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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number: 001-37482
kraftheinzlogo49.jpg
The Kraft Heinz Company
(Exact name of registrant as specified in its charter)
Delaware 46-2078182
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One PPG Place,Pittsburgh,Pennsylvania 15222
(Address of principal executive offices)(Zip Code)

(412) 456-5700
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueKHCThe Nasdaq Stock Market LLC
Floating Rate Senior Notes due 2025KHC25The Nasdaq Stock Market LLC
3.500% Senior Notes due 2029
KHC29
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 26, 2024, there were 1,209,174,894 shares of the registrant’s common stock outstanding.


Table of Contents
Unless the context otherwise requires, the terms “we,” “us,” “our,” “Kraft Heinz,” and the “Company” each refer to The Kraft Heinz Company and all of its consolidated subsidiaries.


Forward-Looking Statements
This Quarterly Report on Form 10-Q contains a number of forward-looking statements. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “intend,” “plan,” “will,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our plans, impacts of accounting standards and guidance, growth, legal matters, taxes, costs and cost savings, impairments, and dividends. These forward-looking statements reflect management’s current expectations and are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond our control.
Important factors that may affect our business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, operating in a highly competitive industry; our ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; changes in the retail landscape or the loss of key retail customers; changes in our relationships with significant customers or suppliers, or in other business relationships; our ability to maintain, extend, and expand our reputation and brand image; our ability to leverage our brand value to compete against private label products; our ability to drive revenue growth in our key product categories or platforms, increase our market share, or add products that are in faster-growing and more profitable categories; product recalls or other product liability claims; climate change and legal or regulatory responses; our ability to identify, complete, or realize the benefits from strategic acquisitions, divestitures, alliances, joint ventures, or investments; our ability to successfully execute our strategic initiatives; the impacts of our international operations; our ability to protect intellectual property rights; our ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes, and improve our competitiveness; the influence of our largest stockholder; our level of indebtedness, as well as our ability to comply with covenants under our debt instruments; additional impairments of the carrying amounts of goodwill or other indefinite-lived intangible assets; foreign exchange rate fluctuations; volatility in commodity, energy, and other input costs; volatility in the market value of all or a portion of the commodity derivatives we use; compliance with laws and regulations and related legal claims or regulatory enforcement actions; failure to maintain an effective system of internal controls; a downgrade in our credit rating; the impact of sales of our common stock in the public market; the impact of our share repurchases or any change in our share repurchase activity; our ability to continue to pay a regular dividend and the amounts of any such dividends; disruptions in the global economy caused by geopolitical conflicts, unanticipated business disruptions and natural events in the locations in which we or our customers, suppliers, distributors, or regulators operate; economic and political conditions in the United States and various other nations where we do business (including inflationary pressures, instability in financial institutions, general economic slowdown, recession, or a potential U.S. federal government shutdown); changes in our management team or other key personnel and our ability to hire or retain key personnel or a highly skilled and diverse global workforce; our dependence on information technology and systems, including service interruptions, misappropriation of data, or breaches of security; increased pension, labor, and people-related expenses; changes in tax laws and interpretations and the final determination of tax audits, including transfer pricing matters, and any related litigation; volatility of capital markets and other macroeconomic factors; and other factors. For additional information on these and other factors that could affect our forward-looking statements, see Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 30, 2023. We disclaim and do not undertake any obligation to update, revise, or withdraw any forward-looking statement in this report, except as required by applicable law or regulation.
We use our investor relations website, ir.kraftheinzcompany.com, as a routine channel for distribution of important, and often material, information about Kraft Heinz, including quarterly and annual earnings results and presentations, press releases and other announcements, webcasts, analyst presentations, investor days, sustainability initiatives, financial information, and corporate governance practices, as well as archives of past presentations and events. We encourage you to follow our investor relations website in addition to our filings with the SEC to receive timely information about the Company. The information on our website is not part of this Quarterly Report on Form 10-Q and shall not be deemed to be incorporated by reference into this report or any other filings we make with the Securities and Exchange Commission (“SEC”).


PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The Kraft Heinz Company
Condensed Consolidated Statements of Income
(in millions, except per share data)
(Unaudited)
For the Three Months EndedFor the Nine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net sales$6,383 $6,570 $19,270 $19,780 
Cost of products sold4,197 4,335 12,547 13,171 
Gross profit2,186 2,235 6,723 6,609 
Selling, general and administrative expenses, excluding impairment losses859 920 2,718 2,675 
Goodwill impairment losses707 510 1,561 510 
Intangible asset impairment losses721 152 721 152 
Selling, general and administrative expenses2,287 1,582 5,000 3,337 
Operating income/(loss)(101)653 1,723 3,272 
Interest expense230 228 685 683 
Other expense/(income)(48)(35)(56)(94)
Income/(loss) before income taxes(283)460 1,094 2,683 
Provision for/(benefit from) income taxes7 206 480 594 
Net income/(loss)(290)254 614 2,089 
Net income/(loss) attributable to noncontrolling interest— (8)1 (9)
Net income/(loss) attributable to common shareholders$(290)$262 $613 $2,098 
Per share data applicable to common shareholders:
Basic earnings/(loss)$(0.24)$0.21 $0.51 $1.71 
Diluted earnings/(loss)(0.24)0.21 0.50 1.70 
See accompanying notes to the condensed consolidated financial statements.
