restated September 30, 2017 July 1, 2017 April 1, 2017 ASSETS Cash and cash equivalents $ 1,441 $ 1,445 $ 3,242 Trade receivables (net of allowances of $29 at September 30, 2017, $28 at July 1, 2017, and $30 at April 1, 2017) 938 973 936 Sold receivables 427 461 538 Income taxes receivable 290 237 269 Inventories 3,136 3,012 3,094 Prepaid expenses 368 359 349 Other current assets 527 547 611 Assets held for sale — — — Total current assets 7,127 7,034 9,039 Property, plant and equipment, net 6,902 6,804 6,689 Goodwill 44,859 44,566 44,301 Intangible assets, net 59,483 59,383 59,313 Other non-current assets 1,531 1,535 1,604 TOTAL ASSETS $ 119,902 $ 119,322 $ 120,946 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ 457 $ 1,090 $ 909 Current portion of long-term debt 2,747 19 2,022 Trade payables 3,873 3,805 3,858 Accrued marketing 500 499 601 Interest payable 295 406 346 Other current liabilities 1,578 1,589 1,905 Liabilities held for sale — — — Total current liabilities 9,450 7,408 9,641 Long-term debt 28,276 29,978 29,747 Deferred income taxes 20,841 20,840 20,873 Accrued postemployment costs 1,808 1,975 2,016 Other non-current liabilities 715 701 851 TOTAL LIABILITIES 61,090 60,902 63,128 Commitments and Contingencies Redeemable n |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income | The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 29, 2018 (in millions) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,317 $ 9,481 $ (530 ) $ 26,268 Cost of products sold — 11,290 6,587 (530 ) 17,347 Gross profit — 6,027 2,894 — 8,921 Selling, general and administrative expenses, excluding impairment losses — 803 2,402 — 3,205 Goodwill impairment losses — — 7,008 — 7,008 Intangible asset impairment losses — — 8,928 — 8,928 Selling, general and administrative expenses — 803 18,338 — 19,141 Intercompany service fees and other recharges — 3,865 (3,865 ) — — Operating income/(loss) — 1,359 (11,579 ) — (10,220 ) Interest expense — 1,212 72 — 1,284 Other expense/(income), net — (359 ) 176 — (183 ) Income/(loss) before income taxes — 506 (11,827 ) — (11,321 ) Provision for/(benefit from) income taxes — 112 (1,179 ) — (1,067 ) Equity in earnings/(losses) of subsidiaries (10,192 ) (10,586 ) — 20,778 — Net income/(loss) (10,192 ) (10,192 ) (10,648 ) 20,778 (10,254 ) Net income/(loss) attributable to noncontrolling interest — — (62 ) — (62 ) Net income/(loss) excluding noncontrolling interest $ (10,192 ) $ (10,192 ) $ (10,586 ) $ 20,778 $ (10,192 ) Comprehensive income/(loss) excluding noncontrolling interest $ (11,081 ) $ (11,081 ) $ (11,550 ) $ 22,631 $ (11,081 ) The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 30, 2017 (in millions) As Restated & Recast Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,397 $ 9,247 $ (568 ) $ 26,076 Cost of products sold — 11,147 6,464 (568 ) 17,043 Gross profit — 6,250 2,783 — 9,033 Selling, general and administrative expenses, excluding impairment losses — 695 2,232 — 2,927 Goodwill impairment losses — — — — — Intangible asset impairment losses — — 49 — 49 Selling, general and administrative expenses — 695 2,281 — 2,976 Intercompany service fees and other recharges — 4,307 (4,307 ) — — Operating income/(loss) — 1,248 4,809 — 6,057 Interest expense — 1,189 45 — 1,234 Other expense/(income), net — (535 ) (92 ) — (627 ) Income/(loss) before income taxes — 594 4,856 — 5,450 Provision for/(benefit from) income taxes — (243 ) (5,239 ) — (5,482 ) Equity in earnings/(losses) of subsidiaries 10,941 10,104 — (21,045 ) — Net income/(loss) 10,941 10,941 10,095 (21,045 ) 10,932 Net income/(loss) attributable to noncontrolling interest — — (9 ) — (9 ) Net income/(loss) excluding noncontrolling interest $ 10,941 $ 10,941 $ 10,104 $ (21,045 ) $ 10,941 Comprehensive income/(loss) excluding noncontrolling interest $ 11,516 $ 11,516 $ 7,711 $ (19,227 ) $ 11,516 The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 30, 2017 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,507 $ 9,293 $ (568 ) $ 26,232 Cost of products sold — 10,710 6,387 (568 ) 16,529 Gross profit — 6,797 2,906 — 9,703 Selling, general and administrative expenses, excluding impairment losses — 652 2,229 — 2,881 Goodwill impairment losses — — — — — Intangible asset impairment losses — — 49 — 49 Selling, general and administrative expenses — 652 2,278 — 2,930 Intercompany service fees and other recharges — 4,308 (4,308 ) — — Operating income/(loss) — 1,837 4,936 — 6,773 Interest expense — 1,190 44 — 1,234 Other expense/(income), net — (10 ) 19 — 9 Income/(loss) before income taxes — 657 4,873 — 5,530 Provision for/(benefit from) income taxes — (221 ) (5,239 ) — (5,460 ) Equity in earnings/(losses) of subsidiaries 10,999 10,121 — (21,120 ) — Net income/(loss) 10,999 10,999 10,112 (21,120 ) 10,990 Net income/(loss) attributable to noncontrolling interest — — (9 ) — (9 ) Net income/(loss) excluding noncontrolling interest $ 10,999 $ 10,999 $ 10,121 $ (21,120 ) $ 10,999 Comprehensive income/(loss) excluding noncontrolling interest $ 11,573 $ 11,573 $ 7,726 $ (19,299 ) $ 11,573 The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 31, 2016 (in millions) As Restated & Recast Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,652 $ 9,281 $ (633 ) $ 26,300 Cost of products sold — 11,359 6,428 (633 ) 17,154 Gross profit — 6,293 2,853 — 9,146 Selling, general and administrative expenses, excluding impairment losses — 1,053 2,474 — 3,527 Goodwill impairment losses — — — — — Intangible asset impairment losses — — 18 — 18 Selling, general and administrative expenses — 1,053 2,492 — 3,545 Intercompany service fees and other recharges — 4,624 (4,624 ) — — Operating income/(loss) — 616 4,985 — 5,601 Interest expense — 1,076 58 — 1,134 Other expense/(income), net — (230 ) (242 ) — (472 ) Income/(loss) before income taxes — (230 ) 5,169 — 4,939 Provision for/(benefit from) income taxes — (414 ) 1,747 — 1,333 Equity in earnings/(losses) of subsidiaries 3,596 3,412 — (7,008 ) — Net income/(loss) 3,596 3,596 3,422 (7,008 ) 3,606 Net income/(loss) attributable to noncontrolling interest — — 10 — 10 Net income/(loss) excluding noncontrolling interest $ 3,596 $ 3,596 $ 3,412 $ (7,008 ) $ 3,596 Comprehensive income/(loss) excluding noncontrolling interest $ 2,583 $ 2,583 $ 5,712 $ (8,295 ) $ 2,583 The Kraft Heinz Company Condensed Consolidating Statements of Income For the Year Ended December 31, 2016 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 17,809 $ 9,310 $ (632 ) $ 26,487 Cost of products sold — 11,156 6,377 (632 ) 16,901 Gross profit — 6,653 2,933 — 9,586 Selling, general and administrative expenses, excluding impairment losses — 970 2,474 — 3,444 Goodwill impairment losses — — — — — Intangible asset impairment losses — — — — — Selling, general and administrative expenses — 970 2,474 — 3,444 Intercompany service fees and other recharges — 4,624 (4,624 ) — — Operating income/(loss) — 1,059 5,083 — 6,142 Interest expense — 1,076 58 — 1,134 Other expense/(income), net — 144 (159 ) — (15 ) Income/(loss) before income taxes — (161 ) 5,184 — 5,023 Provision for/(benefit from) income taxes — (372 ) 1,753 — 1,381 Equity in earnings/(losses) of subsidiaries 3,632 3,421 — (7,053 ) — Net income/(loss) 3,632 3,632 3,431 (7,053 ) 3,642 Net income/(loss) attributable to noncontrolling interest — — 10 — 10 Net income/(loss) excluding noncontrolling interest $ 3,632 $ 3,632 $ 3,421 $ (7,053 ) $ 3,632 Comprehensive income/(loss) excluding noncontrolling interest $ 2,675 $ 2,675 $ 5,717 $ (8,392 ) $ 2,675 |
Condensed Consolidating Balance Sheets | The Kraft Heinz Company Condensed Consolidating Balance Sheets As of December 29, 2018 (in millions) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 202 $ 928 $ — $ 1,130 Trade receivables, net — 933 1,196 — 2,129 Receivables due from affiliates — 870 341 (1,211 ) — Income taxes receivable — 701 9 (558 ) 152 Inventories — 1,783 884 — 2,667 Short-term lending due from affiliates — 1,787 3,753 (5,540 ) — Prepaid expenses — 198 202 — 400 Other current assets — 776 445 — 1,221 Assets held for sale — 75 1,301 — 1,376 Total current assets — 7,325 9,059 (7,309 ) 9,075 Property, plant and equipment, net — 4,524 2,554 — 7,078 Goodwill — 11,067 25,436 — 36,503 Investments in subsidiaries 51,657 67,867 — (119,524 ) — Intangible assets, net — 3,010 46,458 — 49,468 Long-term lending due from affiliates — — 2,000 (2,000 ) — Other non-current assets — 316 1,021 — 1,337 TOTAL ASSETS $ 51,657 $ 94,109 $ 86,528 $ (128,833 ) $ 103,461 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ — $ — $ 21 $ — $ 21 Current portion of long-term debt — 363 14 — 377 Short-term lending due to affiliates — 3,753 1,787 (5,540 ) — Trade payables — 2,563 1,590 — 4,153 Payables due to affiliates — 341 870 (1,211 ) — Accrued marketing — 282 440 — 722 Interest payable — 394 14 — 408 Other current liabilities — 888 1,437 (558 ) 1,767 Liabilities held for sale — — 55 — 55 Total current liabilities — 8,584 6,228 (7,309 ) 7,503 Long-term debt — 29,872 898 — 30,770 Long-term borrowings due to affiliates — 2,000 12 (2,012 ) — Deferred income taxes — 1,314 10,888 — 12,202 Accrued postemployment costs — 89 217 — 306 Other non-current liabilities — 593 309 — 902 TOTAL LIABILITIES — 42,452 18,552 (9,321 ) 51,683 Redeemable noncontrolling interest — — 3 — 3 Total shareholders’ equity 51,657 51,657 67,855 (119,512 ) 51,657 Noncontrolling interest — — 118 — 118 TOTAL EQUITY 51,657 51,657 67,973 (119,512 ) 51,775 TOTAL LIABILITIES AND EQUITY $ 51,657 $ 94,109 $ 86,528 $ (128,833 ) $ 103,461 The Kraft Heinz Company Condensed Consolidating Balance Sheets As of December 30, 2017 (in millions) As Restated Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 509 $ 1,120 $ — $ 1,629 Trade receivables, net — 91 830 — 921 Receivables due from affiliates — 716 240 (956 ) — Dividends due from affiliates 135 — — (135 ) — Sold receivables — — 353 — 353 Income taxes receivable — 1,890 97 (1,449 ) 538 Inventories — 1,790 970 — 2,760 Short-term lending due from affiliates — 1,598 3,816 (5,414 ) — Prepaid expenses — 168 177 — 345 Other current assets — 359 296 — 655 Total current assets 135 7,121 7,899 (7,954 ) 7,201 Property, plant and equipment, net — 4,591 2,470 — 7,061 Goodwill — 11,068 33,757 — 44,825 Investments in subsidiaries 65,863 80,345 — (146,208 ) — Intangible assets, net — 3,222 56,210 — 59,432 Long-term lending due from affiliates — 1,700 2,029 (3,729 ) — Other non-current assets — 515 1,058 — 1,573 TOTAL ASSETS $ 65,998 $ 108,562 $ 103,423 $ (157,891 ) $ 120,092 LIABILITIES AND EQUITY Commercial paper and other short-term debt $ — $ 450 $ 12 $ — $ 462 Current portion of long-term debt — 2,568 165 — 2,733 Short-term lending due to affiliates — 3,816 1,598 (5,414 ) — Trade payables — 2,681 1,681 — 4,362 Payables due to affiliates — 240 716 (956 ) — Accrued marketing — 236 453 — 689 Interest payable — 404 15 — 419 Dividends due to affiliates — 135 — (135 ) — Other current liabilities 135 565 2,238 (1,449 ) 1,489 Total current liabilities 135 11,095 6,878 (7,954 ) 10,154 Long-term debt — 27,422 886 — 28,308 Long-term borrowings due to affiliates — 2,029 1,919 (3,948 ) — Deferred income taxes — 1,182 12,857 — 14,039 Accrued postemployment costs — 184 243 — 427 Other non-current liabilities — 787 301 — 1,088 TOTAL LIABILITIES 135 42,699 23,084 (11,902 ) 54,016 Redeemable noncontrolling interest — — 6 — 6 Total shareholders’ equity 65,863 65,863 80,126 (145,989 ) 65,863 Noncontrolling interest — — 207 — 207 TOTAL EQUITY 65,863 65,863 80,333 (145,989 ) 66,070 TOTAL LIABILITIES AND EQUITY $ 65,998 $ 108,562 $ 103,423 $ (157,891 ) $ 120,092 |
Condensed Consolidating Statements of Cash Flows | The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 29, 2018 (in millions) Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 3,183 $ 1,928 $ 656 $ (3,193 ) $ 2,574 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 1,296 — 1,296 Capital expenditures — (339 ) (487 ) — (826 ) Payments to acquire business, net of cash acquired — (245 ) (3 ) — (248 ) Net proceeds from/(payments on) intercompany lending activities — 1,626 206 (1,832 ) — Additional investments in subsidiaries (41 ) 41 — Return of capital 7 — — (7 ) — Other investing activities, net — 31 35 — 66 Net cash provided by/(used for) investing activities 7 1,032 1,047 (1,798 ) 288 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (2,550 ) (163 ) — (2,713 ) Proceeds from issuance of long-term debt — 2,990 — — 2,990 Proceeds from issuance of commercial paper — 2,784 — — 2,784 Repayments of commercial paper — (3,213 ) — — (3,213 ) Net proceeds from/(payments on) intercompany borrowing activities — (206 ) (1,626 ) 1,832 — Dividends paid-common stock (3,183 ) (3,183 ) (10 ) 3,193 (3,183 ) Other intercompany capital stock transactions — (7 ) 41 (34 ) — Other financing activities, net (7 ) (17 ) (4 ) — (28 ) Net cash provided by/(used for) financing activities (3,190 ) (3,402 ) (1,762 ) 4,991 (3,363 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — (132 ) — (132 ) Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (442 ) (191 ) — (633 ) Balance at beginning of period — 644 1,125 — 1,769 Balance at end of period $ — $ 202 $ 934 $ — $ 1,136 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 30, 2017 (in millions) As Restated Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 2,888 $ 1,497 $ (996 ) $ (2,888 ) $ 501 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 2,286 — 2,286 Capital expenditures — (757 ) (437 ) — (1,194 ) Net proceeds from/(payments on) intercompany lending activities — 641 (542 ) (99 ) — Additional investments in subsidiaries (21 ) — — 21 — Other investing activities, net — 62 23 — 85 Net cash provided by/(used for) investing activities (21 ) (54 ) 1,330 (78 ) 1,177 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (2,628 ) (13 ) — (2,641 ) Proceeds from issuance of long-term debt — 1,496 — — 1,496 Proceeds from issuance of commercial paper — 6,043 — — 6,043 Repayments of commercial paper — (6,249 ) — — (6,249 ) Net proceeds from/(payments on) intercompany borrowing activities — 542 (641 ) 99 — Dividends paid-common stock (2,888 ) (2,888 ) — 2,888 (2,888 ) Other intercompany capital stock transactions — 21 — (21 ) — Other financing activities, net 21 (5 ) 2 — 18 Net cash provided by/(used for) financing activities (2,867 ) (3,668 ) (652 ) 2,966 (4,221 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — 57 — 57 Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (2,225 ) (261 ) — (2,486 ) Balance at beginning of period — 2,869 1,386 — 4,255 Balance at end of period $ — $ 644 $ 1,125 $ — $ 1,769 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 30, 2017 (in millions) As Previously Reported Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 2,888 $ 1,499 $ (972 ) $ (2,888 ) $ 527 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 2,286 — 2,286 Capital expenditures — (757 ) (460 ) — (1,217 ) Net proceeds from/(payments on) intercompany lending activities — 641 (542 ) (99 ) — Additional investments in subsidiaries (22 ) — — 22 — Other investing activities, net — 64 23 — 87 Net cash provided by/(used for) investing activities (22 ) (52 ) 1,307 (77 ) 1,156 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (2,632 ) (12 ) — (2,644 ) Proceeds from issuance of long-term debt — 1,496 — — 1,496 Net proceeds from/(payments on) intercompany borrowing activities — 542 (641 ) 99 — Proceeds from issuance of commercial paper — 6,043 — — 6,043 Repayments of commercial paper — (6,249 ) — — (6,249 ) Dividends paid-common stock (2,888 ) (2,888 ) — 2,888 (2,888 ) Other intercompany capital stock transactions — 22 — (22 ) — Other financing activities, net 22 (6 ) — — 16 Net cash provided by/(used for) financing activities (2,866 ) (3,672 ) (653 ) 2,965 (4,226 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — 57 — 57 Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (2,225 ) (261 ) — (2,486 ) Balance at beginning of period — 2,869 1,386 — 4,255 Balance at end of period $ — $ 644 $ 1,125 $ — $ 1,769 The Kraft Heinz Company Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2016 (in millions) As Restated Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by/(used for) operating activities $ 3,096 $ 4,368 $ (1,704 ) $ (3,112 ) $ 2,648 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts on sold receivables — — 2,589 — 2,589 Capital expenditures — (923 ) (324 ) — (1,247 ) Net proceeds from/(payments on) intercompany lending activities — 690 37 (727 ) — Additional investments in subsidiaries — (10 ) — 10 — Return of capital 9,042 — — (9,042 ) — Other investing activities, net — 129 (19 ) — 110 Net cash provided by/(used for) investing activities 9,042 (114 ) 2,283 (9,759 ) 1,452 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt — (72 ) (13 ) — (85 ) Proceeds from issuance of long-term debt — 6,978 3 — 6,981 Proceeds from issuance of commercial paper — 6,680 — — 6,680 Repayments of commercial paper — (6,043 ) — — (6,043 ) Net proceeds from/(payments on) intercompany borrowing activities — (37 ) (690 ) 727 — Dividends paid-Series A Preferred Stock (180 ) — — — (180 ) Dividends paid-common stock (3,584 ) (3,764 ) (16 ) 3,780 (3,584 ) Redemption of Series A Preferred Stock (8,320 ) — — — (8,320 ) Other intercompany capital stock transactions — (8,374 ) 10 8,364 — Other financing activities, net (54 ) (5 ) (10 ) — (69 ) Net cash provided by/(used for) financing activities (12,138 ) (4,637 ) (716 ) 12,871 (4,620 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — — (137 ) — (137 ) Cash, cash equivalents, and restricted cash: Net increase/(decrease) — (383 ) (274 ) — (657 ) Balance at beginning of period — 3,252 1,660 — 4,912 Balance at end of period $ — $ 2,869 $ 1,386 $ — $ 4,255 |
Reconciliation from Cash and Cash Equivalents to Cash, Cash Equivalents, and Restricted Cash | The following tables provide a reconciliation of cash and cash equivalents, as reported on our condensed consolidating balance sheets, to cash, cash equivalents, and restricted cash, as reported on our condensed consolidating statements of cash flows (in millions): December 29, 2018 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ 202 $ 928 $ — $ 1,130 Restricted cash included in other current assets — — 1 — 1 Restricted cash included in other non-current assets — — 5 — 5 Cash, cash equivalents, and restricted cash $ — $ 202 $ 934 $ — $ 1,136 December 30, 2017 Parent Guarantor Subsidiary Issuer Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ 509 $ 1,120 $ — $ 1,629 Restricted cash included in other current assets — 135 5 — 140 Cash, cash equivalents, and restricted cash $ — $ 644 $ 1,125 $ — $ 1,769 |
Basis of Presentation Additiona
Basis of Presentation Additional Information (Details) | 12 Months Ended |
Dec. 29, 2018segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 3 |
Number of operating segments in rest of world reportable segment | 2 |
Restatement of Previously Iss_3
Restatement of Previously Issued Consolidated Financial Statements Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 45 Months Ended | ||||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 03, 2016 | Sep. 29, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||
Cost of products sold | $ 4,675 | $ 4,289 | $ 4,343 | $ 4,040 | $ 4,554 | $ 4,123 | $ 4,227 | $ 4,139 | $ 8,383 | $ 8,366 | $ 12,672 | $ 12,489 | $ 17,347 | $ 17,043 | $ 17,154 | ||
Procurement Investigation Impact, Amount of Understatements Identified [Member] | |||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||
Cost of products sold | $ 208 | ||||||||||||||||
Restatement Impacts | Procurement Investigation Impact, Amount of Understatements Identified [Member] | |||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||
Cost of products sold | $ 22 | $ 94 | $ 35 | $ 24 | $ 175 |
Restatement of Previously Iss_4
Restatement of Previously Issued Consolidated Financial Statements Schedule of Restatement of Consolidated Statement of Income (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 29, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Statements of Income | ||||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 | |
Cost of products sold | 4,675 | 4,289 | 4,343 | 4,040 | 4,554 | 4,123 | 4,227 | 4,139 | 8,383 | 8,366 | 12,672 | 12,489 | 17,347 | 17,043 | 17,154 | |
Gross profit | 2,216 | 2,094 | 2,347 | 2,264 | 2,287 | 2,156 | 2,407 | 2,183 | 4,611 | 4,590 | 6,705 | 6,746 | 8,921 | 9,033 | 9,146 | |
Selling, general and administrative expenses, excluding impairment losses | 867 | 803 | 771 | 764 | 778 | 664 | 720 | 765 | 1,535 | 1,485 | 2,338 | 2,149 | 3,205 | 2,927 | 3,527 | |
Goodwill impairment losses | $ 6,900 | 6,875 | 0 | 133 | 0 | 0 | 0 | 0 | 0 | 133 | 0 | 133 | 0 | 7,008 | 0 | 0 |
Intangible asset impairment losses | 8,610 | 217 | 101 | 0 | 0 | 1 | 48 | 0 | 101 | 48 | 318 | 49 | 8,928 | 49 | 18 | |
Selling, general and administrative expenses | 16,352 | 1,020 | 1,005 | 764 | 778 | 665 | 768 | 765 | 1,769 | 1,533 | 2,789 | 2,198 | 19,141 | 2,976 | 3,545 | |
Operating income/(loss) | (14,136) | 1,074 | 1,342 | 1,500 | 1,509 | 1,491 | 1,639 | 1,418 | 2,842 | 3,057 | 3,916 | 4,548 | (10,220) | 6,057 | 5,601 | |
Interest expense | 325 | 326 | 316 | 317 | 308 | 306 | 307 | 313 | 633 | 620 | 959 | 926 | 1,284 | 1,234 | 1,134 | |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) | |
Income/(loss) before income taxes | (14,474) | 819 | 1,061 | 1,273 | 1,317 | 1,312 | 1,586 | 1,235 | 2,334 | 2,821 | 3,153 | 4,133 | (11,321) | 5,450 | 4,939 | |
Provision for/(benefit from) income taxes | (1,846) | 201 | 308 | 270 | (6,665) | 400 | 429 | 354 | 578 | 783 | 779 | 1,183 | (1,067) | (5,482) | 1,333 | |
Net income/(loss) | (12,628) | 618 | 753 | 1,003 | 7,982 | 912 | 1,157 | 881 | 1,756 | 2,038 | 2,374 | 2,950 | (10,254) | 10,932 | 3,606 | |
Net income/(loss) attributable to noncontrolling interest | (60) | (1) | (1) | 0 | (7) | (1) | 1 | (2) | (1) | (1) | (2) | (2) | (62) | (9) | 10 | |
Net income/(loss) attributable to Kraft Heinz | (12,568) | 619 | 754 | 1,003 | 7,989 | 913 | 1,156 | 883 | 1,757 | 2,039 | 2,376 | 2,952 | (10,192) | 10,941 | 3,596 | |
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | |
Net income/(loss) attributable to common shareholders | $ (12,568) | $ 619 | $ 754 | $ 1,003 | $ 7,989 | $ 913 | $ 1,156 | $ 883 | $ 1,757 | $ 2,039 | $ 2,376 | $ 2,952 | $ (10,192) | $ 10,941 | $ 3,416 | |
Basic earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.51 | $ 0.62 | $ 0.82 | $ 6.55 | $ 0.75 | $ 0.95 | $ 0.73 | $ 1.44 | $ 1.67 | $ 1.95 | $ 2.42 | $ (8.36) | $ 8.98 | $ 2.81 | |
Diluted earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.50 | $ 0.62 | $ 0.82 | $ 6.50 | $ 0.74 | $ 0.94 | $ 0.72 | $ 1.43 | $ 1.66 | $ 1.94 | $ 2.40 | $ (8.36) | $ 8.91 | $ 2.78 | |
As Previously Reported | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 6,378 | $ 6,686 | $ 6,304 | $ 6,877 | $ 6,314 | $ 6,677 | $ 6,364 | $ 12,990 | $ 13,041 | $ 19,368 | $ 19,355 | $ 26,232 | $ 26,487 | |||
Cost of products sold | 4,271 | 4,321 | 4,059 | 4,470 | 4,000 | 3,996 | 4,063 | 8,380 | 8,059 | 12,651 | 12,059 | 16,529 | 16,901 | |||
Gross profit | 2,107 | 2,365 | 2,245 | 2,407 | 2,314 | 2,681 | 2,301 | 4,610 | 4,982 | 6,717 | 7,296 | 9,703 | 9,586 | |||
Selling, general and administrative expenses, excluding impairment losses | 803 | 771 | 764 | 767 | 652 | 712 | 750 | 1,535 | 1,462 | 2,338 | 2,114 | 2,881 | 3,444 | |||
Goodwill impairment losses | 0 | 164 | 0 | 0 | 0 | 0 | 0 | 164 | 0 | 164 | 0 | 0 | 0 | |||
Intangible asset impairment losses | 234 | 101 | 0 | 0 | 1 | 48 | 0 | 101 | 48 | 335 | 49 | 49 | 0 | |||
Selling, general and administrative expenses | 1,037 | 1,036 | 764 | 767 | 653 | 760 | 750 | 1,800 | 1,510 | 2,837 | 2,163 | 2,930 | 3,444 | |||
Operating income/(loss) | 1,070 | 1,329 | 1,481 | 1,640 | 1,661 | 1,921 | 1,551 | 2,810 | 3,472 | 3,880 | 5,133 | 6,773 | 6,142 | |||
Interest expense | 327 | 318 | 317 | 308 | 306 | 307 | 313 | 635 | 620 | 962 | 926 | 1,234 | 1,134 | |||
Other expense/(income), net | (71) | (35) | (90) | 1 | (4) | 24 | (12) | (125) | 12 | (196) | 8 | 9 | (15) | |||
Income/(loss) before income taxes | 814 | 1,046 | 1,254 | 1,331 | 1,359 | 1,590 | 1,250 | 2,300 | 2,840 | 3,114 | 4,199 | 5,530 | 5,023 | |||
Provision for/(benefit from) income taxes | 186 | 291 | 261 | (6,665) | 416 | 430 | 359 | 552 | 789 | 738 | 1,205 | (5,460) | 1,381 | |||
Net income/(loss) | 628 | 755 | 993 | 7,996 | 943 | 1,160 | 891 | 1,748 | 2,051 | 2,376 | 2,994 | 10,990 | 3,642 | |||
Net income/(loss) attributable to noncontrolling interest | (2) | (1) | 0 | (7) | (1) | 1 | (2) | (1) | (1) | (3) | (2) | (9) | 10 | |||
Net income/(loss) attributable to Kraft Heinz | 630 | 756 | 993 | 8,003 | 944 | 1,159 | 893 | 1,749 | 2,052 | 2,379 | 2,996 | 10,999 | 3,632 | |||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | |||
Net income/(loss) attributable to common shareholders | $ 630 | $ 756 | $ 993 | $ 8,003 | $ 944 | $ 1,159 | $ 893 | $ 1,749 | $ 2,052 | $ 2,379 | $ 2,996 | $ 10,999 | $ 3,452 | |||
Basic earnings/(loss) per share (in dollars per share) | $ 0.52 | $ 0.62 | $ 0.81 | $ 6.57 | $ 0.78 | $ 0.95 | $ 0.73 | $ 1.43 | $ 1.69 | $ 1.95 | $ 2.46 | $ 9.03 | $ 2.84 | |||
Diluted earnings/(loss) per share (in dollars per share) | $ 0.51 | $ 0.62 | $ 0.81 | $ 6.52 | $ 0.77 | $ 0.94 | $ 0.73 | $ 1.43 | $ 1.67 | $ 1.94 | $ 2.44 | $ 8.95 | $ 2.81 | |||
As Restated | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,956 | $ 19,235 | $ 26,076 | $ 26,300 | ||||||||
Cost of products sold | 4,452 | 4,014 | 3,981 | 4,038 | 8,019 | 12,033 | 16,485 | 16,785 | ||||||||
Gross profit | 2,389 | 2,265 | 2,653 | 2,284 | 4,937 | 7,202 | 9,591 | 9,515 | ||||||||
Selling, general and administrative expenses, excluding impairment losses | 763 | 650 | 688 | 748 | 1,436 | 2,086 | 2,849 | 3,439 | ||||||||
Goodwill impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Intangible asset impairment losses | 0 | 1 | 48 | 0 | 48 | 49 | 49 | 18 | ||||||||
Selling, general and administrative expenses | 763 | 651 | 736 | 748 | 1,484 | 2,135 | 2,898 | 3,457 | ||||||||
Operating income/(loss) | 1,626 | 1,614 | 1,917 | 1,536 | 3,453 | 5,067 | 6,693 | 6,058 | ||||||||
Interest expense | 308 | 306 | 307 | 313 | 620 | 926 | 1,234 | 1,134 | ||||||||
Other expense/(income), net | 1 | (4) | 24 | (12) | 12 | 8 | 9 | (15) | ||||||||
Income/(loss) before income taxes | 1,317 | 1,312 | 1,586 | 1,235 | 2,821 | 4,133 | 5,450 | 4,939 | ||||||||
Provision for/(benefit from) income taxes | (6,665) | 400 | 429 | 354 | 783 | 1,183 | (5,482) | 1,333 | ||||||||
Net income/(loss) | 7,982 | 912 | 1,157 | 10,932 | 3,606 | |||||||||||
Net income/(loss) attributable to noncontrolling interest | (7) | (1) | 1 | (2) | (1) | (2) | (9) | 10 | ||||||||
Net income/(loss) attributable to Kraft Heinz | 7,989 | 913 | 1,156 | 883 | 2,039 | 2,952 | 10,941 | 3,596 | ||||||||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | ||||||||
Net income/(loss) attributable to common shareholders | $ 7,989 | $ 913 | $ 1,156 | $ 883 | $ 2,039 | $ 2,952 | $ 10,941 | $ 3,416 | ||||||||
Basic earnings/(loss) per share (in dollars per share) | $ 6.55 | $ 0.75 | $ 0.95 | $ 0.73 | $ 1.67 | $ 2.42 | $ 8.98 | $ 2.81 | ||||||||
Diluted earnings/(loss) per share (in dollars per share) | $ 6.50 | $ 0.74 | $ 0.94 | $ 0.72 | $ 1.66 | $ 2.40 | $ 8.91 | $ 2.78 | ||||||||
ASU Adoption Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Cost of products sold | 102 | 109 | 246 | 101 | 347 | 456 | 558 | 369 | ||||||||
Gross profit | (102) | (109) | (246) | (101) | (347) | (456) | (558) | (369) | ||||||||
Selling, general and administrative expenses, excluding impairment losses | 15 | 14 | 32 | 17 | 49 | 63 | 78 | 88 | ||||||||
Goodwill impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Intangible asset impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 15 | 14 | 32 | 17 | 49 | 63 | 78 | 88 | ||||||||
Operating income/(loss) | (117) | (123) | (278) | (118) | (396) | (519) | (636) | (457) | ||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other expense/(income), net | (117) | (123) | (278) | (118) | (396) | (519) | (636) | (457) | ||||||||
Income/(loss) before income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Provision for/(benefit from) income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) attributable to Kraft Heinz | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) attributable to common shareholders | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Basic earnings/(loss) per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Diluted earnings/(loss) per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Restatement | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 5 | $ 4 | $ 0 | $ (36) | $ (35) | $ (43) | $ (42) | $ 4 | $ (85) | $ 9 | $ (120) | $ (156) | $ (187) | |||
Cost of products sold | 18 | 22 | (19) | (18) | 14 | (15) | (25) | 3 | (40) | 21 | (26) | (44) | (116) | |||
Gross profit | (13) | (18) | 19 | (18) | (49) | (28) | (17) | 1 | (45) | (12) | (94) | (112) | (71) | |||
Selling, general and administrative expenses, excluding impairment losses | 0 | 0 | 0 | (4) | (2) | (24) | (2) | 0 | (26) | 0 | (28) | (32) | (5) | |||
Goodwill impairment losses | 0 | (31) | 0 | 0 | 0 | 0 | 0 | (31) | 0 | (31) | 0 | 0 | 0 | |||
Intangible asset impairment losses | (17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17) | 0 | 0 | 18 | |||
Selling, general and administrative expenses | (17) | (31) | 0 | (4) | (2) | (24) | (2) | (31) | (26) | (48) | (28) | (32) | 13 | |||
Operating income/(loss) | 4 | 13 | 19 | (14) | (47) | (4) | (15) | 32 | (19) | 36 | (66) | (80) | (84) | |||
Interest expense | (1) | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (3) | 0 | 0 | 0 | |||
Other expense/(income), net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Income/(loss) before income taxes | 5 | 15 | 19 | (14) | (47) | (4) | (15) | 34 | (19) | 39 | (66) | (80) | (84) | |||
Provision for/(benefit from) income taxes | 15 | 17 | 9 | 0 | (16) | (1) | (5) | 26 | (6) | 41 | (22) | (22) | (48) | |||
Net income/(loss) | (10) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (2) | (44) | (58) | (36) | |||
Net income/(loss) attributable to noncontrolling interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |||
Net income/(loss) attributable to Kraft Heinz | (11) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (3) | (44) | (58) | (36) | |||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income/(loss) attributable to common shareholders | $ (11) | $ (2) | $ 10 | $ (14) | $ (31) | $ (3) | $ (10) | $ 8 | $ (13) | $ (3) | $ (44) | $ (58) | $ (36) | |||
Basic earnings/(loss) per share (in dollars per share) | $ (0.01) | $ 0 | $ 0.01 | $ (0.02) | $ (0.03) | $ 0 | $ 0 | $ 0.01 | $ (0.02) | $ 0 | $ (0.04) | $ (0.05) | $ (0.03) | |||
Diluted earnings/(loss) per share (in dollars per share) | $ (0.01) | $ 0 | $ 0.01 | $ (0.02) | $ (0.03) | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ 0 | $ (0.04) | $ (0.04) | $ (0.03) | |||
Restatement, Supplier Rebates | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Cost of products sold | $ 13 | $ 13 | $ (4) | $ 21 | $ 36 | $ 23 | $ 13 | $ 9 | $ 36 | $ 22 | $ 72 | $ 94 | $ 35 | |||
Provision for/(benefit from) income taxes | (2) | (2) | 1 | (8) | (13) | (8) | (5) | (1) | (13) | (3) | (26) | (18) | (13) | |||
Restatement, Capital Leases | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Cost of products sold | 1 | 1 | (1) | (1) | 1 | 1 | (1) | |||||||||
Interest expense | (1) | (2) | (1) | (1) | (2) | (3) | (1) | |||||||||
Provision for/(benefit from) income taxes | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||
Restatement, Customer Incentive Program Expenses | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | (33) | (34) | (40) | (40) | (80) | (114) | (147) | (152) | ||||||||
Cost of products sold | (31) | (32) | (38) | (38) | (76) | (108) | (139) | (145) | ||||||||
Selling, general and administrative expenses | (2) | (2) | (2) | (2) | (4) | (6) | (8) | (7) | ||||||||
Restatement, Income Taxes | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Provision for/(benefit from) income taxes | 14 | 21 | 5 | 12 | 1 | (1) | 1 | 26 | 1 | 40 | 1 | (12) | (18) | |||
Restatement, Impairments | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Selling, general and administrative expenses | (17) | (31) | (1) | (1) | (1) | 1 | (1) | (31) | (1) | (48) | (1) | (1) | 18 | |||
Provision for/(benefit from) income taxes | 4 | 1 | 1 | (1) | 1 | 1 | 1 | 1 | 1 | 4 | 1 | 1 | (4) | |||
Restatement, Other Misclassifications | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | 5 | 4 | (3) | (1) | (3) | (2) | 4 | (5) | 9 | (6) | (9) | (35) | ||||
Cost of products sold | 5 | 8 | (15) | (8) | 10 | 1 | 1 | (7) | 1 | (2) | 10 | 1 | (6) | |||
Selling, general and administrative expenses | 1 | (2) | (22) | (22) | 1 | (22) | (24) | 2 | ||||||||
Interest expense | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |||
Other expense/(income), net | 1 | |||||||||||||||
Provision for/(benefit from) income taxes | 1 | $ (2) | $ 3 | $ (4) | $ (3) | $ 7 | $ (1) | $ 1 | $ 7 | 1 | $ 4 | $ 8 | $ (13) | |||
Net income/(loss) attributable to noncontrolling interest | $ (1) | $ (1) |
Restatement of Previously Iss_5
Restatement of Previously Issued Consolidated Financial Statements Schedule of Restatement of Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Statements of Comprehensive Income | |||||||||||||||
Net income/(loss) | $ (12,628) | $ 618 | $ 753 | $ 1,003 | $ 7,982 | $ 912 | $ 1,157 | $ 881 | $ 1,756 | $ 2,038 | $ 2,374 | $ 2,950 | $ (10,254) | $ 10,932 | $ 3,606 |
Foreign currency translation adjustments | (378) | (144) | (862) | 197 | 7 | 419 | 455 | 304 | (665) | 759 | (809) | 1,178 | (1,187) | 1,185 | (979) |
Net deferred gains/(losses) on net investment hedges | 126 | 13 | 219 | (74) | (26) | (124) | (152) | (51) | 145 | (203) | 158 | (327) | 284 | (353) | 226 |
Amounts excluded from the effectiveness assessment of net investment hedges | 4 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 7 | 0 | 0 |
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (5) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (7) | 0 | 0 |
Net deferred gains/(losses) on cash flow hedges | 59 | (16) | 34 | 22 | 23 | (70) | (32) | (34) | 56 | (66) | 40 | (136) | 99 | (113) | 46 |
Amounts excluded from the effectiveness assessment of cash flow hedges | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 |
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | (34) | 12 | (9) | (13) | (12) | 51 | 26 | 20 | (22) | 46 | (10) | 97 | (44) | 85 | (87) |
Net actuarial gains/(losses) arising during the period | (12) | 17 | 53 | 0 | 82 | (4) | 1 | (10) | 53 | (9) | 70 | (13) | 58 | 69 | (40) |
Prior service credits/(costs) arising during the period | 3 | 0 | 0 | 0 | 16 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 3 | 17 | 31 |
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | 15 | (58) | (17) | (58) | (49) | (51) | (154) | (55) | (75) | (209) | (133) | (260) | (118) | (309) | (204) |
Total other comprehensive income/(loss) | (220) | (175) | (582) | 74 | 41 | 221 | 145 | 174 | (508) | 319 | (683) | 540 | (903) | 581 | (1,007) |
Total comprehensive income/(loss) | (12,848) | 443 | 171 | 1,077 | 8,023 | 1,133 | 1,302 | 1,055 | 1,248 | 2,357 | 1,691 | 3,490 | (11,157) | 11,513 | 2,599 |
Comprehensive income/(loss) attributable to noncontrolling interest | (61) | (3) | (7) | (5) | 1 | (1) | 1 | (4) | (12) | (3) | (15) | (4) | (76) | (3) | 16 |
Comprehensive income/(loss) attributable to Kraft Heinz | $ (12,787) | 446 | 178 | 1,082 | 8,022 | 1,134 | 1,301 | 1,059 | 1,260 | 2,360 | 1,706 | 3,494 | $ (11,081) | 11,516 | 2,583 |
As Previously Reported | |||||||||||||||
Statements of Comprehensive Income | |||||||||||||||
Net income/(loss) | 628 | 755 | 993 | 7,996 | 943 | 1,160 | 891 | 1,748 | 2,051 | 2,376 | 2,994 | 10,990 | 3,642 | ||
Foreign currency translation adjustments | (146) | (868) | 197 | 5 | 421 | 451 | 307 | (671) | 758 | (817) | 1,179 | 1,184 | (986) | ||
Net deferred gains/(losses) on net investment hedges | 13 | 219 | (74) | (26) | (124) | (152) | (51) | 145 | (203) | 158 | (327) | (353) | 226 | ||
Amounts excluded from the effectiveness assessment of net investment hedges | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | 0 | 0 | 0 | ||
Net deferred gains/(losses) on cash flow hedges | (16) | 34 | 22 | 23 | (70) | (32) | (34) | 56 | (66) | 40 | (136) | (113) | 46 | ||
Amounts excluded from the effectiveness assessment of cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | 12 | (9) | (13) | (12) | 51 | 26 | 20 | (22) | 46 | (10) | 97 | 85 | (87) | ||
Net actuarial gains/(losses) arising during the period | 17 | 53 | 0 | 82 | (4) | 1 | (10) | 53 | (9) | 70 | (13) | 69 | (40) | ||
Prior service credits/(costs) arising during the period | 0 | 0 | 0 | 16 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 17 | 97 | ||
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | (58) | (17) | (58) | (49) | (51) | (154) | (55) | (75) | (209) | (133) | (260) | (309) | (207) | ||
Total other comprehensive income/(loss) | (177) | (588) | 74 | 39 | 223 | 141 | 177 | (514) | 318 | (691) | 541 | 580 | (951) | ||
Total comprehensive income/(loss) | 451 | 167 | 1,067 | 8,035 | 1,166 | 1,301 | 1,068 | 1,234 | 2,369 | 1,685 | 3,535 | 11,570 | 2,691 | ||
Comprehensive income/(loss) attributable to noncontrolling interest | (4) | (7) | (5) | 1 | (1) | 1 | (4) | (12) | (3) | (16) | (4) | (3) | 16 | ||
Comprehensive income/(loss) attributable to Kraft Heinz | 455 | 174 | 1,072 | 8,034 | 1,167 | 1,300 | 1,072 | 1,246 | 2,372 | 1,701 | 3,539 | 11,573 | 2,675 | ||
Restatement | Restatement Impacts | |||||||||||||||
Statements of Comprehensive Income | |||||||||||||||
Net income/(loss) | (10) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (2) | (44) | (58) | (36) | ||
Foreign currency translation adjustments | 2 | 6 | 0 | 2 | (2) | 4 | (3) | 6 | 1 | 8 | (1) | 1 | 7 | ||