1

The Kraft Heinz Company
Condensed Consolidated Statements of Comprehensive Income
(in millions)
(Unaudited)
For the Three Months EndedFor the Nine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net income/(loss)$(290)$254 $614 $2,089 
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments369 (355)77 (61)
Net deferred gains/(losses) on net investment hedges(128)92 (25)17 
Amounts excluded from the effectiveness assessment of net investment hedges9 7 27 21 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(9)(8)(27)(21)
Net deferred gains/(losses) on cash flow hedges(8)14 (5)5 
Amounts excluded from the effectiveness assessment of cash flow hedges6 3 5 13 
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)(26)13 (7)(18)
Amounts excluded from the effectiveness assessment of fair value hedges(12)— (9)— 
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(3)(1)(10)(8)
Total other comprehensive income/(loss)198 (235)26 (52)
Total comprehensive income/(loss)(92)19 640 2,037 
Comprehensive income/(loss) attributable to noncontrolling interest7 (11)(30)(8)
Comprehensive income/(loss) attributable to common shareholders$(99)$30 $670 $2,045 
See accompanying notes to the condensed consolidated financial statements.
2

The Kraft Heinz Company
Condensed Consolidated Balance Sheets
(in millions, except per share data)
(Unaudited)
 September 28, 2024December 30, 2023
ASSETS
Cash and cash equivalents$1,284 $1,400 
Trade receivables (net of allowances of $32 at September 28, 2024 and $38 at December 30, 2023)
2,178 2,112 
Inventories3,872 3,614 
Prepaid expenses228 234 
Other current assets633 566 
Assets held for sale7 3 
Total current assets8,202 7,929 
Property, plant and equipment, net7,137 7,122 
Goodwill28,946 30,459 
Intangible assets, net41,802 42,448 
Other non-current assets2,479 2,381 
TOTAL ASSETS$88,566 $90,339 
LIABILITIES AND EQUITY
Commercial paper and other short-term debt$13 $— 
Current portion of long-term debt695 638 
Accounts payable4,553 4,627 
Accrued marketing752 733 
Interest payable273 258 
Other current liabilities1,442 1,781 
Total current liabilities7,728 8,037 
Long-term debt19,383 19,394 
Deferred income taxes10,023 10,201 
Accrued postemployment costs140 143 
Long-term deferred income1,386 1,424 
Other non-current liabilities1,437 1,418 
TOTAL LIABILITIES40,097 40,617 
Commitments and Contingencies (Note 14)
Redeemable noncontrolling interest6 34 
Equity: 
Common stock, $0.01 par value (5,000 shares authorized; 1,254 shares issued and 1,209 shares outstanding at September 28, 2024; 1,249 shares issued and 1,218 shares outstanding at December 30, 2023)
12 12 
Additional paid-in capital52,106 52,037 
Retained earnings/(deficit)521 1,367 
Accumulated other comprehensive income/(losses)(2,547)(2,604)
Treasury stock, at cost (45 shares at September 28, 2024 and 31 shares at December 30, 2023)
(1,764)(1,286)
Total shareholders' equity48,328 49,526 
Noncontrolling interest135 162 
TOTAL EQUITY48,463 49,688 
TOTAL LIABILITIES AND EQUITY$88,566 $90,339 
See accompanying notes to the condensed consolidated financial statements.
3

The Kraft Heinz Company
Condensed Consolidated Statements of Equity
(in millions)
(Unaudited)
Common StockAdditional Paid-in CapitalRetained Earnings/(Deficit)Accumulated Other Comprehensive Income/(Losses)Treasury Stock, at CostNoncontrolling InterestTotal Equity
Balance at December 30, 2023$12 $52,037 $1,367 $(2,604)$(1,286)$162 $49,688 
Net income/(loss) excluding redeemable noncontrolling interest— — 801 — — 2 803 
Other comprehensive income/(loss) excluding redeemable noncontrolling interest— — — (65)— (29)(94)
Dividends declared-common stock ($0.40 per share)
— — (488)— — — (488)
Dividends declared-noncontrolling interest ($98.77 per share)
— — — — — (7)(7)
Repurchase of common stock— — — — (280)— (280)
Exercise of stock options, issuance of other stock awards, and other— 13 — — 15 3 31 
Balance at March 30, 2024$12 $52,050 $1,680 $(2,669)$(1,551)$131 $49,653 
Net income/(loss) excluding redeemable noncontrolling interest— — 102 — — (1)101 
Other comprehensive income/(loss) excluding redeemable noncontrolling interest— — — (69)— (4)(73)
Dividends declared-common stock ($0.40 per share)
— — (485)— — — (485)
Repurchase of common stock— — — — (204)— (204)
Exercise of stock options, issuance of other stock awards, and other— 36 — — (7)— 29 
Balance at June 29, 2024$12 $52,086 $1,297 $(2,738)$(1,762)$126 $49,021 
Net income/(loss) excluding redeemable noncontrolling interest— — (290)— — — (290)
Other comprehensive income/(loss) excluding redeemable noncontrolling interest— — — 191 — 8 199 
Dividends declared-common stock ($0.40 per share)
— — (486)— — — (486)
Exercise of stock options, issuance of other stock awards, and other— 20 — — (2)1 19 
Balance at September 28, 2024$12 $52,106 $521 $(2,547)$(1,764)$135 $48,463 
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Common StockAdditional Paid-in CapitalRetained Earnings/(Deficit)Accumulated Other Comprehensive Income/(Losses)Treasury Stock, at CostNoncontrolling InterestTotal Equity
Balance at December 31, 2022$12 $51,834 $489 $(2,810)$(847)$152 $48,830 
Net income/(loss) excluding redeemable noncontrolling interest— — 836 — — 1 837 
Other comprehensive income/(loss) excluding redeemable noncontrolling interest— — — 62 — 4 66 
Dividends declared-common stock ($0.40 per share)
— — (494)— — — (494)
Exercise of stock options, issuance of other stock awards, repurchase of common stock, and other— 76 — — (5)3 74 
Balance at April 1, 2023$12 $51,910 $831 $(2,748)$(852)$160 $49,313 
Net income/(loss) excluding redeemable noncontrolling interest— — 1,000 — — — 1,000 
Other comprehensive income/(loss) excluding redeemable noncontrolling interest— — — 117 — — 117 
Dividends declared-common stock ($0.40 per share)
— — (495)— — — (495)
Exercise of stock options, issuance of other stock awards, repurchase of common stock, and other— 57 — — (18)— 39 
Balance at July 1, 2023$12 $51,967 $1,336 $(2,631)$(870)$160 $49,974 
Net income/(loss) excluding redeemable noncontrolling interest— — 262 — — (2)260 
Other comprehensive income/(loss) excluding redeemable noncontrolling interest— — — (232)— (3)(235)
Dividends declared-common stock ($0.40 per share)
— — (494)— — — (494)
Exercise of stock options, issuance of other stock awards, repurchase of common stock, and other— 37 — — (111)3 (71)
Balance at September 30, 2023$12 $52,004 $1,104 $(2,863)$(981)$158 $49,434 
See accompanying notes to the condensed consolidated financial statements.
5

The Kraft Heinz Company
Condensed Consolidated Statements of Cash Flows
(in millions)
(Unaudited)
For the Nine Months Ended
September 28, 2024September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)$614 $2,089 
Adjustments to reconcile net income/(loss) to operating cash flows: 
Depreciation and amortization714 710 
Amortization of postemployment benefit plans prior service costs/(credits)(6)(10)
Divestiture-related license income(41)(41)
Equity award compensation expense83 110 
Deferred income tax provision/(benefit)(277)(15)
Postemployment benefit plan contributions16 (18)
Goodwill and intangible asset impairment losses2,282 662 
Nonmonetary currency devaluation7 27 
Loss/(gain) on sale of business78 2 
Other items, net(39)(44)
Changes in current assets and liabilities:
Trade receivables(83)(16)
Inventories(392)(277)
Accounts payable48 (221)
Other current assets(129)139 
Other current liabilities(79)(477)
Net cash provided by/(used for) operating activities2,796 2,620 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(777)(779)
Proceeds from sale of business, net of cash disposed and working capital adjustments5 — 
Payments to acquire intangible assets(140)— 
Other investing activities, net63 41 
Net cash provided by/(used for) investing activities(849)(738)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt(607)(823)
Proceeds from issuance of long-term debt594 657 
Dividends paid(1,452)(1,474)
Repurchases of common stock(538)(150)
Other financing activities, net(43)(26)
Net cash provided by/(used for) financing activities(2,046)(1,816)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(17)(53)
Cash, cash equivalents, and restricted cash
Net increase/(decrease)(116)13 
Balance at beginning of period1,404 1,041 
Balance at end of period$1,288 $1,054 
See accompanying notes to the condensed consolidated financial statements.
6

The Kraft Heinz Company
Notes to Condensed Consolidated Financial Statements
Note 1. Basis of Presentation
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted, in accordance with the rules of the SEC. In management’s opinion, these interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary to fairly state our results for the periods presented.
We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2024 fiscal year is scheduled to be a 52-week period ending on December 28, 2024, and our 2023 fiscal year was a 52-week period that ended on December 30, 2023.
The condensed consolidated balance sheet data at December 30, 2023 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These statements should be read in conjunction with our audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 30, 2023. The results for interim periods are not necessarily indicative of future or annual results.
Principles of Consolidation
The condensed consolidated financial statements include The Kraft Heinz Company and all of our controlled subsidiaries. All intercompany transactions are eliminated.
Reportable Segments
In the first quarter of 2024, our internal reporting structure and reportable segments changed. We divided our International segment into three operating segments — Europe and Pacific Developed Markets (“EPDM” or “International Developed Markets”), West and East Emerging Markets (“WEEM”), and Asia Emerging Markets (“AEM”) — to enable enhanced focus on the different strategies required for each of these regions as part of our long-term strategic plan. Subsequently, we manage our operating results through four operating segments. We have two reportable segments defined by geographic region: North America and International Developed Markets. Our remaining operating segments, consisting of WEEM and AEM, are combined and disclosed as Emerging Markets.