Net deferred gains/(losses) on net investment hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts excluded from the effectiveness assessment of net investment hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred gains/(losses) on cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts excluded from the effectiveness assessment of cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net actuarial gains/(losses) arising during the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior service credits/(costs) arising during the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (66) | ||
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | ||
Total other comprehensive income/(loss) | 2 | 6 | 0 | 2 | (2) | 4 | (3) | 6 | 1 | 8 | (1) | 1 | (56) | ||
Total comprehensive income/(loss) | (8) | 4 | 10 | (12) | (33) | 1 | (13) | 14 | (12) | 6 | (45) | (57) | (92) | ||
Comprehensive income/(loss) attributable to noncontrolling interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | ||
Comprehensive income/(loss) attributable to Kraft Heinz | $ (9) | $ 4 | $ 10 | $ (12) | $ (33) | $ 1 | $ (13) | $ 14 | $ (12) | $ 5 | $ (45) | $ (57) | $ (92) |
Restatement of Previously Iss_6
Restatement of Previously Issued Consolidated Financial Statements Schedule of Restatement of Consolidated Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jan. 03, 2016 |
ASSETS | ||||||||||
Cash and cash equivalents | $ 1,130 | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | ||
Trade receivables, net | 2,129 | 2,032 | 1,950 | 1,044 | 921 | 938 | 973 | 936 | ||
Sold receivables | 0 | 0 | 37 | 530 | 353 | 427 | 461 | 538 | ||
Income taxes receivable | 152 | 203 | 211 | 121 | 538 | 290 | 237 | 269 | ||
Inventories | 2,667 | 3,214 | 3,094 | 3,089 | 2,760 | 3,136 | 3,012 | 3,094 | ||
Prepaid expenses | 400 | 389 | 388 | 367 | 345 | 368 | 359 | 349 | ||
Other current assets | 1,221 | 352 | 431 | 426 | 655 | 527 | 547 | 611 | ||
Total current assets | 9,075 | 7,556 | 9,480 | 7,371 | 7,201 | 7,127 | 7,034 | 9,039 | ||
Property, plant and equipment, net | 7,078 | 7,074 | 7,117 | 7,145 | 7,061 | 6,902 | 6,804 | 6,689 | ||
Goodwill | 36,503 | 44,339 | 44,302 | 44,844 | 44,825 | 44,859 | 44,566 | 44,301 | ||
Intangible assets, net | 49,468 | 58,727 | 59,084 | 59,583 | 59,432 | 59,483 | 59,383 | 59,313 | ||
Other non-current assets | 1,337 | 1,879 | 1,766 | 1,640 | 1,573 | 1,531 | 1,535 | 1,604 | ||
TOTAL ASSETS | 103,461 | 119,575 | 121,749 | 120,583 | 120,092 | 119,902 | 119,322 | 120,946 | ||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 21 | 973 | 34 | 1,003 | 462 | 457 | 1,090 | 909 | ||
Current portion of long-term debt | 377 | 371 | 2,723 | 2,715 | 2,733 | 2,747 | 19 | 2,022 | ||
Trade payables | 4,153 | 4,238 | 4,236 | 4,148 | 4,362 | 3,873 | 3,805 | 3,858 | ||
Accrued marketing | 722 | 494 | 480 | 576 | 689 | 500 | 499 | 601 | ||
Interest payable | 408 | 315 | 404 | 345 | 419 | 295 | 406 | 346 | ||
Other current liabilities | 1,767 | 1,231 | 1,236 | 1,500 | 1,489 | 1,578 | 1,589 | 1,905 | ||
Total current liabilities | 7,503 | 7,622 | 9,113 | 10,287 | 10,154 | 9,450 | 7,408 | 9,641 | ||
Long-term debt | 30,770 | 30,887 | 31,269 | 28,465 | 28,308 | 28,276 | 29,978 | 29,747 | ||
Deferred income taxes | 12,202 | 14,224 | 14,260 | 14,106 | 14,039 | 20,841 | 20,840 | 20,873 | ||
Accrued postemployment costs | 306 | 394 | 394 | 400 | 427 | 1,808 | 1,975 | 2,016 | ||
Other non-current liabilities | 902 | 1,035 | 998 | 1,023 | 1,088 | 715 | 701 | 851 | ||
TOTAL LIABILITIES | 51,683 | 54,162 | 56,034 | 54,281 | 54,016 | 61,090 | 60,902 | 63,128 | ||
Commitments and Contingencies (Note 18) | ||||||||||
Redeemable noncontrolling interest | 3 | 6 | 7 | 8 | 6 | 0 | 0 | 0 | ||
Equity: | ||||||||||
Common stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,220 shares outstanding at December 29, 2018; 1,221 shares issued and 1,219 shares outstanding at December 30, 2017) | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | ||
Additional paid-in capital | 58,723 | 58,716 | 58,689 | 58,656 | 58,634 | 58,618 | 58,597 | 58,565 | ||
Retained earnings/(deficit) | (4,853) | 8,479 | 8,624 | 8,634 | 8,495 | 1,280 | 1,129 | 705 | ||
Accumulated other comprehensive income/(losses) | (1,943) | (1,724) | (1,551) | (975) | (1,054) | (1,087) | (1,308) | (1,453) | ||
Treasury stock, at cost (4 shares at December 29, 2018 and 2 shares at December 30, 2017) | (282) | (264) | (254) | (240) | (224) | (223) | (223) | (223) | ||
Total shareholders' equity | 51,657 | 65,219 | 65,520 | 66,087 | 65,863 | 58,600 | 58,207 | 57,606 | ||
Noncontrolling interest | 118 | 188 | 188 | 207 | 207 | 212 | 213 | 212 | ||
TOTAL EQUITY | 51,775 | 65,407 | 65,708 | 66,294 | 66,070 | 58,812 | 58,420 | 57,818 | $ 57,460 | $ 57,871 |
TOTAL LIABILITIES AND EQUITY | 103,461 | 119,575 | 121,749 | 120,583 | 120,092 | 119,902 | 119,322 | 120,946 | ||
Trade receivables, allowances | $ 24 | $ 24 | $ 24 | $ 24 | $ 23 | $ 29 | $ 28 | $ 30 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | ||
Common stock, shares issued | 1,224,000,000 | 1,222,000,000 | 1,222,000,000 | 1,222,000,000 | 1,221,000,000 | 1,221,000,000 | 1,221,000,000 | 1,220,000,000 | 1,219,000,000 | 1,214,000,000 |
Common stock, shares outstanding | 1,220,000,000 | 1,219,000,000 | 1,219,000,000 | 1,219,000,000 | 1,219,000,000 | 1,218,000,000 | 1,218,000,000 | 1,218,000,000 | 1,217,000,000 | 1,214,000,000 |
Treasury stock, shares | 4,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | ||
As Previously Reported | ||||||||||
ASSETS | ||||||||||
Cash and cash equivalents | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | |||
Trade receivables, net | 2,032 | 1,950 | 1,044 | 921 | 938 | 913 | 886 | |||
Sold receivables | 0 | 37 | 530 | 353 | 427 | 521 | 588 | |||
Income taxes receivable | 195 | 177 | 150 | 582 | 328 | 277 | 270 | |||
Inventories | 3,287 | 3,161 | 3,144 | 2,815 | 3,188 | 3,065 | 3,151 | |||
Prepaid expenses | 389 | 388 | 367 | 345 | 368 | 359 | 349 | |||
Other current assets | 321 | 419 | 408 | 621 | 538 | 528 | 389 | |||
Total current assets | 7,590 | 9,501 | 7,437 | 7,266 | 7,228 | 7,108 | 8,875 | |||
Property, plant and equipment, net | 7,216 | 7,258 | 7,267 | 7,120 | 6,934 | 6,808 | 6,693 | |||
Goodwill | 44,308 | 44,270 | 44,843 | 44,824 | 44,858 | 44,565 | 44,300 | |||
Intangible assets, net | 58,727 | 59,101 | 59,600 | 59,449 | 59,500 | 59,400 | 59,330 | |||
Other non-current assets | 1,889 | 1,766 | 1,640 | 1,573 | 1,531 | 1,535 | 1,604 | |||
TOTAL ASSETS | 119,730 | 121,896 | 120,787 | 120,232 | 120,051 | 119,416 | 120,802 | |||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 973 | 34 | 1,001 | 460 | 455 | 1,090 | 909 | |||
Current portion of long-term debt | 405 | 2,754 | 2,742 | 2,743 | 2,755 | 19 | 2,023 | |||
Trade payables | 4,312 | 4,326 | 4,241 | 4,449 | 3,947 | 3,888 | 3,936 | |||
Accrued marketing | 494 | 474 | 567 | 680 | 493 | 494 | 599 | |||
Interest payable | 315 | 404 | 345 | 419 | 295 | 406 | 346 | |||
Other current liabilities | 1,082 | 1,099 | 1,433 | 1,381 | 1,442 | 1,459 | 1,570 | |||
Total current liabilities | 7,581 | 9,091 | 10,329 | 10,132 | 9,387 | 7,356 | 9,383 | |||
Long-term debt | 30,998 | 31,380 | 28,561 | 28,333 | 28,299 | 29,979 | 29,748 | |||
Deferred income taxes | 14,215 | 14,230 | 14,085 | 14,076 | 20,898 | 20,887 | 20,910 | |||
Accrued postemployment costs | 394 | 394 | 400 | 427 | 1,808 | 1,975 | 2,016 | |||
Other non-current liabilities | 964 | 929 | 949 | 1,017 | 688 | 673 | 801 | |||
TOTAL LIABILITIES | 54,152 | 56,024 | 54,324 | 53,985 | 61,080 | 60,870 | 62,858 | |||
Commitments and Contingencies (Note 18) | ||||||||||
Redeemable noncontrolling interest | 6 | 7 | 8 | 6 | 0 | 0 | 0 | |||
Equity: | ||||||||||
Common stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,220 shares outstanding at December 29, 2018; 1,221 shares issued and 1,219 shares outstanding at December 30, 2017) | 12 | 12 | 12 | 12 | 12 | 12 | 12 | |||
Additional paid-in capital | 58,793 | 58,766 | 58,733 | 58,711 | 58,695 | 58,674 | 58,642 | |||
Retained earnings/(deficit) | 8,576 | 8,710 | 8,718 | 8,589 | 1,360 | 1,178 | 750 | |||
Accumulated other comprehensive income/(losses) | (1,732) | (1,557) | (975) | (1,054) | (1,085) | (1,308) | (1,449) | |||
Treasury stock, at cost (4 shares at December 29, 2018 and 2 shares at December 30, 2017) | (264) | (254) | (240) | (224) | (223) | (223) | (223) | |||
Total shareholders' equity | 65,385 | 65,677 | 66,248 | 66,034 | 58,759 | 58,333 | 57,732 | |||
Noncontrolling interest | 187 | 188 | 207 | 207 | 212 | 213 | 212 | |||
TOTAL EQUITY | 65,572 | 65,865 | 66,455 | 66,241 | 58,971 | 58,546 | 57,944 | $ 57,574 | $ 57,893 | |
TOTAL LIABILITIES AND EQUITY | 119,730 | 121,896 | 120,787 | 120,232 | 120,051 | 119,416 | 120,802 | |||
Restatement | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Trade receivables, net | 0 | 0 | 0 | 0 | 0 | 60 | 50 | |||
Sold receivables | 0 | 0 | 0 | 0 | 0 | (60) | (50) | |||
Income taxes receivable | 8 | 34 | (29) | (44) | (38) | (40) | (1) | |||
Inventories | (73) | (67) | (55) | (55) | (52) | (53) | (57) | |||
Prepaid expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other current assets | 31 | 12 | 18 | 34 | (11) | 19 | 222 | |||
Total current assets | (34) | (21) | (66) | (65) | (101) | (74) | 164 | |||
Property, plant and equipment, net | (142) | (141) | (122) | (59) | (32) | (4) | (4) | |||
Goodwill | 31 | 32 | 1 | 1 | 1 | 1 | 1 | |||
Intangible assets, net | 0 | (17) | (17) | (17) | (17) | (17) | (17) | |||
Other non-current assets | (10) | 0 | 0 | 0 | 0 | 0 | 0 | |||
TOTAL ASSETS | (155) | (147) | (204) | (140) | (149) | (94) | 144 | |||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 0 | 0 | 2 | 2 | 2 | 0 | 0 | |||
Current portion of long-term debt | (34) | (31) | (27) | (10) | (8) | 0 | (1) | |||
Trade payables | (74) | (90) | (93) | (87) | (74) | (83) | (78) | |||
Accrued marketing | 0 | 6 | 9 | 9 | 7 | 5 | 2 | |||
Interest payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other current liabilities | 149 | 137 | 67 | 108 | 136 | 130 | 335 | |||
Total current liabilities | 41 | 22 | (42) | 22 | 63 | 52 | 258 | |||
Long-term debt | (111) | (111) | (96) | (25) | (23) | (1) | (1) | |||
Deferred income taxes | 9 | 30 | 21 | (37) | (57) | (47) | (37) | |||
Accrued postemployment costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other non-current liabilities | 71 | 69 | 74 | 71 | 27 | 28 | 50 | |||
TOTAL LIABILITIES | 10 | 10 | (43) | 31 | 10 | 32 | 270 | |||
Commitments and Contingencies (Note 18) | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Equity: | ||||||||||
Common stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,220 shares outstanding at December 29, 2018; 1,221 shares issued and 1,219 shares outstanding at December 30, 2017) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | (77) | (77) | (77) | (77) | (77) | (77) | (77) | |||
Retained earnings/(deficit) | (97) | (86) | (84) | (94) | (80) | (49) | (45) | |||
Accumulated other comprehensive income/(losses) | 8 | 6 | 0 | 0 | (2) | 0 | (4) | |||
Treasury stock, at cost (4 shares at December 29, 2018 and 2 shares at December 30, 2017) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total shareholders' equity | (166) | (157) | (161) | (171) | (159) | (126) | (126) | |||
Noncontrolling interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |||
TOTAL EQUITY | (165) | (157) | (161) | (171) | (159) | (126) | (126) | $ (114) | $ (22) | |
TOTAL LIABILITIES AND EQUITY | (155) | (147) | (204) | (140) | (149) | (94) | 144 | |||
Restatement, Supplier Rebates | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | 1 | 1 | (1) | (1) | 1 | 1 | (1) | |||
Other current assets | (36) | (25) | (8) | (21) | (63) | (34) | (15) | |||
LIABILITIES AND EQUITY | ||||||||||
Other current liabilities | 66 | 67 | 63 | 57 | 39 | 31 | 26 | |||
Deferred income taxes | (40) | (38) | (35) | (37) | (45) | (33) | (26) | |||
Other non-current liabilities | 71 | 69 | 74 | 71 | 27 | 28 | 28 | |||
Equity: | ||||||||||
Retained earnings/(deficit) | (132) | (122) | (111) | (113) | (83) | (59) | (44) | |||
Restatement, Capital Leases | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | (1) | (1) | (1) | (1) | ||||||
Property, plant and equipment, net | (141) | (139) | (120) | (34) | (29) | |||||
LIABILITIES AND EQUITY | ||||||||||
Current portion of long-term debt | (32) | (29) | (25) | (9) | (7) | |||||
Long-term debt | (111) | (111) | (96) | (25) | (22) | |||||
Equity: | ||||||||||
Retained earnings/(deficit) | 2 | 1 | 1 | (1) | ||||||
Accumulated other comprehensive income/(losses) | (1) | 1 | 1 | |||||||
Restatement, Balance Sheet Misclassifications | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Trade receivables, net | 60 | 50 | ||||||||
Sold receivables | (60) | (50) | ||||||||
Income taxes receivable | (28) | (83) | ||||||||
Inventories | (67) | (65) | (53) | (55) | (52) | (53) | (57) | |||
Other current assets | 67 | 65 | 53 | 55 | 52 | 53 | 57 | |||
Property, plant and equipment, net | (23) | |||||||||
LIABILITIES AND EQUITY | ||||||||||
Trade payables | (23) | |||||||||
Other current liabilities | (28) | (28) | ||||||||
Deferred income taxes | (55) | |||||||||
Equity: | ||||||||||
Additional paid-in capital | (77) | (77) | (77) | (77) | (77) | (77) | (77) | |||
Retained earnings/(deficit) | 77 | 77 | 77 | 77 | 77 | 77 | 77 | |||
Restatement, Income Taxes | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | 3 | 29 | (1) | 33 | (48) | (48) | (1) | |||
Other non-current assets | (10) | |||||||||
LIABILITIES AND EQUITY | ||||||||||
Other current liabilities | (29) | (1) | 1 | 49 | ||||||
Deferred income taxes | 50 | 73 | 59 | 58 | (8) | (10) | (7) | |||
Equity: | ||||||||||
Retained earnings/(deficit) | (66) | (51) | (30) | (25) | (38) | (38) | (38) | |||
Accumulated other comprehensive income/(losses) | (9) | (7) | (1) | 2 | (1) | 4 | ||||
Restatement, Impairments | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Goodwill | 30 | 31 | ||||||||
Intangible assets, net | (17) | (17) | (17) | (17) | (17) | (17) | ||||
LIABILITIES AND EQUITY | ||||||||||
Deferred income taxes | (4) | (4) | (4) | (4) | (4) | (4) | ||||
Equity: | ||||||||||
Retained earnings/(deficit) | 31 | 19 | (13) | (13) | (13) | (13) | (13) | |||
Accumulated other comprehensive income/(losses) | 1 | 1 | ||||||||
Restatement, Other Misclassifications | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | 4 | 4 | 1 | 7 | 9 | 7 | 1 | |||
Inventories | (6) | (2) | (2) | (1) | ||||||
Other current assets | (28) | (27) | 180 | |||||||
Property, plant and equipment, net | (1) | (2) | (2) | (2) | (3) | (4) | (4) | |||
Goodwill | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 2 | 2 | 2 | |||||||
Current portion of long-term debt | (2) | (2) | (2) | (1) | (1) | (1) | (1) | |||
Trade payables | (74) | (90) | (93) | (64) | (74) | (83) | (78) | |||
Accrued marketing | 6 | 9 | 9 | 7 | 5 | 2 | ||||
Other current liabilities | 83 | 70 | 61 | 79 | 97 | 99 | 260 | |||
Long-term debt | 1 | 1 | 1 | (1) | (1) | (1) | ||||
Deferred income taxes | (1) | (1) | 1 | 1 | ||||||
Other non-current liabilities | 22 | |||||||||
Equity: | ||||||||||
Retained earnings/(deficit) | (9) | $ 10 | $ (8) | $ (20) | $ (23) | $ (16) | $ (27) | |||
Noncontrolling interest | $ 1 |
Restatement of Previously Iss_7
Restatement of Previously Issued Consolidated Financial Statements Schedule of Restatement of Consolidated Statement of Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | $ 65,407 | $ 65,708 | $ 66,294 | $ 66,070 | $ 58,812 | $ 58,420 | $ 57,818 | $ 57,460 | $ 66,070 | $ 57,460 | $ 66,070 | $ 57,460 | $ 66,070 | $ 57,460 | $ 57,871 |
Net income/(loss) excluding redeemable noncontrolling interest | 1,008 | 881 | 1,762 | 2,038 | 2,383 | 2,950 | (10,242) | 10,936 | 3,606 | ||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 74 | (508) | (683) | (1,007) | |||||||||||
Dividends declared-Series A Preferred Stock ($2,250.00 per share) | (180) | ||||||||||||||
Other comprehensive income/(loss) | (220) | (175) | (582) | 74 | 41 | 221 | 145 | 174 | (508) | 319 | (683) | 540 | (903) | 581 | (1,007) |
Dividends declared-common stock ($2.50 per share) | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (3,048) | (2,988) | (2,862) | ||||||
Dividends declared-noncontrolling interest ($52.75 per share) | (12) | (10) | (8) | ||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (1) | 34 | 3 | 66 | 20 | 87 | 7 | 91 | 40 | ||||||
Ending balance | 51,775 | 65,407 | 65,708 | $ 66,294 | 66,070 | 58,812 | 58,420 | $ 57,818 | $ 65,708 | $ 58,420 | $ 65,407 | $ 58,812 | $ 51,775 | $ 66,070 | $ 57,460 |
Common stock dividends declared (in dollars per share) | $ 0.625 | $ 0.60 | $ 1.25 | $ 1.20 | $ 1.875 | $ 1.825 | $ 2.50 | $ 2.45 | $ 2.35 | ||||||
Noncontrolling Interest dividends declared (in dollars per share) | 174.76 | 52.75 | 90.82 | ||||||||||||
Preferred stock dividends declared (in dollars per share) | $ 0 | $ 0 | $ 2,250 | ||||||||||||
As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 65,572 | 65,865 | 66,455 | $ 66,241 | 58,971 | 58,546 | 57,944 | $ 57,574 | $ 66,241 | $ 57,574 | $ 66,241 | $ 57,574 | $ 66,241 | $ 57,574 | $ 57,893 |
Net income/(loss) excluding redeemable noncontrolling interest | 998 | 891 | 1,754 | 2,051 | 2,385 | 2,994 | 10,994 | 3,642 | |||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 74 | (514) | (691) | (951) | |||||||||||
Dividends declared-Series A Preferred Stock ($2,250.00 per share) | (180) | ||||||||||||||
Other comprehensive income/(loss) | (177) | (588) | 74 | 39 | 223 | 141 | 177 | (514) | 318 | (691) | 541 | 580 | (951) | ||
Dividends declared-common stock ($2.50 per share) | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (2,988) | (2,862) | |||||||
Dividends declared-noncontrolling interest ($52.75 per share) | (10) | (8) | |||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (1) | 33 | 3 | 66 | 20 | 87 | 91 | 40 | |||||||
Ending balance | 65,572 | 65,865 | 66,455 | 66,241 | 58,971 | 58,546 | 57,944 | 65,865 | 58,546 | 65,572 | 58,971 | 66,241 | 57,574 | ||
Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (165) | (157) | (161) | (171) | (159) | (126) | (126) | (114) | (171) | (114) | (171) | (114) | (171) | (114) | (22) |
Net income/(loss) excluding redeemable noncontrolling interest | 10 | (10) | 8 | (13) | (2) | (44) | (58) | (36) | |||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 6 | 8 | (56) | ||||||||||||
Other comprehensive income/(loss) | 2 | 6 | 0 | 2 | (2) | 4 | (3) | 6 | 1 | 8 | (1) | 1 | (56) | ||
Exercise of stock options, issuance of other stock awards, and other | 1 | ||||||||||||||
Ending balance | (165) | (157) | (161) | (171) | (159) | (126) | (126) | (157) | (126) | (165) | (159) | (171) | (114) | ||
Common Stock | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Ending balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Common Stock | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Ending balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | ||
Common Stock | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Additional Paid-in Capital | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 58,716 | 58,689 | 58,656 | 58,634 | 58,618 | 58,597 | 58,565 | 58,516 | 58,634 | 58,516 | 58,634 | 58,516 | 58,634 | 58,516 | 58,298 |
Exercise of stock options, issuance of other stock awards, and other | 22 | 49 | 55 | 81 | 82 | 102 | 89 | 118 | 218 | ||||||
Ending balance | 58,723 | 58,716 | 58,689 | 58,656 | 58,634 | 58,618 | 58,597 | 58,565 | 58,689 | 58,597 | 58,716 | 58,618 | 58,723 | 58,634 | 58,516 |
Additional Paid-in Capital | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 58,793 | 58,766 | 58,733 | 58,711 | 58,695 | 58,674 | 58,642 | 58,593 | 58,711 | 58,593 | 58,711 | 58,593 | 58,711 | 58,593 | 58,375 |
Exercise of stock options, issuance of other stock awards, and other | 22 | 49 | 55 | 81 | 82 | 102 | 118 | 218 | |||||||
Ending balance | 58,793 | 58,766 | 58,733 | 58,711 | 58,695 | 58,674 | 58,642 | 58,766 | 58,674 | 58,793 | 58,695 | 58,711 | 58,593 | ||
Additional Paid-in Capital | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) |
Ending balance | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | ||
Retained Earnings/(Deficit) | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 8,479 | 8,624 | 8,634 | 8,495 | 1,280 | 1,129 | 705 | 552 | 8,495 | 552 | 8,495 | 552 | 8,495 | 552 | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 1,003 | 883 | 1,757 | 2,039 | 2,376 | 2,952 | (10,192) | 10,941 | 3,596 | ||||||
Dividends declared-Series A Preferred Stock ($2,250.00 per share) | (180) | ||||||||||||||
Dividends declared-common stock ($2.50 per share) | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (3,048) | (2,988) | (2,862) | ||||||
Exercise of stock options, issuance of other stock awards, and other | (7) | 1 | (9) | 1 | (9) | 1 | (11) | (10) | (2) | ||||||
Ending balance | (4,853) | 8,479 | 8,624 | 8,634 | 8,495 | 1,280 | 1,129 | 705 | 8,624 | 1,129 | 8,479 | 1,280 | (4,853) | 8,495 | 552 |
Retained Earnings/(Deficit) | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 8,576 | 8,710 | 8,718 | 8,589 | 1,360 | 1,178 | 750 | 588 | 8,589 | 588 | 8,589 | 588 | 8,589 | 588 | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 993 | 893 | 1,749 | 2,052 | 2,379 | 2,996 | 10,999 | 3,632 | |||||||
Dividends declared-Series A Preferred Stock ($2,250.00 per share) | (180) | ||||||||||||||
Dividends declared-common stock ($2.50 per share) | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (2,988) | (2,862) | |||||||
Exercise of stock options, issuance of other stock awards, and other | (7) | 0 | (9) | 1 | (9) | 1 | (10) | (2) | |||||||
Ending balance | 8,576 | 8,710 | 8,718 | 8,589 | 1,360 | 1,178 | 750 | 8,710 | 1,178 | 8,576 | 1,360 | 8,589 | 588 | ||
Retained Earnings/(Deficit) | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (97) | (86) | (84) | (94) | (80) | (49) | (45) | (36) | (94) | (36) | (94) | (36) | (94) | (36) | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 10 | (10) | 8 | (13) | (3) | (44) | (58) | (36) | |||||||
Exercise of stock options, issuance of other stock awards, and other | 1 | ||||||||||||||
Ending balance | (97) | (86) | (84) | (94) | (80) | (49) | (45) | (86) | (49) | (97) | (80) | (94) | (36) | ||
Accumulated Other Comprehensive Income/(Losses) | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (1,724) | (1,551) | (975) | (1,054) | (1,087) | (1,308) | (1,453) | (1,629) | (1,054) | (1,629) | (1,054) | (1,629) | (1,054) | (1,629) | (616) |
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 79 | (497) | (670) | (1,013) | |||||||||||
Other comprehensive income/(loss) | 176 | 321 | 542 | (889) | 575 | ||||||||||
Ending balance | (1,943) | (1,724) | (1,551) | (975) | (1,054) | (1,087) | (1,308) | (1,453) | (1,551) | (1,308) | (1,724) | (1,087) | (1,943) | (1,054) | (1,629) |
Accumulated Other Comprehensive Income/(Losses) | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (1,732) | (1,557) | (975) | (1,054) | (1,085) | (1,308) | (1,449) | (1,628) | (1,054) | (1,628) | (1,054) | (1,628) | (1,054) | (1,628) | (671) |
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 79 | (503) | (678) | (957) | |||||||||||
Other comprehensive income/(loss) | 179 | 320 | 543 | 574 | |||||||||||
Ending balance | (1,732) | (1,557) | (975) | (1,054) | (1,085) | (1,308) | (1,449) | (1,557) | (1,308) | (1,732) | (1,085) | (1,054) | (1,628) | ||
Accumulated Other Comprehensive Income/(Losses) | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 8 | 6 | 0 | 0 | (2) | 0 | (4) | (1) | 0 | (1) | 0 | (1) | 0 | (1) | 55 |
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 6 | 8 | (56) | ||||||||||||
Other comprehensive income/(loss) | (3) | 1 | (1) | 1 | |||||||||||
Ending balance | 8 | 6 | 0 | 0 | (2) | 0 | (4) | 6 | 0 | 8 | (2) | 0 | (1) | ||
Treasury Stock, at Cost | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (207) | (224) | (207) | (224) | (207) | (224) | (207) | (31) |
Exercise of stock options, issuance of other stock awards, and other | (16) | (16) | (30) | (16) | (40) | (16) | (58) | (17) | (176) | ||||||
Ending balance | (282) | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (254) | (223) | (264) | (223) | (282) | (224) | (207) |
Treasury Stock, at Cost | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (207) | (224) | (207) | (224) | (207) | (224) | (207) | (31) |
Exercise of stock options, issuance of other stock awards, and other | (16) | (16) | (30) | (16) | (40) | (16) | (17) | (176) | |||||||
Ending balance | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (254) | (223) | (264) | (223) | (224) | (207) | ||
Treasury Stock, at Cost | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Noncontrolling Interest | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 188 | 188 | 207 | 207 | 212 | 213 | 212 | 216 | 207 | 216 | 207 | 216 | 207 | 216 | 208 |
Net income/(loss) excluding redeemable noncontrolling interest | 5 | (2) | 5 | (1) | 7 | (2) | (50) | (5) | 10 | ||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | (5) | (11) | (13) | 6 | |||||||||||
Other comprehensive income/(loss) | (2) | (2) | (2) | (14) | 6 | ||||||||||
Dividends declared-noncontrolling interest ($52.75 per share) | (12) | (10) | (8) | ||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (13) | (13) | (13) | ||||||||||||
Ending balance | 118 | 188 | 188 | 207 | 207 | 212 | 213 | 212 | 188 | 213 | 188 | 212 | 118 | 207 | 216 |
Noncontrolling Interest | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 187 | 188 | 207 | 207 | 212 | 213 | 212 | 216 | 207 | 216 | 207 | 216 | 207 | 216 | 208 |
Net income/(loss) excluding redeemable noncontrolling interest | 5 | (2) | 5 | (1) | 6 | (2) | (5) | 10 | |||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | (5) | (11) | (13) | 6 | |||||||||||
Other comprehensive income/(loss) | (2) | (2) | (2) | 6 | |||||||||||
Dividends declared-noncontrolling interest ($52.75 per share) | (10) | (8) | |||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (13) | (13) | |||||||||||||
Ending balance | 187 | 188 | 207 | 207 | 212 | 213 | 212 | 188 | 213 | 187 | 212 | 207 | 216 | ||
Noncontrolling Interest | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | $ 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 1 | ||||||||||||||
Ending balance | $ 1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ 0 | $ 0 | $ 0 |
Restatement of Previously Iss_8
Restatement of Previously Issued Consolidated Financial Statements Schedule of Restatement of Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Cash Flows | |||||||||||||||
Net income/(loss) | $ (12,628) | $ 618 | $ 753 | $ 1,003 | $ 7,982 | $ 912 | $ 1,157 | $ 881 | $ 1,756 | $ 2,038 | $ 2,374 | $ 2,950 | $ (10,254) | $ 10,932 | $ 3,606 |
Depreciation and amortization | 227 | 262 | 462 | 517 | 712 | 789 | 983 | 1,031 | 1,337 | ||||||
Amortization of postretirement benefit plans prior service costs/(credits) | (106) | (82) | (183) | (171) | (261) | (247) | (339) | (328) | (347) | ||||||
Equity award compensation expense | 7 | 11 | 27 | 24 | 44 | 36 | 33 | 46 | 46 | ||||||
Deferred income tax provision/(benefit) | (46) | 68 | 79 | 223 | 104 | 432 | (1,967) | (6,495) | (72) | ||||||
Postemployment benefit plan contributions | (22) | (38) | (60) | (90) | (64) | (283) | (76) | (1,659) | (494) | ||||||
Goodwill and intangible asset impairment losses | 0 | 0 | 234 | 48 | 451 | 49 | 15,936 | 49 | 18 | ||||||
Nonmonetary currency devaluation | 47 | 8 | 67 | 33 | 131 | 36 | 146 | 36 | 24 | ||||||
Other items, net | (22) | 40 | 27 | (48) | 35 | (62) | 175 | 253 | 25 | ||||||
Trade receivables | (712) | (1,040) | (2,001) | (1,598) | (2,154) | (2,061) | (2,280) | (2,629) | (2,055) | ||||||
Inventories | (312) | (475) | (428) | (418) | (645) | (567) | (251) | (236) | (130) | ||||||
Accounts payable | (85) | 62 | 127 | 84 | 130 | 123 | (23) | 441 | 879 | ||||||
Other current assets | 26 | (72) | (44) | (103) | (103) | (90) | (146) | (64) | (41) | ||||||
Other current liabilities | 403 | (240) | 153 | (717) | 124 | (1,090) | 637 | (876) | (148) | ||||||
Net cash provided by/(used for) operating activities | 408 | (615) | 216 | (178) | 878 | 15 | 2,574 | 501 | 2,648 | ||||||
Cash receipts on sold receivables | 436 | 464 | 1,221 | 1,069 | 1,296 | 1,633 | 1,296 | 2,286 | 2,589 | ||||||
Capital expenditures | (223) | (368) | (438) | (690) | (594) | (956) | (826) | (1,194) | (1,247) | ||||||
Payments to acquire business, net of cash acquired | (215) | 0 | (215) | 0 | (248) | 0 | (248) | 0 | 0 | ||||||
Other investing activities, net | 6 | 38 | 11 | 44 | 31 | 45 | 66 | 85 | 110 | ||||||
Net cash provided by/(used for) investing activities | 4 | 134 | 579 | 423 | 485 | 722 | 288 | 1,177 | 1,452 | ||||||
Repayments of long-term debt | (6) | (27) | (12) | (2,032) | (2,706) | (2,635) | (2,713) | (2,641) | (85) | ||||||
Proceeds from issuance of long-term debt | 0 | 2 | 2,990 | 4 | 2,990 | 1,496 | 2,990 | 1,496 | 6,981 | ||||||
Proceeds from issuance of commercial paper | 1,524 | 2,324 | 1,525 | 4,213 | 2,485 | 5,495 | 2,784 | 6,043 | 6,680 | ||||||
Repayments of commercial paper | (1,006) | (2,068) | (1,950) | (3,777) | (1,950) | (5,709) | (3,213) | (6,249) | (6,043) | ||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (180) | ||||||
Dividends paid - common stock | (897) | (736) | (1,659) | (1,434) | (2,421) | (2,161) | (3,183) | (2,888) | (3,584) | ||||||
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,320) | ||||||
Other financing activities, net | 14 | 0 | (3) | 15 | (35) | 28 | (28) | 18 | (69) | ||||||
Net cash provided by/(used for) financing activities | (371) | (505) | 891 | (3,011) | (1,637) | (3,486) | (3,363) | (4,221) | (4,620) | ||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10) | 13 | (80) | 29 | (128) | 43 | (132) | 57 | (137) | ||||||
Net increase/(decrease) | 31 | (973) | 1,606 | (2,737) | (402) | (2,706) | (633) | (2,486) | (657) | ||||||
Balance at beginning of period | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 4,912 |
Balance at end of period | 1,136 | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 3,375 | 1,518 | 1,367 | 1,549 | 1,136 | 1,769 | 4,255 |
Beneficial interest obtained in exchange for securitized trade receivables | 613 | 880 | 899 | 1,407 | 938 | 1,936 | 938 | 2,519 | 2,213 | ||||||
Interest | 1,322 | 1,269 | 1,176 | ||||||||||||
Income taxes | 543 | 1,206 | 1,619 | ||||||||||||
As Previously Reported | |||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||
Net income/(loss) | 628 | 755 | 993 | 7,996 | 943 | 1,160 | 891 | 1,748 | 2,051 | 2,376 | 2,994 | 10,990 | 3,642 | ||
Depreciation and amortization | 234 | 262 | 476 | 517 | 736 | 790 | 1,036 | 1,337 | |||||||
Amortization of postretirement benefit plans prior service costs/(credits) | (106) | (82) | (183) | (171) | (261) | (247) | (328) | (333) | |||||||
Equity award compensation expense | 7 | 11 | 27 | 24 | 44 | 36 | 46 | 46 | |||||||
Deferred income tax provision/(benefit) | (47) | 105 | 58 | 269 | 96 | 492 | (6,467) | (29) | |||||||
Postemployment benefit plan contributions | (22) | (38) | (60) | (90) | (64) | (283) | (1,659) | (494) | |||||||
Goodwill and intangible asset impairment losses | 0 | 0 | 265 | 48 | 499 | 49 | 49 | 0 | |||||||
Nonmonetary currency devaluation | 47 | 8 | 67 | 33 | 131 | 36 | 36 | 24 | |||||||
Other items, net | 5 | 35 | 59 | (31) | 36 | (52) | 219 | 16 | |||||||
Trade receivables | (712) | (1,040) | (2,001) | (1,598) | (2,154) | (2,061) | (2,629) | (2,055) | |||||||
Inventories | (312) | (492) | (440) | (431) | (663) | (580) | (251) | (130) | |||||||
Accounts payable | (69) | 62 | 143 | 84 | 145 | 123 | 464 | 943 | |||||||
Other current assets | 9 | (67) | (66) | (121) | (105) | (137) | (67) | (42) | |||||||
Other current liabilities | 386 | (270) | 136 | (762) | 83 | (1,144) | (912) | (276) | |||||||
Net cash provided by/(used for) operating activities | 413 | (615) | 229 | (178) | 899 | 16 | 527 | 2,649 | |||||||
Cash receipts on sold receivables | 436 | 464 | 1,221 | 1,069 | 1,296 | 1,633 | 2,286 | 2,589 | |||||||
Capital expenditures | (223) | (368) | (438) | (690) | (594) | (956) | (1,217) | (1,247) | |||||||
Payments to acquire business, net of cash acquired | (215) | 0 | (215) | 0 | (248) | 0 | 0 | 0 | |||||||
Other investing activities, net | 6 | 38 | 11 | 44 | 31 | 47 | 87 | 110 | |||||||
Net cash provided by/(used for) investing activities | 4 | 134 | 579 | 423 | 485 | 724 | 1,156 | 1,452 | |||||||
Repayments of long-term debt | (11) | (27) | (25) | (2,032) | (2,727) | (2,636) | (2,644) | (86) | |||||||
Proceeds from issuance of long-term debt | 0 | 2 | 2,990 | 4 | 2,990 | 1,496 | 1,496 | 6,981 | |||||||
Proceeds from issuance of commercial paper | 1,524 | 2,324 | 1,525 | 4,213 | 2,485 | 5,495 | 6,043 | 6,680 | |||||||
Repayments of commercial paper | (1,006) | (2,068) | (1,950) | (3,777) | (1,950) | (5,709) | (6,249) | (6,043) | |||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (180) | |||||||
Dividends paid - common stock | (897) | (736) | (1,659) | (1,434) | (2,421) | (2,161) | (2,888) | (3,584) | |||||||
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,320) | |||||||
Other financing activities, net | 14 | 0 | (3) | 15 | (35) | 26 | 16 | (69) | |||||||
Net cash provided by/(used for) financing activities | (376) | (505) | 878 | (3,011) | (1,658) | (3,489) | (4,226) | (4,621) | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10) | 13 | (80) | 29 | (128) | 43 | 57 | (137) | |||||||
Net increase/(decrease) | 31 | (973) | 1,606 | (2,737) | (402) | (2,706) | (2,486) | (657) | |||||||
Balance at beginning of period | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 4,912 |
Balance at end of period | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 3,375 | 1,518 | 1,367 | 1,549 | 1,769 | 4,255 | ||
Beneficial interest obtained in exchange for securitized trade receivables | 613 | 880 | 899 | 1,407 | 938 | 1,936 | 2,519 | 2,213 | |||||||
Interest | 1,269 | 1,176 | |||||||||||||
Income taxes | 1,206 | 1,619 | |||||||||||||
Restatement | Restatement Impacts | |||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||
Net income/(loss) | (10) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (2) | (44) | (58) | (36) | ||
Depreciation and amortization | (7) | 0 | (14) | 0 | (24) | (1) | (5) | 0 | |||||||
Amortization of postretirement benefit plans prior service costs/(credits) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (14) | |||||||
Equity award compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Deferred income tax provision/(benefit) | 1 | (37) | 21 | (46) | 8 | (60) | (28) | (43) | |||||||
Postemployment benefit plan contributions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Goodwill and intangible asset impairment losses | 0 | 0 | (31) | 0 | (48) | 0 | 0 | 18 | |||||||
Nonmonetary currency devaluation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other items, net | (27) | 5 | (32) | (17) | (1) | (10) | 34 | 9 | |||||||
Trade receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Inventories | 0 | 17 | 12 | 13 | 18 | 13 | 15 | 0 | |||||||
Accounts payable | (16) | 0 | (16) | 0 | (15) | 0 | (23) | (64) | |||||||
Other current assets | 17 | (5) | 22 | 18 | 2 | 47 | 3 | 1 | |||||||
Other current liabilities | 17 | 30 | 17 | 45 | 41 | 54 | 36 | 128 | |||||||
Net cash provided by/(used for) operating activities | (5) | 0 | (13) | 0 | (21) | (1) | (26) | (1) | |||||||
Cash receipts on sold receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 23 | 0 | |||||||
Payments to acquire business, net of cash acquired | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other investing activities, net | 0 | 0 | 0 | 0 | 0 | (2) | (2) | 0 | |||||||
Net cash provided by/(used for) investing activities | 0 | 0 | 0 | 0 | 0 | (2) | 21 | 0 | |||||||
Repayments of long-term debt | 5 | 0 | 13 | 0 | 21 | 1 | 3 | 1 | |||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Proceeds from issuance of commercial paper | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Repayments of commercial paper | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Dividends paid - common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other financing activities, net | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 0 | |||||||
Net cash provided by/(used for) financing activities | 5 | 0 | 13 | 0 | 21 | 3 | 5 | 1 | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net increase/(decrease) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Balance at beginning of period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Beneficial interest obtained in exchange for securitized trade receivables | 0 | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||
Interest | 0 | 0 | |||||||||||||
Income taxes | 0 | 0 | |||||||||||||
Restatement, Balance Sheet Misclassifications | Restatement Impacts | |||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||
Net cash provided by/(used for) operating activities | (23) | ||||||||||||||
Net cash provided by/(used for) investing activities | 23 | ||||||||||||||
Restatement, Other Misclassifications | Restatement Impacts | |||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||
Net cash provided by/(used for) operating activities | (1) | (1) | (1) | (1) | (1) | (1) | |||||||||
Net cash provided by/(used for) investing activities | (2) | (2) | |||||||||||||
Net cash provided by/(used for) financing activities | (1) | 1 | (1) | $ (3) | 3 | $ 1 | |||||||||
Restatement, Capital Leases | Restatement Impacts | |||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||
Net cash provided by/(used for) operating activities | (5) | (13) | (21) | (2) | |||||||||||
Net cash provided by/(used for) financing activities | $ (5) | $ 13 | $ (21) | $ 2 |
Significant Accounting Polici_3
Significant Accounting Policies Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018USD ($)goodwill_reporting_unit | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Significant Accounting Policies [Abstract] | |||
Advertising expense | $ 584 | $ 629 | $ 708 |
Advertising and marketing costs | 1,140 | 1,115 | 1,221 |
Research and development expense | $ 109 | $ 93 | $ 120 |
Vesting period | 5 years | ||
Property, Plant and Equipment [Line Items] | |||
Number of reporting units | goodwill_reporting_unit | 20 | ||
Net monetary assets | $ 2 | ||