Use of Estimates
We prepare our condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make accounting policy elections, estimates, and assumptions that affect the reported amount of assets, liabilities, reserves, and expenses. These accounting policy elections, estimates, and assumptions are based on our best estimates and judgments. We evaluate our policy elections, estimates, and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates to be reasonable given the current facts available. We adjust our policy elections, estimates, and assumptions when facts and circumstances dictate. Market volatility, including foreign currency exchange rates, increases the uncertainty inherent in our estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from estimates. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our condensed consolidated financial statements.
Reclassifications
We made reclassifications and adjustments to certain previously reported financial information to conform to our current period presentation.
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Cash, Cash Equivalents, and Restricted Cash
Cash equivalents include term deposits with banks, money market funds, and all highly liquid investments with original maturities of three months or less. The fair value of cash equivalents approximates the carrying amount. Cash and cash equivalents that are legally restricted as to withdrawal or usage are classified in other current assets or other non-current assets, as applicable, on the condensed consolidated balance sheets. At September 28, 2024, we had $2 million of restricted cash recorded in other current assets and $2 million of restricted cash recorded in other non-current assets. At December 30, 2023, we had restricted cash recorded in other current assets of $3 million and $1 million of restricted cash in other non-current assets. Total cash, cash equivalents, and restricted cash was $1,288 million at September 28, 2024 and $1,404 million at December 30, 2023.
Note 2. Significant Accounting Policies
There were no significant changes to our accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.
Note 3. New Accounting Standards
Accounting Standards Not Yet Adopted
Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures:
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07 to improve segment disclosure requirements under Accounting Standards Codification (“ASC”) 280, Segment Reporting, through enhancing disclosures about significant segment expenses. The guidance requires entities to provide significant segment expenses that are regularly provided to the chief operating decision maker and other segment expenses included in each reported measure of segment profitability. This ASU also enhances interim segment reporting requirements by aligning interim disclosures with information that must be disclosed annually in accordance with ASC 280. This ASU will be effective beginning in 2024 for annual reports and in 2025 for quarterly reports. Early adoption is permitted. The new guidance must be applied retrospectively to all prior periods presented in the financial statements, with the significant segment expense and other segment item amounts disclosed based on categories identified in the period of adoption. We are still evaluating the impacts this ASU will have on our notes to the consolidated financial statements.
Income Taxes (Topic 740) – Improvements to Income Tax Disclosures:
In December 2023, the FASB issued ASU 2023-09 to improve income tax disclosure requirements under ASC 740, Income Taxes. The guidance requires entities to provide separate information about a reporting entity’s effective tax rate reconciliation and about income taxes paid. This ASU will be effective for annual periods beginning after December 15, 2024 and will impact our 2025 annual report. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. While the standard will require additional disclosures related to the Company’s income taxes, we do not expect this ASU to have a significant impact on our financial statements.
Note 4. Acquisitions and Divestitures
Divestitures
Russia Infant Transaction:
On March 11, 2024, we closed and finalized the sale of our infant nutrition business in Russia to a third party for total cash consideration of approximately $25 million (the “Russia Infant Transaction”). As a result of the Russia Infant Transaction, we recognized an insignificant pre-tax gain in other expense/(income) on our condensed consolidated statement of income in the first quarter of 2024.
Papua New Guinea Transaction:
On February 5, 2024, we closed and finalized the sale of 100% of the equity interests in our Papua New Guinea subsidiary, Hugo Canning Company Limited, to a third party for total cash consideration of approximately $22 million, which is to be paid incrementally over two years following the transaction closing date (the “Papua New Guinea Transaction”). As a result of the Papua New Guinea Transaction, we recognized a pre-tax loss on sale of business of approximately $80 million in other expense/(income) on our condensed consolidated statement of income in the first quarter of 2024, of which approximately $41 million relates to the release of accumulated foreign currency losses.
8

Deal Costs:
We incurred insignificant deal costs for the three and nine months ended September 28, 2024 and the three and nine months ended September 30, 2023 related to our divestitures. We recognized these deal costs in selling, general and administrative expenses (“SG&A”).
Note 5. Restructuring Activities
See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 30, 2023 for additional information on our restructuring activities.
Restructuring Activities:
We have restructuring programs globally, which are focused primarily on streamlining our organizational design. For the nine months ended September 28, 2024, we eliminated approximately 100 positions related to these programs. As of September 28, 2024, we expect to eliminate approximately 40 additional positions during the remainder of 2024. For the three months ended September 28, 2024, restructuring activities resulted in income of $7 million, which included a net benefit of $6 million from other restructuring costs and a net benefit of $1 million from severance and employee benefit costs. For the nine months ended September 28, 2024, restructuring activities resulted in income of $8 million, which included a net benefit of $7 million from severance and employee benefit costs and a net benefit of $1 million from other restructuring costs. Restructuring activities resulted in expenses of $45 million for the three months and $27 million for the nine months ended September 30, 2023.