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Building and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Software and software development costs | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years |
New Accounting Standards Additi
New Accounting Standards Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 21, 2017 | Dec. 31, 2016 | Dec. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
U.S. federal statutory tax rate | 21.00% | 35.00% | 35.00% | 35.00% | |
Accounting Standards Update 2016-16 | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Cumulative effect adjustment to decrease retained earnings | $ (95) | ||||
Accounting Standards Update 2016-02 | Forecast | Minimum | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Total lease assets | $ 750 | ||||
Total lease liabilities | 810 | ||||
Accounting Standards Update 2016-02 | Forecast | Maximum | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Total lease assets | 910 | ||||
Total lease liabilities | 990 | ||||
Accounting Standards Update 2018-02 | Forecast | Minimum | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Tax cuts and jobs act, reclassification from AOCI to retained earnings, tax effect | 130 | ||||
Accounting Standards Update 2018-02 | Forecast | Maximum | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Tax cuts and jobs act, reclassification from AOCI to retained earnings, tax effect | $ 140 |
Acquisitions and Divestitures A
Acquisitions and Divestitures Additional Information (Details) $ in Millions, ₨ in Billions, $ in Billions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Nov. 30, 2018USD ($) | Nov. 30, 2018CAD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2018INR (₨) | May 31, 2018USD ($) | Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 29, 2018USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | May 30, 2018 | Mar. 09, 2018USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | |
Business Acquisition [Line Items] | |||||||||||||||||||
Goodwill on acquisition | $ 36,503 | $ 44,339 | $ 44,302 | $ 44,844 | $ 44,302 | $ 44,339 | $ 36,503 | $ 44,825 | $ 44,859 | $ 44,566 | $ 44,301 | ||||||||
Deal costs | (4) | (3) | (7) | (9) | (16) | (19) | 23 | 0 | $ 30 | ||||||||||
Pre-tax loss on sale of business | $ 0 | $ 0 | $ 15 | $ 0 | $ 15 | $ 15 | 15 | $ 0 | $ 0 | ||||||||||
South African Subsidiary | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Noncontrolling interest, pre-sale ownership percentage | 50.10% | ||||||||||||||||||
Proceeds from sale of business | $ 18 | ||||||||||||||||||
Pre-tax loss on sale of business | $ 15 | ||||||||||||||||||
Heinz India | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Proceeds from sale of business | $ 660 | ₨ 46 | |||||||||||||||||
Sale of stock, percentage of ownership before transaction | 100.00% | 100.00% | |||||||||||||||||
Canada Natural Cheese | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Proceeds from sale of business | $ 1,200 | $ 1.6 | |||||||||||||||||
Cerebos | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total consideration paid | 244 | ||||||||||||||||||
Goodwill on acquisition | $ 25 | ||||||||||||||||||
Deal costs | 18 | ||||||||||||||||||
Other Acquisitions | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total consideration paid | 27 | ||||||||||||||||||
Deal costs | 2 | ||||||||||||||||||
Primal Nutrition | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total consideration paid | 200 | ||||||||||||||||||
Divestitures | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Deal costs | $ 3 |
Acquisitions and Divestitures P
Acquisitions and Divestitures Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 09, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 |
Business Acquisition [Line Items] | |||||||||
Goodwill on acquisition | $ 36,503 | $ 44,339 | $ 44,302 | $ 44,844 | $ 44,825 | $ 44,859 | $ 44,566 | $ 44,301 | |
Cerebos | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 23 | ||||||||
Other current assets | 65 | ||||||||
Property, plant and equipment, net | 75 | ||||||||
Identifiable intangible assets | 100 | ||||||||
Trade and other payables | (41) | ||||||||
Other non-current liabilities | (3) | ||||||||
Net assets acquired | 219 | ||||||||
Goodwill on acquisition | 25 | ||||||||
Total consideration | $ 244 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures Purchase Price Allocation to Identifiable Intangible Assets Acquired (Details) - Cerebos $ in Millions | Mar. 09, 2018USD ($) |
Business Acquisition [Line Items] | |
Identifiable intangible assets acquired | $ 100 |
Trademarks | |
Business Acquisition [Line Items] | |
Identifiable intangible assets acquired | $ 87 |
Definite-lived intangible asset, weighted average life | 22 years |
Customer-related assets | |
Business Acquisition [Line Items] | |
Identifiable intangible assets acquired | $ 13 |
Definite-lived intangible asset, weighted average life | 12 years |
Acquisitions and Divestitures_4
Acquisitions and Divestitures Assets and Liabilities Held for Sale by Major Class (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 |
Business Combinations [Abstract] | ||||||||
Inventories | $ 92 | |||||||
Property, plant and equipment, net | 139 | |||||||
Goodwill | 669 | |||||||
Intangible assets, net | 437 | |||||||
Other | 39 | |||||||
Total assets held for sale | 1,376 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Trade payables | 16 | |||||||
Other | 39 | |||||||
Total liabilities held for sale | $ 55 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Integration and Restructuring_3
Integration and Restructuring Expenses Additional Information (Details) $ in Millions | 12 Months Ended | 30 Months Ended | ||
Dec. 29, 2018USD ($)employee | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2017factoryemployee | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred cost | $ 460 | $ 434 | $ 1,012 | |
Integration Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, number of facilities eliminated | factory | 6 | |||
Restructuring and related cost, number of positions eliminated | employee | 4,900 | |||
Restructuring and related cost, costs of products sold, percent | 65.00% | |||
Restructuring and related cost, cash expenditures, percent | 60.00% | |||
Restructuring and related cost, cost incurred to date | $ 2,146 | |||
Restructuring and related cost, incurred cost | 92 | 316 | 887 | |
Integration Program | Severance and Employee Benefit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, cost incurred to date | 541 | |||
Restructuring and related cost, incurred cost | 2 | |||
Integration Program | Asset-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, cost incurred to date | 889 | |||
Restructuring and related cost, incurred cost | 32 | |||
Integration Program | Other Implementation Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, cost incurred to date | 609 | |||
Restructuring and related cost, incurred cost | 59 | |||
Integration Program | Other Exit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, cost incurred to date | 107 | |||
Restructuring and related cost, incurred cost | $ (1) | |||
Restructuring Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, number of positions eliminated | employee | 1,400 | |||
Restructuring and related cost, incurred cost | $ 368 | $ 118 | $ 125 | |
Restructuring and related cost, expected number of positions eliminated | employee | 1,900 | |||
Restructuring Activities | Severance and Employee Benefit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred cost | $ 48 | |||
Restructuring Activities | Asset-Related Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred cost | 63 | |||
Restructuring Activities | Other Implementation Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred cost | 251 | |||
Restructuring Activities | Other Exit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, incurred cost | $ 6 |
Integration and Restructuring_4
Integration and Restructuring Expenses Integration Program Reserve Roll-forward (Details) - Integration Program $ in Millions | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 46 |
Charges/(credits) | 1 |
Cash payments | (14) |
Non-cash utilization | (28) |
Ending balance | 5 |
Severance and Employee Benefit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 24 |
Charges/(credits) | 2 |
Cash payments | (12) |
Non-cash utilization | (9) |
Ending balance | 5 |
Other Exit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 22 |
Charges/(credits) | (1) |
Cash payments | (2) |
Non-cash utilization | (19) |
Ending balance | $ 0 |
Integration and Restructuring_5
Integration and Restructuring Expenses Restructuring Reserve Roll-forward (Details) - Restructuring Activities $ in Millions | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 41 |
Charges/(credits) | 54 |
Cash payments | (47) |
Non-cash utilization | 17 |
Ending balance | 65 |
Severance and Employee Benefit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 16 |
Charges/(credits) | 48 |
Cash payments | (35) |
Non-cash utilization | 3 |
Ending balance | 32 |
Other Exit Costs | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 25 |
Charges/(credits) | 6 |
Cash payments | (12) |
Non-cash utilization | 14 |
Ending balance | $ 33 |
Integration and Restructuring_6
Integration and Restructuring Expenses Restructuring Costs by Type and Income Statement Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | $ 460 | $ 434 | $ 1,012 |
Severance and Employee Benefit Costs | Cost of products sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | 12 | 9 | 41 |
Severance and Employee Benefit Costs | SG&A | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | 32 | 26 | 96 |
Severance and Employee Benefit Costs | Other expense/(income), net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | 6 | (149) | 20 |
Asset-Related Costs | Cost of products sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | 59 | 191 | 496 |
Asset-Related Costs | SG&A | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | 36 | 26 | 41 |
Other Costs | Cost of products sold | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | 123 | 264 | 162 |
Other Costs | SG&A | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | 35 | 67 | 156 |
Other Costs | Other expense/(income), net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related cost, incurred cost | $ 157 | $ 0 | $ 0 |
Integration and Restructuring_7
Integration and Restructuring Expenses Restructuring Costs Excluded from Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Restructuring and related cost, incurred cost | $ 460 | $ 434 | $ 1,012 |
United States | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related cost, incurred cost | 205 | 270 | 759 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related cost, incurred cost | 176 | 34 | 45 |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related cost, incurred cost | 16 | 56 | 85 |
Rest of World | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related cost, incurred cost | 25 | 13 | 6 |
General corporate expenses | |||
Segment Reporting Information [Line Items] | |||
Restructuring and related cost, incurred cost | $ 38 | $ 61 | $ 117 |
Restricted Cash Reconciliation
Restricted Cash Reconciliation from Cash and Cash Equivalents to Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jan. 03, 2016 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||||||||
Cash and cash equivalents | $ 1,130 | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | ||
Restricted cash included in other current assets | 1 | 140 | ||||||||
Restricted cash included in other non-current assets | 5 | 0 | ||||||||
Cash, cash equivalents, and restricted cash | $ 1,136 | $ 1,367 | $ 3,375 | $ 1,800 | $ 1,769 | $ 1,549 | $ 1,518 | $ 3,282 | $ 4,255 | $ 4,912 |
Inventories Components of Inven
Inventories Components of Inventories (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 |
Inventory Disclosure [Abstract] | ||||||||
Packaging and ingredients | $ 510 | $ 560 | ||||||
Work in process | 343 | 384 | ||||||
Finished product | 1,814 | 1,816 | ||||||
Inventories | $ 2,667 | $ 3,214 | $ 3,094 | $ 3,089 | $ 2,760 | $ 3,136 | $ 3,012 | $ 3,094 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 |
Property, Plant and Equipment [Abstract] | ||||||||
Land | $ 218 | $ 250 | ||||||
Buildings and improvements | 2,375 | 2,232 | ||||||
Equipment and other | 5,904 | 5,323 | ||||||
Construction in progress | 1,165 | 1,345 | ||||||
Property, plant and equipment | 9,662 | 9,150 | ||||||
Accumulated depreciation | (2,584) | (2,089) | ||||||
Property, plant and equipment, net | $ 7,078 | $ 7,074 | $ 7,117 | $ 7,145 | $ 7,061 | $ 6,902 | $ 6,804 | $ 6,689 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Changes in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Goodwill [Roll Forward] | ||||||||||||||||
Beginning balance | $ 44,339 | $ 44,302 | $ 44,844 | $ 44,825 | $ 44,859 | $ 44,566 | $ 44,301 | $ 44,825 | $ 44,825 | $ 44,825 | ||||||
Impairment losses | $ (6,900) | (6,875) | 0 | (133) | 0 | 0 | 0 | 0 | $ 0 | (133) | $ 0 | (133) | $ 0 | (7,008) | $ 0 | $ 0 |
Reclassified to assets held for sale | (669) | |||||||||||||||
Acquisitions | 41 | |||||||||||||||
Translation adjustments and other | (686) | |||||||||||||||
Ending balance | 36,503 | 36,503 | $ 44,339 | $ 44,302 | 44,844 | 44,825 | $ 44,859 | $ 44,566 | $ 44,301 | 44,302 | $ 44,566 | 44,339 | $ 44,859 | 36,503 | 44,825 | |
United States | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Beginning balance | 33,701 | 33,701 | 33,701 | 33,701 | ||||||||||||
Impairment losses | (4,104) | |||||||||||||||
Reclassified to assets held for sale | 0 | |||||||||||||||
Acquisitions | 0 | |||||||||||||||
Translation adjustments and other | 0 | |||||||||||||||
Ending balance | 29,597 | 29,597 | 33,701 | 29,597 | 33,701 | |||||||||||
Canada | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Beginning balance | 5,246 | 5,246 | 5,246 | 5,246 | ||||||||||||
Impairment losses | (1,947) | |||||||||||||||
Reclassified to assets held for sale | (496) | |||||||||||||||
Acquisitions | 16 | |||||||||||||||
Translation adjustments and other | (381) | |||||||||||||||
Ending balance | 2,438 | 2,438 | 5,246 | 2,438 | 5,246 | |||||||||||
EMEA | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Beginning balance | 3,238 | 3,238 | 3,238 | 3,238 | ||||||||||||
Impairment losses | 0 | |||||||||||||||
Reclassified to assets held for sale | 0 | |||||||||||||||
Acquisitions | 0 | |||||||||||||||
Translation adjustments and other | (164) | |||||||||||||||
Ending balance | 3,074 | 3,074 | 3,238 | 3,074 | 3,238 | |||||||||||
Rest of World | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Beginning balance | $ 2,640 | $ 2,640 | $ 2,640 | 2,640 | ||||||||||||
Impairment losses | (957) | |||||||||||||||
Reclassified to assets held for sale | (173) | |||||||||||||||
Acquisitions | 25 | |||||||||||||||
Translation adjustments and other | (141) | |||||||||||||||
Ending balance | $ 1,394 | $ 1,394 | $ 2,640 | $ 1,394 | $ 2,640 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets Goodwill - Additional Information (Details) $ in Millions | Dec. 29, 2018USD ($)goodwill_reporting_unit | Dec. 29, 2018USD ($)goodwill_reporting_unit | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Jun. 30, 2018USD ($) | Jul. 01, 2017USD ($) | Sep. 29, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 29, 2018USD ($)goodwill_reporting_unit | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 28, 2018USD ($) |
Goodwill [Line Items] | |||||||||||||||||
Number of reporting units | goodwill_reporting_unit | 20 | ||||||||||||||||
Goodwill | $ 36,503 | $ 36,503 | $ 44,339 | $ 44,302 | $ 44,844 | $ 44,825 | $ 44,859 | $ 44,566 | $ 44,301 | $ 44,302 | $ 44,566 | $ 44,339 | $ 44,859 | $ 36,503 | $ 44,825 | ||
Impairment losses | $ 6,900 | $ 6,875 | $ 0 | $ 133 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 133 | $ 0 | $ 133 | $ 0 | $ 7,008 | 0 | $ 0 | |
Number of reporting units with fair value more likely than not below carrying amount | goodwill_reporting_unit | 7 | 7 | 7 | ||||||||||||||
Number of reporting units unlikely to have fair value below carrying amount | goodwill_reporting_unit | 13 | 13 | 13 | ||||||||||||||
Number of reporting units with impairment recognized | goodwill_reporting_unit | 5 | 5 | 5 | ||||||||||||||
Number of reporting units with no impairment recognized | goodwill_reporting_unit | 2 | 2 | 2 | ||||||||||||||
Reporting unit, percentage of fair value in excess of carrying amount | 20.00% | 20.00% | 20.00% | ||||||||||||||
Number of reporting units with fair value that exceeds carrying value of less than twenty percent | goodwill_reporting_unit | 4 | 4 | 4 | ||||||||||||||
Goodwill, impaired, accumulated impairment loss | $ (7,000) | $ (7,000) | $ (7,000) | ||||||||||||||
Goodwill carrying value, aggregate reporting units with a fair value that exceeds the carrying value by less than twenty percent | 29,000 | 29,000 | 29,300 | 29,000 | 29,300 | ||||||||||||
Goodwill carrying value, aggregate reporting units with zero percent excess fair value over carrying amount | 9,300 | 9,300 | 24,000 | 9,300 | 24,000 | ||||||||||||
Australia and New Zealand | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Reporting unit, goodwill carrying amount prior to impairment | 509 | ||||||||||||||||
Goodwill carrying value, goodwill reporting unit with a fair value that exceeds the carrying value by less than twenty percent | 367 | 367 | 367 | ||||||||||||||
Canada Retail | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Impairment losses | 1,900 | ||||||||||||||||
Reporting unit, goodwill carrying amount prior to impairment | $ 4,000 | ||||||||||||||||
Latin America Exports | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Goodwill carrying value, goodwill reporting unit with a fair value that exceeds the carrying value by less than twenty percent | 424 | 424 | 424 | ||||||||||||||
Northeast Asia | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Impairment losses | 302 | ||||||||||||||||
Reporting unit, goodwill carrying amount prior to impairment | 391 | ||||||||||||||||
Southeast Asia | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Impairment losses | 315 | ||||||||||||||||
Other Latin America | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Impairment losses | 207 | ||||||||||||||||
U.S. Refrigerated | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Impairment losses | 4,100 | ||||||||||||||||
Reporting unit, goodwill carrying amount prior to impairment | $ 11,300 | ||||||||||||||||
U.S. Grocery | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Goodwill carrying value, goodwill reporting unit with a fair value that exceeds the carrying value by less than twenty percent | 18,500 | 18,500 | 18,500 | ||||||||||||||
Southeast Europe | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Goodwill carrying value, goodwill reporting unit with a fair value that exceeds the carrying value by less than twenty percent | $ 404 | $ 404 | $ 404 | ||||||||||||||
Impaired reporting unit | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Reporting unit, percentage of fair value in excess of carrying amount | 0.00% | 0.00% | 0.00% | ||||||||||||||
EMEA | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Goodwill | $ 3,074 | $ 3,074 | 3,238 | $ 3,074 | 3,238 | ||||||||||||
Impairment losses | 0 | ||||||||||||||||
EMEA | Goodwill | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Prior period reclassification adjustment | 179 | ||||||||||||||||
Rest of World | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Goodwill | $ 1,394 | $ 1,394 | $ 2,640 | 1,394 | $ 2,640 | ||||||||||||
Impairment losses | $ 957 | ||||||||||||||||
Rest of World | Goodwill | |||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||
Prior period reclassification adjustment | $ (179) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Changes in the Carrying Amount of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Jul. 01, 2017 | Dec. 29, 2018 |
Indefinite-lived Intangible Assets [Roll Forward] | |||||
Beginning balance | $ 53,655 | ||||
Impairment losses | $ (8,600) | $ (215) | $ (101) | $ (49) | (8,925) |
Reclassified to assets held for sale | (341) | ||||
Transfers to definite-lived intangible assets | (72) | ||||
Translation adjustments | (351) | ||||
Ending balance | $ 43,966 | $ 43,966 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets Indefinite-Lived Intangible Assets - Additional Information (Details) $ in Millions | Dec. 29, 2018USD ($)Brand | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Jul. 01, 2017USD ($) | Dec. 29, 2018USD ($)Brand | Dec. 30, 2017USD ($) |
Indefinite-lived Intangible Assets [Line Items] | ||||||
Indefinite-lived intangible assets | $ 43,966 | $ 43,966 | $ 53,655 | |||
Impairment losses | $ 8,600 | $ 215 | $ 101 | $ 49 | $ 8,925 | |
Number of brands with fair value more likely than not below carrying amount | Brand | 6 | 6 | ||||
Number of brands with impairment recognized | Brand | 5 | 5 | ||||
Number of brands valued using the excess earnings method | Brand | 3 | 3 | ||||
Number of brands value using the relief from royalty method | Brand | 2 | 2 | ||||
Number of brands with a fair value that exceeds carrying value by less than twenty percent | Brand | 6 | 6 | ||||
Brand, percentage of fair value in excess of carrying amount | 20.00% | 20.00% | ||||
Aggregate carrying value of indefinite-lived intangible assets with a fair value that exceeds the carrying value by less than twenty percent | $ 5,800 | $ 5,800 | ||||
Kraft | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment losses | 4,300 | |||||
Brand, carrying amount prior to impairment | 15,900 | 15,900 | ||||
Oscar Mayer | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment losses | 3,300 | |||||
Brand, carrying amount prior to impairment | 6,600 | 6,600 | ||||
Philadelphia | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment losses | 797 | |||||
Brand, carrying amount prior to impairment | 6,700 | 6,700 | ||||
Velveeta | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment losses | 168 | |||||
Brand, carrying amount prior to impairment | 2,500 | 2,500 | ||||
ABC | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment losses | 84 | |||||
Brand, carrying amount prior to impairment | $ 357 | $ 357 | ||||
Impaired brand [Member] | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Brand, percentage of fair value in excess of carrying amount | 0.00% | 0.00% |
Goodwill and Intangible Asset_7
Goodwill and Intangible Assets Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | $ 6,589 | $ 6,613 |
Accumulated amortization | (1,087) | (836) |
Net | 5,502 | 5,777 |
Trademarks | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | 2,474 | 2,368 |
Accumulated amortization | (402) | (287) |
Net | 2,072 | 2,081 |
Customer-related assets | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | 4,097 | 4,231 |
Accumulated amortization | (681) | (544) |
Net | 3,416 | 3,687 |
Other | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross | 18 | 14 |
Accumulated amortization | (4) | (5) |
Net | $ 14 | $ 9 |
Goodwill and Intangible Asset_8
Goodwill and Intangible Assets Definite-Lived Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 290 | $ 278 | $ 267 |
Definite-lived intangible assets, reclassified to held for sale assets | (96) | ||
Definite-lived intangible assets, preliminary purchase accounting adjustments | 100 | ||
Definite-lived intangible assets, transfers from indefinite-lived intangible assets | 72 | ||
Impairment of intangible assets, definite-lived | (3) | ||
Amortization of definite-lived intangible assets, next twelve months | 284 | ||
Amortization of definite-lived intangible assets, year two | 274 | ||
Amortization of definite-lived intangible assets, year three | 275 | ||
Amortization of definite-lived intangible assets, year four | 275 | ||
Amortization of definite-lived intangible assets, year five | $ 275 |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Oct. 02, 2016 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 21, 2017 | Dec. 31, 2016 | Jan. 03, 2016 | |
Income Taxes [Line Items] | ||||||||||||||||||
U.S. federal statutory tax rate | 21.00% | 35.00% | 35.00% | 35.00% | ||||||||||||||
Tax cuts and jobs act of 2017, incomplete accounting, provisional income tax expense (benefit) | $ 7,000 | |||||||||||||||||
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefit) | $ 7,500 | 7,500 | ||||||||||||||||
Tax cuts and jobs act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense (benefit) | 312 | |||||||||||||||||
Tax cuts and jobs act of 2017, incomplete accounting, provisional other income tax expense (benefit) | 125 | |||||||||||||||||
Tax cuts and jobs act of 2017, incomplete accounting, undistributed accumulated earnings of foreign subsidiary, provisional unrecognized deferred tax liability | $ 96 | 96 | ||||||||||||||||
Tax cuts and jobs act of 2017, incomplete accounting, provisional undistributed accumulated earnings of foreign subsidiary | 1,200 | 1,200 | ||||||||||||||||
Tax cuts and jobs act of 2017, measurement period adjustment, income tax expense (benefit) | $ 20 | |||||||||||||||||
Tax cuts and jobs act of 2017, measurement period adjustment, deferred tax liability | 20 | |||||||||||||||||
Tax cuts and jobs act of 2017, income tax expense (benefit) | 7,100 | |||||||||||||||||
Tax cuts and jobs act of 2017, transition tax for accumulated foreign earnings, income tax expense (benefit) | 224 | |||||||||||||||||
Tax cuts and jobs act of 2017, other income tax expense (benefit) | 120 | |||||||||||||||||
Tax cuts and jobs act of 2017, undistributed accumulated earnings of foreign subsidiary, unrecognized deferred tax liability | $ 78 | 111 | 78 | 111 | ||||||||||||||
Tax cuts and jobs act of 2017, undistributed accumulated earnings of foreign subsidiary | 1,200 | 1,200 | 1,200 | 1,200 | ||||||||||||||
Deferred tax liabilities, investment in subsidiary that is no longer considered indefinitely reinvested | 33 | 33 | ||||||||||||||||
Deferred tax liabilities, local withholding tax obligations | 28 | 28 | ||||||||||||||||
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries | 20 | 20 | ||||||||||||||||
Income tax effects related to stock options and other equity instruments recorded directly to additional paid-in capital | $ 30 | |||||||||||||||||
Provision for/(benefit from) income taxes | (1,846) | $ 201 | $ 308 | $ 270 | (6,665) | $ 400 | $ 429 | $ 354 | $ 578 | $ 783 | $ 779 | $ 1,183 | $ (1,067) | $ (5,482) | $ 1,333 | |||
Effective income tax rate reconciliation, tax cuts and jobs act of 2017, percent | 0.50% | (129.00%) | 0.00% | |||||||||||||||
Unrecognized tax benefits | 387 | 408 | $ 387 | $ 408 | $ 389 | $ 353 | ||||||||||||
Unrecognized tax benefits that would impact our income tax provision | 352 | 352 | ||||||||||||||||
Income tax expense/(benefit) from settlement with taxing authorities | $ 42 | |||||||||||||||||
Interest and penalties expense related to uncertain tax positions | 5 | (24) | $ 8 | |||||||||||||||
Interest and penalties accrued related to uncertain tax positions | 62 | $ 57 | 62 | 57 | ||||||||||||||
Maximum | ||||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||||
Decrease in unrecognized tax benefits, reasonably possible | 54 | 54 | ||||||||||||||||
Foreign Tax Authority | ||||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||||
Foreign operating loss carryforwards | 307 | 307 | ||||||||||||||||
Operating loss carryforwards subject to expiration | 26 | 26 | ||||||||||||||||
Operating loss carryforwards not subject to expiration | 281 | 281 | ||||||||||||||||
Deferred tax assets, operating loss carryforwards, foreign | 86 | 86 | ||||||||||||||||
State and Local Jurisdiction | ||||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||||
Deferred tax assets, operating loss carryforwards, U.S. state and local | $ 90 | 90 | ||||||||||||||||
Accounting Standards Update 2016-09 | ||||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||||
Provision for/(benefit from) income taxes | $ 12 | $ 22 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Taxes and Provision for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Income/(loss) before income taxes, United States | $ (10,305) | $ 3,811 | $ 3,271 | ||||||||||||
Income/(loss) before income taxes, International | (1,016) | 1,639 | 1,668 | ||||||||||||
Income/(loss) before income taxes | $ (14,474) | $ 819 | $ 1,061 | $ 1,273 | $ 1,317 | $ 1,312 | $ 1,586 | $ 1,235 | $ 2,334 | $ 2,821 | $ 3,153 | $ 4,133 | (11,321) | 5,450 | 4,939 |
Current Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||||||||||||||
Provision for/(benefit from) income taxes-current, U.S. federal | 444 | 765 | 1,085 | ||||||||||||
Provision for/(benefit from) income taxes-current, U.S. state and local | 134 | (47) | 82 | ||||||||||||
Provision for/(benefit from) income taxes-current, international | 322 | 295 | 238 | ||||||||||||
Provision for/(benefit from) income taxes-current | 900 | 1,013 | 1,405 | ||||||||||||
Deferred Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||||||||||||||
Provision for/(benefit from) income taxes-deferred, U.S. federal | (1,843) | (6,590) | (11) | ||||||||||||
Provision for/(benefit from) income taxes-deferred, U.S. state and local | (121) | 97 | (63) | ||||||||||||
Provision for/(benefit from) income taxes-deferred, international | (3) | (2) | 2 | ||||||||||||
Provision for/(benefit from) income taxes-deferred | (46) | 68 | 79 | 223 | 104 | 432 | (1,967) | (6,495) | (72) | ||||||
Total provision for/(benefit from) income taxes-deferred | $ (1,846) | $ 201 | $ 308 | $ 270 | $ (6,665) | $ 400 | $ 429 | $ 354 | $ 578 | $ 783 | $ 779 | $ 1,183 | $ (1,067) | $ (5,482) | $ 1,333 |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 21, 2017 | Dec. 31, 2016 | |
Tax Rate Reconciliation Reconciling Items Detail [Abstract] | ||||
U.S. federal statutory tax rate | 21.00% | 35.00% | 35.00% | 35.00% |
Tax on income of foreign subsidiaries | 3.40% | (4.80%) | (3.60%) | |
Domestic manufacturing deduction | (0.00%) | (1.50%) | (2.00%) | |
U.S. state and local income taxes, net of federal tax benefit | 1.60% | 1.10% | 0.80% | |
Tax exempt income | (0.00%) | (0.70%) | (3.40%) | |
Deferred tax effect of statutory tax rate changes | (0.90%) | 0.30% | (2.00%) | |
Audit settlements and changes in uncertain tax positions | (0.30%) | (0.20%) | 1.90% | |
Venezuela nondeductible devaluation loss | (0.40%) | 0.00% | 0.30% | |
U.S. Tax Reform discrete income tax benefit | 0.50% | (129.00%) | 0.00% | |
Global intangible low-taxed income | (0.50%) | 0.00% | 0.00% | |
Goodwill impairment | (15.10%) | 0.00% | 0.00% | |
Wind-up of non-U.S. pension plans | (0.40%) | 0.00% | 0.00% | |
Other | 0.50% | (0.80%) | 0.00% | |
Effective tax rate | 9.40% | (100.60%) | 27.00% |
Income Taxes Deferred Income Ta
Income Taxes Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Deferred income tax liabilities: | ||
Intangible assets, net | $ 11,571 | $ 13,567 |
Property, plant and equipment, net | 735 | 676 |
Other | 410 | 288 |
Deferred income tax liabilities | 12,716 | 14,531 |
Deferred Tax Assets, Gross [Abstract] | ||
Benefit plans | (172) | (212) |
Other | (470) | (422) |
Deferred income tax assets | (642) | (634) |
Valuation allowance | 81 | 80 |
Net deferred income tax liabilities | $ 12,155 | $ 13,977 |
Income Taxes Changes in Unrecog
Income Taxes Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the period | $ 408 | $ 389 | $ 353 |
Increases for tax positions of prior years | 9 | 2 | 59 |
Decreases for tax positions of prior years | (81) | (35) | (18) |
Increases based on tax positions related to the current year | 74 | 135 | 62 |
Decreases due to settlements with taxing authorities | (3) | (59) | (62) |
Decreases due to lapse of statute of limitations | (10) | (24) | (5) |
Reclassified to liabilities held for sale | (10) | 0 | 0 |
Balance at the end of the period | $ 387 | $ 408 | $ 389 |
Employees' Stock Incentive Pl_3
Employees' Stock Incentive Plans Additional Information (Details) $ / shares in Units, $ in Millions | Jul. 02, 2015shares | Dec. 29, 2018USD ($)annual_installment$ / sharesshares | Dec. 30, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Apr. 30, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
Options, exercises in period, intrinsic value | $ | $ 67 | $ 124 | $ 186 | ||
Proceeds from stock options exercised | $ | 56 | 66 | 140 | ||
Employee service share-based compensation, tax benefit from exercise of stock options | $ | 23 | $ 44 | $ 68 | ||
Nonvested awards, compensation cost not yet recognized | $ | $ 149 | ||||
Nonvested awards, compensation cost not yet recognized, period for recognition | 4 years | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.26 | $ 14.24 | $ 12.48 | ||
Expected dividend yield | 3.60% | 2.80% | 3.10% | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Conversion of stock, shares issued | 1 | ||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 58.59 | $ 91.25 | $ 77.53 | ||
Expected dividend yield | 3.31% | ||||
Equity instruments other than options, vested in period, fair value | $ | $ 9 | $ 12 | $ 40 | ||
PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Conversion of stock, shares issued | 1 | ||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 56.31 | $ 79.85 | |||
Expected dividend yield | 3.31% | 2.73% | |||
2016 Omnibus Incentive Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 18,000,000 | ||||
Vesting period | 5 years | ||||
Expiration period | 10 years | ||||
2013 Omnibus Incentive Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 17,555,947 | ||||
Vesting period | 5 years | ||||
Expiration period | 10 years | ||||
Business acquisition, common stock of parent, conversion ration to common stock of successor company | 0.443332 | ||||
2012 Performance Incentive Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Business acquisition, restricted stock units acquiree, converted to restricted stock units of successor company, number of shares | 1 | ||||
Award vesting, number of annual installments | annual_installment | 3 | ||||
2012 Performance Incentive Plan | Stock Options | Involuntary termination without cause | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accelerated vesting for terminated employees after acquisition, termination period | 2 years | ||||
2012 Performance Incentive Plan | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting, number of annual installments | annual_installment | 2 |
Employees' Stock Incentive Pl_4
Employees' Stock Incentive Plans Schedule of Weighted Average Black-Scholes Fair Value Assumptions (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.75% | 2.25% | 1.63% |
Expected term | 7 years 6 months | 7 years 6 months | 7 years 6 months |
Expected volatility | 21.30% | 19.60% | 22.00% |
Expected dividend yield | 3.60% | 2.80% | 3.10% |
Weighted average grant date fair value (in dollars per share) | $ 10.26 | $ 14.24 | $ 12.48 |
Employees' Stock Incentive Pl_5
Employees' Stock Incentive Plans Schedule of Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 29, 2018USD ($)$ / sharesshares | |
Roll-forward of Stock Option Activity (in shares) | |
Beginning balance | shares | 19,289,564 |
Granted | shares | 2,143,730 |
Forfeited | shares | (1,136,924) |
Exercised | shares | (2,036,405) |
Ending balance | shares | 18,259,965 |
Options exercisable at period end | shares | 10,492,048 |
Stock Option Activity, Weighted Average Exercise Price [Abstract] | |
Options outstanding at period start, weighted average exercise price (in dollars per share) | $ / shares | $ 41.63 |
Options granted, weighted average exercise price (in dollars per share) | $ / shares | 64.37 |
Options forfeited, weighted average exercise price (in dollars per share) | $ / shares | 61.10 |
Options exercised, weighted average exercise price (in dollars per share) | $ / shares | 27.68 |
Options outstanding at period end, weighted average exercise price (in dollars per share) | $ / shares | 44.64 |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 33.48 |
Options outstanding, intrinsic value | $ | $ 168 |
Options exercisable, intrinsic value | $ | $ 124 |
Options outstanding, weighted average remaining contractual term | 6 years |
Options exercisable, weighted average remaining contractual term | 4 years |
Employees' Stock Incentive Pl_6
Employees' Stock Incentive Plans Schedule of Unvested Stock Options and Related Information (Details) | 12 Months Ended |
Dec. 29, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance | shares | 11,827,142 |
Granted | shares | 2,143,730 |
Vested | shares | (5,135,897) |
Forfeited | shares | (1,067,058) |
Ending balance | shares | 7,767,917 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Options unvested at period start, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.36 |
Options granted, weighted average grant date fair value (in dollars per share) | $ / shares | 10.26 |
Options vested, weighted average grant date fair value (in dollars per share) | $ / shares | 5.99 |
Options forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 10.45 |
Options unvested at period end, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.16 |
Employees' Stock Incentive Pl_7
Employees' Stock Incentive Plans Schedule of RSU Activity and Related Information (Details) - RSUs | 12 Months Ended |
Dec. 29, 2018$ / sharesshares | |
Roll-forward of RSU Activity (in shares) | |
Beginning balance | shares | 1,284,262 |
Granted | shares | 1,443,088 |
Forfeited | shares | (253,249) |
Vested | shares | (135,143) |
Ending balance | shares | 2,338,958 |
Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding at period start, weighted average grant date fair value (in dollars per share) | $ / shares | $ 81.91 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 58.59 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 77.42 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | 73.57 |
Outstanding at period end, weighted average grant date fair value (in dollars per share) | $ / shares | $ 68.49 |
Employees' Stock Incentive Pl_8
Employees' Stock Incentive Plans Schedule of PSU Activity and Related Information (Details) - PSUs | 12 Months Ended |
Dec. 29, 2018$ / sharesshares | |
Roll-forward of PSU Activity (in shares) | |
Beginning balance | shares | 815,383 |
Granted | shares | 2,730,130 |
Forfeited | shares | (293,457) |
Ending balance | shares | 3,252,056 |
Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding at period start, weighted average grant date fair value (in dollars per share) | $ / shares | $ 70.16 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | 56.31 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | 62.28 |
Outstanding at period end, weighted average grant date fair value (in dollars per share) | $ / shares | $ 59.24 |
Employees' Stock Incentive Pl_9
Employees' Stock Incentive Plans Schedule of Compensation Costs Related to Equity Plans (Details) - All Equity Awards - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Pre-tax compensation cost | $ 33 | $ 46 | $ 46 |
Related tax benefit | (7) | (14) | (15) |
After-tax compensation cost | $ 26 | $ 32 | $ 31 |
Postemployment Benefits Plans -
Postemployment Benefits Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, net periodic benefit cost/(credit) reversal | $ (42,000,000) | |||
Defined benefit plan, amortization of prior service cost/(credit) reversal | $ (28,000,000) | |||
Cost recognized | $ 85,000,000 | $ 78,000,000 | $ 74,000,000 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net asset/(liability) recognized | 918,000,000 | 758,000,000 | ||
Cash collateral | 269,000,000 | 278,000,000 | ||
Securities lending payable | 269,000,000 | 278,000,000 | ||
Net impact on total plan assets at fair value | 0 | 0 | ||
Defined benefit plan, fair value of plan assets | 6,908,000,000 | 8,941,000,000 | ||
Pension Plans | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 3,455,000,000 | 3,073,000,000 | ||
Pension Plans | Certain insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 53,000,000 | 983,000,000 | ||
Pension Plans | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net purchases, issuances and settlements | (1,055,000,000) | (39,000,000) | ||
Additions | 0 | 797,000,000 | ||
Defined benefit plan, fair value of plan assets | 132,000,000 | 1,245,000,000 | 423,000,000 | |
Pension Plans | Level 3 | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | 0 | 0 | ||
Pension Plans | Level 3 | Certain insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net purchases, issuances and settlements | (845,000,000) | (39,000,000) | ||
Additions | 0 | 797,000,000 | ||
Defined benefit plan, fair value of plan assets | 53,000,000 | 983,000,000 | 189,000,000 | |
Postretirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net asset/(liability) recognized | (250,000,000) | (365,000,000) | ||
Employer contributions | (19,000,000) | (1,329,000,000) | ||
Estimated future employer contributions in 2019 | 15,000,000 | |||
Defined benefit plan, contributions by employer excluding benefits paid as incurred | 1,200,000,000 | |||
Defined benefit plan, fair value of plan assets | 1,044,000,000 | 1,188,000,000 | 0 | |
Future amortization of prior service credits, 2019 | 306,000,000 | |||
Future amortization of prior service credits, 2020 | 122,000,000 | |||
Future amortization of prior service credits, 2021 | 8,000,000 | |||
Future amortization of prior service credits, 2022 | 6,000,000 | |||
Future amortization of prior service credits, 2023 | 6,000,000 | |||
Curtailments | $ 0 | $ (177,000,000) | 0 | |
Postretirement Plans | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 70.00% | |||
Defined benefit plan, actual plan asset allocations | 65.00% | 0.00% | ||
Defined benefit plan, fair value of plan assets | $ 593,000,000 | |||
Postretirement Plans | Return seeking assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 30.00% | |||
Postretirement Plans | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Year that rate reaches ultimate trend rate | 2019 | |||
Postretirement Plans | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Year that rate reaches ultimate trend rate | 2030 | |||
Postretirement Plans | Level 3 | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, fair value of plan assets | $ 0 | |||
Canadian Salaried and Hourly Plans | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlements | 162,000,000 | |||
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 1,700,000,000 | $ 3,300,000,000 | ||
Non-U.S. Plans | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlements | 1,221,000,000 | 1,000,000 | ||
Change in projected benefit obligation due to wind up of our Canadian salaried and hourly defined benefit pension plans | 85,000,000 | |||
Employer contributions | (57,000,000) | $ (30,000,000) | ||
Estimated future employer contributions in 2019 | $ 15,000,000 | |||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% | ||
Defined benefit plan, fair value of plan assets | $ 2,689,000,000 | $ 4,156,000,000 | 3,628,000,000 | |
Curtailments | $ (1,000,000) | $ 0 | 0 | |
Non-U.S. Plans | Pension Plans | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 65.00% | |||
Defined benefit plan, actual plan asset allocations | 45.00% | 39.00% | ||
Non-U.S. Plans | Pension Plans | Return seeking assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 35.00% | |||
Non-U.S. Plans | Pension Plans | Certain insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, actual plan asset allocations | 2.00% | 24.00% | ||
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | $ 4,100,000,000 | $ 4,700,000,000 | ||
U.S. Plans | Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlements | 190,000,000 | 692,000,000 | ||
Employer contributions | 0 | $ (300,000,000) | ||
Estimated future employer contributions in 2019 | $ 0 | |||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% | ||
Defined benefit plan, fair value of plan assets | $ 4,219,000,000 | $ 4,785,000,000 | 4,788,000,000 | |
Curtailments | $ 0 | $ 0 | $ 0 | |
U.S. Plans | Pension Plans | Fixed income securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 85.00% | |||
Defined benefit plan, actual plan asset allocations | 84.00% | 62.00% | ||
U.S. Plans | Pension Plans | Return seeking assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 15.00% | |||
U.S. Plans | Pension Plans | Certain insurance contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, actual plan asset allocations | 0.00% | 0.00% |
Postemployment Benefits Pension
Postemployment Benefits Pension Plans - Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status (Details) - Pension Plans - USD ($) | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 8,941,000,000 | ||
Fair value of plan assets at end of year | 6,908,000,000 | $ 8,941,000,000 | |
U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 4,719,000,000 | 5,157,000,000 | |
Service cost | 10,000,000 | 11,000,000 | $ 13,000,000 |
Interest cost | 158,000,000 | 178,000,000 | 203,000,000 |
Benefits paid | (191,000,000) | (224,000,000) | |
Actuarial losses/(gains) | (447,000,000) | 270,000,000 | |
Plan amendments | 1,000,000 | 0 | |
Currency | 0 | 0 | |
Settlements | (190,000,000) | (692,000,000) | |
Curtailments | 0 | 0 | 0 |
Special/contractual termination benefits | 0 | 19,000,000 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 4,060,000,000 | 4,719,000,000 | 5,157,000,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 4,785,000,000 | 4,788,000,000 | |
Actual return on plan assets | (185,000,000) | 613,000,000 | |
Employer contributions | 0 | 300,000,000 | |
Benefits paid | (191,000,000) | (224,000,000) | |
Currency | 0 | 0 | |
Settlements | (190,000,000) | (692,000,000) | |
Other | 0 | 0 | |
Fair value of plan assets at end of year | 4,219,000,000 | 4,785,000,000 | 4,788,000,000 |
Net pension liability/(asset) recognized at end of year | (159,000,000) | (66,000,000) | |
Non-U.S. Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 3,464,000,000 | 3,099,000,000 | |
Service cost | 19,000,000 | 19,000,000 | 25,000,000 |
Interest cost | 67,000,000 | 66,000,000 | 87,000,000 |
Benefits paid | (126,000,000) | (161,000,000) | |
Actuarial losses/(gains) | (118,000,000) | 120,000,000 | |
Plan amendments | 14,000,000 | (2,000,000) | |
Currency | (175,000,000) | 264,000,000 | |
Settlements | (1,221,000,000) | (1,000,000) | |
Curtailments | (1,000,000) | 0 | 0 |
Special/contractual termination benefits | 7,000,000 | 9,000,000 | |
Other | 0 | 51,000,000 | |
Benefit obligation at end of year | 1,930,000,000 | 3,464,000,000 | 3,099,000,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 4,156,000,000 | 3,628,000,000 | |
Actual return on plan assets | 49,000,000 | 289,000,000 | |
Employer contributions | 57,000,000 | 30,000,000 | |
Benefits paid | (126,000,000) | (161,000,000) | |
Currency | (221,000,000) | 322,000,000 | |
Settlements | (1,221,000,000) | (1,000,000) | |
Other | (5,000,000) | 49,000,000 | |
Fair value of plan assets at end of year | 2,689,000,000 | 4,156,000,000 | $ 3,628,000,000 |
Net pension liability/(asset) recognized at end of year | $ (759,000,000) | $ (692,000,000) |
Postemployment Benefits Pensi_2
Postemployment Benefits Pension Plans - Amounts Recognized in Balance Sheet (Details) - Pension Plans - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other non-current assets | $ 999 | $ 871 |
Other current liabilities | (4) | (41) |
Accrued postemployment costs | (77) | (72) |
Net asset/(liability) recognized | $ 918 | $ 758 |
Postemployment Benefits Pensi_3
Postemployment Benefits Pension Plans - Schedule of Accumulated Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 0 | $ 0 |
Accumulated benefit obligation | 0 | 0 |
Fair value of plan assets | 0 | 0 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 146 | 1,368 |
Accumulated benefit obligation | 139 | 1,360 |
Fair value of plan assets | $ 65 | $ 1,254 |
Postemployment Benefits Pensi_4
Postemployment Benefits Pension Plans - Schedule of Projected Benefit Obligation in Excess of Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 0 | $ 0 |
Accumulated benefit obligation | 0 | 0 |
Fair value of plan assets | 0 | 0 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 148 | 1,400 |
Accumulated benefit obligation | 141 | 1,392 |
Fair value of plan assets | $ 67 | $ 1,287 |
Postemployment Benefits Pensi_5
Postemployment Benefits Pension Plans - Weighted Average Assumptions Used, Pension Benefit Obligation (Details) - Pension Plans | Dec. 29, 2018 | Dec. 30, 2017 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.40% | 3.70% |
Discount rate | 4.10% | 4.10% |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.90% | 2.40% |
Discount rate | 3.90% | 3.90% |
Postemployment Benefits Pensi_6
Postemployment Benefits Pension Plans - Net Cost/(Benefit) (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 10 | $ 11 | $ 13 |
Interest cost | 158 | 178 | 203 |
Expected return on plan assets | (247) | (262) | (290) |
Amortization of unrecognized losses/(gains) | 0 | 0 | 0 |
Settlements | (4) | 2 | 23 |
Curtailments | 0 | 0 | 0 |
Special/contractual termination benefits | 0 | 19 | 0 |
Other | 0 | 2 | 0 |
Net cost/(benefit) | (83) | (50) | (51) |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 19 | 19 | 25 |
Interest cost | 67 | 66 | 87 |
Expected return on plan assets | (175) | (180) | (182) |
Amortization of unrecognized losses/(gains) | 2 | 1 | 0 |
Settlements | 158 | 0 | 2 |
Curtailments | (1) | 0 | 0 |
Special/contractual termination benefits | 7 | 9 | 3 |
Other | 0 | (15) | 0 |
Net cost/(benefit) | $ 77 | $ (100) | $ (65) |
Postemployment Benefits Pensi_7
Postemployment Benefits Pension Plans - Weighted Average Assumptions Used, Net Pension Cost (Details) - Pension Plans | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate on service cost | 3.80% | 4.20% | 4.50% |
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate on interest cost | 3.60% | 3.60% | 3.50% |
Expected rate of return on plan assets | 5.50% | 5.70% | 5.70% |
Rate of compensation increase | 4.10% | 4.10% | 4.10% |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate on service cost | 3.00% | 3.20% | 4.20% |
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate on interest cost | 2.90% | 2.10% | 3.30% |
Expected rate of return on plan assets | 4.50% | 4.80% | 5.60% |
Rate of compensation increase | 3.90% | 4.00% | 3.40% |
Postemployment Benefits Pensi_8
Postemployment Benefits Pension Plans - Weighted Average Asset Allocation of Plan Assets (Details) - Pension Plans | Dec. 29, 2018 | Dec. 30, 2017 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% |
U.S. Plans | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 84.00% | 62.00% |
U.S. Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 14.00% | 27.00% |
U.S. Plans | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 0.00% | 0.00% |
U.S. Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 2.00% | 11.00% |
U.S. Plans | Certain insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 0.00% | 0.00% |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% |
Non-U.S. Plans | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 45.00% | 39.00% |
Non-U.S. Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 34.00% | 27.00% |
Non-U.S. Plans | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 3.00% | 6.00% |
Non-U.S. Plans | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 16.00% | 4.00% |
Non-U.S. Plans | Certain insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 2.00% | 24.00% |
Postemployment Benefits Pensi_9
Postemployment Benefits Pension Plans - Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 6,908 | $ 8,941 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 132 | 1,245 | $ 423 |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 366 | 467 | |
Government bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 366 | 467 | |
Government bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Government bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Corporate bonds and other fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3,089 | 2,606 | |
Corporate bonds and other fixed-income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Corporate bonds and other fixed-income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3,089 | 2,606 | |
Corporate bonds and other fixed-income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3,455 | 3,073 | |
Fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 366 | 467 | |
Fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3,089 | 2,606 | |
Fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Equity securities (other than mutual and pooled funds) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 665 | 1,044 | |
Equity securities (other than mutual and pooled funds) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 665 | 1,044 | |
Equity securities (other than mutual and pooled funds) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Equity securities (other than mutual and pooled funds) | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 422 | 208 | |
Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 419 | 205 | |
Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3 | 3 | |
Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 79 | 262 | |
Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 79 | 262 | 234 |
Certain insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 53 | 983 | |
Certain insurance contracts | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Certain insurance contracts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Certain insurance contracts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 53 | 983 | $ 189 |
Fair value excluding investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 4,674 | 5,570 | |
Fair value excluding investments measured at net asset value | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 1,450 | 1,716 | |
Fair value excluding investments measured at net asset value | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 3,092 | 2,609 | |
Fair value excluding investments measured at net asset value | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 132 | 1,245 | |
Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 2,234 | $ 3,371 |
Postemployment Benefits Pens_10
Postemployment Benefits Pension Plans - Changes in Level 3 Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 8,941 | |
Fair value of plan assets at end of year | 6,908 | $ 8,941 |
Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 262 | |
Fair value of plan assets at end of year | 79 | 262 |
Certain insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 983 | |
Fair value of plan assets at end of year | 53 | 983 |
Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 1,245 | 423 |
Additions | 0 | 797 |
Net realized gain/(loss) | (33) | 14 |
Net unrealized gain/(loss) | (10) | 50 |
Net purchases, issuances and settlements | (1,055) | (39) |
Transfers into/(out of) level 3) | (15) | 0 |
Fair value of plan assets at end of year | 132 | 1,245 |
Level 3 | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 262 | 234 |
Additions | 0 | 0 |
Net realized gain/(loss) | 49 | 14 |
Net unrealized gain/(loss) | (7) | 14 |
Net purchases, issuances and settlements | (210) | 0 |
Transfers into/(out of) level 3) | (15) | 0 |
Fair value of plan assets at end of year | 79 | 262 |
Level 3 | Certain insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 983 | 189 |
Additions | 0 | 797 |
Net realized gain/(loss) | (82) | 0 |
Net unrealized gain/(loss) | (3) | 36 |
Net purchases, issuances and settlements | (845) | (39) |
Transfers into/(out of) level 3) | 0 | 0 |
Fair value of plan assets at end of year | $ 53 | $ 983 |
Postemployment Benefits Pens_11
Postemployment Benefits Pension Plans - Estimated Future Benefit Payments (Details) - Pension Plans $ in Millions | Dec. 29, 2018USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 331 |
2020 | 320 |
2021 | 317 |
2022 | 309 |
2023 | 301 |
2024-2028 | 1,351 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 70 |
2020 | 70 |
2021 | 72 |
2022 | 80 |
2023 | 79 |
2024-2028 | $ 436 |
Postemployment Benefits Postret
Postemployment Benefits Postretirement Benefit Plans - Changes in Accumulated Benefit Obligation, Fair Value of Plan Assets, and Funded Status (Details) - Postretirement Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 1,553 | $ 1,714 | |
Service cost | 8 | 10 | $ 12 |
Interest cost | 45 | 49 | 52 |
Benefits paid | (136) | (142) | |
Actuarial losses/(gains) | (142) | (70) | |
Plan amendments | (21) | (24) | |
Currency | (13) | 13 | |
Other | 0 | 3 | |
Benefit obligation at end of year | 1,294 | 1,553 | 1,714 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at end of year | 1,044 | 1,188 | $ 0 |
Actual return on plan assets | (26) | 0 | |
Employer contributions | 19 | 1,329 | |
Benefits paid | (137) | (142) | |
Other | 0 | 1 | |
Fair value of plan assets at beginning of year | 1,188 | 0 | |
Net postretirement benefit liability/(asset) recognized at end of year | $ (250) | $ (365) |
Postemployment Benefits Postr_2
Postemployment Benefits Postretirement Benefit Plans - Amounts Recognized in Balance Sheet (Details) - Postretirement Plans - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other current liabilities | $ (14) | $ (10) |
Accrued postemployment costs | (236) | (355) |
Net asset/(liability) recognized | $ (250) | $ (365) |
Postemployment Benefits Postr_3
Postemployment Benefits Postretirement Benefit Plans - Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Postretirement Plans - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 1,294 | $ 1,553 |
Fair value of plan assets | $ 1,044 | $ 1,188 |
Postemployment Benefits Postr_4
Postemployment Benefits Postretirement Benefit Plans - Weighted Average Assumptions Used, Postretirement Benefit Obligation (Details) - Postretirement Plans | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 3.50% |
Health care cost trend rate assumed for next year | 6.70% | 6.70% |
Ultimate trend rate | 4.90% | 4.90% |
Postemployment Benefits Postr_5
Postemployment Benefits Postretirement Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Postretirement Plans $ in Millions | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of one percentage point increase on service and interest cost components | $ 3 |
Effect of one percentage point decrease on service and interest cost components | (3) |
Effect of one percentage point increase on accumulated postretirement benefit obligation | 48 |
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $ (41) |
Postemployment Benefits Postr_6
Postemployment Benefits Postretirement Benefit Plans - Net Cost/(Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Amortization of prior service costs/(credits) | $ (106) | $ (82) | $ (183) | $ (171) | $ (261) | $ (247) | $ (339) | $ (328) | $ (347) |
Postretirement Plans | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Service cost | 8 | 10 | 12 | ||||||
Interest cost | 45 | 49 | 52 | ||||||
Expected return on plan assets | (50) | 0 | 0 | ||||||
Amortization of prior service costs/(credits) | (311) | (328) | (355) | ||||||
Amortization of unrecognized losses/(gains) | 0 | 0 | (1) | ||||||
Curtailments | 0 | (177) | 0 | ||||||
Net cost/(benefit) | $ (308) | $ (446) | $ (292) |
Postemployment Benefits Postr_7
Postemployment Benefits Postretirement Benefit Plans - Weighted Average Assumptions Used, Net Postretirement Cost (Details) - Postretirement Plans | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate on service cost | 3.60% | 4.00% | 4.30% |
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate on interest cost | 3.00% | 3.00% | 3.00% |
Expected rate of return on plan assets | 4.40% | 0.00% | 0.00% |
Defined benefit plan, assumptions used calculating net periodic benefit cost, health care cost trend rate | 6.70% | 6.30% | 6.50% |
Postemployment Benefits Postr_8
Postemployment Benefits Postretirement Benefit Plans - Weighted Average Asset Allocation of Plan Assets (Details) - Postretirement Plans | Dec. 29, 2018 | Dec. 30, 2017 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 65.00% | 0.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 27.00% | 0.00% |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 8.00% | 100.00% |
Postemployment Benefits Postr_9
Postemployment Benefits Postretirement Benefit Plans - Fair Value of Plan Assets (Details) - Postretirement Plans - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 1,044 | $ 1,188 | $ 0 |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 26 | ||
Government bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 26 | ||
Government bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Government bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Corporate bonds and other fixed-income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 567 | ||
Corporate bonds and other fixed-income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Corporate bonds and other fixed-income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 567 | ||
Corporate bonds and other fixed-income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 593 | ||
Fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 26 | ||
Fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 567 | ||
Fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Equity securities (other than mutual and pooled funds) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 146 | ||
Equity securities (other than mutual and pooled funds) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 146 | ||
Equity securities (other than mutual and pooled funds) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Equity securities (other than mutual and pooled funds) | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Fair value excluding investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 739 | ||
Fair value excluding investments measured at net asset value | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 172 | ||
Fair value excluding investments measured at net asset value | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 567 | ||
Fair value excluding investments measured at net asset value | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 0 | ||
Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 305 |
Postemployment Benefits Post_10
Postemployment Benefits Postretirement Benefit Plans - Estimated Future Benefit Payments (Details) - Postretirement Plans $ in Millions | Dec. 29, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 131 |
2020 | 127 |
2021 | 120 |
2022 | 114 |
2023 | 107 |
2024-2028 | $ 440 |
Postemployment Benefits - Accum
Postemployment Benefits - Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain/(loss) | $ 352 | $ 124 |
Prior service credit/(cost) | 444 | 749 |
Pension and postretirement benefit plans, accumulated other comprehensive income/(loss), before tax | 796 | 873 |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain/(loss) | 175 | 13 |
Prior service credit/(cost) | (14) | 1 |
Pension and postretirement benefit plans, accumulated other comprehensive income/(loss), before tax | 161 | 14 |
Postretirement Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain/(loss) | 177 | 111 |
Prior service credit/(cost) | 458 | 748 |
Pension and postretirement benefit plans, accumulated other comprehensive income/(loss), before tax | $ 635 | $ 859 |
Postemployment Benefits - Amoun
Postemployment Benefits - Amounts Recognized in Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net postemployment benefit gains/(losses), before tax | $ 80 | $ 141 | $ (27) | ||||||||||||
Net postemployment benefit gains/(losses), tax | (19) | (55) | 18 | ||||||||||||
Net postemployment benefit gains/(losses), after of tax | 61 | 86 | (9) | ||||||||||||
Losses/(gains) on postemployment benefits before income taxes | (156) | (502) | (331) | ||||||||||||
Reclassification of net postemployment benefit losses/(gains), tax | 38 | 193 | 127 | ||||||||||||
Net postemployment benefit losses/(gains) reclassified to net income, after tax | $ 15 | $ (58) | $ (17) | $ (58) | $ (49) | $ (51) | $ (154) | $ (55) | $ (75) | $ (209) | $ (133) | $ (260) | (118) | (309) | (204) |
Pension Plans | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net actuarial gains/(losses) arising during the period, before tax | 8 | 45 | (73) | ||||||||||||
Prior service credits/(costs) arising during the period, before tax | (15) | 1 | 0 | ||||||||||||
Amortization of unrecognized losses/(gains) | 2 | 1 | 0 | ||||||||||||
Settlement and curtailment losses/(gains) | 153 | 2 | 25 | ||||||||||||
Postretirement Plans | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Net actuarial gains/(losses) arising during the period, before tax | 66 | 71 | (5) | ||||||||||||
Prior service credits/(costs) arising during the period, before tax | 21 | 24 | 51 | ||||||||||||
Amortization of unrecognized losses/(gains) | 0 | 0 | (1) | ||||||||||||
Amortization of prior service costs/(credits) | (311) | (328) | (355) | ||||||||||||
Settlement and curtailment losses/(gains) | $ 0 | $ (177) | $ 0 |
Financial Instruments Schedule
Financial Instruments Schedule of Notional Values of Outstanding Derivatives (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 478 | $ 272 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 3,263 | 2,876 |
Cross-currency contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 10,146 | $ 3,161 |
Financial Instruments Schedul_2
Financial Instruments Schedule of Derivative Fair Values (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | $ 757 | $ 392 |
Derivative liability, fair value, gross liability | 219 | 53 |
Foreign exchange contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 51 | 8 |
Derivative liability, fair value, gross liability | 26 | 42 |
Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5 | 17 |
Derivative liability, fair value, gross liability | 42 | 3 |
Cross-currency contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 139 | 344 |
Derivative liability, fair value, gross liability | 3 | 0 |
Cross-currency contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 557 | 19 |
Derivative liability, fair value, gross liability | 119 | 0 |
Commodity contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5 | 4 |
Derivative liability, fair value, gross liability | 29 | 8 |
Level 1 | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5 | 4 |
Derivative liability, fair value, gross liability | 27 | 8 |
Level 1 | Foreign exchange contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 0 |
Derivative liability, fair value, gross liability | 0 | 0 |
Level 1 | Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 0 |
Derivative liability, fair value, gross liability | 0 | 0 |
Level 1 | Cross-currency contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 0 |
Derivative liability, fair value, gross liability | 0 | 0 |
Level 1 | Cross-currency contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 0 |
Derivative liability, fair value, gross liability | 0 | 0 |
Level 1 | Commodity contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5 | 4 |
Derivative liability, fair value, gross liability | 27 | 8 |
Level 2 | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 752 | 388 |
Derivative liability, fair value, gross liability | 192 | 45 |
Level 2 | Foreign exchange contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 51 | 8 |
Derivative liability, fair value, gross liability | 26 | 42 |
Level 2 | Foreign exchange contracts | Designated as hedging instrument | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value, gross liability | 41 | |
Level 2 | Foreign exchange contracts | Designated as hedging instrument | Other non-current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value, gross liability | 1 | |
Level 2 | Foreign exchange contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5 | 17 |
Derivative liability, fair value, gross liability | 42 | 3 |
Level 2 | Cross-currency contracts | Designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 139 | 344 |
Derivative liability, fair value, gross liability | 3 | 0 |
Level 2 | Cross-currency contracts | Designated as hedging instrument | Other non-current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value, gross liability | 3 | |
Level 2 | Cross-currency contracts | Designated as hedging instrument | Other non-current assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 139 | |
Level 2 | Cross-currency contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 557 | 19 |
Derivative liability, fair value, gross liability | 119 | 0 |
Level 2 | Cross-currency contracts | Not designated as hedging instrument | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value, gross liability | 119 | |
Level 2 | Cross-currency contracts | Not designated as hedging instrument | Other current assets | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 557 | |
Level 2 | Commodity contracts | Not designated as hedging instrument | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 0 |
Derivative liability, fair value, gross liability | $ 2 | $ 0 |
Financial Instruments Additiona
Financial Instruments Additional Information (Details) € in Millions, £ in Millions, $ in Millions, ¥ in Billions, $ in Billions | 12 Months Ended | ||||||
Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 29, 2018CAD ($) | Dec. 29, 2018GBP (£) | Dec. 29, 2018JPY (¥) | Dec. 29, 2018EUR (€) | |
Derivative [Line Items] | |||||||
Derivative, collateral, obligation to return cash | $ 124 | $ 23 | |||||
Derivative, collateral, right to reclaim cash | 124 | 23 | |||||
Collateral posted related to commodity derivative margin requirements | 32 | ||||||
Foreign currency cash flow hedge gain (loss) to be reclassified during next twelve months | (32) | ||||||
Other expense/(income), net | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | (27) | (29) | $ (28) | ||||
Interest expense | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | $ 6 | (4) | (4) | ||||
Foreign exchange contracts | |||||||
Derivative [Line Items] | |||||||
Maximum length of time hedged in cash flow hedge | 12 months | ||||||
Foreign exchange contracts | Net Investment Hedging | Heinz India | |||||||
Derivative [Line Items] | |||||||
Gains/(losses) recognized in other comprehensive income (loss) on net investment hedges, before tax | $ 10 | ||||||
Foreign exchange contracts | Cash Flow Hedging | Heinz India | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | 20 | ||||||
Foreign exchange contracts | Cash Flow Hedging | Heinz India | Other expense/(income), net | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | 17 | ||||||
Foreign exchange contracts | Cash Flow Hedging | Heinz India | Interest expense | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | $ 3 | ||||||
Cross-currency contracts | |||||||
Derivative [Line Items] | |||||||
Maximum length of time hedged in cash flow hedge | 5 years | ||||||
Designated as hedging instrument | Debt | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Non-derivative instruments, loss (gain) recognized in other comprehensive income (loss), net | $ (174) | 425 | (234) | ||||
Designated as hedging instrument | Debt | Euro Member Countries, Euro | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative, amount of hedged item | € | € 2,550 | ||||||
Designated as hedging instrument | Debt | United Kingdom, Pounds | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative, amount of hedged item | £ | £ 400 | ||||||
Designated as hedging instrument | Foreign exchange contracts | Cash Flow Hedging | Other expense/(income), net | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | 56 | (81) | 38 | ||||
Designated as hedging instrument | Foreign exchange contracts | Cash Flow Hedging | Interest expense | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | $ 0 | $ 0 | ||||
Designated as hedging instrument | Foreign exchange contracts | Euro Member Countries, Euro | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative liability, notional amount | 264 | ||||||
Designated as hedging instrument | Foreign exchange contracts | China, Yuan Renminbi | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative liability, notional amount | 127 | ||||||
Designated as hedging instrument | Foreign exchange contracts | India, Rupees | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative liability, notional amount | 279 | ||||||
Designated as hedging instrument | Cross-currency contracts | Cash Flow Hedging | Other expense/(income), net | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | (7) | ||||||
Designated as hedging instrument | Cross-currency contracts | Cash Flow Hedging | Interest expense | |||||||
Derivative [Line Items] | |||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||
Designated as hedging instrument | Cross-currency contracts | United Kingdom, Pounds | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative asset, notional amount | 1,400 | £ 1,000 | |||||
Designated as hedging instrument | Cross-currency contracts | Canada, Dollars | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative asset, notional amount | 1,600 | $ 2.1 | |||||
Designated as hedging instrument | Cross-currency contracts | Japan, Yen | Net Investment Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative liability, notional amount | $ 85 | ¥ 9.6 |
Financial Instruments Derivativ
Financial Instruments Derivative Impact on Statements of Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Other comprehensive income (loss), derivatives, gain (loss), before reclassification and tax | $ 331 | $ (330) | $ 232 |
Cash Flow Hedging | Net sales | Foreign exchange contracts | |||
Derivative [Line Items] | |||
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax | 0 | 1 | 3 |
Cash Flow Hedging | Cost of products sold | Foreign exchange contracts | |||
Derivative [Line Items] | |||
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax | 64 | (42) | 6 |
Amounts excluded from the effectiveness assessment of cash flow hedges, before tax | (2) | 0 | 0 |
Cash Flow Hedging | Other expense/(income), net | Foreign exchange contracts | |||
Derivative [Line Items] | |||
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax | 56 | (82) | 39 |
Amounts excluded from the effectiveness assessment of cash flow hedges, before tax | 3 | 0 | 0 |
Cash Flow Hedging | Other expense/(income), net | Cross-currency contracts | |||
Derivative [Line Items] | |||
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax | (4) | 0 | 0 |
Amounts excluded from the effectiveness assessment of cash flow hedges, before tax | 1 | 0 | 0 |
Cash Flow Hedging | Interest expense | Interest rate contracts | |||
Derivative [Line Items] | |||
Gains/(losses) recognized in other comprehensive income (loss) on cash flow hedges, before tax | 0 | 0 | (8) |
Net Investment Hedging | Interest expense | Cross-currency contracts | |||
Derivative [Line Items] | |||
Amounts excluded from the effectiveness assessment of net investment hedges, before tax | 13 | 0 | 0 |
Net Investment Hedging | SG&A | Foreign exchange contracts | |||
Derivative [Line Items] | |||
Gains/(losses) recognized in other comprehensive income (loss) on net investment hedges, before tax | (11) | (23) | 45 |
Amounts excluded from the effectiveness assessment of net investment hedges, before tax | (3) | 0 | 0 |
Net Investment Hedging | SG&A | Cross-currency contracts | |||
Derivative [Line Items] | |||
Gains/(losses) recognized in other comprehensive income (loss) on net investment hedges, before tax | $ 214 | $ (184) | $ 147 |
Financial Instruments Derivat_2
Financial Instruments Derivative Impact on Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Total amounts presented in the consolidated statements of income in which the following effects were recorded | |||||||||||||||
Cost of products sold | $ 4,675 | $ 4,289 | $ 4,343 | $ 4,040 | $ 4,554 | $ 4,123 | $ 4,227 | $ 4,139 | $ 8,383 | $ 8,366 | $ 12,672 | $ 12,489 | $ 17,347 | $ 17,043 | $ 17,154 |
Interest expense | 325 | 326 | 316 | 317 | 308 | 306 | 307 | 313 | 633 | 620 | 959 | 926 | 1,284 | 1,234 | 1,134 |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) |
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | 26,268 | 26,076 | 26,300 |