Our net liability balance for restructuring project costs that qualify as exit and disposal costs under U.S. GAAP was (in millions):
Severance and Employee Benefit CostsOther Exit CostsTotal
Balance at December 30, 2023$23 $14 $37 
Charges/(credits)(7)— (7)
Cash payments(13)(1)(14)
Non-cash utilization1 — 1 
Balance at September 28, 2024$4 $13 $17 
We expect the majority of the liability for severance and employee benefit costs as of September 28, 2024 to be paid by the end of 2024. The liability for other exit costs primarily relates to lease obligations. The cash impact of these obligations will continue for the duration of the lease terms, which expire between 2024 and 2031.
Total Expenses/(Income):
Total expense/(income) related to restructuring activities, by income statement caption, were (in millions):
For the Three Months EndedFor the Nine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Severance and employee benefit costs - Cost of products sold$(1)$2 $(1)$7 
Severance and employee benefit costs - SG&A— — (5)(7)
Severance and employee benefit costs - Other expense/(income)— — (1)2 
Asset-related costs - Cost of products sold— 41 — 32 
Asset-related costs - SG&A— — — (1)
Other costs - Cost of products sold1 1 3 5 
Other costs - SG&A— 1 3 (11)
Other costs - Other expense/(income)(7)— (7)— 
$(7)$45 $(8)$27 
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We do not include our restructuring activities within Segment Adjusted Operating Income (as defined in Note 16, Segment Reporting). The pre-tax impact of allocating such expenses/(income) to our segments would have been (in millions):
For the Three Months EndedFor the Nine Months Ended
 September 28, 2024September 30, 2023September 28, 2024September 30, 2023
North America$— $9 $(1)$(1)
International Developed Markets(8)— (10)(1)
Emerging Markets(a)
— 36 — 42 
General corporate expenses1 — 3 (13)
$(7)$45 $(8)$27 
(a)    Emerging Markets represents the aggregation of our WEEM and AEM operating segments.
Note 6. Inventories
Inventories consisted of the following (in millions):
September 28, 2024December 30, 2023
Packaging and ingredients$970 $1,014 
Spare parts247 233 
Work in process348 338 
Finished products2,307 2,029 
Inventories$3,872 $3,614 
Note 7. Goodwill and Intangible Assets
Goodwill:
As described in Note 1, Basis of Presentation, in the first quarter of 2024, we divided our International segment into three operating segments — EPDM, WEEM, and AEM. While this reorganization resulted in a change to our operating segments, it did not impact the existing composition of our reporting units that formerly comprised the goodwill balance of our International segment — Northern Europe, Continental Europe, Latin America (“LATAM”), and Asia — and, therefore, was not indicative of an impairment triggering event. We have reflected the impact of this segment change in all historical periods presented.
As of March 31, 2024, which was the first day of our second quarter of 2024, certain organizational changes occurred that impacted our reporting unit composition within our North America segment (the “Q2 North America reorganization”). Two of our North America reporting units — Taste, Meals, and Away From Home (“TMA”), and Fresh, Beverages, and Desserts (“FBD”) — were reorganized into the four reporting units: Taste Elevation, Ready Meals and Snacking (“TMS”), Hydration & Desserts (“HD”), Meat & Cheese (“MC”), and Away from Home & Kraft Heinz Ingredients (“AFH”). The Canada and North America Coffee (“CNAC”) and Other North America reporting units were not impacted by this reorganization.
Changes in the carrying amount of goodwill, by segment, were (in millions):
North America
International Developed Markets
Emerging Markets
Total
Balance at December 30, 2023$27,248 $2,687 $524 $30,459 
Impairment losses(898)(479)(184)(1,561)
Translation adjustments and other(14)85 (23)48 
Balance at September 28, 2024$26,336 $2,293 $317 $28,946 
2024 Year-to-Date Goodwill Impairment Testing
As a result of the Q2 North America reorganization, we reassigned assets and liabilities to the applicable reporting units and allocated goodwill using the relative fair value approach. We performed an interim impairment test (or “2024 transition test”) on the affected reporting units on both a pre- and post-reorganization basis.
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As part of our Q2 North America pre-reorganization impairment test of the TMA and FBD reporting units, we utilized the discounted cash flow method under the income approach to estimate the fair values as of March 31, 2024, for these two reporting units and concluded that the fair value of these reporting units exceeded their carrying values and no impairment was recorded.
We performed our Q2 North America post-reorganization impairment test as of March 31, 2024, and tested the new North America reporting units (TMS, HD, MC and AFH). 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 Q2 North America post-reorganization impairment test, we recognized a non-cash impairment loss of approximately $854 million in SG&A in our North America segment in the second quarter of 2024. The $854 million impairment loss related to our MC reporting unit, which had a goodwill carrying amount of approximately $2.5 billion after impairment. The impairment of our MC reporting unit was driven by the disaggregation of the former FBD reporting unit, which previously held all the net assets for the HD and MC reporting units as well as the Snacking category of TMS. The other three reporting units for which no impairment charge was required were TMS, which had a goodwill carrying amount of approximately $15.9 billion; HD, which had a goodwill carrying amount of approximately $4.3 billion; and AFH, which had a goodwill carrying amount of approximately $2.8 billion.