Cost of products sold | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (48) | (37) | 50 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (48) | (37) | 50 | ||||||||||||
Interest expense | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 6 | (4) | (4) | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 6 | (4) | (4) | ||||||||||||
Other expense/(income), net | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (27) | (29) | (28) | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (27) | (29) | (28) | ||||||||||||
Revenue from Contract with Customer [Member] | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 6 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 6 | ||||||||||||||
Not designated as hedging instrument | Cost of products sold | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Not designated as hedging instrument | Cost of products sold | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Not designated as hedging instrument | Cost of products sold | Commodity contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (44) | (37) | 9 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (44) | (37) | 9 | ||||||||||||
Not designated as hedging instrument | Interest expense | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Not designated as hedging instrument | Interest expense | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Not designated as hedging instrument | Interest expense | Commodity contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Not designated as hedging instrument | Other expense/(income), net | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (84) | 54 | (63) | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (84) | 54 | (63) | ||||||||||||
Not designated as hedging instrument | Other expense/(income), net | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 4 | (2) | (3) | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 4 | (2) | (3) | ||||||||||||
Not designated as hedging instrument | Other expense/(income), net | Commodity contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Not designated as hedging instrument | Revenue from Contract with Customer [Member] | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Not designated as hedging instrument | Revenue from Contract with Customer [Member] | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Not designated as hedging instrument | Revenue from Contract with Customer [Member] | Commodity contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (2) | 0 | 41 | ||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | (2) | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (2) | 0 | 41 | ||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Interest rate contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 0 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Interest expense | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 0 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Interest expense | Interest rate contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (4) | (4) | (4) | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (4) | (4) | (4) | ||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Interest expense | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 0 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Other expense/(income), net | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 56 | (81) | 38 | ||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 3 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 56 | (81) | 38 | ||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Other expense/(income), net | Interest rate contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | 0 | 0 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | $ 0 | 0 | ||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Other expense/(income), net | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (7) | ||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 1 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | (7) | ||||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Revenue from Contract with Customer [Member] | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 6 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 6 | ||||||||||||||
Cash Flow Hedging | Designated as hedging instrument | Revenue from Contract with Customer [Member] | Interest rate contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | 0 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Net gains/(losses) on derivatives, reclassified to net income | $ 0 | ||||||||||||||
Net Investment Hedging | Designated as hedging instrument | Cost of products sold | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 0 | ||||||||||||||
Net Investment Hedging | Designated as hedging instrument | Cost of products sold | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 0 | ||||||||||||||
Net Investment Hedging | Designated as hedging instrument | Interest expense | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | (3) | ||||||||||||||
Net Investment Hedging | Designated as hedging instrument | Interest expense | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 13 | ||||||||||||||
Net Investment Hedging | Designated as hedging instrument | Other expense/(income), net | Foreign exchange contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | 0 | ||||||||||||||
Net Investment Hedging | Designated as hedging instrument | Other expense/(income), net | Cross-currency contracts | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Net gain/(loss) on derivatives, excluded component, reclassified to net income | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Losses) Components of and Changes in Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 65,863 | ||
Total other comprehensive income/(loss) | (889) | $ 575 | $ (1,013) |
Ending balance | 51,657 | 65,863 | |
Foreign Currency Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,587) | (2,413) | (1,654) |
Other comprehensive income/(loss) before reclassifications | (1,173) | 1,179 | (985) |
Total other comprehensive income/(loss) | (889) | 826 | (759) |
Ending balance | (2,476) | (1,587) | (2,413) |
Net Investment Hedge Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other comprehensive income/(loss) before reclassifications | 284 | (353) | 226 |
Amounts excluded from effectiveness assessment | 7 | ||
Reclassifications from AOCI | (7) | ||
Net Postemployment Benefit Plan Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 549 | 772 | 985 |
Other comprehensive income/(loss) before reclassifications | 61 | 86 | (9) |
Reclassifications from AOCI | (118) | (309) | (204) |
Total other comprehensive income/(loss) | (57) | (223) | (213) |
Ending balance | 492 | 549 | 772 |
Net Cash Flow Hedge Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Other comprehensive income/(loss) before reclassifications | 99 | ||
Amounts excluded from effectiveness assessment | 2 | ||
Reclassifications from AOCI | (44) | ||
Total other comprehensive income/(loss) | 57 | ||
Ending balance | 41 | ||
Net Cash Flow Hedge Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (16) | 12 | 53 |
Other comprehensive income/(loss) before reclassifications | (113) | 46 | |
Amounts excluded from effectiveness assessment | 0 | 0 | |
Reclassifications from AOCI | 85 | (87) | |
Total other comprehensive income/(loss) | (28) | (41) | |
Ending balance | (16) | 12 | |
AOCI Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,054) | (1,629) | (616) |
Ending balance | $ (1,943) | $ (1,054) | $ (1,629) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Losses) Gross Amount and Related Tax Benefit/(Expense) Recorded in and Associated with each Component of Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Foreign Currency Translation Adjustments | |||
OCI Before Reclassifications | |||
Before Tax Amount | $ (1,173) | $ 1,179 | $ (985) |
Tax | 0 | 0 | 0 |
Net of Tax Amount | (1,173) | 1,179 | (985) |
Net Investment Hedge Adjustments | |||
OCI Before Reclassifications | |||
Before Tax Amount | 377 | (632) | 426 |
Tax | (93) | 279 | (200) |
Net of Tax Amount | 284 | (353) | 226 |
Amounts Excluded from Effectiveness Assessment | |||
Net of Tax Amount | 7 | ||
Reclassifications | |||
Net of Tax Amount | (7) | ||
Net Investment Hedge Adjustments | |||
Amounts Excluded from Effectiveness Assessment | |||
Before Tax Amount | 10 | 0 | 0 |
Tax | (3) | 0 | 0 |
Net of Tax Amount | 7 | 0 | 0 |
Reclassifications | |||
Before Tax Amount | (10) | 0 | 0 |
Tax | 3 | 0 | 0 |
Net of Tax Amount | (7) | 0 | 0 |
Net Cash Flow Hedge Adjustments | |||
OCI Before Reclassifications | |||
Before Tax Amount | 116 | ||
Tax | (17) | ||
Net of Tax Amount | 99 | ||
Amounts Excluded from Effectiveness Assessment | |||
Before Tax Amount | 2 | ||
Tax | 0 | ||
Net of Tax Amount | 2 | ||
Reclassifications | |||
Before Tax Amount | (45) | ||
Tax | 1 | ||
Net of Tax Amount | (44) | ||
Net Cash Flow Hedge Adjustments | |||
OCI Before Reclassifications | |||
Before Tax Amount | (123) | 40 | |
Tax | 10 | 6 | |
Net of Tax Amount | (113) | 46 | |
Amounts Excluded from Effectiveness Assessment | |||
Before Tax Amount | 0 | 0 | |
Tax | 0 | 0 | |
Net of Tax Amount | 0 | 0 | |
Reclassifications | |||
Before Tax Amount | 85 | (81) | |
Tax | 0 | (6) | |
Net of Tax Amount | 85 | (87) | |
Amortization of unrecognized losses/(gains) | |||
OCI Before Reclassifications | |||
Before Tax Amount | 74 | 116 | (78) |
Tax | (16) | (47) | 38 |
Net of Tax Amount | 58 | 69 | (40) |
Amortization of prior service costs/(credits) | |||
OCI Before Reclassifications | |||
Before Tax Amount | 6 | 25 | 51 |
Tax | (3) | (8) | (20) |
Net of Tax Amount | 3 | 17 | 31 |
Net Postemployment Benefit Plan Adjustments | |||
OCI Before Reclassifications | |||
Net of Tax Amount | 61 | 86 | (9) |
Reclassifications | |||
Before Tax Amount | (156) | (502) | (331) |
Tax | 38 | 193 | 127 |
Net of Tax Amount | $ (118) | $ (309) | $ (204) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income/(Losses) Amounts Reclassified from Accumulated Other Comprehensive Income/(Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Interest expense | $ 325 | $ 326 | $ 316 | $ 317 | $ 308 | $ 306 | $ 307 | $ 313 | $ 633 | $ 620 | $ 959 | $ 926 | $ 1,284 | $ 1,234 | $ 1,134 |
Net sales | 6,891 | 6,383 | 6,690 | 6,304 | 6,841 | 6,279 | 6,634 | 6,322 | 12,994 | 12,956 | 19,377 | 19,235 | 26,268 | 26,076 | 26,300 |
Cost of products sold | 4,675 | 4,289 | 4,343 | 4,040 | 4,554 | 4,123 | 4,227 | 4,139 | 8,383 | 8,366 | 12,672 | 12,489 | 17,347 | 17,043 | 17,154 |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) |
Income/(loss) before income taxes | (14,474) | 819 | 1,061 | 1,273 | 1,317 | 1,312 | 1,586 | 1,235 | 2,334 | 2,821 | 3,153 | 4,133 | (11,321) | 5,450 | 4,939 |
Provision for/(benefit from) income taxes | (1,846) | 201 | 308 | 270 | (6,665) | 400 | 429 | 354 | 578 | 783 | 779 | 1,183 | (1,067) | (5,482) | 1,333 |
Net income/(loss) | $ (12,628) | $ 618 | $ 753 | $ 1,003 | $ 7,982 | $ 912 | $ 1,157 | $ 881 | $ 1,756 | $ 2,038 | $ 2,374 | $ 2,950 | (10,254) | 10,932 | 3,606 |
Reclassification out of Accumulated Other Comprehensive Income | Net Investment Hedge Adjustments | Foreign exchange contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Interest expense | 3 | 0 | 0 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Investment Hedge Adjustments | Cross-currency contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Interest expense | (13) | 0 | 0 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Income/(loss) before income taxes | (55) | ||||||||||||||
Provision for/(benefit from) income taxes | 4 | ||||||||||||||
Net income/(loss) | (51) | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | Foreign exchange contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Net sales | 0 | ||||||||||||||
Cost of products sold | 4 | ||||||||||||||
Other expense/(income), net | (59) | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | Cross-currency contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Other expense/(income), net | 6 | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | Interest rate contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Interest expense | 4 | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Income/(loss) before income taxes | 85 | (81) | |||||||||||||
Provision for/(benefit from) income taxes | 0 | (6) | |||||||||||||
Net income/(loss) | 85 | (87) | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | Foreign exchange contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Net sales | 0 | (6) | |||||||||||||
Cost of products sold | 0 | (41) | |||||||||||||
Other expense/(income), net | 81 | (38) | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | Cross-currency contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Other expense/(income), net | 0 | 0 | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Cash Flow Hedge Adjustments | Interest rate contracts | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Interest expense | 4 | 4 | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Net Postemployment Benefit Plan Adjustments | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Income/(loss) before income taxes | (156) | (502) | (331) | ||||||||||||
Provision for/(benefit from) income taxes | 38 | 193 | 127 | ||||||||||||
Net income/(loss) | (118) | (309) | (204) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of unrecognized losses/(gains) | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Other expense/(income), net | 2 | 1 | (1) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service costs/(credits) | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Other expense/(income), net | (311) | (328) | (355) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Settlement and curtailment losses/(gains) | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income/(Losses) [Line Items] | |||||||||||||||
Other expense/(income), net | $ 153 | $ (175) | $ 25 |
Venezuela - Foreign Currency _2
Venezuela - Foreign Currency and Inflation Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jul. 03, 2016USD ($) | Dec. 29, 2018USD ($)VES / $ | Dec. 30, 2017USD ($)VES / $ / $ | Dec. 31, 2016USD ($)VES / $ | Aug. 20, 2018VES / $ / $ | Aug. 19, 2018VES / $ / $ | Feb. 01, 2018 / $ | |
Foreign Currency [Line Items] | |||||||
Outstanding requests for currency settlements at the official exchange rate | $ | $ 26 | ||||||
Nonmonetary currency devaluation losses | $ | $ 146 | $ 36 | $ 24 | ||||
Impairment of long-lived assets | $ | $ 53 | ||||||
Venezuelan BsF on DICOM Market, period end spot | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation | / $ | 3,345 | 6,000,000 | 249,000 | 25,000 | |||
Venezuelan BsF on DICOM Market, conversion ratio to BsS | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation | / $ | 100,000 | ||||||
Venezuelan BsS on DICOM Market, conversion ratio to BsF | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation, soberano | VES / $ | 1 | ||||||
Venezuelan BsS on DICOM market, period end spot | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation, soberano | VES / $ | 638.18 | 0.03 | 60 | 2.49 | |||
Venezuelan BsS on DICOM market, year-to-date average | |||||||
Foreign Currency [Line Items] | |||||||
Foreign currency exchange rate, translation, soberano | VES / $ | 25.06 | 0.02 | 0.01 |
Financing Arrangements Addition
Financing Arrangements Additional Information (Details) - USD ($) | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 |
Transfers and Servicing [Abstract] | ||||||||
Receivables derecognized under accounts receivable factoring programs | $ 1,000,000,000 | |||||||
Cash received in exchange for receivables derecognized as of period end | $ 0 | 673,000,000 | ||||||
Sold receivables | 0 | $ 0 | $ 37,000,000 | $ 530,000,000 | 353,000,000 | $ 427,000,000 | $ 461,000,000 | $ 538,000,000 |
Other liabilities, structured payables, current | $ 267,000,000 | $ 268,000,000 |
Commitments and Contingencies C
Commitments and Contingencies Class Actions and Stockholder Derivative Actions (Details) - Subsequent Event | Mar. 19, 2019lawsuit | May 23, 2019lawsuit | Apr. 25, 2019lawsuit | Feb. 24, 2019officerdirector |
Securities Class Actions | ||||
Loss Contingencies [Line Items] | ||||
Number of class action lawsuits | lawsuit | 3 | |||
Hedick Action | ||||
Loss Contingencies [Line Items] | ||||
Number of officers included in lawsuit | 3 | |||
Iron Workers Action | ||||
Loss Contingencies [Line Items] | ||||
Number of officers included in lawsuit | 6 | |||
Timber Hill Action | ||||
Loss Contingencies [Line Items] | ||||
Number of officers included in lawsuit | 6 | |||
Number of directors included in lawsuit | director | 1 | |||
Walling Action | ||||
Loss Contingencies [Line Items] | ||||
Number of officers included in lawsuit | 6 | |||
Osborne v. Employee Benefits Administration Board of Kraft Heinz | ||||
Loss Contingencies [Line Items] | ||||
Number of class action lawsuits | lawsuit | 1 | |||
Stockholder Derivative Actions | ||||
Loss Contingencies [Line Items] | ||||
Number of class action lawsuits | lawsuit | 5 |
Commitments and Contingencies L
Commitments and Contingencies Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 200 | $ 244 | $ 198 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Millions | Dec. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 185 |
2020 | 137 |
2021 | 105 |
2022 | 70 |
2023 | 49 |
Thereafter | 148 |
Total | $ 694 |
Commitments and Contingencies_3
Commitments and Contingencies Schedule of Future Purchase Obligations (Details) $ in Millions | Dec. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 1,569 |
2020 | 757 |
2021 | 405 |
2022 | 287 |
2023 | 210 |
Thereafter | 217 |
Total | $ 3,445 |
Commitments and Contingencies R
Commitments and Contingencies Redeemable Noncontrolling Interest (Details) $ in Millions | Dec. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Redemption value of redeemable noncontrolling interest | $ 35 |
Debt Additional Information (De
Debt Additional Information (Details) - USD ($) | Jun. 07, 2013 | Aug. 31, 2017 | Jun. 30, 2017 | Sep. 29, 2018 | Mar. 31, 2018 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 4,000,000,000 | ||||||||||||
Amount drawn on revolving credit facility | 0 | $ 0 | |||||||||||
Proceeds on revolving credit facility | 0 | 0 | $ 0 | ||||||||||
Revolving credit facility sub-limit for borrowings in alternative currencies | 1,000,000,000 | ||||||||||||
Revolving credit facility letter of credit sub-facility maximum borrowing capacity | 300,000,000 | ||||||||||||
Maximum possible increase in the amount of revolving commitments and/or term loans | 1,000,000,000 | ||||||||||||
Minimum shareholder's equity required to maintain excluding accumulated other comprehensive income/(losses) | 35,000,000,000 | ||||||||||||
Repayments of long-term debt | $ 6,000,000 | $ 27,000,000 | $ 12,000,000 | $ 2,032,000,000 | $ 2,706,000,000 | $ 2,635,000,000 | 2,713,000,000 | 2,641,000,000 | 85,000,000 | ||||
Commercial paper | 0 | $ 448,000,000 | |||||||||||
Commercial paper, weighted average interest rate | 1.541% | ||||||||||||
Cash outflows to unwind U.S. securitization program | 500,000,000 | ||||||||||||
Redemption of Series A Preferred Stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 8,320,000,000 | ||||
Debt issuance costs | 15,000,000 | 53,000,000 | |||||||||||
Unamortized debt issuance expense | 115,000,000 | 114,000,000 | 124,000,000 | ||||||||||
Amortization of financing costs | 16,000,000 | 16,000,000 | 14,000,000 | ||||||||||
Debt instrument, unamortized discount (premium), net | 430,000,000 | 505,000,000 | |||||||||||
Amortization of debt discount (premium) | 65,000,000 | 81,000,000 | 88,000,000 | ||||||||||
Fair value of total debt | 30,100,000,000 | 33,000,000,000 | |||||||||||
Carrying value of total debt | $ 31,200,000,000 | 31,500,000,000 | |||||||||||
Nine point zero zero percent cumulative compounding preferred stock, Series A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
9.00% cumulative compounding preferred stock, Series A, dividend percentage | 9.00% | ||||||||||||
Redemption of Series A Preferred Stock | 8,300,000,000 | ||||||||||||
Incremental amount revolving credit facilities rates would increase for LIBOR, EURIBOR and CDO rate loans, low range | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis points for revolving credit facility | 0.875% | ||||||||||||
Incremental amount revolving credit facilities rates would increase for LIBOR, EURIBOR and CDO rate loans, high range | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis points for revolving credit facility | 1.75% | ||||||||||||
Incremental amount revolving credit facilities rates would increase for Canadian prime rate loans, low range | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis points for revolving credit facility | 0.00% | ||||||||||||
Incremental amount revolving credit facilities rates would increase for Canadian prime rate loans, high range | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis points for revolving credit facility | 0.75% | ||||||||||||
Senior unsecured term loan facility floating rate (LIBOR plus 1.250 percent), due July 6, 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of long-term debt | $ 600,000,000 | ||||||||||||
Debt instrument, face amount | $ 0 | 0 | |||||||||||
2025 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate percentage on issued long-term debt | 4.875% | ||||||||||||
Debt Instrument, Right To Deliver Notice Of Default, Ownership Of Debt, Percent | 30.00% | ||||||||||||
Other series of notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Right To Deliver Notice Of Default, Ownership Of Debt, Percent | 25.00% | ||||||||||||
Six point two five zero percent pound sterling notes due February 18, 2030 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate percentage on issued long-term debt | 6.25% | ||||||||||||
Three point three seven five percent senior notes due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 300,000,000 | ||||||||||||
Stated interest rate percentage on issued long-term debt | 3.375% | ||||||||||||
Four point zero zero zero percent senior notes due 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 1,600,000,000 | ||||||||||||
Stated interest rate percentage on issued long-term debt | 4.00% | ||||||||||||
Four point six two five percent senior notes due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 1,100,000,000 | ||||||||||||
Stated interest rate percentage on issued long-term debt | 4.625% | ||||||||||||
Floating rate senior notes due 2019 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | 350,000,000 | ||||||||||||
Floating rate senior notes due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | 650,000,000 | ||||||||||||
Floating rate senior notes due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | 500,000,000 | ||||||||||||
Two point one one four percent senior unsecured loan due July 6, 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 600,000,000 | ||||||||||||
Three point zero zero zero percent senior notes due June 1, 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 2,000,000,000 | ||||||||||||
Stated interest rate percentage on issued long-term debt | 3.00% | ||||||||||||
Four point three seven five percent senior notes due June 1, 2046 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 3,000,000,000 | ||||||||||||
Stated interest rate percentage on issued long-term debt | 4.375% | ||||||||||||
One point five zero zero percent senior notes due May 24, 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 550,000,000 | ||||||||||||
Stated interest rate percentage on issued long-term debt | 1.50% | ||||||||||||
Two point two five zero percent senior notes due May 25, 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 1,250,000,000 | ||||||||||||
Stated interest rate percentage on issued long-term debt | 2.25% | ||||||||||||
Senior notes due in 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of long-term debt | $ 2,700,000,000 | ||||||||||||
Senior notes due in 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of long-term debt | $ 2,000,000,000 | ||||||||||||
Euro equivalent swingline facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 |
Debt Instrument [Line Items] | ||||||||
Capital lease obligations | $ 199 | $ 84 | ||||||
Total long-term debt | 31,147 | 31,041 | ||||||
Current portion of long-term debt | 377 | $ 371 | $ 2,723 | $ 2,715 | 2,733 | $ 2,747 | $ 19 | $ 2,022 |
Long-term debt | $ 30,770 | $ 30,887 | $ 31,269 | $ 28,465 | 28,308 | $ 28,276 | $ 29,978 | $ 29,747 |
2025 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 4.875% | |||||||
Long-term debt, carrying value | $ 1,193 | 1,192 | ||||||
Other U.S. dollar notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, carrying value | 25,551 | 25,165 | ||||||
Euro notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, carrying value | 2,899 | 3,038 | ||||||
Canadian dollar notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, carrying value | $ 586 | 794 | ||||||
Six point two five zero percent pound sterling notes due February 18, 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 6.25% | |||||||
Long-term debt, carrying value | $ 165 | 176 | ||||||
Other British pound sterling notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 4.125% | |||||||
Long-term debt, carrying value | $ 504 | 536 | ||||||
Other long-term debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, carrying value | $ 50 | $ 56 | ||||||
Minimum | Other U.S. dollar notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 2.80% | |||||||
Minimum | Euro notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 1.50% | |||||||
Minimum | Canadian dollar notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 2.70% | |||||||
Minimum | Other long-term debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 0.80% | |||||||
Maximum | Other U.S. dollar notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 7.125% | |||||||
Maximum | Euro notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 2.25% | |||||||
Maximum | Canadian dollar notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 3.128% | |||||||
Maximum | Other long-term debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate | 5.50% |
Debt Schedule of Maturities of
Debt Schedule of Maturities of Long-Term Debt (Details) $ in Millions | Dec. 29, 2018USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 355 |
2020 | 2,992 |
2021 | 990 |
2022 | 3,508 |
2023 | 2,460 |
Thereafter | $ 20,329 |
Capital Stock Preferred Stock a
Capital Stock Preferred Stock and Warrants - Additional Information (Details) - USD ($) $ in Millions | Jun. 07, 2016 | Mar. 31, 2018 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Preferred Units [Line Items] | ||||||||||
Preferred stock, shares authorized | 920,000 | |||||||||
Redemption of Series A Preferred Stock | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 8,320 | |
Nine point zero zero percent cumulative compounding preferred stock, Series A | ||||||||||
Preferred Units [Line Items] | ||||||||||
Stock redeemed during the period, shares | 80,000 | |||||||||
Redemption of Series A Preferred Stock | $ 8,300 |
Capital Stock Common Stock - Ad
Capital Stock Common Stock - Additional Information (Details) - shares | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 |
Equity [Abstract] | ||||||||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 |
Capital Stock Common Stock Issu
Capital Stock Common Stock Issued, In Treasury, and Outstanding (Details) - shares shares in Millions | 12 Months Ended | |||||||||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jan. 03, 2016 | |
Equity [Abstract] | ||||||||||
Common stock, shares issued | 1,224 | 1,221 | 1,219 | 1,222 | 1,222 | 1,222 | 1,221 | 1,221 | 1,220 | 1,214 |
Treasury shares | (4) | (2) | (2) | 0 | ||||||
Common stock, shares outstanding | 1,220 | 1,219 | 1,217 | 1,219 | 1,219 | 1,219 | 1,218 | 1,218 | 1,218 | 1,214 |
Exercise of stock options, issuance of other stock awards, and other-shares issued | 3 | 2 | 5 | |||||||
Exercise of stock options, issuance of other stock awards, and other-treasury shares | (2) | 0 | (2) | |||||||
Exercise of stock options, issuance of other stock awards, and other-shares outstanding | 1 | 2 | 3 |
Earnings Per Share Schedule of
Earnings Per Share Schedule of Earnings Per Common Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Basic EPS | |||||||||||||||
Net income/(loss) attributable to common shareholders | $ (12,568) | $ 619 | $ 754 | $ 1,003 | $ 7,989 | $ 913 | $ 1,156 | $ 883 | $ 1,757 | $ 2,039 | $ 2,376 | $ 2,952 | $ (10,192) | $ 10,941 | $ 3,416 |
Weighted average shares of common stock outstanding (in shares) | 1,219 | 1,218 | 1,217 | ||||||||||||
Basic earnings/(loss) per common share (in dollars per share) | $ (10.30) | $ 0.51 | $ 0.62 | $ 0.82 | $ 6.55 | $ 0.75 | $ 0.95 | $ 0.73 | $ 1.44 | $ 1.67 | $ 1.95 | $ 2.42 | $ (8.36) | $ 8.98 | $ 2.81 |
Diluted EPS | |||||||||||||||
Net income/(loss) attributable to common shareholders | $ (10,192) | $ 10,941 | $ 3,416 | ||||||||||||
Weighted average shares of common stock outstanding (in shares) | 1,219 | 1,218 | 1,217 | ||||||||||||
Effect of dilutive equity awards (in shares) | 0 | 10 | 9 | ||||||||||||
Weighted average shares of common stock outstanding, including dilutive effect (in shares) | 1,219 | 1,228 | 1,226 | ||||||||||||
Diluted earnings/(loss) per common share (in dollars per share) | $ (10.30) | $ 0.50 | $ 0.62 | $ 0.82 | $ 6.50 | $ 0.74 | $ 0.94 | $ 0.72 | $ 1.43 | $ 1.66 | $ 1.94 | $ 2.40 | $ (8.36) | $ 8.91 | $ 2.78 |
Earnings Per Share Additional I
Earnings Per Share Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive shares | 13 | 2 | 3 |
Segment Reporting Additional In
Segment Reporting Additional Information (Details) | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Concentration risk, net sales to Walmart Inc., percentage | 21.00% | 21.00% | 22.00% |
Segment Reporting Net Sales by
Segment Reporting Net Sales by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 |
United States | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 18,122 | 18,230 | 18,469 | ||||||||||||
Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 2,173 | 2,177 | 2,302 | ||||||||||||
EMEA | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 2,718 | 2,585 | 2,586 | ||||||||||||
Rest of World | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 3,255 | $ 3,084 | $ 2,943 |
Segment Reporting Segment Adjus
Segment Reporting Segment Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation and amortization (excluding integration and restructuring expenses) | $ (240) | $ (245) | $ (235) | $ (199) | $ (224) | $ (243) | $ (219) | $ (221) | $ (434) | $ (440) | $ (679) | $ (683) | $ (919) | $ (907) | $ (875) |
Integration and restructuring expenses | (82) | (32) | (93) | (90) | (208) | (108) | (132) | (135) | (183) | (267) | (215) | (375) | (297) | (583) | (992) |
Deal costs | 4 | 3 | 7 | 9 | 16 | 19 | (23) | 0 | (30) | ||||||
Unrealized gains/(losses) on commodity hedges | (10) | (6) | (3) | (2) | 5 | 5 | 13 | (42) | (5) | (29) | (11) | (24) | (21) | (19) | 38 |
Impairment losses | (15,485) | (217) | (234) | 0 | 0 | (1) | (48) | 0 | (234) | (48) | (451) | (49) | (15,936) | (49) | (71) |
Gains/(losses) on sale of business | 0 | 0 | (15) | 0 | (15) | (15) | (15) | 0 | 0 | ||||||
Nonmonetary currency devaluation | 0 | 0 | (4) | ||||||||||||
Equity award compensation expense (excluding integration and restructuring expenses) | 11 | (17) | (20) | (7) | (11) | (12) | (14) | (12) | (27) | (26) | (44) | (38) | (33) | (49) | (39) |
Operating income/(loss) | (14,136) | 1,074 | 1,342 | 1,500 | 1,509 | 1,491 | 1,639 | 1,418 | 2,842 | 3,057 | 3,916 | 4,548 | (10,220) | 6,057 | 5,601 |
Interest expense | 325 | 326 | 316 | 317 | 308 | 306 | 307 | 313 | 633 | 620 | 959 | 926 | 1,284 | 1,234 | 1,134 |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) |
Income/(loss) before income taxes | (14,474) | 819 | 1,061 | 1,273 | 1,317 | 1,312 | 1,586 | 1,235 | 2,334 | 2,821 | 3,153 | 4,133 | (11,321) | 5,450 | 4,939 |
United States | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 1,249 | 1,176 | 1,401 | 1,392 | 1,486 | 1,407 | 1,534 | 1,446 | 2,793 | 2,980 | 3,969 | 4,387 | 5,218 | 5,873 | 5,744 |
Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 157 | 144 | 173 | 134 | 159 | 159 | 189 | 129 | 307 | 318 | 451 | 477 | 608 | 636 | 632 |
EMEA | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 171 | 165 | 206 | 182 | 174 | 179 | 182 | 138 | 388 | 320 | 553 | 499 | 724 | 673 | 741 |
Rest of World | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 130 | 148 | 213 | 144 | 142 | 134 | 170 | 144 | 357 | 314 | 505 | 448 | 635 | 590 | 621 |
General corporate expenses | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | $ (33) | $ (39) | $ (44) | $ (45) | $ (14) | $ (29) | $ (36) | $ (29) | $ (89) | $ (65) | $ (128) | $ (94) | $ (161) | $ (108) | $ (164) |
Segment Reporting Depreciation
Segment Reporting Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||
Depreciation and amortization | $ 227 | $ 262 | $ 462 | $ 517 | $ 712 | $ 789 | $ 983 | $ 1,031 | $ 1,337 |
United States | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Depreciation and amortization | 626 | 658 | 966 | ||||||
Canada | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Depreciation and amortization | 39 | 48 | 56 | ||||||
EMEA | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Depreciation and amortization | 102 | 99 | 87 | ||||||
Rest of World | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Depreciation and amortization | 119 | 98 | 84 | ||||||
General corporate expenses | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Depreciation and amortization | $ 97 | $ 128 | $ 144 |
Segment Reporting Capital Expen
Segment Reporting Capital Expenditures by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||
Capital expenditures | $ 223 | $ 368 | $ 438 | $ 690 | $ 594 | $ 956 | $ 826 | $ 1,194 | $ 1,247 |
United States | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Capital expenditures | 388 | 764 | 843 | ||||||
Canada | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Capital expenditures | 21 | 42 | 30 | ||||||
EMEA | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Capital expenditures | 124 | 127 | 115 | ||||||
Rest of World | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Capital expenditures | 236 | 184 | 96 | ||||||
General corporate expenses | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Capital expenditures | $ 57 | $ 77 | $ 163 |
Segment Reporting Net Sales b_2
Segment Reporting Net Sales by Product Category (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 |
Condiments and sauces | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 6,752 | 6,429 | 6,297 | ||||||||||||
Cheese and dairy | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 5,287 | 5,409 | 5,537 | ||||||||||||
Ambient foods | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 2,576 | 2,564 | 2,488 | ||||||||||||
Frozen and chilled foods | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 2,548 | 2,578 | 2,577 | ||||||||||||
Meats and seafood | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 2,505 | 2,567 | 2,659 | ||||||||||||
Refreshment beverages | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 1,507 | 1,506 | 1,517 | ||||||||||||
Coffee | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 1,438 | 1,422 | 1,489 | ||||||||||||
Infant and nutrition | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 756 | 755 | 761 | ||||||||||||
Desserts, toppings and baking | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 1,038 | 1,033 | 1,054 | ||||||||||||
Nuts and salted snacks | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | 967 | 970 | 1,069 | ||||||||||||
Other | |||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||
Net sales | $ 894 | $ 843 | $ 852 |
Segment Reporting Net Sales b_3
Segment Reporting Net Sales by Geography (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 |
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 18,218 | 18,324 | 18,556 | ||||||||||||
Canada | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 2,173 | 2,177 | 2,302 | ||||||||||||
United Kingdom | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 1,071 | 1,018 | 1,053 | ||||||||||||
Other | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | $ 4,806 | $ 4,557 | $ 4,389 |
Segment Reporting Long-lived As
Segment Reporting Long-lived Assets by Geography (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 93,049 | $ 111,318 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 79,057 | 92,504 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 3,620 | 6,585 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 4,996 | 6,226 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 5,376 | $ 6,003 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) Schedule of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 |
Gross profit | 2,216 | 2,094 | 2,347 | 2,264 | 2,287 | 2,156 | 2,407 | 2,183 | 4,611 | 4,590 | 6,705 | 6,746 | 8,921 | 9,033 | 9,146 |
Net income/(loss) | (12,628) | 618 | 753 | 1,003 | 7,982 | 912 | 1,157 | 881 | 1,756 | 2,038 | 2,374 | 2,950 | (10,254) | 10,932 | 3,606 |
Net income/(loss) attributable to common shareholders | $ (12,568) | $ 619 | $ 754 | $ 1,003 | $ 7,989 | $ 913 | $ 1,156 | $ 883 | $ 1,757 | $ 2,039 | $ 2,376 | $ 2,952 | $ (10,192) | $ 10,941 | $ 3,416 |
Basic earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.51 | $ 0.62 | $ 0.82 | $ 6.55 | $ 0.75 | $ 0.95 | $ 0.73 | $ 1.44 | $ 1.67 | $ 1.95 | $ 2.42 | $ (8.36) | $ 8.98 | $ 2.81 |
Diluted earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.50 | $ 0.62 | $ 0.82 | $ 6.50 | $ 0.74 | $ 0.94 | $ 0.72 | $ 1.43 | $ 1.66 | $ 1.94 | $ 2.40 | $ (8.36) | $ 8.91 | $ 2.78 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) Schedule of Condensed Consolidated Quarterly Statement of Income (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 29, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Statements of Income | ||||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 | |
Cost of products sold | 4,675 | 4,289 | 4,343 | 4,040 | 4,554 | 4,123 | 4,227 | 4,139 | 8,383 | 8,366 | 12,672 | 12,489 | 17,347 | 17,043 | 17,154 | |
Gross profit | 2,216 | 2,094 | 2,347 | 2,264 | 2,287 | 2,156 | 2,407 | 2,183 | 4,611 | 4,590 | 6,705 | 6,746 | 8,921 | 9,033 | 9,146 | |
Selling, general and administrative expenses, excluding impairment losses | 867 | 803 | 771 | 764 | 778 | 664 | 720 | 765 | 1,535 | 1,485 | 2,338 | 2,149 | 3,205 | 2,927 | 3,527 | |
Goodwill impairment losses | $ 6,900 | 6,875 | 0 | 133 | 0 | 0 | 0 | 0 | 0 | 133 | 0 | 133 | 0 | 7,008 | 0 | 0 |
Intangible asset impairment losses | 8,610 | 217 | 101 | 0 | 0 | 1 | 48 | 0 | 101 | 48 | 318 | 49 | 8,928 | 49 | 18 | |
Selling, general and administrative expenses | 16,352 | 1,020 | 1,005 | 764 | 778 | 665 | 768 | 765 | 1,769 | 1,533 | 2,789 | 2,198 | 19,141 | 2,976 | 3,545 | |
Operating income/(loss) | (14,136) | 1,074 | 1,342 | 1,500 | 1,509 | 1,491 | 1,639 | 1,418 | 2,842 | 3,057 | 3,916 | 4,548 | (10,220) | 6,057 | 5,601 | |
Interest expense | 325 | 326 | 316 | 317 | 308 | 306 | 307 | 313 | 633 | 620 | 959 | 926 | 1,284 | 1,234 | 1,134 | |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) | |
Income/(loss) before income taxes | (14,474) | 819 | 1,061 | 1,273 | 1,317 | 1,312 | 1,586 | 1,235 | 2,334 | 2,821 | 3,153 | 4,133 | (11,321) | 5,450 | 4,939 | |
Provision for/(benefit from) income taxes | (1,846) | 201 | 308 | 270 | (6,665) | 400 | 429 | 354 | 578 | 783 | 779 | 1,183 | (1,067) | (5,482) | 1,333 | |
Net income/(loss) | (12,628) | 618 | 753 | 1,003 | 7,982 | 912 | 1,157 | 881 | 1,756 | 2,038 | 2,374 | 2,950 | (10,254) | 10,932 | 3,606 | |
Net income/(loss) attributable to noncontrolling interest | (60) | (1) | (1) | 0 | (7) | (1) | 1 | (2) | (1) | (1) | (2) | (2) | (62) | (9) | 10 | |
Net income/(loss) attributable to Kraft Heinz | (12,568) | 619 | 754 | 1,003 | 7,989 | 913 | 1,156 | 883 | 1,757 | 2,039 | 2,376 | 2,952 | (10,192) | 10,941 | 3,596 | |
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | |
Net income/(loss) attributable to common shareholders | $ (12,568) | $ 619 | $ 754 | $ 1,003 | $ 7,989 | $ 913 | $ 1,156 | $ 883 | $ 1,757 | $ 2,039 | $ 2,376 | $ 2,952 | $ (10,192) | $ 10,941 | $ 3,416 | |
Basic earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.51 | $ 0.62 | $ 0.82 | $ 6.55 | $ 0.75 | $ 0.95 | $ 0.73 | $ 1.44 | $ 1.67 | $ 1.95 | $ 2.42 | $ (8.36) | $ 8.98 | $ 2.81 | |
Diluted earnings/(loss) per share (in dollars per share) | $ (10.30) | $ 0.50 | $ 0.62 | $ 0.82 | $ 6.50 | $ 0.74 | $ 0.94 | $ 0.72 | $ 1.43 | $ 1.66 | $ 1.94 | $ 2.40 | $ (8.36) | $ 8.91 | $ 2.78 | |
As Previously Reported | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 6,378 | $ 6,686 | $ 6,304 | $ 6,877 | $ 6,314 | $ 6,677 | $ 6,364 | $ 12,990 | $ 13,041 | $ 19,368 | $ 19,355 | $ 26,232 | $ 26,487 | |||
Cost of products sold | 4,271 | 4,321 | 4,059 | 4,470 | 4,000 | 3,996 | 4,063 | 8,380 | 8,059 | 12,651 | 12,059 | 16,529 | 16,901 | |||
Gross profit | 2,107 | 2,365 | 2,245 | 2,407 | 2,314 | 2,681 | 2,301 | 4,610 | 4,982 | 6,717 | 7,296 | 9,703 | 9,586 | |||
Selling, general and administrative expenses, excluding impairment losses | 803 | 771 | 764 | 767 | 652 | 712 | 750 | 1,535 | 1,462 | 2,338 | 2,114 | 2,881 | 3,444 | |||
Goodwill impairment losses | 0 | 164 | 0 | 0 | 0 | 0 | 0 | 164 | 0 | 164 | 0 | 0 | 0 | |||
Intangible asset impairment losses | 234 | 101 | 0 | 0 | 1 | 48 | 0 | 101 | 48 | 335 | 49 | 49 | 0 | |||
Selling, general and administrative expenses | 1,037 | 1,036 | 764 | 767 | 653 | 760 | 750 | 1,800 | 1,510 | 2,837 | 2,163 | 2,930 | 3,444 | |||
Operating income/(loss) | 1,070 | 1,329 | 1,481 | 1,640 | 1,661 | 1,921 | 1,551 | 2,810 | 3,472 | 3,880 | 5,133 | 6,773 | 6,142 | |||
Interest expense | 327 | 318 | 317 | 308 | 306 | 307 | 313 | 635 | 620 | 962 | 926 | 1,234 | 1,134 | |||
Other expense/(income), net | (71) | (35) | (90) | 1 | (4) | 24 | (12) | (125) | 12 | (196) | 8 | 9 | (15) | |||
Income/(loss) before income taxes | 814 | 1,046 | 1,254 | 1,331 | 1,359 | 1,590 | 1,250 | 2,300 | 2,840 | 3,114 | 4,199 | 5,530 | 5,023 | |||
Provision for/(benefit from) income taxes | 186 | 291 | 261 | (6,665) | 416 | 430 | 359 | 552 | 789 | 738 | 1,205 | (5,460) | 1,381 | |||
Net income/(loss) | 628 | 755 | 993 | 7,996 | 943 | 1,160 | 891 | 1,748 | 2,051 | 2,376 | 2,994 | 10,990 | 3,642 | |||
Net income/(loss) attributable to noncontrolling interest | (2) | (1) | 0 | (7) | (1) | 1 | (2) | (1) | (1) | (3) | (2) | (9) | 10 | |||
Net income/(loss) attributable to Kraft Heinz | 630 | 756 | 993 | 8,003 | 944 | 1,159 | 893 | 1,749 | 2,052 | 2,379 | 2,996 | 10,999 | 3,632 | |||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | |||
Net income/(loss) attributable to common shareholders | $ 630 | $ 756 | $ 993 | $ 8,003 | $ 944 | $ 1,159 | $ 893 | $ 1,749 | $ 2,052 | $ 2,379 | $ 2,996 | $ 10,999 | $ 3,452 | |||
Basic earnings/(loss) per share (in dollars per share) | $ 0.52 | $ 0.62 | $ 0.81 | $ 6.57 | $ 0.78 | $ 0.95 | $ 0.73 | $ 1.43 | $ 1.69 | $ 1.95 | $ 2.46 | $ 9.03 | $ 2.84 | |||
Diluted earnings/(loss) per share (in dollars per share) | $ 0.51 | $ 0.62 | $ 0.81 | $ 6.52 | $ 0.77 | $ 0.94 | $ 0.73 | $ 1.43 | $ 1.67 | $ 1.94 | $ 2.44 | $ 8.95 | $ 2.81 | |||
As Restated | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,956 | $ 19,235 | $ 26,076 | $ 26,300 | ||||||||
Cost of products sold | 4,452 | 4,014 | 3,981 | 4,038 | 8,019 | 12,033 | 16,485 | 16,785 | ||||||||
Gross profit | 2,389 | 2,265 | 2,653 | 2,284 | 4,937 | 7,202 | 9,591 | 9,515 | ||||||||
Selling, general and administrative expenses, excluding impairment losses | 763 | 650 | 688 | 748 | 1,436 | 2,086 | 2,849 | 3,439 | ||||||||
Goodwill impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Intangible asset impairment losses | 0 | 1 | 48 | 0 | 48 | 49 | 49 | 18 | ||||||||
Selling, general and administrative expenses | 763 | 651 | 736 | 748 | 1,484 | 2,135 | 2,898 | 3,457 | ||||||||
Operating income/(loss) | 1,626 | 1,614 | 1,917 | 1,536 | 3,453 | 5,067 | 6,693 | 6,058 | ||||||||
Interest expense | 308 | 306 | 307 | 313 | 620 | 926 | 1,234 | 1,134 | ||||||||
Other expense/(income), net | 1 | (4) | 24 | (12) | 12 | 8 | 9 | (15) | ||||||||
Income/(loss) before income taxes | 1,317 | 1,312 | 1,586 | 1,235 | 2,821 | 4,133 | 5,450 | 4,939 | ||||||||
Provision for/(benefit from) income taxes | (6,665) | 400 | 429 | 354 | 783 | 1,183 | (5,482) | 1,333 | ||||||||
Net income/(loss) | 7,982 | 912 | 1,157 | 10,932 | 3,606 | |||||||||||
Net income/(loss) attributable to noncontrolling interest | (7) | (1) | 1 | (2) | (1) | (2) | (9) | 10 | ||||||||
Net income/(loss) attributable to Kraft Heinz | 7,989 | 913 | 1,156 | 883 | 2,039 | 2,952 | 10,941 | 3,596 | ||||||||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180 | ||||||||
Net income/(loss) attributable to common shareholders | $ 7,989 | $ 913 | $ 1,156 | $ 883 | $ 2,039 | $ 2,952 | $ 10,941 | $ 3,416 | ||||||||
Basic earnings/(loss) per share (in dollars per share) | $ 6.55 | $ 0.75 | $ 0.95 | $ 0.73 | $ 1.67 | $ 2.42 | $ 8.98 | $ 2.81 | ||||||||
Diluted earnings/(loss) per share (in dollars per share) | $ 6.50 | $ 0.74 | $ 0.94 | $ 0.72 | $ 1.66 | $ 2.40 | $ 8.91 | $ 2.78 | ||||||||
ASU Adoption Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Cost of products sold | 102 | 109 | 246 | 101 | 347 | 456 | 558 | 369 | ||||||||
Gross profit | (102) | (109) | (246) | (101) | (347) | (456) | (558) | (369) | ||||||||
Selling, general and administrative expenses, excluding impairment losses | 15 | 14 | 32 | 17 | 49 | 63 | 78 | 88 | ||||||||
Goodwill impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Intangible asset impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 15 | 14 | 32 | 17 | 49 | 63 | 78 | 88 | ||||||||
Operating income/(loss) | (117) | (123) | (278) | (118) | (396) | (519) | (636) | (457) | ||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other expense/(income), net | (117) | (123) | (278) | (118) | (396) | (519) | (636) | (457) | ||||||||
Income/(loss) before income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Provision for/(benefit from) income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) attributable to Kraft Heinz | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net income/(loss) attributable to common shareholders | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Basic earnings/(loss) per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Diluted earnings/(loss) per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Restatement | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | $ 5 | $ 4 | $ 0 | $ (36) | $ (35) | $ (43) | $ (42) | $ 4 | $ (85) | $ 9 | $ (120) | $ (156) | $ (187) | |||
Cost of products sold | 18 | 22 | (19) | (18) | 14 | (15) | (25) | 3 | (40) | 21 | (26) | (44) | (116) | |||
Gross profit | (13) | (18) | 19 | (18) | (49) | (28) | (17) | 1 | (45) | (12) | (94) | (112) | (71) | |||
Selling, general and administrative expenses, excluding impairment losses | 0 | 0 | 0 | (4) | (2) | (24) | (2) | 0 | (26) | 0 | (28) | (32) | (5) | |||
Goodwill impairment losses | 0 | (31) | 0 | 0 | 0 | 0 | 0 | (31) | 0 | (31) | 0 | 0 | 0 | |||
Intangible asset impairment losses | (17) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17) | 0 | 0 | 18 | |||
Selling, general and administrative expenses | (17) | (31) | 0 | (4) | (2) | (24) | (2) | (31) | (26) | (48) | (28) | (32) | 13 | |||
Operating income/(loss) | 4 | 13 | 19 | (14) | (47) | (4) | (15) | 32 | (19) | 36 | (66) | (80) | (84) | |||
Interest expense | (1) | (2) | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (3) | 0 | 0 | 0 | |||
Other expense/(income), net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Income/(loss) before income taxes | 5 | 15 | 19 | (14) | (47) | (4) | (15) | 34 | (19) | 39 | (66) | (80) | (84) | |||
Provision for/(benefit from) income taxes | 15 | 17 | 9 | 0 | (16) | (1) | (5) | 26 | (6) | 41 | (22) | (22) | (48) | |||
Net income/(loss) | (10) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (2) | (44) | (58) | (36) | |||
Net income/(loss) attributable to noncontrolling interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |||
Net income/(loss) attributable to Kraft Heinz | (11) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (3) | (44) | (58) | (36) | |||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income/(loss) attributable to common shareholders | $ (11) | $ (2) | $ 10 | $ (14) | $ (31) | $ (3) | $ (10) | $ 8 | $ (13) | $ (3) | $ (44) | $ (58) | $ (36) | |||
Basic earnings/(loss) per share (in dollars per share) | $ (0.01) | $ 0 | $ 0.01 | $ (0.02) | $ (0.03) | $ 0 | $ 0 | $ 0.01 | $ (0.02) | $ 0 | $ (0.04) | $ (0.05) | $ (0.03) | |||
Diluted earnings/(loss) per share (in dollars per share) | $ (0.01) | $ 0 | $ 0.01 | $ (0.02) | $ (0.03) | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ 0 | $ (0.04) | $ (0.04) | $ (0.03) | |||
Restatement, Supplier Rebates | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Cost of products sold | $ 13 | $ 13 | $ (4) | $ 21 | $ 36 | $ 23 | $ 13 | $ 9 | $ 36 | $ 22 | $ 72 | $ 94 | $ 35 | |||
Provision for/(benefit from) income taxes | (2) | (2) | 1 | (8) | (13) | (8) | (5) | (1) | (13) | (3) | (26) | (18) | (13) | |||
Restatement, Capital Leases | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Cost of products sold | 1 | 1 | (1) | (1) | 1 | 1 | (1) | |||||||||
Interest expense | (1) | (2) | (1) | (1) | (2) | (3) | (1) | |||||||||
Provision for/(benefit from) income taxes | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||
Restatement, Customer Incentive Program Expenses | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | (33) | (34) | (40) | (40) | (80) | (114) | (147) | (152) | ||||||||
Cost of products sold | (31) | (32) | (38) | (38) | (76) | (108) | (139) | (145) | ||||||||
Selling, general and administrative expenses | (2) | (2) | (2) | (2) | (4) | (6) | (8) | (7) | ||||||||
Restatement, Income Taxes | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Provision for/(benefit from) income taxes | 14 | 21 | 5 | 12 | 1 | (1) | 1 | 26 | 1 | 40 | 1 | (12) | (18) | |||
Restatement, Impairments | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Selling, general and administrative expenses | (17) | (31) | (1) | (1) | (1) | 1 | (1) | (31) | (1) | (48) | (1) | (1) | 18 | |||
Provision for/(benefit from) income taxes | 4 | 1 | 1 | (1) | 1 | 1 | 1 | 1 | 1 | 4 | 1 | 1 | (4) | |||
Restatement, Other Misclassifications | Restatement Impacts | ||||||||||||||||
Statements of Income | ||||||||||||||||
Net sales | 5 | 4 | (3) | (1) | (3) | (2) | 4 | (5) | 9 | (6) | (9) | (35) | ||||
Cost of products sold | 5 | 8 | (15) | (8) | 10 | 1 | 1 | (7) | 1 | (2) | 10 | 1 | (6) | |||
Selling, general and administrative expenses | 1 | (2) | (22) | (22) | 1 | (22) | (24) | 2 | ||||||||
Interest expense | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |||
Other expense/(income), net | 1 | |||||||||||||||
Provision for/(benefit from) income taxes | 1 | $ (2) | $ 3 | $ (4) | $ (3) | $ 7 | $ (1) | $ 1 | $ 7 | 1 | $ 4 | $ 8 | $ (13) | |||
Net income/(loss) attributable to noncontrolling interest | $ (1) | $ (1) |
Quarterly Financial Data (Una_5
Quarterly Financial Data (Unaudited) Schedule of Condensed Consolidated Quarterly Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Statements of Comprehensive Income | |||||||||||||||
Net income/(loss) | $ (12,628) | $ 618 | $ 753 | $ 1,003 | $ 7,982 | $ 912 | $ 1,157 | $ 881 | $ 1,756 | $ 2,038 | $ 2,374 | $ 2,950 | $ (10,254) | $ 10,932 | $ 3,606 |
Foreign currency translation adjustments | (378) | (144) | (862) | 197 | 7 | 419 | 455 | 304 | (665) | 759 | (809) | 1,178 | (1,187) | 1,185 | (979) |
Net deferred gains/(losses) on net investment hedges | 126 | 13 | 219 | (74) | (26) | (124) | (152) | (51) | 145 | (203) | 158 | (327) | 284 | (353) | 226 |
Amounts excluded from the effectiveness assessment of net investment hedges | 4 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 7 | 0 | 0 |
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (5) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (7) | 0 | 0 |
Net deferred gains/(losses) on cash flow hedges | 59 | (16) | 34 | 22 | 23 | (70) | (32) | (34) | 56 | (66) | 40 | (136) | 99 | (113) | 46 |
Amounts excluded from the effectiveness assessment of cash flow hedges | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 |
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | (34) | 12 | (9) | (13) | (12) | 51 | 26 | 20 | (22) | 46 | (10) | 97 | (44) | 85 | (87) |
Net actuarial gains/(losses) arising during the period | (12) | 17 | 53 | 0 | 82 | (4) | 1 | (10) | 53 | (9) | 70 | (13) | 58 | 69 | (40) |
Prior service credits/(costs) arising during the period | 3 | 0 | 0 | 0 | 16 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 3 | 17 | 31 |
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | 15 | (58) | (17) | (58) | (49) | (51) | (154) | (55) | (75) | (209) | (133) | (260) | (118) | (309) | (204) |
Total other comprehensive income/(loss) | (220) | (175) | (582) | 74 | 41 | 221 | 145 | 174 | (508) | 319 | (683) | 540 | (903) | 581 | (1,007) |
Total comprehensive income/(loss) | (12,848) | 443 | 171 | 1,077 | 8,023 | 1,133 | 1,302 | 1,055 | 1,248 | 2,357 | 1,691 | 3,490 | (11,157) | 11,513 | 2,599 |
Comprehensive income/(loss) attributable to noncontrolling interest | (61) | (3) | (7) | (5) | 1 | (1) | 1 | (4) | (12) | (3) | (15) | (4) | (76) | (3) | 16 |
Comprehensive income/(loss) attributable to Kraft Heinz | $ (12,787) | 446 | 178 | 1,082 | 8,022 | 1,134 | 1,301 | 1,059 | 1,260 | 2,360 | 1,706 | 3,494 | $ (11,081) | 11,516 | 2,583 |
As Previously Reported | |||||||||||||||
Statements of Comprehensive Income | |||||||||||||||
Net income/(loss) | 628 | 755 | 993 | 7,996 | 943 | 1,160 | 891 | 1,748 | 2,051 | 2,376 | 2,994 | 10,990 | 3,642 | ||
Foreign currency translation adjustments | (146) | (868) | 197 | 5 | 421 | 451 | 307 | (671) | 758 | (817) | 1,179 | 1,184 | (986) | ||
Net deferred gains/(losses) on net investment hedges | 13 | 219 | (74) | (26) | (124) | (152) | (51) | 145 | (203) | 158 | (327) | (353) | 226 | ||
Amounts excluded from the effectiveness assessment of net investment hedges | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) | 0 | 0 | 0 | ||
Net deferred gains/(losses) on cash flow hedges | (16) | 34 | 22 | 23 | (70) | (32) | (34) | 56 | (66) | 40 | (136) | (113) | 46 | ||
Amounts excluded from the effectiveness assessment of cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | 12 | (9) | (13) | (12) | 51 | 26 | 20 | (22) | 46 | (10) | 97 | 85 | (87) | ||
Net actuarial gains/(losses) arising during the period | 17 | 53 | 0 | 82 | (4) | 1 | (10) | 53 | (9) | 70 | (13) | 69 | (40) | ||
Prior service credits/(costs) arising during the period | 0 | 0 | 0 | 16 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 17 | 97 | ||
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | (58) | (17) | (58) | (49) | (51) | (154) | (55) | (75) | (209) | (133) | (260) | (309) | (207) | ||
Total other comprehensive income/(loss) | (177) | (588) | 74 | 39 | 223 | 141 | 177 | (514) | 318 | (691) | 541 | 580 | (951) | ||
Total comprehensive income/(loss) | 451 | 167 | 1,067 | 8,035 | 1,166 | 1,301 | 1,068 | 1,234 | 2,369 | 1,685 | 3,535 | 11,570 | 2,691 | ||
Comprehensive income/(loss) attributable to noncontrolling interest | (4) | (7) | (5) | 1 | (1) | 1 | (4) | (12) | (3) | (16) | (4) | (3) | 16 | ||
Comprehensive income/(loss) attributable to Kraft Heinz | 455 | 174 | 1,072 | 8,034 | 1,167 | 1,300 | 1,072 | 1,246 | 2,372 | 1,701 | 3,539 | 11,573 | 2,675 | ||
Restatement | Restatement Impacts | |||||||||||||||
Statements of Comprehensive Income | |||||||||||||||
Net income/(loss) | (10) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (2) | (44) | (58) | (36) | ||
Foreign currency translation adjustments | 2 | 6 | 0 | 2 | (2) | 4 | (3) | 6 | 1 | 8 | (1) | 1 | 7 | ||
Net deferred gains/(losses) on net investment hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts excluded from the effectiveness assessment of net investment hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred gains/(losses) on cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts excluded from the effectiveness assessment of cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net actuarial gains/(losses) arising during the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior service credits/(costs) arising during the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (66) | ||
Net postemployment benefit losses/(gains) reclassified to net income/(loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | ||
Total other comprehensive income/(loss) | 2 | 6 | 0 | 2 | (2) | 4 | (3) | 6 | 1 | 8 | (1) | 1 | (56) | ||
Total comprehensive income/(loss) | (8) | 4 | 10 | (12) | (33) | 1 | (13) | 14 | (12) | 6 | (45) | (57) | (92) | ||
Comprehensive income/(loss) attributable to noncontrolling interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | ||
Comprehensive income/(loss) attributable to Kraft Heinz | (9) | 4 | 10 | (12) | (33) | 1 | (13) | 14 | (12) | 5 | (45) | $ (57) | $ (92) | ||
Restatement, Income Taxes, Capital Leases, And Impairments | Restatement Impacts | |||||||||||||||
Statements of Comprehensive Income | |||||||||||||||
Foreign currency translation adjustments | $ 2 | $ 6 | $ 6 | $ 8 | |||||||||||
Restatement, Income Taxes And Capital Leases | Restatement Impacts | |||||||||||||||
Statements of Comprehensive Income | |||||||||||||||
Foreign currency translation adjustments | $ (1) | $ (2) | |||||||||||||
Restatement, Income Taxes | Restatement Impacts | |||||||||||||||
Statements of Comprehensive Income | |||||||||||||||
Foreign currency translation adjustments | $ (2) | $ 4 | $ (3) | $ 1 | $ (1) |
Quarterly Financial Data (Una_6
Quarterly Financial Data (Unaudited) Schedule of Condensed Consolidated Quarterly Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jan. 03, 2016 |
ASSETS | ||||||||||
Cash and cash equivalents | $ 1,130 | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | ||
Trade receivables, net | 2,129 | 2,032 | 1,950 | 1,044 | 921 | 938 | 973 | 936 | ||
Sold receivables | 0 | 0 | 37 | 530 | 353 | 427 | 461 | 538 | ||
Income taxes receivable | 152 | 203 | 211 | 121 | 538 | 290 | 237 | 269 | ||
Inventories | 2,667 | 3,214 | 3,094 | 3,089 | 2,760 | 3,136 | 3,012 | 3,094 | ||
Prepaid expenses | 400 | 389 | 388 | 367 | 345 | 368 | 359 | 349 | ||
Other current assets | 1,221 | 352 | 431 | 426 | 655 | 527 | 547 | 611 | ||
Assets held for sale | 1,376 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total current assets | 9,075 | 7,556 | 9,480 | 7,371 | 7,201 | 7,127 | 7,034 | 9,039 | ||
Property, plant and equipment, net | 7,078 | 7,074 | 7,117 | 7,145 | 7,061 | 6,902 | 6,804 | 6,689 | ||
Goodwill | 36,503 | 44,339 | 44,302 | 44,844 | 44,825 | 44,859 | 44,566 | 44,301 | ||
Intangible assets, net | 49,468 | 58,727 | 59,084 | 59,583 | 59,432 | 59,483 | 59,383 | 59,313 | ||
Other non-current assets | 1,337 | 1,879 | 1,766 | 1,640 | 1,573 | 1,531 | 1,535 | 1,604 | ||
TOTAL ASSETS | 103,461 | 119,575 | 121,749 | 120,583 | 120,092 | 119,902 | 119,322 | 120,946 | ||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 21 | 973 | 34 | 1,003 | 462 | 457 | 1,090 | 909 | ||
Current portion of long-term debt | 377 | 371 | 2,723 | 2,715 | 2,733 | 2,747 | 19 | 2,022 | ||
Trade payables | 4,153 | 4,238 | 4,236 | 4,148 | 4,362 | 3,873 | 3,805 | 3,858 | ||
Accrued marketing | 722 | 494 | 480 | 576 | 689 | 500 | 499 | 601 | ||
Interest payable | 408 | 315 | 404 | 345 | 419 | 295 | 406 | 346 | ||
Other current liabilities | 1,767 | 1,231 | 1,236 | 1,500 | 1,489 | 1,578 | 1,589 | 1,905 | ||
Liabilities held for sale | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total current liabilities | 7,503 | 7,622 | 9,113 | 10,287 | 10,154 | 9,450 | 7,408 | 9,641 | ||
Long-term debt | 30,770 | 30,887 | 31,269 | 28,465 | 28,308 | 28,276 | 29,978 | 29,747 | ||
Deferred income taxes | 12,202 | 14,224 | 14,260 | 14,106 | 14,039 | 20,841 | 20,840 | 20,873 | ||
Accrued postemployment costs | 306 | 394 | 394 | 400 | 427 | 1,808 | 1,975 | 2,016 | ||
Other non-current liabilities | 902 | 1,035 | 998 | 1,023 | 1,088 | 715 | 701 | 851 | ||
TOTAL LIABILITIES | 51,683 | 54,162 | 56,034 | 54,281 | 54,016 | 61,090 | 60,902 | 63,128 | ||
Commitments and Contingencies (Note 18) | ||||||||||
Redeemable noncontrolling interest | 3 | 6 | 7 | 8 | 6 | 0 | 0 | 0 | ||
Equity: | ||||||||||
Common stock | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | ||
Additional paid-in capital | 58,723 | 58,716 | 58,689 | 58,656 | 58,634 | 58,618 | 58,597 | 58,565 | ||
Retained earnings/(deficit) | (4,853) | 8,479 | 8,624 | 8,634 | 8,495 | 1,280 | 1,129 | 705 | ||
Accumulated other comprehensive income/(losses) | (1,943) | (1,724) | (1,551) | (975) | (1,054) | (1,087) | (1,308) | (1,453) | ||
Treasury stock, at cost | (282) | (264) | (254) | (240) | (224) | (223) | (223) | (223) | ||
Total shareholders' equity | 51,657 | 65,219 | 65,520 | 66,087 | 65,863 | 58,600 | 58,207 | 57,606 | ||
Noncontrolling interest | 118 | 188 | 188 | 207 | 207 | 212 | 213 | 212 | ||
TOTAL EQUITY | 51,775 | 65,407 | 65,708 | 66,294 | 66,070 | 58,812 | 58,420 | 57,818 | $ 57,460 | $ 57,871 |
TOTAL LIABILITIES AND EQUITY | 103,461 | 119,575 | 121,749 | 120,583 | 120,092 | 119,902 | 119,322 | 120,946 | ||
Trade receivables, allowances | $ 24 | $ 24 | $ 24 | $ 24 | $ 23 | $ 29 | $ 28 | $ 30 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | 5,000,000,000 | ||
Common stock, shares issued | 1,224,000,000 | 1,222,000,000 | 1,222,000,000 | 1,222,000,000 | 1,221,000,000 | 1,221,000,000 | 1,221,000,000 | 1,220,000,000 | 1,219,000,000 | 1,214,000,000 |
Common stock, shares outstanding | 1,220,000,000 | 1,219,000,000 | 1,219,000,000 | 1,219,000,000 | 1,219,000,000 | 1,218,000,000 | 1,218,000,000 | 1,218,000,000 | 1,217,000,000 | 1,214,000,000 |
Treasury stock, shares | 4,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | ||
As Previously Reported | ||||||||||
ASSETS | ||||||||||
Cash and cash equivalents | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | |||
Trade receivables, net | 2,032 | 1,950 | 1,044 | 921 | 938 | 913 | 886 | |||
Sold receivables | 0 | 37 | 530 | 353 | 427 | 521 | 588 | |||
Income taxes receivable | 195 | 177 | 150 | 582 | 328 | 277 | 270 | |||
Inventories | 3,287 | 3,161 | 3,144 | 2,815 | 3,188 | 3,065 | 3,151 | |||
Prepaid expenses | 389 | 388 | 367 | 345 | 368 | 359 | 349 | |||
Other current assets | 321 | 419 | 408 | 621 | 538 | 528 | 389 | |||
Assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total current assets | 7,590 | 9,501 | 7,437 | 7,266 | 7,228 | 7,108 | 8,875 | |||
Property, plant and equipment, net | 7,216 | 7,258 | 7,267 | 7,120 | 6,934 | 6,808 | 6,693 | |||
Goodwill | 44,308 | 44,270 | 44,843 | 44,824 | 44,858 | 44,565 | 44,300 | |||
Intangible assets, net | 58,727 | 59,101 | 59,600 | 59,449 | 59,500 | 59,400 | 59,330 | |||
Other non-current assets | 1,889 | 1,766 | 1,640 | 1,573 | 1,531 | 1,535 | 1,604 | |||
TOTAL ASSETS | 119,730 | 121,896 | 120,787 | 120,232 | 120,051 | 119,416 | 120,802 | |||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 973 | 34 | 1,001 | 460 | 455 | 1,090 | 909 | |||
Current portion of long-term debt | 405 | 2,754 | 2,742 | 2,743 | 2,755 | 19 | 2,023 | |||
Trade payables | 4,312 | 4,326 | 4,241 | 4,449 | 3,947 | 3,888 | 3,936 | |||
Accrued marketing | 494 | 474 | 567 | 680 | 493 | 494 | 599 | |||
Interest payable | 315 | 404 | 345 | 419 | 295 | 406 | 346 | |||
Other current liabilities | 1,082 | 1,099 | 1,433 | 1,381 | 1,442 | 1,459 | 1,570 | |||
Liabilities held for sale | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total current liabilities | 7,581 | 9,091 | 10,329 | 10,132 | 9,387 | 7,356 | 9,383 | |||
Long-term debt | 30,998 | 31,380 | 28,561 | 28,333 | 28,299 | 29,979 | 29,748 | |||
Deferred income taxes | 14,215 | 14,230 | 14,085 | 14,076 | 20,898 | 20,887 | 20,910 | |||
Accrued postemployment costs | 394 | 394 | 400 | 427 | 1,808 | 1,975 | 2,016 | |||
Other non-current liabilities | 964 | 929 | 949 | 1,017 | 688 | 673 | 801 | |||
TOTAL LIABILITIES | 54,152 | 56,024 | 54,324 | 53,985 | 61,080 | 60,870 | 62,858 | |||
Commitments and Contingencies (Note 18) | ||||||||||
Redeemable noncontrolling interest | 6 | 7 | 8 | 6 | 0 | 0 | 0 | |||
Equity: | ||||||||||
Common stock | 12 | 12 | 12 | 12 | 12 | 12 | 12 | |||
Additional paid-in capital | 58,793 | 58,766 | 58,733 | 58,711 | 58,695 | 58,674 | 58,642 | |||
Retained earnings/(deficit) | 8,576 | 8,710 | 8,718 | 8,589 | 1,360 | 1,178 | 750 | |||
Accumulated other comprehensive income/(losses) | (1,732) | (1,557) | (975) | (1,054) | (1,085) | (1,308) | (1,449) | |||
Treasury stock, at cost | (264) | (254) | (240) | (224) | (223) | (223) | (223) | |||
Total shareholders' equity | 65,385 | 65,677 | 66,248 | 66,034 | 58,759 | 58,333 | 57,732 | |||
Noncontrolling interest | 187 | 188 | 207 | 207 | 212 | 213 | 212 | |||
TOTAL EQUITY | 65,572 | 65,865 | 66,455 | 66,241 | 58,971 | 58,546 | 57,944 | $ 57,574 | $ 57,893 | |
TOTAL LIABILITIES AND EQUITY | 119,730 | 121,896 | 120,787 | 120,232 | 120,051 | 119,416 | 120,802 | |||
Restatement | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Trade receivables, net | 0 | 0 | 0 | 0 | 0 | 60 | 50 | |||
Sold receivables | 0 | 0 | 0 | 0 | 0 | (60) | (50) | |||
Income taxes receivable | 8 | 34 | (29) | (44) | (38) | (40) | (1) | |||
Inventories | (73) | (67) | (55) | (55) | (52) | (53) | (57) | |||
Prepaid expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other current assets | 31 | 12 | 18 | 34 | (11) | 19 | 222 | |||
Assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total current assets | (34) | (21) | (66) | (65) | (101) | (74) | 164 | |||
Property, plant and equipment, net | (142) | (141) | (122) | (59) | (32) | (4) | (4) | |||
Goodwill | 31 | 32 | 1 | 1 | 1 | 1 | 1 | |||
Intangible assets, net | 0 | (17) | (17) | (17) | (17) | (17) | (17) | |||
Other non-current assets | (10) | 0 | 0 | 0 | 0 | 0 | 0 | |||
TOTAL ASSETS | (155) | (147) | (204) | (140) | (149) | (94) | 144 | |||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 0 | 0 | 2 | 2 | 2 | 0 | 0 | |||
Current portion of long-term debt | (34) | (31) | (27) | (10) | (8) | 0 | (1) | |||
Trade payables | (74) | (90) | (93) | (87) | (74) | (83) | (78) | |||
Accrued marketing | 0 | 6 | 9 | 9 | 7 | 5 | 2 | |||
Interest payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other current liabilities | 149 | 137 | 67 | 108 | 136 | 130 | 335 | |||
Liabilities held for sale | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total current liabilities | 41 | 22 | (42) | 22 | 63 | 52 | 258 | |||
Long-term debt | (111) | (111) | (96) | (25) | (23) | (1) | (1) | |||
Deferred income taxes | 9 | 30 | 21 | (37) | (57) | (47) | (37) | |||
Accrued postemployment costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other non-current liabilities | 71 | 69 | 74 | 71 | 27 | 28 | 50 | |||
TOTAL LIABILITIES | 10 | 10 | (43) | 31 | 10 | 32 | 270 | |||
Commitments and Contingencies (Note 18) | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Equity: | ||||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | (77) | (77) | (77) | (77) | (77) | (77) | (77) | |||
Retained earnings/(deficit) | (97) | (86) | (84) | (94) | (80) | (49) | (45) | |||
Accumulated other comprehensive income/(losses) | 8 | 6 | 0 | 0 | (2) | 0 | (4) | |||
Treasury stock, at cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total shareholders' equity | (166) | (157) | (161) | (171) | (159) | (126) | (126) | |||
Noncontrolling interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | |||
TOTAL EQUITY | (165) | (157) | (161) | (171) | (159) | (126) | (126) | $ (114) | $ (22) | |
TOTAL LIABILITIES AND EQUITY | (155) | (147) | (204) | (140) | (149) | (94) | 144 | |||
Restatement, Supplier Rebates | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | 1 | 1 | (1) | (1) | 1 | 1 | (1) | |||
Other current assets | (36) | (25) | (8) | (21) | (63) | (34) | (15) | |||
LIABILITIES AND EQUITY | ||||||||||
Other current liabilities | 66 | 67 | 63 | 57 | 39 | 31 | 26 | |||
Deferred income taxes | (40) | (38) | (35) | (37) | (45) | (33) | (26) | |||
Other non-current liabilities | 71 | 69 | 74 | 71 | 27 | 28 | 28 | |||
Equity: | ||||||||||
Retained earnings/(deficit) | (132) | (122) | (111) | (113) | (83) | (59) | (44) | |||
Restatement, Capital Leases | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | (1) | (1) | (1) | (1) | ||||||
Property, plant and equipment, net | (141) | (139) | (120) | (34) | (29) | |||||
LIABILITIES AND EQUITY | ||||||||||
Current portion of long-term debt | (32) | (29) | (25) | (9) | (7) | |||||
Long-term debt | (111) | (111) | (96) | (25) | (22) | |||||
Equity: | ||||||||||
Retained earnings/(deficit) | 2 | 1 | 1 | (1) | ||||||
Accumulated other comprehensive income/(losses) | (1) | 1 | 1 | |||||||
Restatement, Balance Sheet Misclassifications | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Trade receivables, net | 60 | 50 | ||||||||
Sold receivables | (60) | (50) | ||||||||
Income taxes receivable | (28) | (83) | ||||||||
Inventories | (67) | (65) | (53) | (55) | (52) | (53) | (57) | |||
Other current assets | 67 | 65 | 53 | 55 | 52 | 53 | 57 | |||
Property, plant and equipment, net | (23) | |||||||||
LIABILITIES AND EQUITY | ||||||||||
Trade payables | (23) | |||||||||
Other current liabilities | (28) | (28) | ||||||||
Deferred income taxes | (55) | |||||||||
Equity: | ||||||||||
Additional paid-in capital | (77) | (77) | (77) | (77) | (77) | (77) | (77) | |||
Retained earnings/(deficit) | 77 | 77 | 77 | 77 | 77 | 77 | 77 | |||
Restatement, Income Taxes | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | 3 | 29 | (1) | 33 | (48) | (48) | (1) | |||
Other non-current assets | (10) | |||||||||
LIABILITIES AND EQUITY | ||||||||||
Other current liabilities | (29) | (1) | 1 | 49 | ||||||
Deferred income taxes | 50 | 73 | 59 | 58 | (8) | (10) | (7) | |||
Equity: | ||||||||||
Retained earnings/(deficit) | (66) | (51) | (30) | (25) | (38) | (38) | (38) | |||
Accumulated other comprehensive income/(losses) | (9) | (7) | (1) | 2 | (1) | 4 | ||||
Restatement, Impairments | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Goodwill | 30 | 31 | ||||||||
Intangible assets, net | (17) | (17) | (17) | (17) | (17) | (17) | ||||
LIABILITIES AND EQUITY | ||||||||||
Deferred income taxes | (4) | (4) | (4) | (4) | (4) | (4) | ||||
Equity: | ||||||||||
Retained earnings/(deficit) | 31 | 19 | (13) | (13) | (13) | (13) | (13) | |||
Accumulated other comprehensive income/(losses) | 1 | 1 | ||||||||
Restatement, Other Misclassifications | Restatement Impacts | ||||||||||
ASSETS | ||||||||||
Income taxes receivable | 4 | 4 | 1 | 7 | 9 | 7 | 1 | |||
Inventories | (6) | (2) | (2) | (1) | ||||||
Other current assets | (28) | (27) | 180 | |||||||
Property, plant and equipment, net | (1) | (2) | (2) | (2) | (3) | (4) | (4) | |||
Goodwill | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||
LIABILITIES AND EQUITY | ||||||||||
Commercial paper and other short-term debt | 2 | 2 | 2 | |||||||
Current portion of long-term debt | (2) | (2) | (2) | (1) | (1) | (1) | (1) | |||
Trade payables | (74) | (90) | (93) | (64) | (74) | (83) | (78) | |||
Accrued marketing | 6 | 9 | 9 | 7 | 5 | 2 | ||||
Other current liabilities | 83 | 70 | 61 | 79 | 97 | 99 | 260 | |||
Long-term debt | 1 | 1 | 1 | (1) | (1) | (1) | ||||
Deferred income taxes | (1) | (1) | 1 | 1 | ||||||
Other non-current liabilities | 22 | |||||||||
Equity: | ||||||||||
Retained earnings/(deficit) | (9) | $ 10 | $ (8) | $ (20) | $ (23) | $ (16) | $ (27) | |||
Noncontrolling interest | $ 1 |
Quarterly Financial Data (Una_7
Quarterly Financial Data (Unaudited) Schedule of Condensed Consolidated Quarterly Statement of Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | $ 65,407 | $ 65,708 | $ 66,294 | $ 66,070 | $ 58,812 | $ 58,420 | $ 57,818 | $ 57,460 | $ 66,070 | $ 57,460 | $ 66,070 | $ 57,460 | $ 66,070 | $ 57,460 | $ 57,871 |
Net income/(loss) excluding redeemable noncontrolling interest | 1,008 | 881 | 1,762 | 2,038 | 2,383 | 2,950 | (10,242) | 10,936 | 3,606 | ||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 74 | (508) | (683) | (1,007) | |||||||||||
Dividends declared-Series A Preferred Stock | (180) | ||||||||||||||
Dividends declared-common stock | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (3,048) | (2,988) | (2,862) | ||||||
Cumulative effect of accounting standards adopted in the period | (95) | (95) | (97) | (97) | |||||||||||
Other comprehensive income/(loss) | (220) | (175) | (582) | 74 | 41 | 221 | 145 | 174 | (508) | 319 | (683) | 540 | (903) | 581 | (1,007) |
Dividends declared-noncontrolling interest | (12) | (10) | (8) | ||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (1) | 34 | 3 | 66 | 20 | 87 | 7 | 91 | 40 | ||||||
Ending balance | 51,775 | 65,407 | 65,708 | $ 66,294 | 66,070 | 58,812 | 58,420 | $ 57,818 | $ 65,708 | $ 58,420 | $ 65,407 | $ 58,812 | $ 51,775 | $ 66,070 | $ 57,460 |
Common stock dividends declared (in dollars per share) | $ 0.625 | $ 0.60 | $ 1.25 | $ 1.20 | $ 1.875 | $ 1.825 | $ 2.50 | $ 2.45 | $ 2.35 | ||||||
As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 65,572 | 65,865 | 66,455 | $ 66,241 | 58,971 | 58,546 | 57,944 | $ 57,574 | $ 66,241 | $ 57,574 | $ 66,241 | $ 57,574 | $ 66,241 | $ 57,574 | $ 57,893 |
Net income/(loss) excluding redeemable noncontrolling interest | 998 | 891 | 1,754 | 2,051 | 2,385 | 2,994 | 10,994 | 3,642 | |||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 74 | (514) | (691) | (951) | |||||||||||
Dividends declared-Series A Preferred Stock | (180) | ||||||||||||||
Dividends declared-common stock | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (2,988) | (2,862) | |||||||
Cumulative effect of accounting standards adopted in the period | (95) | (95) | (97) | ||||||||||||
Other comprehensive income/(loss) | (177) | (588) | 74 | 39 | 223 | 141 | 177 | (514) | 318 | (691) | 541 | 580 | (951) | ||
Dividends declared-noncontrolling interest | (10) | (8) | |||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (1) | 33 | 3 | 66 | 20 | 87 | 91 | 40 | |||||||
Ending balance | 65,572 | 65,865 | 66,455 | 66,241 | 58,971 | 58,546 | 57,944 | 65,865 | 58,546 | 65,572 | 58,971 | 66,241 | 57,574 | ||
Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (165) | (157) | (161) | (171) | (159) | (126) | (126) | (114) | (171) | (114) | (171) | (114) | (171) | (114) | (22) |
Net income/(loss) excluding redeemable noncontrolling interest | 10 | (10) | 8 | (13) | (2) | (44) | (58) | (36) | |||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 6 | 8 | (56) | ||||||||||||
Other comprehensive income/(loss) | 2 | 6 | 0 | 2 | (2) | 4 | (3) | 6 | 1 | 8 | (1) | 1 | (56) | ||
Exercise of stock options, issuance of other stock awards, and other | 1 | ||||||||||||||
Ending balance | (165) | (157) | (161) | (171) | (159) | (126) | (126) | (157) | (126) | (165) | (159) | (171) | (114) | ||
Common Stock | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Ending balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Common Stock | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Ending balance | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | ||
Common Stock | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Additional Paid-in Capital | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 58,716 | 58,689 | 58,656 | 58,634 | 58,618 | 58,597 | 58,565 | 58,516 | 58,634 | 58,516 | 58,634 | 58,516 | 58,634 | 58,516 | 58,298 |
Exercise of stock options, issuance of other stock awards, and other | 22 | 49 | 55 | 81 | 82 | 102 | 89 | 118 | 218 | ||||||
Ending balance | 58,723 | 58,716 | 58,689 | 58,656 | 58,634 | 58,618 | 58,597 | 58,565 | 58,689 | 58,597 | 58,716 | 58,618 | 58,723 | 58,634 | 58,516 |
Additional Paid-in Capital | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 58,793 | 58,766 | 58,733 | 58,711 | 58,695 | 58,674 | 58,642 | 58,593 | 58,711 | 58,593 | 58,711 | 58,593 | 58,711 | 58,593 | 58,375 |