We performed our 2024 annual impairment test as of June 30, 2024, which was the first day of our third quarter of 2024. 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 2024 annual impairment test, we recognized non-cash goodwill impairment losses in SG&A of approximately $479 million related to our Continental Europe reporting unit within our International Developed Markets segment, $184 million related to our LATAM reporting unit within Emerging Markets, and $44 million related to our AFH reporting unit within our North America segment. The impairment of our Continental Europe reporting unit was primarily driven by a reduction of future year profitability assumptions from prior estimates in non-core categories and the Just Spices business, as well as higher intercompany royalty expenses resulting from a change in our product mix. The impairment of our LATAM reporting unit was primarily driven by a reduction of future year profitability assumptions from prior estimates and negative macroeconomic factors, including weakening of the foreign currency exchange rate of the Brazilian real relative to the U.S. dollar. After these impairments, the goodwill carrying amount is approximately $2.8 billion in our AFH reporting unit, approximately $501 million in our Continental Europe reporting unit, and there is no goodwill carrying value remaining in our LATAM reporting unit.
In performing these tests, we incorporated information that was known through the date of filing this Quarterly Report on Form 10-Q.
As of the 2024 annual impairment test, our reporting units with 20% or less fair value over carrying amount had an aggregate goodwill carrying amount of $24.2 billion and included TMS, MC, AFH, CNAC, Northern Europe, and Continental Europe. Our HD and Asia reporting units had 20-50% fair value over carrying amount with an aggregate goodwill carrying amount of $4.6 billion as of our 2024 annual impairment test date.
As of September 28, 2024, we maintain 12 reporting units, eight of which comprise our goodwill balance. These eight reporting units had an aggregate goodwill carrying amount of $28.9 billion at September 28, 2024.
Accumulated impairment losses to goodwill were $13.4 billion as of September 28, 2024 and $11.8 billion as of December 30, 2023.
2023 Year-to-Date Goodwill Impairment Testing
We performed our 2023 annual impairment test as of July 2, 2023, which was the first day of our third quarter of 2023. In performing this test, we incorporated information that was known through the date of filing our Quarterly Report on Form 10-Q for the period ended September 30, 2023. 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 2023 annual impairment test, we recognized a non-cash goodwill impairment loss of approximately $510 million in SG&A, which included a $452 million impairment loss in our Canada and North America Coffee (“CNAC”) reporting unit within our North America segment and a $58 million impairment loss in our Continental Europe reporting unit within our former International segment. These impairments were primarily driven by an increase in the discount rate, which was impacted by higher interest rates, a decline in market capitalization, and other market inputs.
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Additional Goodwill Considerations
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 (including net sales, cost of products sold, SG&A, depreciation and amortization, working capital, and capital expenditures), 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, market capitalization, income tax rates, foreign currency exchange rates, or inflation, change, or if management’s expectations or plans otherwise change, including updates to our long-term operating plans, then one or more of our reporting units might become impaired in the future. Additionally, any decisions to divest certain non-strategic assets has led and could in the future lead to goodwill impairments.
Our reporting units that were impaired in 2024 and 2023 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Accordingly, these and our other reporting units that had 20% or less excess fair value over carrying amount as of our 2024 annual impairment test have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Although the remaining reporting units had more than 20% excess fair value over carrying amount as of our 2024 annual impairment test, this amount is also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future.
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, 2023$38,502 
Impairment losses(593)
Translation adjustments and other137 
Balance at September 28, 2024$38,046 
2024 Year-to-Date Indefinite-Lived Intangible Asset Impairment Testing
Our indefinite-lived intangible asset balance primarily consists of a number of individual brands, which had an aggregate carrying amount of $38.0 billion at September 28, 2024.
As a result of our 2024 annual impairment test as of June 30, 2024, we recognized non-cash intangible asset impairment losses of $593 million in SG&A in the third quarter of 2024 related to our Lunchables, Claussen, and Wattie’s brands. We utilized the relief from royalty method under the income approach to estimate the fair values and recorded non-cash impairment losses of $560 million in our North America segment and $33 million in our International Developed Markets segment, consistent with ownership of the trademarks. The impairments of the Lunchables and Wattie’s brands were primarily due to a reduction of future year revenue growth and margin assumptions from prior estimates. The impairment of the Claussen brand was primarily due to a reduction of future year margin assumptions from prior estimates. After these impairments, the aggregate carrying amount of these brands was $1.2 billion.
As of the 2024 annual impairment test, brands with 20% or less fair value over carrying amount had an aggregate carrying amount after impairment of $18.1 billion, brands with 20-50% fair value over carrying amount had an aggregate carrying amount of $2.8 billion, and brands that had over 50% fair value over carrying amount had an aggregate carrying amount of $16.9 billion.
2023 Year-to-Date Indefinite-Lived Intangible Asset Impairment Testing
As a result of our 2023 annual impairment test as of July 2, 2023, we recognized non-cash intangible asset impairment losses of $152 million in SG&A in the third quarter of 2023 related to Maxwell House, Cool Whip, and two other brands. We utilized the relief from royalty method under the income approach to estimate the fair values and recorded non-cash impairment losses of $139 million in our North America segment and $13 million in our former International segment, consistent with ownership of the trademarks. The impairment of these four brands was primarily due to an increase in the discount rate, which was impacted by higher interest rates, a decline in market capitalization, and other market inputs, as well as sustained expectations of declining revenue growth in future years and decreased margin expectations.