Exercise of stock options, issuance of other stock awards, and other | 22 | 49 | 55 | 81 | 82 | 102 | 118 | 218 | |||||||
Ending balance | 58,793 | 58,766 | 58,733 | 58,711 | 58,695 | 58,674 | 58,642 | 58,766 | 58,674 | 58,793 | 58,695 | 58,711 | 58,593 | ||
Additional Paid-in Capital | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) |
Ending balance | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | (77) | ||
Retained Earnings/(Deficit) | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 8,479 | 8,624 | 8,634 | 8,495 | 1,280 | 1,129 | 705 | 552 | 8,495 | 552 | 8,495 | 552 | 8,495 | 552 | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 1,003 | 883 | 1,757 | 2,039 | 2,376 | 2,952 | (10,192) | 10,941 | 3,596 | ||||||
Dividends declared-Series A Preferred Stock | (180) | ||||||||||||||
Dividends declared-common stock | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (3,048) | (2,988) | (2,862) | ||||||
Cumulative effect of accounting standards adopted in the period | (95) | (95) | (97) | (97) | |||||||||||
Exercise of stock options, issuance of other stock awards, and other | (7) | 1 | (9) | 1 | (9) | 1 | (11) | (10) | (2) | ||||||
Ending balance | (4,853) | 8,479 | 8,624 | 8,634 | 8,495 | 1,280 | 1,129 | 705 | 8,624 | 1,129 | 8,479 | 1,280 | (4,853) | 8,495 | 552 |
Retained Earnings/(Deficit) | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 8,576 | 8,710 | 8,718 | 8,589 | 1,360 | 1,178 | 750 | 588 | 8,589 | 588 | 8,589 | 588 | 8,589 | 588 | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 993 | 893 | 1,749 | 2,052 | 2,379 | 2,996 | 10,999 | 3,632 | |||||||
Dividends declared-Series A Preferred Stock | (180) | ||||||||||||||
Dividends declared-common stock | (762) | (731) | (1,524) | (1,463) | (2,286) | (2,225) | (2,988) | (2,862) | |||||||
Cumulative effect of accounting standards adopted in the period | (95) | (95) | (97) | ||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (7) | 0 | (9) | 1 | (9) | 1 | (10) | (2) | |||||||
Ending balance | 8,576 | 8,710 | 8,718 | 8,589 | 1,360 | 1,178 | 750 | 8,710 | 1,178 | 8,576 | 1,360 | 8,589 | 588 | ||
Retained Earnings/(Deficit) | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (97) | (86) | (84) | (94) | (80) | (49) | (45) | (36) | (94) | (36) | (94) | (36) | (94) | (36) | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 10 | (10) | 8 | (13) | (3) | (44) | (58) | (36) | |||||||
Exercise of stock options, issuance of other stock awards, and other | 1 | ||||||||||||||
Ending balance | (97) | (86) | (84) | (94) | (80) | (49) | (45) | (86) | (49) | (97) | (80) | (94) | (36) | ||
Accumulated Other Comprehensive Income/(Losses) | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (1,724) | (1,551) | (975) | (1,054) | (1,087) | (1,308) | (1,453) | (1,629) | (1,054) | (1,629) | (1,054) | (1,629) | (1,054) | (1,629) | (616) |
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 79 | (497) | (670) | (1,013) | |||||||||||
Other comprehensive income/(loss) | 176 | 321 | 542 | (889) | 575 | ||||||||||
Ending balance | (1,943) | (1,724) | (1,551) | (975) | (1,054) | (1,087) | (1,308) | (1,453) | (1,551) | (1,308) | (1,724) | (1,087) | (1,943) | (1,054) | (1,629) |
Accumulated Other Comprehensive Income/(Losses) | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (1,732) | (1,557) | (975) | (1,054) | (1,085) | (1,308) | (1,449) | (1,628) | (1,054) | (1,628) | (1,054) | (1,628) | (1,054) | (1,628) | (671) |
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 79 | (503) | (678) | (957) | |||||||||||
Other comprehensive income/(loss) | 179 | 320 | 543 | 574 | |||||||||||
Ending balance | (1,732) | (1,557) | (975) | (1,054) | (1,085) | (1,308) | (1,449) | (1,557) | (1,308) | (1,732) | (1,085) | (1,054) | (1,628) | ||
Accumulated Other Comprehensive Income/(Losses) | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 8 | 6 | 0 | 0 | (2) | 0 | (4) | (1) | 0 | (1) | 0 | (1) | 0 | (1) | 55 |
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | 6 | 8 | (56) | ||||||||||||
Other comprehensive income/(loss) | (3) | 1 | (1) | 1 | |||||||||||
Ending balance | 8 | 6 | 0 | 0 | (2) | 0 | (4) | 6 | 0 | 8 | (2) | 0 | (1) | ||
Treasury Stock, at Cost | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (207) | (224) | (207) | (224) | (207) | (224) | (207) | (31) |
Exercise of stock options, issuance of other stock awards, and other | (16) | (16) | (30) | (16) | (40) | (16) | (58) | (17) | (176) | ||||||
Ending balance | (282) | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (254) | (223) | (264) | (223) | (282) | (224) | (207) |
Treasury Stock, at Cost | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (207) | (224) | (207) | (224) | (207) | (224) | (207) | (31) |
Exercise of stock options, issuance of other stock awards, and other | (16) | (16) | (30) | (16) | (40) | (16) | (17) | (176) | |||||||
Ending balance | (264) | (254) | (240) | (224) | (223) | (223) | (223) | (254) | (223) | (264) | (223) | (224) | (207) | ||
Treasury Stock, at Cost | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Noncontrolling Interest | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 188 | 188 | 207 | 207 | 212 | 213 | 212 | 216 | 207 | 216 | 207 | 216 | 207 | 216 | 208 |
Net income/(loss) excluding redeemable noncontrolling interest | 5 | (2) | 5 | (1) | 7 | (2) | (50) | (5) | 10 | ||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | (5) | (11) | (13) | 6 | |||||||||||
Other comprehensive income/(loss) | (2) | (2) | (2) | (14) | 6 | ||||||||||
Dividends declared-noncontrolling interest | (12) | (10) | (8) | ||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (13) | (13) | (13) | ||||||||||||
Ending balance | 118 | 188 | 188 | 207 | 207 | 212 | 213 | 212 | 188 | 213 | 188 | 212 | 118 | 207 | 216 |
Noncontrolling Interest | As Previously Reported | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | 187 | 188 | 207 | 207 | 212 | 213 | 212 | 216 | 207 | 216 | 207 | 216 | 207 | 216 | 208 |
Net income/(loss) excluding redeemable noncontrolling interest | 5 | (2) | 5 | (1) | 6 | (2) | (5) | 10 | |||||||
Other comprehensive income/(loss) excluding redeemable noncontrolling interest | (5) | (11) | (13) | 6 | |||||||||||
Other comprehensive income/(loss) | (2) | (2) | (2) | 6 | |||||||||||
Dividends declared-noncontrolling interest | (10) | (8) | |||||||||||||
Exercise of stock options, issuance of other stock awards, and other | (13) | (13) | |||||||||||||
Ending balance | 187 | 188 | 207 | 207 | 212 | 213 | 212 | 188 | 213 | 187 | 212 | 207 | 216 | ||
Noncontrolling Interest | Restatement | Restatement Impacts | |||||||||||||||
Total Shareholders' Equity [Roll forward] | |||||||||||||||
Beginning balance | $ 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
Net income/(loss) excluding redeemable noncontrolling interest | 1 | ||||||||||||||
Ending balance | $ 1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_8
Quarterly Financial Data (Unaudited) Schedule of Condensed Consolidated Quarterly Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income/(loss) | $ (12,628) | $ 618 | $ 753 | $ 1,003 | $ 7,982 | $ 912 | $ 1,157 | $ 881 | $ 1,756 | $ 2,038 | $ 2,374 | $ 2,950 | $ (10,254) | $ 10,932 | $ 3,606 |
Depreciation and amortization | 227 | 262 | 462 | 517 | 712 | 789 | 983 | 1,031 | 1,337 | ||||||
Amortization of postretirement benefit plans prior service costs/(credits) | (106) | (82) | (183) | (171) | (261) | (247) | (339) | (328) | (347) | ||||||
Equity award compensation expense | 7 | 11 | 27 | 24 | 44 | 36 | 33 | 46 | 46 | ||||||
Deferred income tax provision/(benefit) | (46) | 68 | 79 | 223 | 104 | 432 | (1,967) | (6,495) | (72) | ||||||
Postemployment benefit plan contributions | (22) | (38) | (60) | (90) | (64) | (283) | (76) | (1,659) | (494) | ||||||
Goodwill and intangible asset impairment losses | 0 | 0 | 234 | 48 | 451 | 49 | 15,936 | 49 | 18 | ||||||
Nonmonetary currency devaluation | 47 | 8 | 67 | 33 | 131 | 36 | 146 | 36 | 24 | ||||||
Other items, net | (22) | 40 | 27 | (48) | 35 | (62) | 175 | 253 | 25 | ||||||
Trade receivables | (712) | (1,040) | (2,001) | (1,598) | (2,154) | (2,061) | (2,280) | (2,629) | (2,055) | ||||||
Inventories | (312) | (475) | (428) | (418) | (645) | (567) | (251) | (236) | (130) | ||||||
Accounts payable | (85) | 62 | 127 | 84 | 130 | 123 | (23) | 441 | 879 | ||||||
Other current assets | 26 | (72) | (44) | (103) | (103) | (90) | (146) | (64) | (41) | ||||||
Other current liabilities | 403 | (240) | 153 | (717) | 124 | (1,090) | 637 | (876) | (148) | ||||||
Net cash provided by/(used for) operating activities | 408 | (615) | 216 | (178) | 878 | 15 | 2,574 | 501 | 2,648 | ||||||
Cash receipts on sold receivables | 436 | 464 | 1,221 | 1,069 | 1,296 | 1,633 | 1,296 | 2,286 | 2,589 | ||||||
Capital expenditures | (223) | (368) | (438) | (690) | (594) | (956) | (826) | (1,194) | (1,247) | ||||||
Payments to acquire business, net of cash acquired | (215) | 0 | (215) | 0 | (248) | 0 | (248) | 0 | 0 | ||||||
Other investing activities, net | 6 | 38 | 11 | 44 | 31 | 45 | 66 | 85 | 110 | ||||||
Net cash provided by/(used for) investing activities | 4 | 134 | 579 | 423 | 485 | 722 | 288 | 1,177 | 1,452 | ||||||
Repayments of long-term debt | (6) | (27) | (12) | (2,032) | (2,706) | (2,635) | (2,713) | (2,641) | (85) | ||||||
Proceeds from issuance of long-term debt | 0 | 2 | 2,990 | 4 | 2,990 | 1,496 | 2,990 | 1,496 | 6,981 | ||||||
Proceeds from issuance of commercial paper | 1,524 | 2,324 | 1,525 | 4,213 | 2,485 | 5,495 | 2,784 | 6,043 | 6,680 | ||||||
Repayments of commercial paper | (1,006) | (2,068) | (1,950) | (3,777) | (1,950) | (5,709) | (3,213) | (6,249) | (6,043) | ||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (180) | ||||||
Dividends paid - common stock | (897) | (736) | (1,659) | (1,434) | (2,421) | (2,161) | (3,183) | (2,888) | (3,584) | ||||||
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,320) | ||||||
Other financing activities, net | 14 | 0 | (3) | 15 | (35) | 28 | (28) | 18 | (69) | ||||||
Net cash provided by/(used for) financing activities | (371) | (505) | 891 | (3,011) | (1,637) | (3,486) | (3,363) | (4,221) | (4,620) | ||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10) | 13 | (80) | 29 | (128) | 43 | (132) | 57 | (137) | ||||||
Net increase/(decrease) | 31 | (973) | 1,606 | (2,737) | (402) | (2,706) | (633) | (2,486) | (657) | ||||||
Balance at beginning of period | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 4,912 |
Balance at end of period | 1,136 | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 3,375 | 1,518 | 1,367 | 1,549 | 1,136 | 1,769 | 4,255 |
Beneficial interest obtained in exchange for securitized trade receivables | 613 | 880 | 899 | 1,407 | 938 | 1,936 | 938 | 2,519 | 2,213 | ||||||
As Previously Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income/(loss) | 628 | 755 | 993 | 7,996 | 943 | 1,160 | 891 | 1,748 | 2,051 | 2,376 | 2,994 | 10,990 | 3,642 | ||
Depreciation and amortization | 234 | 262 | 476 | 517 | 736 | 790 | 1,036 | 1,337 | |||||||
Amortization of postretirement benefit plans prior service costs/(credits) | (106) | (82) | (183) | (171) | (261) | (247) | (328) | (333) | |||||||
Equity award compensation expense | 7 | 11 | 27 | 24 | 44 | 36 | 46 | 46 | |||||||
Deferred income tax provision/(benefit) | (47) | 105 | 58 | 269 | 96 | 492 | (6,467) | (29) | |||||||
Postemployment benefit plan contributions | (22) | (38) | (60) | (90) | (64) | (283) | (1,659) | (494) | |||||||
Goodwill and intangible asset impairment losses | 0 | 0 | 265 | 48 | 499 | 49 | 49 | 0 | |||||||
Nonmonetary currency devaluation | 47 | 8 | 67 | 33 | 131 | 36 | 36 | 24 | |||||||
Other items, net | 5 | 35 | 59 | (31) | 36 | (52) | 219 | 16 | |||||||
Trade receivables | (712) | (1,040) | (2,001) | (1,598) | (2,154) | (2,061) | (2,629) | (2,055) | |||||||
Inventories | (312) | (492) | (440) | (431) | (663) | (580) | (251) | (130) | |||||||
Accounts payable | (69) | 62 | 143 | 84 | 145 | 123 | 464 | 943 | |||||||
Other current assets | 9 | (67) | (66) | (121) | (105) | (137) | (67) | (42) | |||||||
Other current liabilities | 386 | (270) | 136 | (762) | 83 | (1,144) | (912) | (276) | |||||||
Net cash provided by/(used for) operating activities | 413 | (615) | 229 | (178) | 899 | 16 | 527 | 2,649 | |||||||
Cash receipts on sold receivables | 436 | 464 | 1,221 | 1,069 | 1,296 | 1,633 | 2,286 | 2,589 | |||||||
Capital expenditures | (223) | (368) | (438) | (690) | (594) | (956) | (1,217) | (1,247) | |||||||
Payments to acquire business, net of cash acquired | (215) | 0 | (215) | 0 | (248) | 0 | 0 | 0 | |||||||
Other investing activities, net | 6 | 38 | 11 | 44 | 31 | 47 | 87 | 110 | |||||||
Net cash provided by/(used for) investing activities | 4 | 134 | 579 | 423 | 485 | 724 | 1,156 | 1,452 | |||||||
Repayments of long-term debt | (11) | (27) | (25) | (2,032) | (2,727) | (2,636) | (2,644) | (86) | |||||||
Proceeds from issuance of long-term debt | 0 | 2 | 2,990 | 4 | 2,990 | 1,496 | 1,496 | 6,981 | |||||||
Proceeds from issuance of commercial paper | 1,524 | 2,324 | 1,525 | 4,213 | 2,485 | 5,495 | 6,043 | 6,680 | |||||||
Repayments of commercial paper | (1,006) | (2,068) | (1,950) | (3,777) | (1,950) | (5,709) | (6,249) | (6,043) | |||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (180) | |||||||
Dividends paid - common stock | (897) | (736) | (1,659) | (1,434) | (2,421) | (2,161) | (2,888) | (3,584) | |||||||
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,320) | |||||||
Other financing activities, net | 14 | 0 | (3) | 15 | (35) | 26 | 16 | (69) | |||||||
Net cash provided by/(used for) financing activities | (376) | (505) | 878 | (3,011) | (1,658) | (3,489) | (4,226) | (4,621) | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10) | 13 | (80) | 29 | (128) | 43 | 57 | (137) | |||||||
Net increase/(decrease) | 31 | (973) | 1,606 | (2,737) | (402) | (2,706) | (2,486) | (657) | |||||||
Balance at beginning of period | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 4,912 |
Balance at end of period | 1,367 | 3,375 | 1,800 | 1,769 | 1,549 | 1,518 | 3,282 | 3,375 | 1,518 | 1,367 | 1,549 | 1,769 | 4,255 | ||
Beneficial interest obtained in exchange for securitized trade receivables | 613 | 880 | 899 | 1,407 | 938 | 1,936 | 2,519 | 2,213 | |||||||
Restatement | Restatement Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net income/(loss) | (10) | (2) | 10 | (14) | (31) | (3) | (10) | 8 | (13) | (2) | (44) | (58) | (36) | ||
Depreciation and amortization | (7) | 0 | (14) | 0 | (24) | (1) | (5) | 0 | |||||||
Amortization of postretirement benefit plans prior service costs/(credits) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (14) | |||||||
Equity award compensation expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Deferred income tax provision/(benefit) | 1 | (37) | 21 | (46) | 8 | (60) | (28) | (43) | |||||||
Postemployment benefit plan contributions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Goodwill and intangible asset impairment losses | 0 | 0 | (31) | 0 | (48) | 0 | 0 | 18 | |||||||
Nonmonetary currency devaluation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other items, net | (27) | 5 | (32) | (17) | (1) | (10) | 34 | 9 | |||||||
Trade receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Inventories | 0 | 17 | 12 | 13 | 18 | 13 | 15 | 0 | |||||||
Accounts payable | (16) | 0 | (16) | 0 | (15) | 0 | (23) | (64) | |||||||
Other current assets | 17 | (5) | 22 | 18 | 2 | 47 | 3 | 1 | |||||||
Other current liabilities | 17 | 30 | 17 | 45 | 41 | 54 | 36 | 128 | |||||||
Net cash provided by/(used for) operating activities | (5) | 0 | (13) | 0 | (21) | (1) | (26) | (1) | |||||||
Cash receipts on sold receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 23 | 0 | |||||||
Payments to acquire business, net of cash acquired | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other investing activities, net | 0 | 0 | 0 | 0 | 0 | (2) | (2) | 0 | |||||||
Net cash provided by/(used for) investing activities | 0 | 0 | 0 | 0 | 0 | (2) | 21 | 0 | |||||||
Repayments of long-term debt | 5 | 0 | 13 | 0 | 21 | 1 | 3 | 1 | |||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Proceeds from issuance of commercial paper | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Repayments of commercial paper | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Dividends paid - common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other financing activities, net | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 0 | |||||||
Net cash provided by/(used for) financing activities | 5 | 0 | 13 | 0 | 21 | 3 | 5 | 1 | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net increase/(decrease) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Balance at beginning of period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Beneficial interest obtained in exchange for securitized trade receivables | 0 | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||
Restatement, Capital Leases | Restatement Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net cash provided by/(used for) operating activities | (5) | (13) | (21) | (2) | |||||||||||
Net cash provided by/(used for) financing activities | (5) | 13 | (21) | 2 | |||||||||||
Restatement, Other Misclassifications | Restatement Impacts | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Net cash provided by/(used for) operating activities | (1) | (1) | (1) | (1) | (1) | (1) | |||||||||
Net cash provided by/(used for) investing activities | (2) | (2) | |||||||||||||
Net cash provided by/(used for) financing activities | $ (1) | $ 1 | $ (1) | $ (3) | $ 3 | $ 1 |
Quarterly Financial Data (Una_9
Quarterly Financial Data (Unaudited) Schedule of Segment Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation and amortization (excluding integration and restructuring expenses) | $ (240) | $ (245) | $ (235) | $ (199) | $ (224) | $ (243) | $ (219) | $ (221) | $ (434) | $ (440) | $ (679) | $ (683) | $ (919) | $ (907) | $ (875) |
Integration and restructuring expenses | (82) | (32) | (93) | (90) | (208) | (108) | (132) | (135) | (183) | (267) | (215) | (375) | (297) | (583) | (992) |
Deal costs | (4) | (3) | (7) | (9) | (16) | (19) | 23 | 0 | 30 | ||||||
Unrealized gains/(losses) on commodity hedges | (10) | (6) | (3) | (2) | 5 | 5 | 13 | (42) | (5) | (29) | (11) | (24) | (21) | (19) | 38 |
Impairment losses | (15,485) | (217) | (234) | 0 | 0 | (1) | (48) | 0 | (234) | (48) | (451) | (49) | (15,936) | (49) | (71) |
Gains/(losses) on sale of business | 0 | 0 | (15) | 0 | (15) | (15) | (15) | 0 | 0 | ||||||
Equity award compensation expense (excluding integration and restructuring expenses) | 11 | (17) | (20) | (7) | (11) | (12) | (14) | (12) | (27) | (26) | (44) | (38) | (33) | (49) | (39) |
Operating income/(loss) | (14,136) | 1,074 | 1,342 | 1,500 | 1,509 | 1,491 | 1,639 | 1,418 | 2,842 | 3,057 | 3,916 | 4,548 | (10,220) | 6,057 | 5,601 |
Interest expense | 325 | 326 | 316 | 317 | 308 | 306 | 307 | 313 | 633 | 620 | 959 | 926 | 1,284 | 1,234 | 1,134 |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) |
Income/(loss) before income taxes | (14,474) | 819 | 1,061 | 1,273 | 1,317 | 1,312 | 1,586 | 1,235 | 2,334 | 2,821 | 3,153 | 4,133 | (11,321) | 5,450 | 4,939 |
United States | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 1,249 | 1,176 | 1,401 | 1,392 | 1,486 | 1,407 | 1,534 | 1,446 | 2,793 | 2,980 | 3,969 | 4,387 | 5,218 | 5,873 | 5,744 |
Canada | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 157 | 144 | 173 | 134 | 159 | 159 | 189 | 129 | 307 | 318 | 451 | 477 | 608 | 636 | 632 |
EMEA | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 171 | 165 | 206 | 182 | 174 | 179 | 182 | 138 | 388 | 320 | 553 | 499 | 724 | 673 | 741 |
Rest of World | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | 130 | 148 | 213 | 144 | 142 | 134 | 170 | 144 | 357 | 314 | 505 | 448 | 635 | 590 | 621 |
General corporate expenses | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment Adjusted EBITDA | $ (33) | $ (39) | $ (44) | $ (45) | $ (14) | $ (29) | $ (36) | $ (29) | $ (89) | $ (65) | $ (128) | $ (94) | $ (161) | $ (108) | $ (164) |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | $ 6,891 | $ 6,383 | $ 6,690 | $ 6,304 | $ 6,841 | $ 6,279 | $ 6,634 | $ 6,322 | $ 12,994 | $ 12,956 | $ 19,377 | $ 19,235 | $ 26,268 | $ 26,076 | $ 26,300 | |
Cost of products sold | 4,675 | 4,289 | 4,343 | 4,040 | 4,554 | 4,123 | 4,227 | 4,139 | 8,383 | 8,366 | 12,672 | 12,489 | 17,347 | 17,043 | 17,154 | |
Gross profit | 2,216 | 2,094 | 2,347 | 2,264 | 2,287 | 2,156 | 2,407 | 2,183 | 4,611 | 4,590 | 6,705 | 6,746 | 8,921 | 9,033 | 9,146 | |
Selling, general and administrative expenses, excluding impairment losses | 867 | 803 | 771 | 764 | 778 | 664 | 720 | 765 | 1,535 | 1,485 | 2,338 | 2,149 | 3,205 | 2,927 | 3,527 | |
Goodwill impairment losses | $ 6,900 | 6,875 | 0 | 133 | 0 | 0 | 0 | 0 | 0 | 133 | 0 | 133 | 0 | 7,008 | 0 | 0 |
Intangible asset impairment losses | 8,610 | 217 | 101 | 0 | 0 | 1 | 48 | 0 | 101 | 48 | 318 | 49 | 8,928 | 49 | 18 | |
Selling, general and administrative expenses | 16,352 | 1,020 | 1,005 | 764 | 778 | 665 | 768 | 765 | 1,769 | 1,533 | 2,789 | 2,198 | 19,141 | 2,976 | 3,545 | |
Intercompany service fees and other recharges | 0 | 0 | 0 | |||||||||||||
Operating income/(loss) | (14,136) | 1,074 | 1,342 | 1,500 | 1,509 | 1,491 | 1,639 | 1,418 | 2,842 | 3,057 | 3,916 | 4,548 | (10,220) | 6,057 | 5,601 | |
Interest expense | 325 | 326 | 316 | 317 | 308 | 306 | 307 | 313 | 633 | 620 | 959 | 926 | 1,284 | 1,234 | 1,134 | |
Other expense/(income), net | 13 | (71) | (35) | (90) | (116) | (127) | (254) | (130) | (125) | (384) | (196) | (511) | (183) | (627) | (472) | |
Income/(loss) before income taxes | (14,474) | 819 | 1,061 | 1,273 | 1,317 | 1,312 | 1,586 | 1,235 | 2,334 | 2,821 | 3,153 | 4,133 | (11,321) | 5,450 | 4,939 | |
Provision for/(benefit from) income taxes | (1,846) | 201 | 308 | 270 | (6,665) | 400 | 429 | 354 | 578 | 783 | 779 | 1,183 | (1,067) | (5,482) | 1,333 | |
Equity in earnings/(losses) of subsidiaries | 0 | 0 | 0 | |||||||||||||
Net income/(loss) | (12,628) | 618 | 753 | 1,003 | 7,982 | 912 | 1,157 | 881 | 1,756 | 2,038 | 2,374 | 2,950 | (10,254) | 10,932 | 3,606 | |
Net income/(loss) attributable to noncontrolling interest | (60) | (1) | (1) | 0 | (7) | (1) | 1 | (2) | (1) | (1) | (2) | (2) | (62) | (9) | 10 | |
Net income/(loss) excluding noncontrolling interest | (12,568) | 619 | 754 | 1,003 | 7,989 | 913 | 1,156 | 883 | 1,757 | 2,039 | 2,376 | 2,952 | (10,192) | 10,941 | 3,596 | |
Comprehensive income/(loss) excluding noncontrolling interest | $ (12,787) | 446 | 178 | 1,082 | 8,022 | 1,134 | 1,301 | 1,059 | 1,260 | 2,360 | 1,706 | 3,494 | (11,081) | 11,516 | 2,583 | |
Eliminations | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | (530) | (568) | (633) | |||||||||||||
Cost of products sold | (530) | (568) | (633) | |||||||||||||
Gross profit | 0 | 0 | 0 | |||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 0 | 0 | 0 | |||||||||||||
Goodwill impairment losses | 0 | 0 | 0 | |||||||||||||
Intangible asset impairment losses | 0 | 0 | 0 | |||||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||||||
Intercompany service fees and other recharges | 0 | 0 | 0 | |||||||||||||
Operating income/(loss) | 0 | 0 | 0 | |||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||||
Other expense/(income), net | 0 | 0 | 0 | |||||||||||||
Income/(loss) before income taxes | 0 | 0 | 0 | |||||||||||||
Provision for/(benefit from) income taxes | 0 | 0 | 0 | |||||||||||||
Equity in earnings/(losses) of subsidiaries | 20,778 | (21,045) | (7,008) | |||||||||||||
Net income/(loss) | 20,778 | (21,045) | (7,008) | |||||||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||
Net income/(loss) excluding noncontrolling interest | 20,778 | (21,045) | (7,008) | |||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | 22,631 | (19,227) | (8,295) | |||||||||||||
Parent Guarantor | Reportable Legal Entities | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||||
Cost of products sold | 0 | 0 | 0 | |||||||||||||
Gross profit | 0 | 0 | 0 | |||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 0 | 0 | 0 | |||||||||||||
Goodwill impairment losses | 0 | 0 | 0 | |||||||||||||
Intangible asset impairment losses | 0 | 0 | 0 | |||||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||||||
Intercompany service fees and other recharges | 0 | 0 | 0 | |||||||||||||
Operating income/(loss) | 0 | 0 | 0 | |||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||||
Other expense/(income), net | 0 | 0 | 0 | |||||||||||||
Income/(loss) before income taxes | 0 | 0 | 0 | |||||||||||||
Provision for/(benefit from) income taxes | 0 | 0 | 0 | |||||||||||||
Equity in earnings/(losses) of subsidiaries | (10,192) | 10,941 | 3,596 | |||||||||||||
Net income/(loss) | (10,192) | 10,941 | 3,596 | |||||||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||
Net income/(loss) excluding noncontrolling interest | (10,192) | 10,941 | 3,596 | |||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | (11,081) | 11,516 | 2,583 | |||||||||||||
Subsidiary Issuer | Reportable Legal Entities | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 17,317 | 17,397 | 17,652 | |||||||||||||
Cost of products sold | 11,290 | 11,147 | 11,359 | |||||||||||||
Gross profit | 6,027 | 6,250 | 6,293 | |||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 803 | 695 | 1,053 | |||||||||||||
Goodwill impairment losses | 0 | 0 | 0 | |||||||||||||
Intangible asset impairment losses | 0 | 0 | 0 | |||||||||||||
Selling, general and administrative expenses | 803 | 695 | 1,053 | |||||||||||||
Intercompany service fees and other recharges | 3,865 | 4,307 | 4,624 | |||||||||||||
Operating income/(loss) | 1,359 | 1,248 | 616 | |||||||||||||
Interest expense | 1,212 | 1,189 | 1,076 | |||||||||||||
Other expense/(income), net | (359) | (535) | (230) | |||||||||||||
Income/(loss) before income taxes | 506 | 594 | (230) | |||||||||||||
Provision for/(benefit from) income taxes | 112 | (243) | (414) | |||||||||||||
Equity in earnings/(losses) of subsidiaries | (10,586) | 10,104 | 3,412 | |||||||||||||
Net income/(loss) | (10,192) | 10,941 | 3,596 | |||||||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||||||
Net income/(loss) excluding noncontrolling interest | (10,192) | 10,941 | 3,596 | |||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | (11,081) | 11,516 | 2,583 | |||||||||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 9,481 | 9,247 | 9,281 | |||||||||||||
Cost of products sold | 6,587 | 6,464 | 6,428 | |||||||||||||
Gross profit | 2,894 | 2,783 | 2,853 | |||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 2,402 | 2,232 | 2,474 | |||||||||||||
Goodwill impairment losses | 7,008 | 0 | 0 | |||||||||||||
Intangible asset impairment losses | 8,928 | 49 | 18 | |||||||||||||
Selling, general and administrative expenses | 18,338 | 2,281 | 2,492 | |||||||||||||
Intercompany service fees and other recharges | (3,865) | (4,307) | (4,624) | |||||||||||||
Operating income/(loss) | (11,579) | 4,809 | 4,985 | |||||||||||||
Interest expense | 72 | 45 | 58 | |||||||||||||
Other expense/(income), net | 176 | (92) | (242) | |||||||||||||
Income/(loss) before income taxes | (11,827) | 4,856 | 5,169 | |||||||||||||
Provision for/(benefit from) income taxes | (1,179) | (5,239) | 1,747 | |||||||||||||
Equity in earnings/(losses) of subsidiaries | 0 | 0 | 0 | |||||||||||||
Net income/(loss) | (10,648) | 10,095 | 3,422 | |||||||||||||
Net income/(loss) attributable to noncontrolling interest | (62) | (9) | 10 | |||||||||||||
Net income/(loss) excluding noncontrolling interest | (10,586) | 10,104 | 3,412 | |||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | $ (11,550) | 7,711 | 5,712 | |||||||||||||
As Previously Reported | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 6,378 | 6,686 | 6,304 | 6,877 | 6,314 | 6,677 | 6,364 | 12,990 | 13,041 | 19,368 | 19,355 | 26,232 | 26,487 | |||
Cost of products sold | 4,271 | 4,321 | 4,059 | 4,470 | 4,000 | 3,996 | 4,063 | 8,380 | 8,059 | 12,651 | 12,059 | 16,529 | 16,901 | |||
Gross profit | 2,107 | 2,365 | 2,245 | 2,407 | 2,314 | 2,681 | 2,301 | 4,610 | 4,982 | 6,717 | 7,296 | 9,703 | 9,586 | |||
Selling, general and administrative expenses, excluding impairment losses | 803 | 771 | 764 | 767 | 652 | 712 | 750 | 1,535 | 1,462 | 2,338 | 2,114 | 2,881 | 3,444 | |||
Goodwill impairment losses | 0 | 164 | 0 | 0 | 0 | 0 | 0 | 164 | 0 | 164 | 0 | 0 | 0 | |||
Intangible asset impairment losses | 234 | 101 | 0 | 0 | 1 | 48 | 0 | 101 | 48 | 335 | 49 | 49 | 0 | |||
Selling, general and administrative expenses | 1,037 | 1,036 | 764 | 767 | 653 | 760 | 750 | 1,800 | 1,510 | 2,837 | 2,163 | 2,930 | 3,444 | |||
Intercompany service fees and other recharges | 0 | 0 | ||||||||||||||
Operating income/(loss) | 1,070 | 1,329 | 1,481 | 1,640 | 1,661 | 1,921 | 1,551 | 2,810 | 3,472 | 3,880 | 5,133 | 6,773 | 6,142 | |||
Interest expense | 327 | 318 | 317 | 308 | 306 | 307 | 313 | 635 | 620 | 962 | 926 | 1,234 | 1,134 | |||
Other expense/(income), net | (71) | (35) | (90) | 1 | (4) | 24 | (12) | (125) | 12 | (196) | 8 | 9 | (15) | |||
Income/(loss) before income taxes | 814 | 1,046 | 1,254 | 1,331 | 1,359 | 1,590 | 1,250 | 2,300 | 2,840 | 3,114 | 4,199 | 5,530 | 5,023 | |||
Provision for/(benefit from) income taxes | 186 | 291 | 261 | (6,665) | 416 | 430 | 359 | 552 | 789 | 738 | 1,205 | (5,460) | 1,381 | |||
Equity in earnings/(losses) of subsidiaries | 0 | 0 | ||||||||||||||
Net income/(loss) | 628 | 755 | 993 | 7,996 | 943 | 1,160 | 891 | 1,748 | 2,051 | 2,376 | 2,994 | 10,990 | 3,642 | |||
Net income/(loss) attributable to noncontrolling interest | (2) | (1) | 0 | (7) | (1) | 1 | (2) | (1) | (1) | (3) | (2) | (9) | 10 | |||
Net income/(loss) excluding noncontrolling interest | 630 | 756 | 993 | 8,003 | 944 | 1,159 | 893 | 1,749 | 2,052 | 2,379 | 2,996 | 10,999 | 3,632 | |||
Comprehensive income/(loss) excluding noncontrolling interest | $ 455 | $ 174 | $ 1,072 | $ 8,034 | $ 1,167 | $ 1,300 | $ 1,072 | $ 1,246 | $ 2,372 | $ 1,701 | $ 3,539 | 11,573 | 2,675 | |||
As Previously Reported | Eliminations | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | (568) | (632) | ||||||||||||||
Cost of products sold | (568) | (632) | ||||||||||||||
Gross profit | 0 | 0 | ||||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 0 | 0 | ||||||||||||||
Goodwill impairment losses | 0 | 0 | ||||||||||||||
Intangible asset impairment losses | 0 | 0 | ||||||||||||||
Selling, general and administrative expenses | 0 | 0 | ||||||||||||||
Intercompany service fees and other recharges | 0 | 0 | ||||||||||||||
Operating income/(loss) | 0 | 0 | ||||||||||||||
Interest expense | 0 | 0 | ||||||||||||||
Other expense/(income), net | 0 | 0 | ||||||||||||||
Income/(loss) before income taxes | 0 | 0 | ||||||||||||||
Provision for/(benefit from) income taxes | 0 | 0 | ||||||||||||||
Equity in earnings/(losses) of subsidiaries | (21,120) | (7,053) | ||||||||||||||
Net income/(loss) | (21,120) | (7,053) | ||||||||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | ||||||||||||||
Net income/(loss) excluding noncontrolling interest | (21,120) | (7,053) | ||||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | (19,299) | (8,392) | ||||||||||||||
As Previously Reported | Parent Guarantor | Reportable Legal Entities | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 0 | 0 | ||||||||||||||
Cost of products sold | 0 | 0 | ||||||||||||||
Gross profit | 0 | 0 | ||||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 0 | 0 | ||||||||||||||
Goodwill impairment losses | 0 | 0 | ||||||||||||||
Intangible asset impairment losses | 0 | 0 | ||||||||||||||
Selling, general and administrative expenses | 0 | 0 | ||||||||||||||
Intercompany service fees and other recharges | 0 | 0 | ||||||||||||||
Operating income/(loss) | 0 | 0 | ||||||||||||||
Interest expense | 0 | 0 | ||||||||||||||
Other expense/(income), net | 0 | 0 | ||||||||||||||
Income/(loss) before income taxes | 0 | 0 | ||||||||||||||
Provision for/(benefit from) income taxes | 0 | 0 | ||||||||||||||
Equity in earnings/(losses) of subsidiaries | 10,999 | 3,632 | ||||||||||||||
Net income/(loss) | 10,999 | 3,632 | ||||||||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | ||||||||||||||
Net income/(loss) excluding noncontrolling interest | 10,999 | 3,632 | ||||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | 11,573 | 2,675 | ||||||||||||||
As Previously Reported | Subsidiary Issuer | Reportable Legal Entities | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 17,507 | 17,809 | ||||||||||||||
Cost of products sold | 10,710 | 11,156 | ||||||||||||||
Gross profit | 6,797 | 6,653 | ||||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 652 | 970 | ||||||||||||||
Goodwill impairment losses | 0 | 0 | ||||||||||||||
Intangible asset impairment losses | 0 | 0 | ||||||||||||||
Selling, general and administrative expenses | 652 | 970 | ||||||||||||||
Intercompany service fees and other recharges | 4,308 | 4,624 | ||||||||||||||
Operating income/(loss) | 1,837 | 1,059 | ||||||||||||||
Interest expense | 1,190 | 1,076 | ||||||||||||||
Other expense/(income), net | (10) | 144 | ||||||||||||||
Income/(loss) before income taxes | 657 | (161) | ||||||||||||||
Provision for/(benefit from) income taxes | (221) | (372) | ||||||||||||||
Equity in earnings/(losses) of subsidiaries | 10,121 | 3,421 | ||||||||||||||
Net income/(loss) | 10,999 | 3,632 | ||||||||||||||
Net income/(loss) attributable to noncontrolling interest | 0 | 0 | ||||||||||||||
Net income/(loss) excluding noncontrolling interest | 10,999 | 3,632 | ||||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | 11,573 | 2,675 | ||||||||||||||
As Previously Reported | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 9,293 | 9,310 | ||||||||||||||
Cost of products sold | 6,387 | 6,377 | ||||||||||||||
Gross profit | 2,906 | 2,933 | ||||||||||||||
Selling, general and administrative expenses, excluding impairment losses | 2,229 | 2,474 | ||||||||||||||
Goodwill impairment losses | 0 | 0 | ||||||||||||||
Intangible asset impairment losses | 49 | 0 | ||||||||||||||
Selling, general and administrative expenses | 2,278 | 2,474 | ||||||||||||||
Intercompany service fees and other recharges | (4,308) | (4,624) | ||||||||||||||
Operating income/(loss) | 4,936 | 5,083 | ||||||||||||||
Interest expense | 44 | 58 | ||||||||||||||
Other expense/(income), net | 19 | (159) | ||||||||||||||
Income/(loss) before income taxes | 4,873 | 5,184 | ||||||||||||||
Provision for/(benefit from) income taxes | (5,239) | 1,753 | ||||||||||||||
Equity in earnings/(losses) of subsidiaries | 0 | 0 | ||||||||||||||
Net income/(loss) | 10,112 | 3,431 | ||||||||||||||
Net income/(loss) attributable to noncontrolling interest | (9) | 10 | ||||||||||||||
Net income/(loss) excluding noncontrolling interest | 10,121 | 3,421 | ||||||||||||||
Comprehensive income/(loss) excluding noncontrolling interest | $ 7,726 | $ 5,717 |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jan. 03, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | $ 1,130 | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | ||
Trade receivables, net | 2,129 | 2,032 | 1,950 | 1,044 | 921 | 938 | 973 | 936 | ||
Receivables due from affiliates | 0 | 0 | ||||||||
Dividends due from affiliates | 0 | |||||||||
Sold receivables | 0 | 0 | 37 | 530 | 353 | 427 | 461 | 538 | ||
Income taxes receivable | 152 | 203 | 211 | 121 | 538 | 290 | 237 | 269 | ||
Inventories | 2,667 | 3,214 | 3,094 | 3,089 | 2,760 | 3,136 | 3,012 | 3,094 | ||
Short-term lending due from affiliates | 0 | 0 | ||||||||
Prepaid expenses | 400 | 389 | 388 | 367 | 345 | 368 | 359 | 349 | ||
Other current assets | 1,221 | 352 | 431 | 426 | 655 | 527 | 547 | 611 | ||
Assets held for sale | 1,376 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total current assets | 9,075 | 7,556 | 9,480 | 7,371 | 7,201 | 7,127 | 7,034 | 9,039 | ||
Property, plant and equipment, net | 7,078 | 7,074 | 7,117 | 7,145 | 7,061 | 6,902 | 6,804 | 6,689 | ||
Goodwill | 36,503 | 44,339 | 44,302 | 44,844 | 44,825 | 44,859 | 44,566 | 44,301 | ||
Investments in subsidiaries | 0 | 0 | ||||||||
Intangible assets, net | 49,468 | 58,727 | 59,084 | 59,583 | 59,432 | 59,483 | 59,383 | 59,313 | ||
Long-term lending due from affiliates | 0 | 0 | ||||||||
Other non-current assets | 1,337 | 1,879 | 1,766 | 1,640 | 1,573 | 1,531 | 1,535 | 1,604 | ||
TOTAL ASSETS | 103,461 | 119,575 | 121,749 | 120,583 | 120,092 | 119,902 | 119,322 | 120,946 | ||
Commercial paper and other short-term debt | 21 | 973 | 34 | 1,003 | 462 | 457 | 1,090 | 909 | ||
Current portion of long-term debt | 377 | 371 | 2,723 | 2,715 | 2,733 | 2,747 | 19 | 2,022 | ||
Short-term lending due to affiliates | 0 | 0 | ||||||||
Trade payables | 4,153 | 4,238 | 4,236 | 4,148 | 4,362 | 3,873 | 3,805 | 3,858 | ||
Payables due to affiliates | 0 | 0 | ||||||||
Accrued marketing | 722 | 494 | 480 | 576 | 689 | 500 | 499 | 601 | ||
Interest payable | 408 | 315 | 404 | 345 | 419 | 295 | 406 | 346 | ||
Dividends due to affiliates | 0 | |||||||||
Other current liabilities | 1,767 | 1,231 | 1,236 | 1,500 | 1,489 | 1,578 | 1,589 | 1,905 | ||
Liabilities held for sale | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Total current liabilities | 7,503 | 7,622 | 9,113 | 10,287 | 10,154 | 9,450 | 7,408 | 9,641 | ||
Long-term debt | 30,770 | 30,887 | 31,269 | 28,465 | 28,308 | 28,276 | 29,978 | 29,747 | ||
Long-term borrowings due to affiliates | 0 | 0 | ||||||||
Deferred income taxes | 12,202 | 14,224 | 14,260 | 14,106 | 14,039 | 20,841 | 20,840 | 20,873 | ||
Accrued postemployment costs | 306 | 394 | 394 | 400 | 427 | 1,808 | 1,975 | 2,016 | ||
Other non-current liabilities | 902 | 1,035 | 998 | 1,023 | 1,088 | 715 | 701 | 851 | ||
TOTAL LIABILITIES | 51,683 | 54,162 | 56,034 | 54,281 | 54,016 | 61,090 | 60,902 | 63,128 | ||
Redeemable noncontrolling interest | 3 | 6 | 7 | 8 | 6 | 0 | 0 | 0 | ||
Total shareholders’ equity | 51,657 | 65,219 | 65,520 | 66,087 | 65,863 | 58,600 | 58,207 | 57,606 | ||
Noncontrolling interest | 118 | 188 | 188 | 207 | 207 | 212 | 213 | 212 | ||
TOTAL EQUITY | 51,775 | 65,407 | 65,708 | 66,294 | 66,070 | 58,812 | 58,420 | 57,818 | $ 57,460 | $ 57,871 |