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As part of the 2023 annual impairment test, we reclassified two indefinite-lived intangible assets to definite-lived intangible assets related to trademarks in our former International segment that had a history of impairment and limited capital investment. After the fair value assessment of these brands as part of the 2023 annual impairment test, we transferred $73 million from indefinite-lived intangible assets to definite-lived trademarks as of July 2, 2023, and recognized three months of amortization expense as of September 30, 2023.
Additional Indefinite-Lived Intangible Asset Considerations
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, market capitalization, income tax rates, foreign currency exchange rates, or inflation, change, or if management’s expectations or plans otherwise change, including updates to our long-term operating plans, then one or more of our brands might become impaired in the future. Additionally, any decisions to divest certain non-strategic assets has led and could in the future lead to intangible asset impairments.
Our brands that were impaired in 2024 and 2023 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Accordingly, these and other individual brands that had 20% or less excess fair value over carrying amount as of our 2024 annual impairment test have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future. Although the remaining brands had more than 20% excess fair value over carrying amount as of our 2024 annual impairment test, these amounts are also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future.
Definite-lived intangible assets:
Definite-lived intangible assets were (in millions):
 September 28, 2024December 30, 2023
GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
Trademarks$2,442 $(886)$1,556 $2,313 $(755)$1,558 
Customer-related assets3,715 (1,524)2,191 3,710 (1,331)2,379 
Other12 (3)9 12 (3)9 
$6,169 $(2,413)$3,756 $6,035 $(2,089)$3,946 
In the second quarter of 2024, we entered into an amended license agreement to grant us the exclusive, irrevocable, royalty-free, and perpetual right to use certain TGI Friday trademarks to manufacture, distribute, market, and sell certain TGI Friday licensed products (the “TGI Friday License”). The total cash consideration related to the TGI Friday License was approximately $140 million. We recognized this TGI Friday License as a definite-lived intangible asset to be amortized over its 27-year useful life.
In the third quarter of 2024, we recognized non-cash definite-lived intangible asset impairment losses of $128 million in SG&A related to the Just Spices trademark and customer-related assets. We utilized the relief from royalty method under the income approach for the trademark and the distributor method under the income approach for the customer-related assets to estimate the fair values and recorded non-cash impairment losses in our Continental Europe reporting unit within our International Developed Markets segment, consistent with ownership of the trademarks and customer-related assets. The impairment of Just Spices trademark and customer-related assets were primarily due to a reduction of future year revenue growth and margin assumptions from prior expectations.
Amortization expense for definite-lived intangible assets was $62 million for the three months and $191 million for the nine months ended September 28, 2024, and $61 million for the three months and $187 million for the nine months ended September 30, 2023. Aside from amortization expense, the change in definite-lived intangible assets from December 30, 2023 to September 28, 2024, primarily related to the acquisition of the TGI Friday License, the $128 million of non-cash impairment losses related to the Just Spices trademark and customer-related assets within our International Developed Markets segment, and the impacts of foreign currency.
We estimate that amortization expense related to definite-lived intangible assets will be approximately $250 million in 2024, $250 million in each of the following three years, and $240 million in 2028 and 2029.
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Note 8. Income Taxes
The provision for income taxes consists of provisions for federal, state, and non-U.S. 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 goodwill impairment and other items on the effective tax rate is affected by income/(loss) before income taxes. Further, small movements in tax rates due to a change in tax law or a change in tax rates that cause us to revalue our deferred tax balances produce volatility in our effective tax rate. Our quarterly income tax provision is determined based on our estimated full year effective tax rate, adjusted for tax attributable to infrequent or unusual items, which are recognized on a discrete period basis in the income tax provision for the period in which they occur. Our estimated annual effective tax rate was 20.5% as of September 28, 2024, and 20.5% as of September 30, 2023.
Our effective tax rate for the three months ended September 28, 2024 was an expense of 2.5% on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 23.1%. In addition to the impact of these non-cash impairment losses, our effective tax rate was unfavorably impacted by the establishment of valuation allowances in certain foreign jurisdictions, partially offset by the favorable changes in estimates of certain 2023 U.S. income and deductions and the geographic mix of pre-tax income in various non-U.S. jurisdictions.
Our effective tax rate for the three months ended September 30, 2023 was an expense of 44.7% on pre-tax income, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 24.3%. In addition to the impact of these non-cash impairment losses, our effective tax rate was favorably impacted by changes in estimates of certain 2022 U.S. income and deductions as well as the geographic mix of pre-tax income in various non-U.S. jurisdictions, partially offset by certain net discrete items including a net increase in uncertain tax position reserves.
The year-over-year change in the effective tax rate for the three-month period was primarily due to the unfavorable impact of goodwill and intangible asset impairment losses and the establishment of valuation allowances in certain foreign jurisdictions, partially offset by more favorable changes in estimates of certain 2022 U.S. income and deductions in the prior year period.
Our effective tax rate for the nine months ended September 28, 2024 was an expense of 43.9% on pre-tax income, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 22.9%. In addition to the impact of these non-cash impairment losses, our effective tax rate was unfavorably impacted by certain net discrete items including the establishment of valuation allowances in certain foreign jurisdictions, partially offset by the favorable geographic mix of pre-tax income in various non-U.S. jurisdictions.