TOTAL LIABILITIES AND EQUITY | 103,461 | 119,575 | 121,749 | 120,583 | 120,092 | 119,902 | 119,322 | 120,946 | ||
Eliminations | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Trade receivables, net | 0 | 0 | ||||||||
Receivables due from affiliates | (1,211) | (956) | ||||||||
Dividends due from affiliates | (135) | |||||||||
Sold receivables | 0 | |||||||||
Income taxes receivable | (558) | (1,449) | ||||||||
Inventories | 0 | 0 | ||||||||
Short-term lending due from affiliates | (5,540) | (5,414) | ||||||||
Prepaid expenses | 0 | 0 | ||||||||
Other current assets | 0 | 0 | ||||||||
Assets held for sale | 0 | |||||||||
Total current assets | (7,309) | (7,954) | ||||||||
Property, plant and equipment, net | 0 | 0 | ||||||||
Goodwill | 0 | 0 | ||||||||
Investments in subsidiaries | (119,524) | (146,208) | ||||||||
Intangible assets, net | 0 | 0 | ||||||||
Long-term lending due from affiliates | (2,000) | (3,729) | ||||||||
Other non-current assets | 0 | 0 | ||||||||
TOTAL ASSETS | (128,833) | (157,891) | ||||||||
Commercial paper and other short-term debt | 0 | 0 | ||||||||
Current portion of long-term debt | 0 | 0 | ||||||||
Short-term lending due to affiliates | (5,540) | (5,414) | ||||||||
Trade payables | 0 | 0 | ||||||||
Payables due to affiliates | (1,211) | (956) | ||||||||
Accrued marketing | 0 | 0 | ||||||||
Interest payable | 0 | 0 | ||||||||
Dividends due to affiliates | (135) | |||||||||
Other current liabilities | (558) | (1,449) | ||||||||
Liabilities held for sale | 0 | |||||||||
Total current liabilities | (7,309) | (7,954) | ||||||||
Long-term debt | 0 | 0 | ||||||||
Long-term borrowings due to affiliates | (2,012) | (3,948) | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Accrued postemployment costs | 0 | 0 | ||||||||
Other non-current liabilities | 0 | 0 | ||||||||
TOTAL LIABILITIES | (9,321) | (11,902) | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Total shareholders’ equity | (119,512) | (145,989) | ||||||||
Noncontrolling interest | 0 | 0 | ||||||||
TOTAL EQUITY | (119,512) | (145,989) | ||||||||
TOTAL LIABILITIES AND EQUITY | (128,833) | (157,891) | ||||||||
Parent Guarantor | Reportable Legal Entities | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Trade receivables, net | 0 | 0 | ||||||||
Receivables due from affiliates | 0 | 0 | ||||||||
Dividends due from affiliates | 135 | |||||||||
Sold receivables | 0 | |||||||||
Income taxes receivable | 0 | 0 | ||||||||
Inventories | 0 | 0 | ||||||||
Short-term lending due from affiliates | 0 | 0 | ||||||||
Prepaid expenses | 0 | 0 | ||||||||
Other current assets | 0 | 0 | ||||||||
Assets held for sale | 0 | |||||||||
Total current assets | 0 | 135 | ||||||||
Property, plant and equipment, net | 0 | 0 | ||||||||
Goodwill | 0 | 0 | ||||||||
Investments in subsidiaries | 51,657 | 65,863 | ||||||||
Intangible assets, net | 0 | 0 | ||||||||
Long-term lending due from affiliates | 0 | 0 | ||||||||
Other non-current assets | 0 | 0 | ||||||||
TOTAL ASSETS | 51,657 | 65,998 | ||||||||
Commercial paper and other short-term debt | 0 | 0 | ||||||||
Current portion of long-term debt | 0 | 0 | ||||||||
Short-term lending due to affiliates | 0 | 0 | ||||||||
Trade payables | 0 | 0 | ||||||||
Payables due to affiliates | 0 | 0 | ||||||||
Accrued marketing | 0 | 0 | ||||||||
Interest payable | 0 | 0 | ||||||||
Dividends due to affiliates | 0 | |||||||||
Other current liabilities | 0 | 135 | ||||||||
Liabilities held for sale | 0 | |||||||||
Total current liabilities | 0 | 135 | ||||||||
Long-term debt | 0 | 0 | ||||||||
Long-term borrowings due to affiliates | 0 | 0 | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Accrued postemployment costs | 0 | 0 | ||||||||
Other non-current liabilities | 0 | 0 | ||||||||
TOTAL LIABILITIES | 0 | 135 | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Total shareholders’ equity | 51,657 | 65,863 | ||||||||
Noncontrolling interest | 0 | 0 | ||||||||
TOTAL EQUITY | 51,657 | 65,863 | ||||||||
TOTAL LIABILITIES AND EQUITY | 51,657 | 65,998 | ||||||||
Subsidiary Issuer | Reportable Legal Entities | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 202 | 509 | ||||||||
Trade receivables, net | 933 | 91 | ||||||||
Receivables due from affiliates | 870 | 716 | ||||||||
Dividends due from affiliates | 0 | |||||||||
Sold receivables | 0 | |||||||||
Income taxes receivable | 701 | 1,890 | ||||||||
Inventories | 1,783 | 1,790 | ||||||||
Short-term lending due from affiliates | 1,787 | 1,598 | ||||||||
Prepaid expenses | 198 | 168 | ||||||||
Other current assets | 776 | 359 | ||||||||
Assets held for sale | 75 | |||||||||
Total current assets | 7,325 | 7,121 | ||||||||
Property, plant and equipment, net | 4,524 | 4,591 | ||||||||
Goodwill | 11,067 | 11,068 | ||||||||
Investments in subsidiaries | 67,867 | 80,345 | ||||||||
Intangible assets, net | 3,010 | 3,222 | ||||||||
Long-term lending due from affiliates | 0 | 1,700 | ||||||||
Other non-current assets | 316 | 515 | ||||||||
TOTAL ASSETS | 94,109 | 108,562 | ||||||||
Commercial paper and other short-term debt | 0 | 450 | ||||||||
Current portion of long-term debt | 363 | 2,568 | ||||||||
Short-term lending due to affiliates | 3,753 | 3,816 | ||||||||
Trade payables | 2,563 | 2,681 | ||||||||
Payables due to affiliates | 341 | 240 | ||||||||
Accrued marketing | 282 | 236 | ||||||||
Interest payable | 394 | 404 | ||||||||
Dividends due to affiliates | 135 | |||||||||
Other current liabilities | 888 | 565 | ||||||||
Liabilities held for sale | 0 | |||||||||
Total current liabilities | 8,584 | 11,095 | ||||||||
Long-term debt | 29,872 | 27,422 | ||||||||
Long-term borrowings due to affiliates | 2,000 | 2,029 | ||||||||
Deferred income taxes | 1,314 | 1,182 | ||||||||
Accrued postemployment costs | 89 | 184 | ||||||||
Other non-current liabilities | 593 | 787 | ||||||||
TOTAL LIABILITIES | 42,452 | 42,699 | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Total shareholders’ equity | 51,657 | 65,863 | ||||||||
Noncontrolling interest | 0 | 0 | ||||||||
TOTAL EQUITY | 51,657 | 65,863 | ||||||||
TOTAL LIABILITIES AND EQUITY | 94,109 | 108,562 | ||||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 928 | 1,120 | ||||||||
Trade receivables, net | 1,196 | 830 | ||||||||
Receivables due from affiliates | 341 | 240 | ||||||||
Dividends due from affiliates | 0 | |||||||||
Sold receivables | 353 | |||||||||
Income taxes receivable | 9 | 97 | ||||||||
Inventories | 884 | 970 | ||||||||
Short-term lending due from affiliates | 3,753 | 3,816 | ||||||||
Prepaid expenses | 202 | 177 | ||||||||
Other current assets | 445 | 296 | ||||||||
Assets held for sale | 1,301 | |||||||||
Total current assets | 9,059 | 7,899 | ||||||||
Property, plant and equipment, net | 2,554 | 2,470 | ||||||||
Goodwill | 25,436 | 33,757 | ||||||||
Investments in subsidiaries | 0 | 0 | ||||||||
Intangible assets, net | 46,458 | 56,210 | ||||||||
Long-term lending due from affiliates | 2,000 | 2,029 | ||||||||
Other non-current assets | 1,021 | 1,058 | ||||||||
TOTAL ASSETS | 86,528 | 103,423 | ||||||||
Commercial paper and other short-term debt | 21 | 12 | ||||||||
Current portion of long-term debt | 14 | 165 | ||||||||
Short-term lending due to affiliates | 1,787 | 1,598 | ||||||||
Trade payables | 1,590 | 1,681 | ||||||||
Payables due to affiliates | 870 | 716 | ||||||||
Accrued marketing | 440 | 453 | ||||||||
Interest payable | 14 | 15 | ||||||||
Dividends due to affiliates | 0 | |||||||||
Other current liabilities | 1,437 | 2,238 | ||||||||
Liabilities held for sale | 55 | |||||||||
Total current liabilities | 6,228 | 6,878 | ||||||||
Long-term debt | 898 | 886 | ||||||||
Long-term borrowings due to affiliates | 12 | 1,919 | ||||||||
Deferred income taxes | 10,888 | 12,857 | ||||||||
Accrued postemployment costs | 217 | 243 | ||||||||
Other non-current liabilities | 309 | 301 | ||||||||
TOTAL LIABILITIES | 18,552 | 23,084 | ||||||||
Redeemable noncontrolling interest | 3 | 6 | ||||||||
Total shareholders’ equity | 67,855 | 80,126 | ||||||||
Noncontrolling interest | 118 | 207 | ||||||||
TOTAL EQUITY | 67,973 | 80,333 | ||||||||
TOTAL LIABILITIES AND EQUITY | $ 86,528 | 103,423 | ||||||||
As Previously Reported | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 1,366 | 3,369 | 1,794 | 1,629 | 1,441 | 1,445 | 3,242 | |||
Trade receivables, net | 2,032 | 1,950 | 1,044 | 921 | 938 | 913 | 886 | |||
Receivables due from affiliates | 0 | |||||||||
Dividends due from affiliates | 0 | |||||||||
Sold receivables | 0 | 37 | 530 | 353 | 427 | 521 | 588 | |||
Income taxes receivable | 195 | 177 | 150 | 582 | 328 | 277 | 270 | |||
Inventories | 3,287 | 3,161 | 3,144 | 2,815 | 3,188 | 3,065 | 3,151 | |||
Short-term lending due from affiliates | 0 | |||||||||
Prepaid expenses | 389 | 388 | 367 | 345 | 368 | 359 | 349 | |||
Other current assets | 321 | 419 | 408 | 621 | 538 | 528 | 389 | |||
Assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total current assets | 7,590 | 9,501 | 7,437 | 7,266 | 7,228 | 7,108 | 8,875 | |||
Property, plant and equipment, net | 7,216 | 7,258 | 7,267 | 7,120 | 6,934 | 6,808 | 6,693 | |||
Goodwill | 44,308 | 44,270 | 44,843 | 44,824 | 44,858 | 44,565 | 44,300 | |||
Investments in subsidiaries | 0 | |||||||||
Intangible assets, net | 58,727 | 59,101 | 59,600 | 59,449 | 59,500 | 59,400 | 59,330 | |||
Long-term lending due from affiliates | 0 | |||||||||
Other non-current assets | 1,889 | 1,766 | 1,640 | 1,573 | 1,531 | 1,535 | 1,604 | |||
TOTAL ASSETS | 119,730 | 121,896 | 120,787 | 120,232 | 120,051 | 119,416 | 120,802 | |||
Commercial paper and other short-term debt | 973 | 34 | 1,001 | 460 | 455 | 1,090 | 909 | |||
Current portion of long-term debt | 405 | 2,754 | 2,742 | 2,743 | 2,755 | 19 | 2,023 | |||
Short-term lending due to affiliates | 0 | |||||||||
Trade payables | 4,312 | 4,326 | 4,241 | 4,449 | 3,947 | 3,888 | 3,936 | |||
Payables due to affiliates | 0 | |||||||||
Accrued marketing | 494 | 474 | 567 | 680 | 493 | 494 | 599 | |||
Interest payable | 315 | 404 | 345 | 419 | 295 | 406 | 346 | |||
Dividends due to affiliates | 0 | |||||||||
Other current liabilities | 1,082 | 1,099 | 1,433 | 1,381 | 1,442 | 1,459 | 1,570 | |||
Liabilities held for sale | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Total current liabilities | 7,581 | 9,091 | 10,329 | 10,132 | 9,387 | 7,356 | 9,383 | |||
Long-term debt | 30,998 | 31,380 | 28,561 | 28,333 | 28,299 | 29,979 | 29,748 | |||
Long-term borrowings due to affiliates | 0 | |||||||||
Deferred income taxes | 14,215 | 14,230 | 14,085 | 14,076 | 20,898 | 20,887 | 20,910 | |||
Accrued postemployment costs | 394 | 394 | 400 | 427 | 1,808 | 1,975 | 2,016 | |||
Other non-current liabilities | 964 | 929 | 949 | 1,017 | 688 | 673 | 801 | |||
TOTAL LIABILITIES | 54,152 | 56,024 | 54,324 | 53,985 | 61,080 | 60,870 | 62,858 | |||
Redeemable noncontrolling interest | 6 | 7 | 8 | 6 | 0 | 0 | 0 | |||
Total shareholders’ equity | 65,385 | 65,677 | 66,248 | 66,034 | 58,759 | 58,333 | 57,732 | |||
Noncontrolling interest | 187 | 188 | 207 | 207 | 212 | 213 | 212 | |||
TOTAL EQUITY | 65,572 | 65,865 | 66,455 | 66,241 | 58,971 | 58,546 | 57,944 | $ 57,574 | $ 57,893 | |
TOTAL LIABILITIES AND EQUITY | $ 119,730 | $ 121,896 | $ 120,787 | 120,232 | $ 120,051 | $ 119,416 | $ 120,802 | |||
As Previously Reported | Eliminations | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 0 | |||||||||
Trade receivables, net | 0 | |||||||||
Receivables due from affiliates | (923) | |||||||||
Dividends due from affiliates | (135) | |||||||||
Sold receivables | 0 | |||||||||
Income taxes receivable | (1,419) | |||||||||
Inventories | 0 | |||||||||
Short-term lending due from affiliates | (5,414) | |||||||||
Prepaid expenses | 0 | |||||||||
Other current assets | 0 | |||||||||
Total current assets | (7,891) | |||||||||
Property, plant and equipment, net | 0 | |||||||||
Goodwill | 0 | |||||||||
Investments in subsidiaries | (146,460) | |||||||||
Intangible assets, net | 0 | |||||||||
Long-term lending due from affiliates | (3,729) | |||||||||
Other non-current assets | 0 | |||||||||
TOTAL ASSETS | (158,080) | |||||||||
Commercial paper and other short-term debt | 0 | |||||||||
Current portion of long-term debt | 0 | |||||||||
Short-term lending due to affiliates | (5,414) | |||||||||
Trade payables | 0 | |||||||||
Payables due to affiliates | (923) | |||||||||
Accrued marketing | 0 | |||||||||
Interest payable | 0 | |||||||||
Dividends due to affiliates | (135) | |||||||||
Other current liabilities | (1,419) | |||||||||
Total current liabilities | (7,891) | |||||||||
Long-term debt | 0 | |||||||||
Long-term borrowings due to affiliates | (3,948) | |||||||||
Deferred income taxes | 0 | |||||||||
Accrued postemployment costs | 0 | |||||||||
Other non-current liabilities | 0 | |||||||||
TOTAL LIABILITIES | (11,839) | |||||||||
Redeemable noncontrolling interest | 0 | |||||||||
Total shareholders’ equity | (146,241) | |||||||||
Noncontrolling interest | 0 | |||||||||
TOTAL EQUITY | (146,241) | |||||||||
TOTAL LIABILITIES AND EQUITY | (158,080) | |||||||||
As Previously Reported | Parent Guarantor | Reportable Legal Entities | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 0 | |||||||||
Trade receivables, net | 0 | |||||||||
Receivables due from affiliates | 0 | |||||||||
Dividends due from affiliates | 135 | |||||||||
Sold receivables | 0 | |||||||||
Income taxes receivable | 0 | |||||||||
Inventories | 0 | |||||||||
Short-term lending due from affiliates | 0 | |||||||||
Prepaid expenses | 0 | |||||||||
Other current assets | 0 | |||||||||
Total current assets | 135 | |||||||||
Property, plant and equipment, net | 0 | |||||||||
Goodwill | 0 | |||||||||
Investments in subsidiaries | 66,034 | |||||||||
Intangible assets, net | 0 | |||||||||
Long-term lending due from affiliates | 0 | |||||||||
Other non-current assets | 0 | |||||||||
TOTAL ASSETS | 66,169 | |||||||||
Commercial paper and other short-term debt | 0 | |||||||||
Current portion of long-term debt | 0 | |||||||||
Short-term lending due to affiliates | 0 | |||||||||
Trade payables | 0 | |||||||||
Payables due to affiliates | 0 | |||||||||
Accrued marketing | 0 | |||||||||
Interest payable | 0 | |||||||||
Dividends due to affiliates | 0 | |||||||||
Other current liabilities | 135 | |||||||||
Total current liabilities | 135 | |||||||||
Long-term debt | 0 | |||||||||
Long-term borrowings due to affiliates | 0 | |||||||||
Deferred income taxes | 0 | |||||||||
Accrued postemployment costs | 0 | |||||||||
Other non-current liabilities | 0 | |||||||||
TOTAL LIABILITIES | 135 | |||||||||
Redeemable noncontrolling interest | 0 | |||||||||
Total shareholders’ equity | 66,034 | |||||||||
Noncontrolling interest | 0 | |||||||||
TOTAL EQUITY | 66,034 | |||||||||
TOTAL LIABILITIES AND EQUITY | 66,169 | |||||||||
As Previously Reported | Subsidiary Issuer | Reportable Legal Entities | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 509 | |||||||||
Trade receivables, net | 91 | |||||||||
Receivables due from affiliates | 716 | |||||||||
Dividends due from affiliates | 0 | |||||||||
Sold receivables | 0 | |||||||||
Income taxes receivable | 1,904 | |||||||||
Inventories | 1,846 | |||||||||
Short-term lending due from affiliates | 1,598 | |||||||||
Prepaid expenses | 168 | |||||||||
Other current assets | 325 | |||||||||
Total current assets | 7,157 | |||||||||
Property, plant and equipment, net | 4,577 | |||||||||
Goodwill | 11,067 | |||||||||
Investments in subsidiaries | 80,426 | |||||||||
Intangible assets, net | 3,222 | |||||||||
Long-term lending due from affiliates | 1,700 | |||||||||
Other non-current assets | 515 | |||||||||
TOTAL ASSETS | 108,664 | |||||||||
Commercial paper and other short-term debt | 448 | |||||||||
Current portion of long-term debt | 2,577 | |||||||||
Short-term lending due to affiliates | 3,816 | |||||||||
Trade payables | 2,718 | |||||||||
Payables due to affiliates | 207 | |||||||||
Accrued marketing | 236 | |||||||||
Interest payable | 404 | |||||||||
Dividends due to affiliates | 135 | |||||||||
Other current liabilities | 473 | |||||||||
Total current liabilities | 11,014 | |||||||||
Long-term debt | 27,442 | |||||||||
Long-term borrowings due to affiliates | 2,029 | |||||||||
Deferred income taxes | 1,245 | |||||||||
Accrued postemployment costs | 184 | |||||||||
Other non-current liabilities | 716 | |||||||||
TOTAL LIABILITIES | 42,630 | |||||||||
Redeemable noncontrolling interest | 0 | |||||||||
Total shareholders’ equity | 66,034 | |||||||||
Noncontrolling interest | 0 | |||||||||
TOTAL EQUITY | 66,034 | |||||||||
TOTAL LIABILITIES AND EQUITY | 108,664 | |||||||||
As Previously Reported | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Cash and cash equivalents | 1,120 | |||||||||
Trade receivables, net | 830 | |||||||||
Receivables due from affiliates | 207 | |||||||||
Dividends due from affiliates | 0 | |||||||||
Sold receivables | 353 | |||||||||
Income taxes receivable | 97 | |||||||||
Inventories | 969 | |||||||||
Short-term lending due from affiliates | 3,816 | |||||||||
Prepaid expenses | 177 | |||||||||
Other current assets | 296 | |||||||||
Total current assets | 7,865 | |||||||||
Property, plant and equipment, net | 2,543 | |||||||||
Goodwill | 33,757 | |||||||||
Investments in subsidiaries | 0 | |||||||||
Intangible assets, net | 56,227 | |||||||||
Long-term lending due from affiliates | 2,029 | |||||||||
Other non-current assets | 1,058 | |||||||||
TOTAL ASSETS | 103,479 | |||||||||
Commercial paper and other short-term debt | 12 | |||||||||
Current portion of long-term debt | 166 | |||||||||
Short-term lending due to affiliates | 1,598 | |||||||||
Trade payables | 1,731 | |||||||||
Payables due to affiliates | 716 | |||||||||
Accrued marketing | 444 | |||||||||
Interest payable | 15 | |||||||||
Dividends due to affiliates | 0 | |||||||||
Other current liabilities | 2,192 | |||||||||
Total current liabilities | 6,874 | |||||||||
Long-term debt | 891 | |||||||||
Long-term borrowings due to affiliates | 1,919 | |||||||||
Deferred income taxes | 12,831 | |||||||||
Accrued postemployment costs | 243 | |||||||||
Other non-current liabilities | 301 | |||||||||
TOTAL LIABILITIES | 23,059 | |||||||||
Redeemable noncontrolling interest | 6 | |||||||||
Total shareholders’ equity | 80,207 | |||||||||
Noncontrolling interest | 207 | |||||||||
TOTAL EQUITY | 80,414 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ 103,479 |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 29, 2018 | Mar. 31, 2018 | Apr. 01, 2017 | Jun. 30, 2018 | Jul. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | $ 408 | $ (615) | $ 216 | $ (178) | $ 878 | $ 15 | $ 2,574 | $ 501 | $ 2,648 | |
Cash receipts on sold receivables | 436 | 464 | 1,221 | 1,069 | 1,296 | 1,633 | 1,296 | 2,286 | 2,589 | |
Capital expenditures | (223) | (368) | (438) | (690) | (594) | (956) | (826) | (1,194) | (1,247) | |
Payments to acquire business, net of cash acquired | (215) | 0 | (215) | 0 | (248) | 0 | (248) | 0 | 0 | |
Net proceeds from/(payments on) intercompany lending activities | 0 | 0 | 0 | |||||||
Additional investments in subsidiaries | 0 | 0 | 0 | |||||||
Return of capital | 0 | 0 | ||||||||
Other investing activities, net | 6 | 38 | 11 | 44 | 31 | 45 | 66 | 85 | 110 | |
Net cash provided by/(used for) investing activities | 4 | 134 | 579 | 423 | 485 | 722 | 288 | 1,177 | 1,452 | |
Repayments of long-term debt | (6) | (27) | (12) | (2,032) | (2,706) | (2,635) | (2,713) | (2,641) | (85) | |
Proceeds from issuance of long-term debt | 0 | 2 | 2,990 | 4 | 2,990 | 1,496 | 2,990 | 1,496 | 6,981 | |
Proceeds from issuance of commercial paper | 1,524 | 2,324 | 1,525 | 4,213 | 2,485 | 5,495 | 2,784 | 6,043 | 6,680 | |
Repayments of commercial paper | (1,006) | (2,068) | (1,950) | (3,777) | (1,950) | (5,709) | (3,213) | (6,249) | (6,043) | |
Net proceeds from/(payments on) intercompany borrowing activities | 0 | 0 | 0 | |||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (180) | |
Dividends paid - common stock | (897) | (736) | (1,659) | (1,434) | (2,421) | (2,161) | (3,183) | (2,888) | (3,584) | |
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,320) | |
Other intercompany capital stock transactions | 0 | 0 | 0 | |||||||
Other financing activities, net | 14 | 0 | (3) | 15 | (35) | 28 | (28) | 18 | (69) | |
Net cash provided by/(used for) financing activities | (371) | (505) | 891 | (3,011) | (1,637) | (3,486) | (3,363) | (4,221) | (4,620) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10) | 13 | (80) | 29 | (128) | 43 | (132) | 57 | (137) | |
Net increase/(decrease) | 31 | (973) | 1,606 | (2,737) | (402) | (2,706) | (633) | (2,486) | (657) | |
Balance at beginning of period | $ 3,375 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 4,912 |
Balance at end of period | 1,367 | 1,800 | 3,282 | 3,375 | 1,518 | 1,367 | 1,549 | 1,136 | 1,769 | 4,255 |
Eliminations | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | (3,193) | (2,888) | (3,112) | |||||||
Cash receipts on sold receivables | 0 | 0 | 0 | |||||||
Capital expenditures | 0 | 0 | 0 | |||||||
Payments to acquire business, net of cash acquired | 0 | |||||||||
Net proceeds from/(payments on) intercompany lending activities | (1,832) | (99) | (727) | |||||||
Additional investments in subsidiaries | 41 | 21 | 10 | |||||||
Return of capital | (7) | (9,042) | ||||||||
Other investing activities, net | 0 | 0 | 0 | |||||||
Net cash provided by/(used for) investing activities | (1,798) | (78) | (9,759) | |||||||
Repayments of long-term debt | 0 | 0 | 0 | |||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |||||||
Proceeds from issuance of commercial paper | 0 | 0 | 0 | |||||||
Repayments of commercial paper | 0 | 0 | 0 | |||||||
Net proceeds from/(payments on) intercompany borrowing activities | 1,832 | 99 | 727 | |||||||
Dividends paid - Series A Preferred Stock | 0 | |||||||||
Dividends paid - common stock | 3,193 | 2,888 | 3,780 | |||||||
Redemption of Series A Preferred Stock | 0 | |||||||||
Other intercompany capital stock transactions | 8,364 | |||||||||
Other intercompany capital stock transactions | (34) | (21) | ||||||||
Other financing activities, net | 0 | 0 | 0 | |||||||
Net cash provided by/(used for) financing activities | 4,991 | 2,966 | 12,871 | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | 0 | |||||||
Net increase/(decrease) | 0 | 0 | 0 | |||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 | |||||||
Parent Guarantor | Reportable Legal Entities | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | 3,183 | 2,888 | 3,096 | |||||||
Cash receipts on sold receivables | 0 | 0 | 0 | |||||||
Capital expenditures | 0 | 0 | 0 | |||||||
Payments to acquire business, net of cash acquired | 0 | |||||||||
Net proceeds from/(payments on) intercompany lending activities | 0 | 0 | 0 | |||||||
Additional investments in subsidiaries | (21) | 0 | ||||||||
Return of capital | 7 | 9,042 | ||||||||
Other investing activities, net | 0 | 0 | 0 | |||||||
Net cash provided by/(used for) investing activities | 7 | (21) | 9,042 | |||||||
Repayments of long-term debt | 0 | 0 | 0 | |||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |||||||
Proceeds from issuance of commercial paper | 0 | 0 | 0 | |||||||
Repayments of commercial paper | 0 | 0 | 0 | |||||||
Net proceeds from/(payments on) intercompany borrowing activities | 0 | 0 | 0 | |||||||
Dividends paid - Series A Preferred Stock | (180) | |||||||||
Dividends paid - common stock | (3,183) | (2,888) | (3,584) | |||||||
Redemption of Series A Preferred Stock | (8,320) | |||||||||
Other intercompany capital stock transactions | 0 | 0 | 0 | |||||||
Other financing activities, net | (7) | 21 | (54) | |||||||
Net cash provided by/(used for) financing activities | (3,190) | (2,867) | (12,138) | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | 0 | |||||||
Net increase/(decrease) | 0 | 0 | 0 | |||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 | |||||||
Subsidiary Issuer | Reportable Legal Entities | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | 1,928 | 1,497 | 4,368 | |||||||
Cash receipts on sold receivables | 0 | 0 | 0 | |||||||
Capital expenditures | (339) | (757) | (923) | |||||||
Payments to acquire business, net of cash acquired | (245) | |||||||||
Net proceeds from/(payments on) intercompany lending activities | 1,626 | 641 | 690 | |||||||
Additional investments in subsidiaries | (41) | 0 | (10) | |||||||
Return of capital | 0 | 0 | ||||||||
Other investing activities, net | 31 | 62 | 129 | |||||||
Net cash provided by/(used for) investing activities | 1,032 | (54) | (114) | |||||||
Repayments of long-term debt | (2,550) | (2,628) | (72) | |||||||
Proceeds from issuance of long-term debt | 2,990 | 1,496 | 6,978 | |||||||
Proceeds from issuance of commercial paper | 2,784 | 6,043 | 6,680 | |||||||
Repayments of commercial paper | (3,213) | (6,249) | (6,043) | |||||||
Net proceeds from/(payments on) intercompany borrowing activities | 542 | |||||||||
Net proceeds from/(payments on) intercompany borrowing activities | (206) | (37) | ||||||||
Dividends paid - Series A Preferred Stock | 0 | |||||||||
Dividends paid - common stock | (3,183) | (2,888) | (3,764) | |||||||
Redemption of Series A Preferred Stock | 0 | |||||||||
Other intercompany capital stock transactions | 21 | |||||||||
Other intercompany capital stock transactions | (7) | (8,374) | ||||||||
Other financing activities, net | (17) | (5) | (5) | |||||||
Net cash provided by/(used for) financing activities | (3,402) | (3,668) | (4,637) | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | 0 | |||||||
Net increase/(decrease) | (442) | (2,225) | (383) | |||||||
Balance at beginning of period | 644 | 2,869 | 644 | 2,869 | 644 | 2,869 | 644 | 2,869 | 3,252 | |
Balance at end of period | 202 | 644 | 2,869 | |||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | 656 | (996) | (1,704) | |||||||
Cash receipts on sold receivables | 1,296 | 2,286 | 2,589 | |||||||
Capital expenditures | (487) | (437) | (324) | |||||||
Payments to acquire business, net of cash acquired | (3) | |||||||||
Net proceeds from/(payments on) intercompany lending activities | 206 | 37 | ||||||||
Net proceeds from/(payments on) intercompany lending activities | (542) | |||||||||
Additional investments in subsidiaries | 0 | 0 | ||||||||
Return of capital | 0 | 0 | ||||||||
Other investing activities, net | 35 | 23 | (19) | |||||||
Net cash provided by/(used for) investing activities | 1,047 | 1,330 | 2,283 | |||||||
Repayments of long-term debt | (163) | (13) | (13) | |||||||
Proceeds from issuance of long-term debt | 0 | 0 | 3 | |||||||
Proceeds from issuance of commercial paper | 0 | 0 | 0 | |||||||
Repayments of commercial paper | 0 | 0 | 0 | |||||||
Net proceeds from/(payments on) intercompany borrowing activities | (1,626) | (641) | (690) | |||||||
Dividends paid - Series A Preferred Stock | 0 | |||||||||
Dividends paid - common stock | (10) | 0 | (16) | |||||||
Redemption of Series A Preferred Stock | 0 | |||||||||
Other intercompany capital stock transactions | 41 | 0 | 10 | |||||||
Other financing activities, net | (4) | 2 | (10) | |||||||
Net cash provided by/(used for) financing activities | (1,762) | (652) | (716) | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (132) | 57 | (137) | |||||||
Net increase/(decrease) | (191) | (261) | (274) | |||||||
Balance at beginning of period | 1,125 | 1,386 | 1,125 | 1,386 | 1,125 | 1,386 | 1,125 | 1,386 | 1,660 | |
Balance at end of period | 934 | 1,125 | 1,386 | |||||||
As Previously Reported | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | 413 | (615) | 229 | (178) | 899 | 16 | 527 | 2,649 | ||
Cash receipts on sold receivables | 436 | 464 | 1,221 | 1,069 | 1,296 | 1,633 | 2,286 | 2,589 | ||
Capital expenditures | (223) | (368) | (438) | (690) | (594) | (956) | (1,217) | (1,247) | ||
Payments to acquire business, net of cash acquired | (215) | 0 | (215) | 0 | (248) | 0 | 0 | 0 | ||
Net proceeds from/(payments on) intercompany lending activities | 0 | 0 | ||||||||
Additional investments in subsidiaries | 0 | 0 | ||||||||
Return of capital | 0 | |||||||||
Other investing activities, net | 6 | 38 | 11 | 44 | 31 | 47 | 87 | 110 | ||
Net cash provided by/(used for) investing activities | 4 | 134 | 579 | 423 | 485 | 724 | 1,156 | 1,452 | ||
Repayments of long-term debt | (11) | (27) | (25) | (2,032) | (2,727) | (2,636) | (2,644) | (86) | ||
Proceeds from issuance of long-term debt | 0 | 2 | 2,990 | 4 | 2,990 | 1,496 | 1,496 | 6,981 | ||
Proceeds from issuance of commercial paper | 1,524 | 2,324 | 1,525 | 4,213 | 2,485 | 5,495 | 6,043 | 6,680 | ||
Repayments of commercial paper | (1,006) | (2,068) | (1,950) | (3,777) | (1,950) | (5,709) | (6,249) | (6,043) | ||
Net proceeds from/(payments on) intercompany borrowing activities | 0 | 0 | ||||||||
Dividends paid - Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (180) | ||
Dividends paid - common stock | (897) | (736) | (1,659) | (1,434) | (2,421) | (2,161) | (2,888) | (3,584) | ||
Redemption of Series A Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,320) | ||
Other intercompany capital stock transactions | 0 | 0 | ||||||||
Other financing activities, net | 14 | 0 | (3) | 15 | (35) | 26 | 16 | (69) | ||
Net cash provided by/(used for) financing activities | (376) | (505) | 878 | (3,011) | (1,658) | (3,489) | (4,226) | (4,621) | ||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (10) | 13 | (80) | 29 | (128) | 43 | 57 | (137) | ||
Net increase/(decrease) | 31 | (973) | 1,606 | (2,737) | (402) | (2,706) | (2,486) | (657) | ||
Balance at beginning of period | 3,375 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 1,769 | 4,255 | 4,912 |
Balance at end of period | $ 1,367 | 1,800 | 3,282 | 3,375 | 1,518 | 1,367 | 1,549 | 1,769 | 4,255 | |
As Previously Reported | Eliminations | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | (2,888) | (3,112) | ||||||||
Cash receipts on sold receivables | 0 | 0 | ||||||||
Capital expenditures | 0 | 0 | ||||||||
Net proceeds from/(payments on) intercompany lending activities | (99) | (727) | ||||||||
Additional investments in subsidiaries | 22 | (45) | ||||||||
Return of capital | (8,987) | |||||||||
Other investing activities, net | 0 | 0 | ||||||||
Net cash provided by/(used for) investing activities | (77) | (9,759) | ||||||||
Repayments of long-term debt | 0 | 0 | ||||||||
Proceeds from issuance of long-term debt | 0 | 0 | ||||||||
Proceeds from issuance of commercial paper | 0 | 0 | ||||||||
Repayments of commercial paper | 0 | 0 | ||||||||
Net proceeds from/(payments on) intercompany borrowing activities | 99 | 727 | ||||||||
Dividends paid - Series A Preferred Stock | 0 | |||||||||
Dividends paid - common stock | 2,888 | 3,780 | ||||||||
Redemption of Series A Preferred Stock | 0 | |||||||||
Other intercompany capital stock transactions | 8,364 | |||||||||
Other intercompany capital stock transactions | (22) | |||||||||
Other financing activities, net | 0 | 0 | ||||||||
Net cash provided by/(used for) financing activities | 2,965 | 12,871 | ||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | ||||||||
Net increase/(decrease) | 0 | 0 | ||||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | ||||||||
As Previously Reported | Parent Guarantor | Reportable Legal Entities | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | 2,888 | 3,097 | ||||||||
Cash receipts on sold receivables | 0 | 0 | ||||||||
Capital expenditures | 0 | 0 | ||||||||
Net proceeds from/(payments on) intercompany lending activities | 0 | 0 | ||||||||
Additional investments in subsidiaries | (22) | 55 | ||||||||
Return of capital | 8,987 | |||||||||
Other investing activities, net | 0 | 0 | ||||||||
Net cash provided by/(used for) investing activities | (22) | 9,042 | ||||||||
Repayments of long-term debt | 0 | 0 | ||||||||
Proceeds from issuance of long-term debt | 0 | 0 | ||||||||
Proceeds from issuance of commercial paper | 0 | 0 | ||||||||
Repayments of commercial paper | 0 | 0 | ||||||||
Net proceeds from/(payments on) intercompany borrowing activities | 0 | 0 | ||||||||
Dividends paid - Series A Preferred Stock | (180) | |||||||||
Dividends paid - common stock | (2,888) | (3,584) | ||||||||
Redemption of Series A Preferred Stock | (8,320) | |||||||||
Other intercompany capital stock transactions | 0 | 0 | ||||||||
Other financing activities, net | 22 | (55) | ||||||||
Net cash provided by/(used for) financing activities | (2,866) | (12,139) | ||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | ||||||||
Net increase/(decrease) | 0 | 0 | ||||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of period | 0 | 0 | ||||||||
As Previously Reported | Subsidiary Issuer | Reportable Legal Entities | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | 1,499 | 4,369 | ||||||||
Cash receipts on sold receivables | 0 | 0 | ||||||||
Capital expenditures | (757) | (923) | ||||||||
Net proceeds from/(payments on) intercompany lending activities | 641 | 690 | ||||||||
Additional investments in subsidiaries | 0 | (10) | ||||||||
Return of capital | 0 | |||||||||
Other investing activities, net | 64 | 129 | ||||||||
Net cash provided by/(used for) investing activities | (52) | (114) | ||||||||
Repayments of long-term debt | (2,632) | (72) | ||||||||
Proceeds from issuance of long-term debt | 1,496 | 6,978 | ||||||||
Proceeds from issuance of commercial paper | 6,043 | 6,680 | ||||||||
Repayments of commercial paper | (6,249) | (6,043) | ||||||||
Net proceeds from/(payments on) intercompany borrowing activities | 542 | |||||||||
Net proceeds from/(payments on) intercompany borrowing activities | (37) | |||||||||
Dividends paid - Series A Preferred Stock | 0 | |||||||||
Dividends paid - common stock | (2,888) | (3,764) | ||||||||
Redemption of Series A Preferred Stock | 0 | |||||||||
Other intercompany capital stock transactions | 22 | |||||||||
Other intercompany capital stock transactions | (8,374) | |||||||||
Other financing activities, net | (6) | (6) | ||||||||
Net cash provided by/(used for) financing activities | (3,672) | (4,638) | ||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0 | 0 | ||||||||
Net increase/(decrease) | (2,225) | (383) | ||||||||
Balance at beginning of period | 644 | 2,869 | 644 | 2,869 | 644 | 2,869 | 644 | 2,869 | 3,252 | |
Balance at end of period | 644 | 2,869 | ||||||||
As Previously Reported | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||
Net cash provided by/(used for) operating activities | (972) | (1,705) | ||||||||
Cash receipts on sold receivables | 2,286 | 2,589 | ||||||||
Capital expenditures | (460) | (324) | ||||||||
Net proceeds from/(payments on) intercompany lending activities | 37 | |||||||||
Net proceeds from/(payments on) intercompany lending activities | (542) | |||||||||
Additional investments in subsidiaries | 0 | 0 | ||||||||
Return of capital | 0 | |||||||||
Other investing activities, net | 23 | (19) | ||||||||
Net cash provided by/(used for) investing activities | 1,307 | 2,283 | ||||||||
Repayments of long-term debt | (12) | (14) | ||||||||
Proceeds from issuance of long-term debt | 0 | 3 | ||||||||
Proceeds from issuance of commercial paper | 0 | 0 | ||||||||
Repayments of commercial paper | 0 | 0 | ||||||||
Net proceeds from/(payments on) intercompany borrowing activities | (641) | (690) | ||||||||
Dividends paid - Series A Preferred Stock | 0 | |||||||||
Dividends paid - common stock | 0 | (16) | ||||||||
Redemption of Series A Preferred Stock | 0 | |||||||||
Other intercompany capital stock transactions | 0 | 10 | ||||||||
Other financing activities, net | 0 | (8) | ||||||||
Net cash provided by/(used for) financing activities | (653) | (715) | ||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 57 | (137) | ||||||||
Net increase/(decrease) | (261) | (274) | ||||||||
Balance at beginning of period | $ 1,125 | $ 1,386 | $ 1,125 | $ 1,386 | $ 1,125 | $ 1,386 | $ 1,125 | 1,386 | 1,660 | |
Balance at end of period | $ 1,125 | $ 1,386 |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information Reconciliation From Cash and Cash Equivalents to Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Jan. 03, 2016 |
Schedule of Cash, Cash Equivalents, and Restricted Cash [Line Items] | ||||||||||
Cash and cash equivalents | $ 1,130 | $ 1,366 | $ 3,369 | $ 1,794 | $ 1,629 | $ 1,441 | $ 1,445 | $ 3,242 | ||
Restricted cash included in other current assets | 1 | 140 | ||||||||
Restricted cash included in other non-current assets | 5 | 0 | ||||||||
Cash, cash equivalents, and restricted cash | 1,136 | $ 1,367 | $ 3,375 | $ 1,800 | 1,769 | $ 1,549 | $ 1,518 | $ 3,282 | $ 4,255 | $ 4,912 |
Eliminations | ||||||||||
Schedule of Cash, Cash Equivalents, and Restricted Cash [Line Items] | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Restricted cash included in other current assets | 0 | 0 | ||||||||
Restricted cash included in other non-current assets | 0 | |||||||||
Cash, cash equivalents, and restricted cash | 0 | 0 | 0 | 0 | ||||||
Parent Guarantor | Reportable Legal Entities | ||||||||||
Schedule of Cash, Cash Equivalents, and Restricted Cash [Line Items] | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Restricted cash included in other current assets | 0 | 0 | ||||||||
Restricted cash included in other non-current assets | 0 | |||||||||
Cash, cash equivalents, and restricted cash | 0 | 0 | 0 | 0 | ||||||
Subsidiary Issuer | Reportable Legal Entities | ||||||||||
Schedule of Cash, Cash Equivalents, and Restricted Cash [Line Items] | ||||||||||
Cash and cash equivalents | 202 | 509 | ||||||||
Restricted cash included in other current assets | 0 | 135 | ||||||||
Restricted cash included in other non-current assets | 0 | |||||||||
Cash, cash equivalents, and restricted cash | 202 | 644 | 2,869 | 3,252 | ||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||||
Schedule of Cash, Cash Equivalents, and Restricted Cash [Line Items] | ||||||||||
Cash and cash equivalents | 928 | 1,120 | ||||||||
Restricted cash included in other current assets | 1 | 5 | ||||||||
Restricted cash included in other non-current assets | 5 | |||||||||
Cash, cash equivalents, and restricted cash | $ 934 | $ 1,125 | $ 1,386 | $ 1,660 |