Our effective tax rate for the nine months ended September 30, 2023 was an expense of 22.1% on pre-tax income, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 3.9%. In addition to the impact of these non-cash impairment losses, our effective tax rate was favorably impacted by the geographic mix of pre-tax income in various non-U.S. jurisdictions and certain net discrete items, including the net decrease in uncertain tax position reserves primarily in the U.S. resulting from a conclusion of the Internal Revenue Service’s (“IRS”) income tax examination for the year 2017 and the lapsing of the statute of limitations for such year (2.1%), as well as favorable changes in estimates of certain 2022 U.S. income and deductions. These impacts were partially offset by the impact of certain unfavorable net discrete items.
The year-over-year increase in the effective tax rate for the nine-month period was primarily due to the unfavorable impact of goodwill and intangible asset impairment losses, the establishment of valuation allowances in certain foreign jurisdictions, and the impact of a net decrease in uncertain tax position reserves in the prior year period.
Other Income Tax Matters:
We are currently under examination for income taxes by the IRS for the years 2018 through 2022. In the third quarter of 2023, we received two Notices of Proposed Adjustment (the “NOPAs”) relating to transfer pricing with our foreign subsidiaries. The NOPAs propose an increase to our U.S. taxable income that could result in additional U.S. federal income tax expense and liability of approximately $200 million for 2018 and approximately $210 million for 2019, excluding interest, and assert penalties of approximately $85 million for each of 2018 and 2019. We strongly disagree with the IRS’s positions, believe that our tax positions are well documented and properly supported, and intend to vigorously contest the positions taken by the IRS and pursue all available administrative and judicial remedies. Therefore, we have not recorded any reserves related to this issue. We continue to maintain the same operating model and transfer pricing methodology with our foreign subsidiaries that was in place for the years 2018 and 2019, and the IRS began its audit of 2020, 2021, and 2022 during the first quarter of 2024. We believe our income tax reserves are appropriate for all open tax years and that final adjudication of this matter will not have a material impact on our results of operations and cash flows. However, the ultimate outcome of this matter is uncertain, and if we are required to pay the IRS additional U.S. taxes, interest, and/or potential penalties, our results of operations and cash flows could be materially affected.
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The Organization for Economic Co-operation and Development (OECD), a global coalition of member countries, proposed a two-pillar plan to reform international taxation. The proposals aim to ensure a fairer distribution of profits among countries and impose a floor on tax competition through the introduction of a global minimum tax. Many countries have enacted or begun the process of enacting laws based on the two-pillar plan proposals. As part of our planning for the changes resulting from this tax reform, we are currently evaluating certain updates to our organizational structure. The OECD and implementing countries are expected to continue to make further revisions to their legislation and release additional guidance. We will continue to monitor developments to determine any potential impact in the countries in which we operate.
Note 9. Employees’ Stock Incentive Plans
Stock Options:
Our stock option activity and related information was:
Number of Stock OptionsWeighted Average Exercise Price
(per share)
Outstanding at December 30, 20238,022,540 $46.87 
Granted654,724 35.13 
Forfeited(1,467,229)46.75 
Exercised(308,010)25.95 
Outstanding at September 28, 20246,902,025 46.71 
The aggregate intrinsic value of stock options exercised during the period was insignificant for the nine months ended September 28, 2024.
Restricted Stock Units:
Our restricted stock unit (“RSU”) activity and related information was:
Number of UnitsWeighted Average Grant Date Fair Value
(per share)
Outstanding at December 30, 20237,722,870 $36.80 
Granted3,085,347 35.33 
Forfeited(731,541)37.23 
Vested(3,242,886)34.12 
Outstanding at September 28, 20246,833,790 37.36 
The aggregate fair value of RSUs that vested during the period was $115 million for the nine months ended September 28, 2024.
Performance Share Units:
Our performance share unit (“PSU”) activity and related information was:
Number of UnitsWeighted Average Grant Date Fair Value
(per share)
Outstanding at December 30, 20234,855,432 $33.65 
Granted2,591,382 29.14 
Forfeited(833,074)32.36 
Vested(1,143,479)33.36 
Outstanding at September 28, 20245,470,261 31.76 
The aggregate fair value of PSUs that vested during the period was $40 million for the nine months ended September 28, 2024.
Note 10. Postemployment Benefits
See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 30, 2023 for additional information on our postemployment-related accounting policies.
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Pension Plans
Components of Net Pension Cost/(Benefit):
Net pension cost/(benefit) consisted of the following (in millions):
For the Three Months Ended
U.S. PlanNon-U.S. Plans
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Service cost$— $— $2 $2 
Interest cost33 35 14 17 
Expected return on plan assets(49)(48)(21)(23)
Amortization of prior service costs/(credits)1 — — 1 
Amortization of unrecognized losses/(gains)— — 3 4 
Other— — (7)— 
Net pension cost/(benefit)$(15)$(13)$(9)$1 
For the Nine Months Ended
U.S. PlanNon-U.S. Plans
September 28, 2024September 30, 2023